STI Slips 0.12% to 5,415.91 as Sembcorp Industries Falls 2.83% on Gas Supply Cut, Thai Beverage Gains 2.3%

Monday, 26 October 2026 · Longbridge Singapore

The Straits Times Index slipped 6.25 points, or 0.12%, to close at 5,415.91 on Monday, trading between 5,393.44 and 5,428.88 during the session. Decliners outnumbered advancers 13 to 11 across the 30-member basket, with six names unchanged, as a steep drop in Sembcorp Industries offset gains in Hongkong Land, Thai Beverage and several other conglomerate and consumer names.

Monday opened a week heavy with scheduled catalysts: the Federal Reserve, European Central Bank and Bank of Japan are all due to meet, Microsoft, Alphabet and Amazon report earnings, and locally SGX, Wilmar and CapitaLand-linked REITs are due to update the market — a backdrop that kept the index itself contained even as individual names swung sharply. The session's clearest single catalyst was a supply disruption: Indonesia's move to cut pipeline natural gas exports to Singapore weighed on Sembcorp Industries, a major importer of Indonesian gas, while the Jardine-linked cluster of Hongkong Land, Jardine Matheson and Jardine Cycle & Carriage rose together, clawing back part of a retreat from earlier in the week.

Session Movers

Thai Beverage (Y92.SG, +2.3%) rose to $0.44, building on last week's disclosure that its InterBev Singapore unit set up VinaBeCo, a wholly owned Vietnam subsidiary capitalised at VND1.2 billion from internal funds; weekend commentary framed the move as groundwork for distribution ahead of a potential BeerCo initial public offering, the stock's main long-term catalyst, even as near-term earnings stay pressured by input costs and a weak non-alcoholic segment. Shares trade at 11.03 times earnings, cheaper than about 93% of the past five years, with a consensus Buy rating implying roughly 16% upside.

Sembcorp Industries (U96.SG, -2.83%) fell to $5.84 after Indonesia cut pipeline natural gas exports to Singapore, a move that reportedly knocked the stock down about 6% in early trading before it pared losses; Sembcorp is a major importer of Indonesian gas, leaving it more exposed than peers such as Keppel that source supply from Malaysia, with analysts noting liquefied natural gas can cushion a short-term shortfall but sustained cuts or higher replacement costs could squeeze power generators' margins. Shares trade at 1.96 times book, within a reasonable range and cheaper than about 42% of the past five years, with a consensus Buy rating implying roughly 11% upside.

Singtel (Z74.SG, +0.73%) rose to $4.15 with no new company disclosure Monday, building on the five-year 5G network agreement it signed with Ericsson on Oct 20. Shares trade at 18.94 times earnings, cheaper than about half of the past five years, with a consensus Buy rating implying roughly 27% upside.

Singapore Exchange (S68.SG, -0.05%) was little changed at $20.76 as the market digested Friday's confirmation that chief executive Loh Boon Chye plans to step down after a decade in the role, with the board beginning succession planning ahead of his July 2027 contract expiry; the same day's annual meeting materials proposed a final FY2026 dividend of 11.5 cents plus an additional one-off 12.5 cents, lifting full-year dividends to 57 cents, up 52%, on a 14% rise in net revenue and a 25% increase in adjusted net profit. The exchange reports third-quarter results later this week. Shares trade at 31.78 times earnings, within a reasonable range, with a consensus Hold rating implying roughly 14% upside.

One point worth noting

The index's 0.12% dip undersold how uneven Monday's session was underneath: decliners outnumbered advancers 13 to 11 across the 30-member basket, with six names flat. The steepest move was Sembcorp Industries' 2.83% slide, traced to a single supply disruption — Indonesia's gas export cut — that left Malaysia-sourced peers such as Keppel comparatively unaffected, while Hongkong Land, Jardine Matheson and Jardine Cycle & Carriage rose between 1.75% and 2.2%, clawing back part of a retreat from earlier in the week. Both ends of the session, in other words, were driven by company- or group-specific developments rather than a broad market swing.

This recap is for informational purposes only and does not constitute investment advice.

STI跌0.12%报5,415.91点，胜科工业因天然气断供跌2.83%、泰国酿酒涨2.3%

2026年10月26日星期一 · 长桥新加坡

海峡时报指数周一下跌6.25点，跌幅0.12%，收报5,415.91点，盘中介于5,393.44点至5,428.88点之间波动。30只成分股中13只下跌、11只上涨，另6只持平，胜科工业大跌拖累大盘，但香港置地、泰国酿酒等多只综合企业与消费类股上涨，部分抵消了跌势。

本周恰逢多项既定催化剂密集登场：美联储、欧洲央行与日本央行均将召开议息会议，微软、Alphabet与亚马逊陆续公布财报，本地方面新交所、丰益国际及凯德系REIT也将更新业绩——这一背景令指数本身波动有限，个股却出现明显分化。当天最清晰的单一催化剂来自供应端：印度尼西亚削减对新加坡的管道天然气出口，拖累主要进口印尼天然气的胜科工业；与此同时，香港置地、怡和洋行、怡和合发等怡和系综合企业类股同步上涨，收复了此前一段时间的部分跌幅。

个股焦点

泰国酿酒（Y92.SG，+2.3%）收报0.44新元，延续上周披露的消息——旗下新加坡InterBev子公司在越南设立全资子公司VinaBeCo，以12亿越南盾内部资金出资；周末市场评论将此举视为未来分销布局的铺垫，为潜在的BeerCo首次公开募股（公司长期主要催化剂）打基础，尽管近期盈利仍受原材料成本上升及非酒精饮料业务疲软压制。现价市盈率11.03倍，比过去5年约93%的时间更便宜，共识评级"买入"隐含约16%上行空间。

胜科工业（U96.SG，-2.83%）收报5.84新元，此前印度尼西亚削减对新加坡的管道天然气出口，据报道一度令其早盘股价重挫约6%，收盘跌幅有所收窄；胜科工业是印尼天然气的主要进口方，受影响程度高于从马来西亚进口天然气的同业吉宝，分析师指出液化天然气可缓冲短期缺口，但若断供持续或替代成本上升，可能挤压发电企业利润率。现价市净率1.96倍，处于合理区间，比过去5年约42%的时间更便宜，共识评级"买入"隐含约11%上行空间。

新电信（Z74.SG，+0.73%）收报4.15新元，周一无新公司披露，延续10月20日与爱立信签署的为期五年5G网络协议。现价市盈率18.94倍，比过去5年近半数时间更便宜，共识评级"买入"隐含约27%上行空间。

新交所（S68.SG，-0.05%）收报20.76新元，基本持平，市场仍在消化上周五确认的消息：行政总裁罗文才将在任职十年后卸任，董事会已启动继任规划，其合约将于2027年7月到期；同日公布的股东周年大会材料提出，拟派发2026财年末期股息11.5分、另加12.5分一次性特别股息，令全年股息增至57分、同比增长52%，期内净收入增长14%、经调整净利润增长25%。公司本周稍晚将公布第三季度业绩。现价市盈率31.78倍，处于合理区间，共识评级"持有"隐含约14%上行空间。

一个值得注意的点

指数仅微跌0.12%，掩盖了周一盘面内部的分化程度：30只成分股中13只下跌、11只上涨，跌家数多于涨家数，另6只持平。当天跌幅最深的是胜科工业，重挫2.83%，根源是单一的供应中断事件——印尼削减天然气出口——而同样依赖进口、但气源来自马来西亚的吉宝受影响相对有限；与此同时，香港置地、怡和洋行、怡和合发涨幅介于1.75%至2.2%之间，收复了此前一段时间的部分跌幅。换言之，当天表现最好与最差的个股，均源于公司或集团层面的具体事件，而非大盘整体性的风险偏好变化。

本文仅供参考，不构成任何投资建议。

STI跌0.12%收5,415.91點，勝科工業因天然氣斷供跌2.83%、泰國釀酒漲2.3%

2026年10月26日週一 · 長橋新加坡

海峽時報指數週一下跌6.25點，跌幅0.12%，收報5,415.91點，盤中於5,393.44點至5,428.88點之間震盪。30檔成分股中13檔下跌、11檔上漲，另6檔持平，勝科工業重挫拖累大盤，但香港置地、泰國釀酒等多檔綜合企業與消費類股走高，部分抵銷跌勢。

本週恰逢多項既定催化劑密集登場：聯準會、歐洲央行與日本央行均將召開利率會議，微軟、Alphabet與亞馬遜陸續公布財報，本地方面新交所、豐益國際及凱德系REIT也將更新業績——此一背景令指數本身波動有限，個股卻明顯分化。當天最清晰的單一催化劑來自供應端：印尼削減對新加坡的管道天然氣出口，拖累主要進口印尼天然氣的勝科工業；與此同時，香港置地、怡和洋行、怡和合發等怡和系綜合企業類股同步走高，收復了先前一段時間的部分跌幅。

個股焦點

泰國釀酒（Y92.SG，+2.3%）收報0.44新元，延續上週揭露的消息——旗下新加坡InterBev子公司在越南設立全資子公司VinaBeCo，以12億越南盾內部資金出資；週末市場評論將此舉視為未來分銷布局的鋪墊，為潛在的BeerCo首次公開募股（公司長期主要催化劑）打基礎，儘管近期獲利仍受原料成本上升及非酒精飲料業務疲弱壓抑。現價本益比11.03倍，比過去5年約93%的時間更便宜，共識評等「買進」隱含約16%上行空間。

勝科工業（U96.SG，-2.83%）收報5.84新元，此前印尼削減對新加坡的管道天然氣出口，據報導一度令其早盤股價重挫約6%，收盤跌幅已有所收斂；勝科工業是印尼天然氣的主要進口方，受影響程度高於從馬來西亞進口天然氣的同業吉寶，分析師指出液化天然氣可緩衝短期缺口，但若斷供持續或替代成本上升，可能擠壓發電企業利潤率。現價股價淨值比1.96倍，處於合理區間，比過去5年約42%的時間更便宜，共識評等「買進」隱含約11%上行空間。

新電信（Z74.SG，+0.73%）收報4.15新元，週一無新公司揭露，延續10月20日與愛立信簽署的為期五年5G網路協議。現價本益比18.94倍，比過去5年近半數時間更便宜，共識評等「買進」隱含約27%上行空間。

新交所（S68.SG，-0.05%）收報20.76新元，幾乎持平，市場仍在消化上週五確認的消息：執行長羅文才將於任職十年後卸任，董事會已啟動繼任規劃，其合約將於2027年7月到期；同日公布的股東周年大會文件提出，擬派發2026財年末期股息11.5分、另加12.5分一次性特別股息，令全年股息增至57分、年增52%，期內淨收入成長14%、經調整淨利成長25%。公司本週稍晚將公布第三季財報。現價本益比31.78倍，處於合理區間，共識評等「持有」隱含約14%上行空間。

一個值得注意的點

指數僅微跌0.12%，掩蓋了週一盤面內部的分化程度：30檔成分股中13檔下跌、11檔上漲，跌家數多於漲家數，另6檔持平。當天跌幅最深的是勝科工業，重挫2.83%，根源是單一的供應中斷事件——印尼削減天然氣出口——而同樣仰賴進口、但氣源來自馬來西亞的吉寶受影響相對有限；與此同時，香港置地、怡和洋行、怡和合發漲幅介於1.75%至2.2%之間，收復了先前一段時間的部分跌幅。換言之，當天表現最好與最差的個股，均源於公司或集團層面的具體事件，而非大盤整體性的風險偏好變化。

本文僅供參考，不構成任何投資建議。