
Adeline Gao Yuanhui
Research Analyst, Research & Portfolio Management
Adeline Gao Yuanhui is a Research Analyst with the iFAST Research & Portfolio Management Team, where she covers global macroeconomic themes and equity markets with a focus on Singapore. In addition to publishing research articles for iFAST, she has shared her insights through local media platforms such as Lianhe Zaobao. She graduated from the National University of Singapore (NUS) with a Bachelor of Business Administration (Honours) degree, double major in Finance and Economics.
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UltraGreen.ai 1H26: ICG franchise remains strong, but US competition clouds the outlook
Strong international ICG growth and resilient margins underscore the quality of UltraGreen.ai’s franchise, but the US market faces a meaningful competitive challenge. The pace and severity of generic-driven pricing pressure will determine how much of that underlying strength translates into future earnings growth.

CSE Global 1H26: Margins bend, the thesis holds
CSE Global’s earnings fell in 1H26 despite record revenue, as project mix, start-up costs and higher financing expenses weighed on margins. We retain our BUY rating as the AWS ramp-up and expanding data centre pipeline support a recovery in earnings growth beyond 2026.

Building for the future: What NDR 2026 means for the Singapore market
Singapore is meeting a more uncertain world by doubling down on infrastructure, technology and institutional resilience. NDR 2026 reinforces the case for Singapore equities, with a firmer macro backdrop and multiple structural earnings drivers extending support well beyond the near-term trade risks.

Fee-led growth, compelling total returns: Singapore banks after 1H26
Record wealth-led profits at DBS and OCBC confirm the sector’s fee-led earnings transition, but with all three banks trading above historical valuation averages, the investment case now hinges on earnings delivery and dividends rather than further re-rating.

Singapore’s July NODX holds above 20%: Structural upcycle gains staying power
Four consecutive months of NODX growth above 20% point to a semiconductor-led export cycle with stronger structural foundations than reflected in the original full-year forecast. With Singapore benefiting from sustained AI infrastructure investment and a growing semiconductor capacity pipeline, the upcycle retains room to run despite eventual base effects.

SG’s 2026 growth forecast upgraded to 4.5–5.5%: AI upcycle lifts outlook, positive view maintained
Singapore’s stronger-than-expected 1H26 performance has prompted a second GDP forecast upgrade, with the AI upcycle now translating into broader economic momentum. We maintain our positive view on Singapore equities as stronger growth provides a firmer foundation for the broader market.

UOB 1H26: Earnings stabilising, but a broader recovery is still needed
UOB’s 1H26 results show early signs of earnings stabilisation as the rate drag eases and wealth income grows, but weaker core revenue and rising Greater China credit risks keep the recovery uneven. Capital strength and an attractive forward dividend yield provide support, but stronger fee growth and sustained credit discipline are needed for further share price gains.

OCBC 1H26: Record quarter, wealth-led growth shines, but valuation raises the bar
OCBC’s earnings mix is shifting in a more resilient direction as wealth-led fee income gains importance and pressure on net interest income begins to ease. Stronger fundamentals reinforce the long-term investment case, but a higher valuation raises the bar for further near-term share price gains.

DBS 1H26: Strong earnings, attractive dividend, valuation catches up
DBS' record first-half results reinforce the resilience of its earnings franchise, with both interest and non-interest income supporting future growth. The investment case remains underpinned by solid earnings and an attractive dividend yield, although further share price gains are likely to depend increasingly on earnings delivery rather than valuation expansion.

CSE Global: Powering the AI infrastructure build-out
As AI infrastructure investment accelerates globally, CSE Global is well positioned to capitalise on the growing demand for mission-critical electrical infrastructure. We examine how the group's strategic partnership with Amazon, expanding recurring Communications business and long-standing engineering expertise support sustained earnings growth and further upside.
