SGX Weekly Review｜CityDev Rises Nearly 9%; SATS Gains over 7%; NTT DC REIT, Top Glove, Suntec Reit Rally over 6%; YZJ Maritime Drops over 7%

Singapore shares fell this week, with the STI down 0.36%.

In terms of individual stocks, $CityDev(C09.SI)$ rose 8.7%; $SATS(S58.SI)$ rose over 7%; $NTT DC REIT(AIY.SI)$, $Top Glove(BVA.SI)$, $Suntec Reit(T82U.SI)$ rose over 6%; $YZJ Maritime(BYZ.SI)$ down over 7%; $YZJ Fin Hldg(YF8.SI)$, $JMH USD(J36.SI)$ down around 4%.

Market News

City Developments to Divest Quayside Isle for Over SG$97 Million

$CityDev(C09.SI)$ agreed to divest its prime waterfront retail asset, Quayside Isle at Sentosa Cove, for around SG$97.3 million, according to a Tuesday filing with the Singapore Exchange.

The property was launched for sale via an expression of interest in September and is part of the company's Quayside Collection, with a net lettable area of around 44,121 square feet.

This is the company's eighth asset sale for the year, with the company securing around SG$2 billion in divestments in 2025.

Shares of the property developer were up 8.72% for the week.

SATS Soars over 7% on Strong Q2 Profit Jump and Cargo Growth

$SATS Limited(S58.SI)$ saw its stock price surge by 7.47% for the week, reflecting investor optimism following the company's robust Q2 FY2026 financial performance.

The aviation services provider reported a 13% year-on-year increase in profit after tax, driven by stronger cargo operations and higher aviation meal volumes. Additionally, the company announced higher interim dividends and ongoing share buybacks, signaling management's confidence in future cash generation. The recovery in global air travel, particularly in the Asia-Pacific region, has further bolstered SATS's growth prospects.

NTT DC REIT's High Yield Stands Out Among Sector Peers

$NTT DC REIT(NTDU.SI)$'s estimated yield of 7.82% is very attractive and the highest of all data center-focused REITs in Singapore, says DBS Group Research's Dale Lai in a note. The REIT's first set of results since listing validates its defensive, globally diversified data-center platform, supported by its sponsor's operational expertise, the analyst says.

Long-term upside could arise from sponsor-led acquisitions in Tier 1 markets such as Frankfurt, London and Tokyo, he notes.Meanwhile, NTT DC REIT's short-term income growth is likely to be driven by rent increases and improvements in occupancy, he says. Lai reiterates his buy rating and US$1.20 target. Shares of NTT DC REIT rose 6.74% for the week.

Top Glove's Earnings Outlook Likely to Improve

$Top Glove(BVA.SI)$'s earnings outlook may improve, Maybank IB analyst Wong Wei Sum says in a note. Malaysian glove makers could see near-term stability in pricing and volumes, supported by start-up issues at a major Chinese producer's Indonesia plant and weather-related disruptions in Thailand, she says.

Top Glove plans to reopen four idle factories in FY 2026, raising its operating capacity to 70 billion pieces per year from 65 billion pieces in FY 2025, she notes. Wong raises Top Glove's FY 2026-2028 earnings estimates by 74%, 28% and 47%, respectively, to factor in better plant utilization rate, lower nitrile latex price and additional capacity. Shares of Top Glove rose 6.6% for the week.

Suntec REIT's Long-Standing Overhang Could Be Reduced

A long-standing overhang on $Suntec REIT(T82U.SI)$ is likely to be reduced if Acrophyte Asset Management acquires the Singapore REIT's manager, DBS Group Research analyst Dale Lai says in a note. He cites uncertainty over the intentions of the manager's current owner, $ESR(01821)$ Group, after it was taken private, given that Suntec REIT is viewed as a non-core asset. If the Acrophyte deal goes through, the analyst expects the REIT to benefit from a strong alignment of interests between its manager and one of its substantial unitholders, Acrophyte's controller Gordon Tang. Lai says a change in ownership of the manager could prompt Suntec REIT to review its portfolio or pursue acquisitions. DBS maintains its buy rating and is reviewing its target price, which currently stands at S$1.40.