First Quarter Earnings Season Highlights Singaporean Equities

Singaporean equities are seeing an earnings inflection and strong YTD performance of over 11%, led by the financials sector. UBS maintains a 'Most Preferred' stance on select banks while remaining selective on REITs due to bond yield headwinds.

Key Takeaways

• 1.Singaporean equities have shown strong performance in 2026, with the Straits Times Index returning over 11% YTD, outperforming its 10-year average.
• 2.Earnings revisions for Singaporean companies have turned positive, indicating a stabilization after a downtrend caused by geopolitical tensions.
• 3.Financials is the preferred sector due to robust wealth management fees, attractive dividend yields, and stable interest rate expectations.

Table of Contents

• 1Q earnings season highlights
• Singaporean equities
• Selection list as of 25 May 2026
• Positioning and valuations
• Valuations
• 12 month rating history
• UBS CIO risk views
• UBS CIO valuation views
• Required Disclosures
• Risk information

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