In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how improving sentiment surrounding a potential US-Iran agreement to reopen the Straits of Hormuz is lifting regional equities and easing pressure on crude oil prices. Against this backdrop, Singapore’s April NODX numbers reached a 14-year high, reinforcing the view that AI and oil-related activity remain two major drivers of the domestic market.

We begin with our Analyst, Shaina Mahtani, joins the show to discuss Centurion’s stronger-than-expected 1Q results, the outlook for earnings growth and why the stock continues to stand out despite expectations for some moderation in FY26 earnings growth, supporting SMIDs Analyst, Eric’s BUY view on the stock.

Thilan then highlights Technology and SMIDs Analyst Jarick’s continued positive outlook on Frencken following its 1Q results, with the BUY call supported by expectations of a stronger 2H recovery as semiconductor orders ramp up. He notes improving demand from key customers, potential upside from new DUV and EUV product introductions, and better earnings quality as the revenue mix shifts toward higher-margin semiconductor activity.

He also discusses ST Engineering’s strong start to the year, with revenue growth across all three segments, margin expansion and a record order book providing strong earnings visibility. Commercial Aerospace remains a key growth driver, while Defence and Public Security continues to provide resilience amid elevated geopolitical uncertainty, supporting REITs Analyst Krishna’s BUY view on the stock.

Finally, our Regional Head of TMT Research, Hussaini Saifee, who breaks down the surprise collapse of the Simba-M1 consolidation and what it means for the competitive landscape in Singapore’s telco sector. He also explains why Singtel is increasingly emerging as a diversified AI and infrastructure play despite recent share price weakness, while sharing his latest views on StarHub.