Phillip Nova

🤏 TODAY'S PICK   NetLink NBN Trust (SGX: CJLU) S$0.98 (+2.08% YTD) BBG 12-Mth PT: S$1.06 (+8.2% Upside)   NetLink NBN Trust owns and operates Singapore's nationwide passive fibre network, providing recurring regulated revenue from residential and non-residential connections. Its network forms the foundation of Singapore's Next Generation NBN.   FY26 revenue rose 1.6% YoY to S$413.4m, while DPU increased 1.1% to 5.42 cents. The core regulated asset base (RAB) revenue remained stable, supporting the Trust's recurring income base.   A key catalyst is the next regulatory review in three years, with higher capex and operating costs potentially incorporated into the regulated asset base and future returns.   Trade stocks on Phillip Nova - Multi assets, Only One account. No custody/platform fee.

🤖Broadcom (NASDAQ: AVGO) Falls 5.94% as AI Financing Risks Raise Concerns Broadcom shares fell 5.94% after a Bank of America analysis raised concerns over the potential scale of financing associated with the chipmaker's rapidly expanding AI infrastructure business.   The analysis estimated that Broadcom's AI chip-financing vehicle could accumulate as much as US$370 billion in senior debt by mid-2029 if it scales to 20 gigawatts. While the debt is raised by the financing vehicle rather than Broadcom itself, the company has agreed to backstop certain customer lease payments. Its latest filing disclosed maximum exposure of up to US$29 billion on the initial transaction, creating potential contingent risk if customers default.   Trade US stocks fractionally at a flat fee of $0.38 on NOVA. Capture potential opportunities in · US · SG · MY · JP · CN · HK Stocks and ETFs now - https://bit.ly/4k9nNuq.   Shares financing available on NOVA at only 4.5% for USD and SGD, learn more here - https://bit.ly/3OlWa6E.

All investments carry risks and may not be suitable for everyone. Please review the full Risk Disclosure, Terms & Conditions, and fees at www.phillipnova.com.sg/disclosure before making any investment decisions. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Asia Stocks Gain as China Data May Signal Slowing Growth; AI Investments Accelerate 17 August 2026   Market Snapshot (Previous Close) 📉 S&P 500 Index 7,785.76 (-0.17%)↓ 📈 Straits Times Index 5,743.58 (+0.41%)↑ 📈 Nikkei 225 Index 68,713.79 (+0.59%)↑ 📈 Gold Spot 4.376.40 (+0.60%)↑   📈 Asian stocks and US markets remained relatively resilient as recent equity-market turbulence subsided. However, options positioning suggests investors remain vulnerable to a sharp shift in sentiment, with the S&P 500 volatility curve indicating relatively calm expectations for upcoming risks.   🏦 Jane Street suffered roughly US$15 billion in losses in July, its first monthly slump in about a decade. The losses were reportedly driven partly by its investment in Situational Awareness and wrong-way bets in Asian equity markets, highlighting the potential risks from sharp market reversals.   🤖 AI investment and adoption continued to accelerate. Alibaba's open-weight AI models have accumulated more than 3 billion global downloads over the past six months, surpassing Meta, Alphabet and domestic peers to become the world's most downloaded AI model.   💻 AI companies are continuing to post rapid revenue growth. Anthropic's second-quarter revenue jumped at least 14-fold year-on-year to more than US$11.5 billion, while Nvidia disclosed a nearly US$21 billion stake in SpaceX and a US$30 billion investment in Intel, underscoring the scale of capital flowing through the AI ecosystem.   🇨🇳 China's economic momentum is expected to have weakened ahead of July's Politburo meeting. Bloomberg Economics expects July industrial production to rise 5% year-on-year, while retail sales are forecast to increase just 1.5%, providing an important read on industrial activity and consumer demand.   📊 Global bond markets face renewed pressure as expectations for further monetary tightening build. Two-thirds of the 32 swap markets tracked by Bloomberg are pricing in rate hikes, with South Korea leading at more than 100 basis points, raising concerns for government bonds.   🌏 Asian markets remain focused on regional growth and policy developments. Japan's defense minister's visit to the Yasukuni Shrine drew condemnation from China, while Malaysian Prime Minister Anwar Ibrahim pledged to accelerate reforms and strengthen the country's anti-corruption drive.   🛢️ Oil prices moved higher amid continued supply disruptions linked to the Middle East conflict. WTI crude rose 1.4% to US$82.40, while Brent crude gained 1.7% to US$88.52. India has also directed state companies and private refiners to maximise LPG production amid supply disruptions caused by the US-Iran war and the closure of the Strait of Hormuz.    Japan’s economy grew by an annualized 1.1% in the second quarter of 2026, missing market forecasts of 2.0% growth.   👀 Market Focus: Investors will watch China's July retail sales, industrial production, property investment and surveyed jobless rate. Markets will also monitor developments in the Middle East and the outlook for global interest rates.

This in-person seminar will introduce easy-to-understand analytical frameworks and practical approaches to help you observe the market more systematically, assess different factors, and strengthen your awareness of risk management. 🚨Please note that this seminar will be conducted in Chinese. What you will learn: 🔵How to use technical analysis to observe market trends and assess factors relating to entry and exit decisions 🔵How to plan position sizing and incorporate risk management into the decision-making process 🔵How to more efficiently screen for stocks displaying trending characteristics 🔵Live Q&A: Address questions you may have about investing and trading 📅 Date & Time: 18 August 2026, 7pm SGT 📍 Venue: Raffles City Tower, Level 7 🚇 Nearest MRT: City Hall MRT 🌱Register now: https://tinyurl.com/3hc2j7j4

🤏 TODAY'S PICK   Netflix Inc (NASDAQ: NFLX) US$78.24 (-14.01% YTD) BBG 12-Mth PT: US$95.12 (+21.6% Upside)   Netflix is a global streaming platform spanning films, series, games and live programming. Q2 revenue rose 13.4% YoY to US$12.56b, with a 33.4% operating margin.   The advertising business remains a key growth driver, with Netflix targeting about US$3b in ad revenue for 2026. The company is also expanding into live programming and games, while AI is increasingly being used across content production.   Netflix's shares have rebounded from their July lows, gaining 5.4% on Thursday after Bill Ackman's Pershing Square disclosed a significant new position. The stock remains well below its 2025 peak, while analyst consensus target stands at US$95.12.   Trade stocks on Phillip Nova - Multi assets, Only One account. No custody/platform fee.

Stocks Gain as Inflation Bolsters Fed Pause Bets; OpenAI Revenue Tops US$40 Billion 14 August 2026   Market Snapshot (Previous Close) 📈 S&P 500 Index 7,798.99 (+0.65%)↑ 📉 Straits Times Index 5,720.05 (-0.01%)↓ 📈 Nikkei 225 Index 68,308.59 (+1.16%)↑ 📉 Gold Spot 4,350.39 (-1.31%)↓   📈 Asian stocks and US futures gained as moderating US inflation strengthened expectations that the Federal Reserve will keep interest rates unchanged next month. The softer inflation backdrop also supported a pullback in oil prices, easing some of the pressure on global inflation and interest-rate expectations.   🏛️ Fed officials signalled that recent inflation data has been encouraging. Fed Governor Austan Goolsbee said inflation remains elevated but that recent readings have been better, reinforcing expectations that policymakers may have less need to tighten monetary policy further.   🛢️ Oil prices remained relatively stable despite ongoing Middle East risks. Brent crude was around US$87.10 a barrel while WTI traded near US$81.22, as additional Middle Eastern crude shipments to the US provided some relief to a market facing elevated wartime demand.   💻 OpenAI's revenue growth continues to accelerate. The company's annualised revenue run rate has reportedly surpassed US$40 billion, roughly double its level at the end of 2025, highlighting the rapid commercialisation of generative AI and continued demand for AI products and services.   🚁 The US imposed new 100% tariffs on certain drones and components, targeting products based on their size and national-security capabilities. The measures could significantly affect Chinese manufacturers and add another layer of trade restrictions between Washington and Beijing, particularly in the rapidly expanding drone industry.   📈 Asian technology stocks received support from strong semiconductor demand. South Korea's terms of trade improved at the fastest pace on record in July as export prices rose sharply, supported by the ongoing boom in chip shipments and highlighting continued strength in the global semiconductor cycle.   🏦 Private credit is shifting toward traditional industries as lenders become more cautious on software. Private credit managers are increasingly favouring asset-heavy businesses, while the default rate among borrowers tracked by Fitch reached a record 6.1% in July, underscoring growing concerns around credit quality.   ⚡ AI infrastructure investment continues to drive demand for semiconductors. AMD raised US$4.75 billion through a bond sale as companies across the technology sector continue to secure funding for the massive capital expenditure required to build AI data centres and computing infrastructure.   👀 Market Focus: Investors will watch US July retail sales and the University of Michigan consumer sentiment survey for fresh signals on consumer strength and the US economic outlook. Markets will also monitor 2Q GDP data from the euro area, ongoing Fed commentary and developments in US trade policy, particularly the latest drone tariffs targeting Chinese supply chains.

SGX–Nasdaq Tie-Up: Three Blue Chips, Three Investment Themes As Singapore’s equity market gains a new gateway to US capital markets, quality Singapore companies could benefit from greater global visibility, liquidity and investor participation. From SGX’s direct exposure to increased listings and trading activity, to ST Engineering’s global growth and Venture Corporation’s AI and technology opportunities, each offers a distinct way to participate in Singapore’s growing global market presence. One Listing. Two Markets. Greater Global Reach. You Discovered the Opportunity. Now Trade It. From Singapore stocks and ETFs to leveraged products and futures, access the markets that matter through a single NOVA account - https://bit.ly/4bOfbqQ. We’ve lowered our commissions: Singapore stocks from just 0.08% commission | SGP Index Futures from just $3 Shares financing is also available on NOVA at only 4.5% for USD and SGD. Learn more here - https://bit.ly/3OlWa6E

🤏 TODAY'S PICK   Kuala Lumpur Kepong Bhd (KLSE: 2445) RM21.72 (+9.70% YTD) BBG 12-Mth PT: RM23.50 (+8.2% Upside)   KLK is one of Malaysia's largest plantation groups, with operations spanning plantations, oleochemicals, refining and property. Its plantation business remains the core earnings driver, while its downstream oleochemicals segment provides additional exposure beyond palm oil.   A key catalyst is KLK's upcoming 9M FY2026 results on 24 August, where investors will be watching for further improvement in plantation earnings and the recovery of its downstream business.   Plantation earnings could benefit from higher fresh fruit bunch production, with 2QFY26 FFB output rising 6.4% YoY to 1.34m tonnes. Meanwhile, the manufacturing segment is expected to recover as higher petrochemical prices support oleochemical selling prices and margins.   Trade stocks on Phillip Nova - Multi assets, Only One account. No custody/platform fee.

US Inflation Cools as Oil Retreats; Tencent Earnings in Focus 13 August 2026   Market Snapshot (Previous Close) 📈 S&P 500 Index 7,748.50 (+0.26%)↑ 📉 Straits Times Index 5,720.75 (-0.58%)↓ 📈 Nikkei 225 Index 67,524.06 (+0.83%)↑ 📈 Gold Spot 4,408.29 (+0.87%)↑   📊 US inflation remained broadly contained, offering some relief to investors. The latest US consumer-price data showed inflation pressures were not as strong as feared, helping reinforce expectations that the Federal Reserve could have room to ease monetary policy later this year. Treasury yields remained in focus as markets continued to assess the path for interest rates.   🛢️ Oil prices retreated as hopes for progress in US-Iran talks increased. Brent crude eased as investors assessed the possibility of a diplomatic arrangement that could eventually restore shipping through the Strait of Hormuz, although uncertainty remains around the timing and durability of any agreement.   💻 AI spending remained a key driver of markets. Investors continued to assess the scale of capital being committed to data centres, chips and related infrastructure, with concerns increasingly shifting toward whether the pace of AI investment can translate into sustainable earnings growth.   🏦 Tencent's aggressive AI spending was the key focus of the results. Capital expenditure reached 52.8 billion yuan in the quarter, up significantly from the previous quarter, as the company invests in AI models, computing capacity and products such as its Yuanbao chatbot and WorkBuddy assistant. The higher spending is weighing on near-term profitability, although management expects the additional computing capacity to support future AI revenue growth.   🇨🇳 China's latest credit data provided fresh insight into domestic demand. Investors are monitoring new yuan loans, money supply and aggregate financing figures for signs of improving credit conditions, while upcoming corporate earnings could provide further clues on consumer and technology spending.   🇯🇵 Japan's currency and monetary policy remained closely watched. The yen continued to trade near recent weak levels against the US dollar, keeping attention on potential policy responses and the Bank of Japan's outlook for interest rates.   🇸🇬 Singapore markets remained supported by resilient corporate fundamentals. Investors continued to assess recent earnings from Singapore-listed companies, with the banking sector remaining a key contributor to market sentiment following strong results from DBS, OCBC and UOB.   🌏 Asian markets remained sensitive to developments in energy and global monetary policy. A sustained decline in oil prices could ease inflationary pressures across the region, while any renewed disruption around the Strait of Hormuz could quickly reverse the recent improvement in sentiment.   👀 Market Focus: Investors will watch Tencent's earnings, China's latest credit data and ongoing developments around the Strait of Hormuz. Markets will also continue assessing the latest US inflation signals for clues on the Federal Reserve's rate path, while AI investment and earnings remain key themes for global equities.

🤏 TODAY'S PICK   CoreWeave Inc (Nasdaq: CRWV) US$90.32 (+13.87% YTD) BBG 12-Mth PT: US$142.25 (+57.5% Upside)   CoreWeave is an AI cloud provider specialising in GPU infrastructure for AI training and inference. It operates data centres equipped with high-performance GPUs, providing computing capacity to AI labs, enterprises and hyperscalers.   Q2 revenue rose 112% YoY to US$2.58b, while adjusted operating income reached US$128m, up sharply from US$21m in Q1. Revenue backlog rose 246% YoY to US$104b, with another US$25b+ in new customer commitments added in early 3Q.   CoreWeave raised FY26 revenue guidance to US$12.4b–US$13.2b and expects managed inference revenue to reach a US$250m annual run-rate by year-end. The shift toward AI inference could broaden its growth beyond traditional GPU rental.   Trade stocks on Phillip Nova - Multi assets, Only One account. No custody/platform fee.

Gold is back above US$4,400. Can the next breakout take Gold higher? Central bank buying, renewed investment demand and geopolitical uncertainty continue to support bullion, while Fed policy and inflation remain key risks for the outlook. Can Gold break decisively above US$4,500—or will macro headwinds hold it back? Read our latest Market Trends article to explore the key technical levels and macro drivers shaping Gold’s outlook for 2H 2026 - https://bit.ly/4zsF5L4. We’ve lowered our commission, meaning lower trading costs. Trade Micro Gold Futures (MGC) at just $0.98 commission on NOVA. Open an account here - https://bit.ly/4cVikGA.

Oil Climbs as Iran Holds Firm on Hormuz; AI Spending and US Inflation in Focus 12 August 2026   Market Snapshot (Previous Close) 📉 S&P 500 Index 7,728.20 (-0.32%)↓ 📈 Straits Times Index 5,754.17 (+0.98%)↑ ⛔ Nikkei 225 Index [Market Closed] 📉 Gold Spot 4,370.11 (-0.47%)↓   🛢️ Oil prices rose as Iran maintained its stance that the Strait of Hormuz would remain closed until its conditions are met. Brent crude climbed 1.7% to US$89.18 a barrel, while WTI gained 1.6% to US$83.46. Despite the tougher rhetoric, Pakistan's defense minister said Washington and Tehran were "close to some sort of arrangement", keeping hopes of a potential diplomatic breakthrough alive.   📉 US equities slipped as investors awaited key inflation data. The S&P 500 fell 0.3%, while the Nasdaq Composite declined 0.6% and the Dow Jones lost 0.3%. Treasury yields edged lower as markets positioned ahead of the July US CPI report, which is expected to provide fresh clues on the Federal Reserve's interest-rate outlook.   🤖 AI infrastructure spending remains a major investment theme. Super Micro surged in after-hours trading after its revenue outlook significantly exceeded estimates, while CoreWeave jumped after reporting that second-quarter sales more than doubled. Nvidia also moved to limit its exposure to a US$500 billion AI infrastructure financing plan, highlighting both the scale of investment and growing attention to potential risks around AI spending.   🏦 Banks and financial institutions continued to participate in the AI infrastructure boom. Adani Group's joint venture with EdgeConneX secured about US$800 million in financing from lenders including DBS, MUFG and Clifford Capital to support its data centre expansion, highlighting the growing demand for capital to fund AI-related infrastructure across Asia.   🇮🇳 Indian retail investors continue to face significant losses in derivatives trading. Individuals lost 916.85 billion rupees (US$9.6 billion) from equity futures and options in the year ended March, marking a fifth consecutive year of losses despite regulatory efforts to curb excessive speculation.   🍎 Apple announced a senior leadership change. Jennifer Bailey, Apple's head of Pay and Wallet services, is retiring after more than two decades with the company, marking a notable transition within one of the technology giant's key services businesses.   🌏 Asian markets remained mixed amid ongoing geopolitical and economic uncertainty. Nikkei futures were up 0.1%, while Hang Seng futures fell 0.4%. South Korea's unemployment data, Japan's money supply and China's upcoming credit and foreign investment figures will provide further clues on regional economic momentum.   👀 Market Focus: Investors will closely watch the US July CPI report tonight for clues on inflation and the Federal Reserve's rate path. Markets will also monitor China's July money supply, new yuan loans and aggregate financing data, along with earnings from Tencent, while developments around the Strait of Hormuz remain a key driver of oil prices and global risk sentiment.

Singapore’s banking giants are continuing to drive the market higher, with DBS, OCBC and UOB delivering strong Q2 2026 results despite lower interest rates. Record profits, growing wealth-management businesses and higher dividends are keeping the banks firmly in focus as the STI pushes beyond 5,700. With wealth inflows into Singapore supporting fee income, investors will be watching bank earnings, dividend payouts, foreign fund flows and interest rates to see whether the rally has further room to run. Read more: https://bit.ly/3RHyj36 With NOVA, invest in Singapore-listed stocks and ETFs with FREE live market pricing. New clients can also receive 40 FREE LSS Shares* when they open a NOVA Trading Account, deposit S$1,000 and invest S$1,000 in Singapore-listed stocks or ETFs.

    Yen Retreats as Oil Surges Above US$87; Nvidia Leads US$500 Billion AI Push 11 August 2026   Market Snapshot (Previous Close) 📉 S&P 500 Index 7,753.11 (-0.06%)↓ ⛔ Straits Times Index [Market Closed] 📈 Nikkei 225 Index 66,970.22 (+2.08%)↑ 📈 Gold Spot 4,417.81 (+0.61%)↑   💴 The Japanese yen weakened further after giving back half of its gains following last week's joint US-Japan intervention. The currency slipped to around 159 per US dollar, while Japan's markets are closed today. Japanese policymakers said government spending plans could provide longer-term support for the yen.   🛢️ Oil prices surged as uncertainty around the Strait of Hormuz persisted. Brent crude climbed 5.2% to US$87.89 a barrel and WTI gained 5.4% to US$82.37 after tensions between the US and Iran remained unresolved. Supertanker rates on the key Middle East-to-China route also surged toward US$500,000 a day as shipowners avoided the waterway.   💻 Nvidia is leading a massive new push into AI infrastructure. The chipmaker is teaming up with Wall Street heavyweights including Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to invest as much as US$500 billion in AI infrastructure, highlighting the scale of capital flowing into the sector.   🤖 AI investment continues to expand across the technology ecosystem. Microsoft plans to significantly increase production of its own AI chips next year, while Anthropic has formed a strategic partnership with Macquarie Asset Management and GIC to develop data centres. Leveraged fund exposure to volatile AI stocks is also rising, raising concerns over potential spillover risks if the sector experiences a sharp correction.   📈 US equities were little changed as investors weighed AI optimism against rate concerns. The S&P 500 slipped 0.1%, while the Nasdaq Composite fell 0.3% and the Dow Jones declined 0.1%. Fed Governor Beth Hammack said several rate hikes may ultimately be needed to bring inflation back to the central bank's 2% target, keeping monetary policy in focus.   🇸🇬 Singapore GDP grows 5.9% y/y in Q2, government raises 2026 GDP growth forecast to 4.5%-5.5%.   🇦🇺 The Reserve Bank of Australia is expected to keep its cash rate unchanged at 4.35%. Bloomberg Economics expects policymakers to maintain a hawkish stance as they balance a softening labour market against persistent inflation and weakness in the housing sector.   🌏 China's economic data will also be closely watched. Investors are awaiting July money supply, new yuan loans and aggregate financing figures, alongside foreign direct investment data, as markets assess whether credit growth and investment activity are gaining momentum.   👀 Market Focus: Investors will monitor Singapore's 2Q GDP, the RBA's interest-rate decision and China's upcoming credit data for fresh clues on regional growth and monetary policy. Markets will also track developments around the Strait of Hormuz, where prolonged disruption could keep oil and shipping costs elevated and add to global inflation pressures.

All investments carry risks and may not be suitable for everyone. Please review the full Risk Disclosure, Terms & Conditions, and fees at www.phillipnova.com.sg/disclosure before making any investment decisions. This advertisement has not been reviewed by the Monetary Authority of Singapore.