In a month where a large cap like DBS fell by 5% and UMS fell by 25% , i think its pretty clear that investor appetite seems to be pretty muted at the moment.
It seems like we are back to the good old 4 to 6 PE Days for many smaller companies. Which is actually good if results do well as the expectation is already so low. To cite an example, even a recent IPO like Deluge is trading at its IPO Price despite a positive profit guidance just days after its IPO.
I had a chat with a friend recently and i think that its apparent no one is really that interested in these companies perhaps.
In any years, double digit returns on a company should be relatively pleasing and good enough to close shop and try again the following year.
Perhaps with the increased volatility seen in recent months coupled with the general gain in singapore equities, there is little impetus to adopt a continued holding approach or it would be better to focus in larger caps where there is more fund flow.
November will be probably be a month to take a look at any business updates provided by companies if any and also Nam Lee Results.
Metasurface Technologies Holdings Limited is also going for its dual listing some time in November. It remains to be seen what kind of PE the market is keen to give it post listing.
Currently its trading at around 10 PE if no growth is seen in 2H 2026 (which is unlikely given the orderbook increase) and assuming that metaoptics can be disposed at current price (which might be difficult given the rapid drop in share price this year).
SG Semicons look at about 20-25 PE at the moment but whether this company is going to be seen as 1 of the SG Semicons remain to be seen....
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