• Singapore equities ended a record ten consecutive months of gains with a 2.2% decline in March. 1Q26 was still a positive 5.1%. The Iran war drove up the performance of sectors in defence spending, biofuels and capital markets.
• Equities have morphed into a volatile, levered short option on oil prices.  The closure of the Straits of Hormuz is not only driving higher energy prices and inflation, but there is risk of a material shutdown in global production from the unavailability of materials. The strategy is not to predict but preserve capital.
• We believe the war in Iran will broaden a global capex cycle that was already underway – namely, data centres, semiconductor equipment, defence, renewable energy and construction activity from Singapore to rebuilding Gulf infrastructure.

Investment Summary Revenue Growth Amid Transformation While Profits Face Pressure According to the 2025 annual result forecast of Great Wall Motor, the Company reported total revenue of RMB222.79 billion in the full year (RMB, the same below), up 10.19% yoy, while net profit attributable to the parent company amounted to RMB9,912 million, down 21.71% yoy. Net profit attributable to the parent company excluding non-recurring items dropped by 36.5% yoy to RMB6.16 billion. The decline in profit was mainly due to...
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Company Profile Weichai is one of the automobile and equipment manufacturing groups with the strongest comprehensive strength in China's heavy truck industry. Based on the powertrain system including engine, axle and gearbox, the Company extends upstream components and downstream heavy trucks, and takes the lead in forklifts and intelligent warehousing. After years of development, the Company has built a synergetic development pattern of four major industrial segments including powertrain (engine, transmission, axle/hydraulics), vehicle and machinery, intelligent logistics and other segments....
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