UBS Equity Preference List Singapore 2026 09 18

18 September 2026, 13:15 UTC Chief Investment Office GWM Investment Research

The Singapore Equity Preference list (EPL) is a list of our highest conviction Singaporean stocks. Wen-Ching Lee UBS AG Singapore Branch In our 2026 outlook, we identified five themes that can support the equity market’s performance: the successful execution of the equity market reform, Please see important disclaimers and multiplier effects from the EQDP, capital management initiatives, asset recycling, disclosures at the end of this and low interest rates. document.

We see evidence of these drivers materializing with a positive impact on share prices. In another encouraging development, the EQDP has been upsized from SGD 5bn to SGD 6.5bn.

Beyond the EQDP, a new CPF Investment Scheme to be introduced in 2028 could provide an additional liquidity injection and act as a long-term structural support for Singaporean equities.

Latest Changes We have increased the portfolio weight of United Overseas Bank by 1.0 percentage point (pp) and that of DBS Group by 0.5pp. Conversely, we have reduced the portfolio weight of Sea Ltd. by 1.0pp and that of Grab by 0.5pp.

Most Preferred Company Changes* Currency Weight

CapitaLand Ascendas REIT SGD 1.0% CapitaLand Integrated Commercial Trust SGD 3.0% City Developments SGD 0.5% DBS Group Holdings Weighting SGD 32.0% Grab Weighting USD 0.5% Jardine Matheson USD 0.5% Keppel SGD 3.5% Keppel DC REIT SGD 1.0% OCBC SGD 20.5% Sea Ltd Weighting USD 9.0% Singapore Exchange SGD 5.5% Singtel SGD 7.5% ST Engineering SGD 5.0% United Overseas Bank Weighting SGD 10.5%

Source: UBS, Consider potential trading restrictions, all figures are rounded *Changes since the last publication

Positioning and key trends We have an Attractive rating on Singapore equities. The market has done well over the last two years, with >20% returns each year. Momentum is continuing this year. We see several structural drivers that can continue to drive the market’s performance over the rest of 2026 and beyond.

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A key catalyst has been the launch of the Equity Market Review in 2025. The Monetary Authority of Singapore (MAS) set out a comprehensive framework to revitalize the country’s equity capital market, introducing a broad suite of measures aimed at enhancing market vibrancy, liquidity, and investor participation. In 2026, the focus should shift from policy announcement to execution. We identify five themes underpinning Singapore’s equity market outlook for 2026: 1) effective implementation of the EQDP, 2) multiplier effects from the MAS’ capital injection, 3) capital management initiatives, including higher dividends and share buybacks, 4) asset recycling, enabling companies to unlock value and redeploy capital into growth opportunities and improve their returns on equity, and 5) low interest rates, which continue to support risk assets and dividend-yielding equities.

We maintain our Attractive rating on Singapore equities. The market remains a relative safe haven in an environment of elevated geopolitical risk, while ongoing “Value Unlock” initiatives are likely to drive a sustained re-rating of valuations. Although current valuations are above the historical 10-year average price-to- earnings ratio, we believe the market is undergoing a regime shift that justifies structurally higher valuation multiples.

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