A lot to talk about this week.

Earnings season is fully on the way, with many Singaporean companies reporting their results.

But we are looking at some smaller companies that have delivered strong performances.

We examine their investment case and give our thoughts on them.

Before we proceed, we have some interesting content this week that might change how you think about your portfolio!

Nvidia $NVDA ( ▼ 0.06% ) : If you can’t convince investors that you are still great, do it to bankers. That’s what Nvidia is doing as it teamed up with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to raise up to US$500 billion to fund new AI infrastructure projects in Nvidia and its partners. [Read More]

Wendy $WEN ( ▼ 0.12% ) : Wondering how Wendy’s doing? Well, bad enough that Nelson Peltz with BlueFive Capital and Flynn Group are looking to privatise it. Same-store sales have been declining for 6 straight quarters, while Burger King has overtaken it in burger sales. [Read More]

Super Micro $SMCI ( ▲ 1.74% ) : Well, same old, same old. AI chip system providers are still doing well. Super Micro Computer revenue doubled for the latest quarter as it sees growing orders for systems used in AI and data centres. It has raised its revenue projections to a range of US$65 billion to US$72 billion while reporting that its order backlog exceeded US$60 billion [Read More]

Sandisk $SNDK ( ▲ 7.4% ) : Just when you thought this pendrive company was irrelevant, here it is. Revenue almost doubled in its latest earnings, while profits jumped by 24x. But it ‘missed expectations’. However, it has signed multi-year supply agreements with 8 data centre customers, which accounts for more than half of its NAND flash bit shipments in 2027. [Read More]

Cerebras $CBRS ( ▼ 5.21% ) : Same story as Sandisk. Strong financial growth but missed expectations. Cloud sales were strong, but investors are worried that its AI chip sales were down while its margins declined too. [Read More]

JD $JD ( ▼ 0.82% ) : Sort of mixed. JD’s latest earnings results delivered a beat on earnings, but revenue was down by 2.9%. The culprit? Weakening Chinese spending and intense competition. However, its food delivery losses are narrowing while its core retail business is still holding up. [Read More]

SingTel: The power of one-off transactions. SingTel’s profit fell by 71.6% for the latest quarter, but this was mainly due to gains from its Airtel and InTouch Energy investments last year. Taking those off, its underlying profit would have increased by 21%, while revenue rose by 4.9%. [Read More]

Starhub: If SingTel suffered from one-off gains, Starhub is the opposite. Because of a one-off gain from the termination of an arrangement with Ensign, Starhub’s profits grew by 5 times to SG$258 million. [Read More]

UMS Integration: CEO Andy Luong described results as ‘stellar’. Revenue was up by 25% for 1H 2026, while profits also increased by 66%, driven by its semiconductor and aerospace segments. Despite the Middle East conflict, UMS still thinks the air travel segment remains resilient. [Read More]

EGP Energy: The new entrant into SGX is showing why its IPO outperformance is not a flop. Profits almost tripled for 1H 2026, while revenue is up by 1.5 times, driven by its transmission and distribution and maintenance and services segments. [Read More]

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UMS Integration sells equipment manufacturing and engineering services to original equipment manufacturers (OEMs).

👆️ How 1H Results Turned Out: Another set of strong results. Revenue was up by 25% for 1H 2026, while profits grew even more by 62%. This was driven by higher revenue from aerospace (+37%) and semiconductor (+25%) segments. Its geographical breakdown was more interesting

Two other things that stood out were that 1) raw material purchases and subcontractor charges were down by 11%, and 2) cash flow was negative despite the strong performance.

But overall, this still provides the narrative that UMS’s core business are still doing alright despite the doom and gloom in the global AI industry.

💪 Investment Case: We think that while UMS is exposed to the global sell-off of AI companies, it is a supplier in the overall supply chain. As long as companies are still massively investing in AI infrastructure, that should provide visibility to UMS’ order books.

What was surprising was how strong its aerospace segment was despite the impact of high oil prices on air travel. It remains to be seen whether the 2H would see similar growth numbers for the segment.

❓️ Market Analysts: Target price of SG$3.54 with an implied upside of +31.2%.

Nam Cheong provides offshore support vessels (OSVs), shipbuilding and vessel chartering services.

👆️ How 1H Results Turned Out: It’s kinda eerie how similar Nam Cheong’s financial performance is to UMS Integration. Revenue for 1H 2026 is up by 25%, while profits grew by a whopping 83%. If you have been keeping track of Nam Cheong, this was the first year it has booked shipbuilding revenue after 6 years, and that was the main reason why both revenue and profits have risen considerably.

On the other hand, its vessel chartering services, which make up the bulk of its business, declined by 7.1%, due to lower utilisation of accommodation vessels.

💪 Investment Case: We are positive on Nam Cheong’s US$64 million shipbuilding contract for 4 OSVs for a UAE energy company. This provides a good initial push towards a segment that could prove profitable. Ships are getting old in the global markets, and incoming supply of new ones remains tight. So, we do see Nam Cheong’s potential on this front.

Meanwhile, for its vessel chartering services, Nam Cheong has guided that Petronas has maintained its Malaysian output at 2 million barrels of oil per day through 2028, giving visibility to its future contracts.

Valuation at this point is very cheap. It is trading at a price-to-earnings ratio of 4.2 times compared to its peers’ average of 11.7 times.

❓️ Market Analysts: Target price of SG$1.95 with an implied upside of +79.3%.

EGP Energy provides electrical infrastructure services to connect power stations to the grid and to end consumers.

👆️ How 1H Results Turned Out: The new kid on the IPO block delivered some strong results for 1H 2026. Revenue is up by 157.4% in 1H 2026, driven by its transmission & distribution and maintenance & services segments. Profits nearly tripled in that same period.

💪 Investment Case: We have done an IPO piece on EGP Energy here. But the investment case for EGP Energy is quite straightforward. Energy demand in Singapore is projected to rise due to advanced manufacturing and data centres, and also the electrification of transport. The Singapore government is committed to investing in its electrical grids for the next few decades. EGP is only one out of 16 players in Singapore that is in the ‘unlimited bidding’ category that allows it to bid for high-value projects.