CGS International May 7, 2025
Market Watch: Singapore Stocks in Focus Amid Tech Earnings Resilience – Genting Singapore Signals Reversal, Mapletree Industrial Trust Delivers Stable Performance
Global Market Overview: US Tech Earnings Show Resilience Amid Trade Tensions
Investors tracking the performance of the US technology giants that heavily influence the S&P 500 Index found cause for optimism following the latest round of earnings reports. Despite the backdrop of President Donald Trump’s evolving trade policies, the outlooks from these major tech players remained largely robust. Companies ranging from e-commerce giant Amazon.com Inc. to software leader Microsoft Corp. released forecasts indicating that demand for their diverse businesses—including electronic devices, cloud computing services, software, and digital advertising—remains significantly intact.
While not every report was stellar, with Apple Inc. noted as a high-profile disappointment, the overall results helped alleviate some of the most significant fears that looming tariffs would trigger an immediate slump in profits. This encouraging period has bolstered hopes that the recent stock market rebound could have sustainable momentum. The tech-heavy Nasdaq 100 Index extended its two-week rally, climbing 10% and positioning itself nearly 3% above its closing level on April 2, the date prior to Trump’s imposition of tariffs across a broad range of America’s largest trade partners. Microsoft stood out among the so-called Magnificent Seven megacaps, achieving its best weekly performance in over two years.
According to Mark Luschini, chief investment strategist at Janney Montgomery Scott, many investors had been braced for considerably worse news. He noted that even figures that were slightly weaker than expected were far from the worst-case scenarios analysts had feared. This perspective is allowing the market to adopt a more optimistic view, described as “glass-half-full,” although the overall situation is acknowledged as remaining foggy and the potential rebound could still be jeopardized by any emerging signs of an economic slowdown.
Singapore Market Focus: Genting Singapore Signals Bottom Reversal
SIN: Genting Singapore Ltd – Technical Buy
Genting Singapore (SIN: Genting Singapore Ltd) appears to be signaling a potential bottom reversal, according to technical analysis. The stock is currently priced at 0.730.
Key technical observations suggest a strong positive bullish reversal signal, indicating the stock is likely to have found a bottom.
Key Technical Pointers:
- GENS exhibited a strong V-shaped rebound precisely at the major support level of S\$0.640. This level corresponds to the 123.6% Fibonacci expansion level of A-B.
- The Ichimoku indicator is presenting a bullish signal, marked by bullish crossovers in both the conversion/base lines and the leading Span A/B.
- The MACD histogram is currently showing positive values.
- The Stochastic Oscillator has confirmed an oversold crossover, and a bullish divergence pattern was observed.
- The 23-period Rate of Change (ROC) indicator has broken above the zero line, accompanied by a larger bullish divergence signal.
- The Directional Movement Index confirms the presence of bullish strength.
- Trading volume remains in a healthy expansion phase.
Technical Levels:
- Last Price: 0.730
- Entry Price(s): 0.730, 0.700, 0.655
- Support 1: 0.695
- Support 2: 0.640
- Stop Loss: 0.630
- Resistance 1: 0.755
- Resistance 2: 0.920
- Target price 1: 0.840
- Target price 2: 0.930
- Target price 3: 1.00
- Target price 4: 1.10
Company Description: Genting Singapore Limited, through its subsidiaries, is involved in the development of resort properties and the operation of casinos. The company manages casinos and integrated resorts across various global locations, including Australia, the Americas, Malaysia, the Philippines, and the United Kingdom. (Source: Bloomberg)
Analyst: CHUA Wei Ren, CMT T (65) 6210 8612 E weiren.chua@cgsi.com
Singapore Market Focus: Mapletree Industrial Trust Underpins Portfolio Performance
SIN: Mapletree Industrial Trust Singapore
Mapletree Industrial Trust (MINT) has reported financial results that underpin its portfolio performance. The trust’s 4Q/FY25 Distribution Per Unit (DPU) came in at 3.36 Scts and 13.57 Scts respectively. These figures were in line with expectations, representing 24.4% and 98.4% of the FY3/25F forecast.
Despite a slight dip in portfolio occupancy to 91.6% in 4QFY3/25, MINT successfully achieved positive rental reversions of 8.1%.
The analysis reiterates an Add rating for Mapletree Industrial Trust, with a DDM-based (Dividend Discount Model) target price set at S$2.56.
