Broker Name: CGS International
Date of Report: June 5, 2025

Ho Bee Land and NIO in Focus: Technical Reversals, Competitive Pressure, and Strategic Insights for 2025

Market Overview: Macro Drivers and Sector Dispersion

Financial markets are navigating a dynamic landscape as weaker-than-expected economic data from the US bolsters expectations for Federal Reserve interest rate cuts in 2025. Treasuries have extended their rally, with swap traders now pricing in two rate cuts before year-end and the first move anticipated in October. The S&P 500 edged higher, led by healthcare and communication services, though tech giants saw mixed performance. The Institute for Supply Management’s services index dipped to 49.9 in May, signaling contraction, while hiring slowed to the weakest pace in two years. Investors are urged to remain vigilant and allocate wisely amid wide sector dispersion; while sectors like healthcare, technology, and construction face trade-related headwinds, retail and financial sectors are still identifying pockets of growth despite tariff uncertainties.

Company Spotlight: NIO Inc. – Intensified Competition and Profitability Challenges

NIO Inc., listed in Hong Kong, is grappling with intensifying competition that is impacting its profitability. The company’s latest financials for the first quarter of 2025 revealed:

• 1Q25 Non-GAAP Net Loss: Widened to RMB 6.3 billion from RMB 4.9 billion in 1Q24, primarily due to higher operating expenses.
• Brand Pipeline: NIO’s robust pipeline featuring the NIO, ONVO, and Firefly brands is expected to support sales growth, but fierce industry competition is likely to restrain shipment expansion.
• Analyst View: The recommendation remains at Hold, with a revised discounted cash flow-based target price of HK\$30.62.

Despite its innovative brand strategy, NIO must confront ongoing margin pressures and navigate a crowded electric vehicle marketplace.

Technical Analysis: Ho Bee Land Ltd – Signs of a Bullish Reversal

Ho Bee Land Ltd, a real estate developer and investor with operations in Singapore and the United Kingdom, is capturing market attention with a potential bullish reversal emerging in its price action. The technical assessment is as follows:

Technical Highlights:

• Ho Bee Land has broken out of its downtrend, forming a triple bottom – a classic sign of bullish reversal potential.
• A bullish breakout above S\$1.76 (resistance turned support) signals strong upward momentum.
• The price is trending above all Ichimoku indicator levels, reinforcing the bullish outlook.
• MACD and signal lines have crossed over at the bottom, with a positive histogram.
• The Stochastic Oscillator is on a rising trajectory, supporting continued momentum.
• The 23-period Rate of Change (ROC) has rebounded strongly above the zero line.
• A near-crossover in the Directional Movement Index between DM+ and DM- points to increasing bullish sentiment.
• Volume has surged above the 20-period average, confirming sustained buying interest.

Ho Bee Land’s technical setup currently offers investors a compelling opportunity, with multiple upside targets and well-defined risk parameters.

About Ho Bee Land Ltd

Ho Bee Land Limited is engaged in the development and investment of real estate properties in Singapore and the United Kingdom. The company also operates hotels, adding to its diversified portfolio of income-generating assets.

Analyst Disclosures and Research Integrity

The report was prepared by CHUA Wei Ren, CMT, with the analyst certifying that the views expressed accurately reflect personal independent analysis. There is no direct or indirect compensation tied to specific recommendations or investment banking transactions related to the companies analyzed.

Stock Rating and Recommendation Framework

CGS International applies a transparent and structured rating system:

• Add: Total return expected to exceed 10% over the next 12 months.
• Hold: Total return expected between 0% and +10% over the next year.
• Reduce: Total return expected to fall below 0% over the next 12 months.

Total expected return is calculated as the sum of target price upside/downside and forward net dividend yield. Ratings are reviewed quarterly, with the most recent distribution as follows:

As of the quarter ending March 31, 2025, 551 companies were covered under this framework.

Conclusion: Navigating Opportunities and Risks in 2025

The current environment demands a sharp focus on both macro and company-specific developments. While the US macro backdrop may prompt rate cuts supportive of risk assets, sector performance remains highly dispersed. NIO faces mounting competitive challenges despite a promising product pipeline, meriting a cautious approach. Ho Bee Land, on the other hand, presents a technically attractive setup for investors seeking bullish opportunities in the Singapore real estate sector. As always, investors should conduct thorough due diligence and align any investment action with their personal objectives and risk tolerance.