💥 IPO Frenzy, Data Centre Plays & STI Surge: Asia Markets Heat Up Amid Falling Yields and AI Optimism
SGX:ES3.SI:Straits Times Index STI
SGX:D05.SI:DBS Group, SGX:U11.SI:UOB, SGX:O39.SI:OCBC
SGX:ES3.SI:Straits Times Index STI
STI Nears 4,000 Amid Easing Yields, But Caution Prevails
The SGX:ES3.SI:Straits Times Index STI gained 133 points last week to close at 3,966 on June 27. Though nearing the psychological 4,000 mark, weak volume and low Directional Movement indicators suggest rangebound trading may persist. The 10-year Singapore Government bond yield fell to 2.22%, aiding market sentiment.
The FTSE ST REIT Index also rebounded, closing June at 656. However, the lack of strong volume may hinder a breakout from its 3-year trading range.
SGX:ES3.SI:Straits Times Index STI
Barclays Forecasts No U.S. Recession, Inflation to Delay Fed Cuts
Barclays Research expects slow growth in the U.S. without tipping into recession. However, tariff-driven inflation could keep core CPI above 3%, likely delaying Fed rate cuts. Global growth may recover in 2026, helped by German stimulus and lower EU policy rates.
SGX:5GZ.SI:TalkMed Group
Tamarind Health Cleared to Take Over TalkMed
SGX:5GZ.SI:TalkMed Group’s proposed takeover by Tamarind Health has been approved by Singapore’s competition authority. Backed by 65 Equity Partners, Tamarind’s 45.6-cent per share offer values TalkMed at over $606 million. The founding doctors holding 83.06% have agreed to sell their stakes.
SGX:NTT1.SI:NTT DC REIT (Proposed)
NTT Files for $2B Data Centre REIT on SGX
NTT, via its unit NTT Limited, lodged its IPO prospectus for NTT DC REIT, spinning off six global data centres into the proposed REIT. The appraised value of the portfolio is US$1.6 billion. The sponsor, holding 25% of the REIT post-listing, will grant ROFR on 2,000 MW of assets. Cornerstone investors include GIC, UBS, and Hazelview Securities. Joint bookrunners include SGX:D05.SI:DBS Group, UBS, Citi, and Mizuho.
SGX:INFO.SI:Info-Tech
Info-Tech Launches IPO at 87 Cents, Market Cap at $224.5M
SGX:INFO.SI:Info-Tech is offering 24.86 million shares at $0.87 apiece in its IPO, targeting a July 4 listing. Post-IPO, market cap is expected at $224.5 million. The HR and accounting SaaS provider boasts 850,000 users and 1,000 companies using its integrated software. Cornerstone investors include Maybank Asset Management, Dymon Asia, and Nikko Asset Management.
CEO Babu Dilip highlighted its 91% customer retention rate and 19% CAGR in client growth. Info-Tech is debt-free, with a $30 million cash balance and plans to pay out 50% of net profit as dividends.
US:GDS:GDS Holdings
GDS Gets Green Light for China REIT Listing
Nasdaq-listed US:GDS:GDS Holdings announced that China’s regulators—the CSRC and the Shanghai Stock Exchange—have approved the IPO of its China REIT (C-REIT). The REIT will acquire stabilised data centre assets valued at RMB1.93 billion. GDS will retain a 20% stake in the REIT, while the remaining units are offered to cornerstone, institutional, and retail investors. The deal is expected to close in weeks.
GDS also owns a stake in DayOne, formerly GDS International, now deconsolidated following a Series B round. KL:1155.KL:Maybank is underwriting RM2.5 billion Islamic financing for DayOne’s developments in the Johor-Singapore zone.
Banks Key to STI’s Next Leg Higher, Says OCBC’s Carmen Lee
Carmen Lee from SGX:O39.SI:OCBC believes SGX:ES3.SI:Straits Times Index STI could surpass 4,000 in 2H2025, depending on earnings from the three big banks: SGX:D05.SI:DBS Group, SGX:U11.SI:UOB, and OCBC itself. Bank earnings are seen as pivotal due to their weight in the index. With full-year guidance already lowered, further downside surprises appear limited.
Lee is optimistic about IPO prospects and the SGX’s niche in REITs. She views MAS’s recent efforts to revive equity listings as the most serious in 30 years.
This wraps up an active week for Asia’s financial markets, driven by data centre plays, IPO momentum, and steady optimism around REITs and blue-chip stability.
SGX:YN9.SI:Nam Cheong
Nam Cheong Secures $60M in Green Offshore Vessel Contracts
SGX:YN9.SI:Nam Cheong clinched US$47.5 million in offshore vessel charters, including AHTS and fast crew boats. Two vessels will be deployed in the Middle East to support environmental services via SAIL, while one supports a wind farm in Japan. Nam Cheong now has 24 vessels on long-term charters, representing 63% of its fleet, advancing its 70% long-term contract target.
SGX:H2G.SI:H2G Green
H2G Wins LNG Project for Rolls-Royce Seletar Campus
SGX:H2G.SI:H2G Green, through its unit GasHubUnited Utility, will build an LNG storage and regasification facility at Rolls-Royce’s Seletar Campus. This transition from CNG to LNG is expected to boost efficiency. Separately, the long-stop date for acquiring TTJ Greenfuel was extended to July 31.
📈 Wall Street Ignites as AI and Trade Talks Drive Record Highs, While Credit, Crypto, and Ride-Hailing Stocks Stumble
Wall Street Ends Week With Record Highs Despite Tariff Turmoil
Markets rallied Friday with the SGX:S27.SI:S&P 500 closing at a record 6,173.07 (+0.52%) and US:QQQ:Nasdaq Composite reaching 20,273.46 (+0.52%). The US:DIA:Dow Jones Industrial Average also surged 432.43 points (+1%) to 43,819.27. Gains came despite President Trump abruptly ending trade talks with Canada following its digital services tax on U.S. tech firms.
Earlier optimism stemmed from U.S. Commerce Secretary Howard Lutnick’s statement that a trade framework with China was complete. The rebound in equities since April was further supported by cooling oil prices and renewed strength in AI stocks.
US:MSFT:Microsoft
US:NVDA:Nvidia
AI leaders US:MSFT:Microsoft and US:NVDA:Nvidia helped drive this momentum. Nvidia climbed 9% this week, Microsoft gained 4%, both contributing to the broader market rally.
US:UBER:Uber
US:LYFT:Lyft
Ride-Hailing Stocks Downgraded Over Robotaxi Risks
US:UBER:Uber and US:LYFT:Lyft were both downgraded by Canaccord Genuity and fell ~3%. Analysts cited uncertainty around autonomous vehicles potentially displacing traditional ride-hailing models.
US:AAPL:Apple
US:NVDA:Nvidia
US:MSFT:Microsoft
Apple Lags While Rivals Hit Records
While US:NVDA:Nvidia and US:MSFT:Microsoft hit new highs, US:AAPL:Apple underperformed, gaining just 0.45% for the week and down ~19% YTD, contrasting with Nvidia’s 17% YTD rally and Microsoft’s 18% gain.
US:TSLA:Tesla
US:GOOGL:Alphabet (Waymo)
Tesla Rides Robotaxi Buzz
US:TSLA:Tesla gained over 1% for the week following its robotaxi launch in Austin. Shares jumped more than 8% on Monday, as investors welcomed its bid to compete with US:GOOGL:Alphabet’s Waymo in autonomous driving.
US:MSFT:Microsoft
Morgan Stanley Lifts Microsoft Price Target on GenAI Tailwind
US:MSFT:Microsoft had its price target raised to US$530 by Morgan Stanley, citing accelerating Azure growth driven by generative AI demand.
US:COREW:CoreWeave
US:CORZ:Core Scientific
US:MSFT:Microsoft
US:AMZN:Amazon
US:GOOGL:Google
US:ORCL:Oracle
CoreWeave Eyes Core Scientific in Strategic Infrastructure Play
US:COREW:CoreWeave, fresh off its March IPO, is seeking to acquire bitcoin miner US:CORZ:Core Scientific, potentially strengthening its infrastructure footprint. Analysts support the move, noting synergy given CoreWeave is Core Scientific’s biggest client. The bid aligns with CoreWeave’s ambition to rival hyperscalers like US:MSFT:Microsoft, US:AMZN:Amazon, US:GOOGL:Google, and US:ORCL:Oracle.
Shares of CoreWeave are up 336% for the quarter and 45% in June.
University of Michigan Consumer Survey
Consumer sentiment rose to 60.7 in June, a 16.3% monthly gain. Inflation expectations dropped, helping improve the outlook. However, concerns linger over the long-term impact of tariffs.
US:COIN:Coinbase
Coinbase Tops S&P 500 in June, Driven by Senate Bill and Index Inclusion
US:COIN:Coinbase emerged as the S&P 500’s best-performing stock in June, surging 44% this month and over 100% for the quarter. The performance was fueled by the GENIUS Act, strong debut of Circle, and Coinbase’s inclusion in the index.
US:COIN:Coinbase
US:HOOD:Robinhood
US:ETORO:eToro
US:BRPHF:Galaxy Digital
US:CIRCL:Circle
Crypto Stocks Dip on Profit-Taking Ahead of Quarter-End
Despite strong quarterly gains, crypto names slid Friday. US:COIN:Coinbase dropped over 5%, US:HOOD:Robinhood lost 1%, US:ETORO:eToro fell 2%, US:BRPHF:Galaxy Digital was down 1%, and US:CIRCL:Circle sank 11%.
US:FICO:Fair Isaac
US:EFX:Equifax
US:TRU:TransUnion
Credit Bureaus Slide on Regulatory Review
Shares of US:FICO:Fair Isaac (-1.7%), US:EFX:Equifax (-2.5%), and US:TRU:TransUnion (-3%) tumbled after FHFA director Bill Pulte said credit bureaus are under a “full scale review.”
US:UCO:crude oil
Oil Prices Plunge as Middle East Conflict Cools
US:UCO:crude oil dropped sharply this week, down nearly 13%, as fears of disruption from the Israel-Iran conflict eased. Prices had initially jumped 15% on airstrikes but reversed after a de-escalation signaled oil flow stability.
🇲🇾 Malaysia Corporate Wrap-Up: Top Glove Stumbles, Mulpha Scores Big, Eco World Soars on Microsoft Deal
KL:7113.KL:Top Glove Corporation Bhd
Top Glove Sees 31% Profit Fall Despite Revenue Growth
KL:7113.KL:Top Glove Corporation Bhd reported a 31% year-on-year decline in 3QFY2025 net profit to RM34.42 million. Revenue rose 30% to RM830.25 million, but a surge in costs slashed operating profit to just RM8.3 million. Gains from asset disposals worth RM29.72 million helped buffer the impact.
KL:3905.KL:Mulpha International Bhd
Mulpha Nets RM933.7 Million from Aveo Stake Sale
KL:3905.KL:Mulpha International Bhd will receive RM933.7 million from selling its 15.2% stake in Australia’s Aveo Group. The sale values Aveo at A$3.85 billion and gives Mulpha a gain of RM323.6 million, representing a 63.3% return.
KL:1171.KL:MBSB Bhd
MBSB Targets RM50 Billion Loan Book by FY2026
KL:1171.KL:MBSB Bhd aims to expand its loan portfolio from RM43 billion to RM50 billion by FY2026. It is focusing on high-growth sectors such as aerospace, automotive, semiconductors, and food security to drive loan growth.
KL:5211.KL:Sunway Bhd
Sunway Expands Industrial Park with Kuang Land Deal
KL:5211.KL:Sunway Bhd has acquired 99.6 acres in Kuang, Selangor for RM65.1 million through its JV unit Sunway Rawang City. The move supports expansion of its managed industrial park, potentially increasing GDV by at least RM700 million.
KL:5222.KL:FGV Holdings Bhd
Kenanga Recommends Acceptance of Felda’s RM1.30 Offer for FGV
KL:5222.KL:FGV Holdings Bhd shareholders have been advised by Kenanga to accept Felda’s takeover offer at RM1.30 per share. Though below the fair value estimate, the offer provides a premium over recent trading prices.
KL:5878.KL:KPJ Healthcare Bhd
KPJ Mulls Exit from Dhaka Amid Unrest
KL:5878.KL:KPJ Healthcare Bhd is reassessing its presence in Dhaka, Bangladesh, due to ongoing unrest and operational challenges. The review is part of a broader effort to optimise the group’s overseas portfolio.
KL:5398.KL:Gamuda Bhd
Gamuda Posts RM246.84 Million Profit, Declares 5 Sen Dividend
KL:5398.KL:Gamuda Bhd recorded a 4.68% increase in 3QFY2025 net profit to RM246.84 million, led by robust domestic construction earnings. Revenue rose to RM3.09 billion. A second interim dividend of five sen was declared.
KL:8206.KL:Eco World Development Group Bhd
Eco World Posts Record Earnings, Beats Sales Target
KL:8206.KL:Eco World Development Group Bhd reported a net profit of RM129.83 million in 2QFY2025, up 85.3%, with revenue rising 58% to RM878.2 million. A key driver was a RM402.3 million land sale to Microsoft Payments. The group declared a two sen dividend.
KL:5283.KL:Eco World International Bhd
Eco World International Swings to Profit
KL:5283.KL:Eco World International Bhd recorded a RM2.3 million profit for 2QFY2025, reversing a loss of RM14.13 million. The turnaround was driven by reduced impairments and stronger contributions from its UK JV.
KL:2593.KL:United Malacca Bhd
United Malacca Declares 13 Sen Dividends After 57% Profit Jump
KL:2593.KL:United Malacca Bhd posted a 57.43% profit jump to RM23.74 million in 4QFY2025, with revenue up 6.44% to RM182.53 million. The group declared a second interim dividend of 7 sen and a special dividend of 6 sen.
KL:5027.KL:Kim Loong Resources Bhd
Kim Loong Reports Lower Profit on Weak Milling Margins
KL:5027.KL:Kim Loong Resources Bhd saw a 15.34% drop in 1QFY2026 net profit to RM41.92 million, despite a 6% revenue increase to RM411.72 million. Lower oil extraction rates affected profitability.
KL:2221.KL:Crescendo Corp Bhd
Crescendo Profit Plunges 97% After Absence of Land Sales
KL:2221.KL:Crescendo Corp Bhd reported a RM7.11 million net profit for 1QFY2026, down sharply from RM281.6 million. Revenue also fell 87.44% to RM66.25 million, attributed to the absence of data centre-related land sales in Johor.
KL:0153.KL:Green Ocean Corp Bhd
Green Ocean Shares Sink, Company Responds to UMA
KL:0153.KL:Green Ocean Corp Bhd said it is unaware of any reason for the unusual market activity that caused shares to plummet to eight sen. Bursa Malaysia issued a UMA query after the sharp decline.
KL:7212.KL:Destini Bhd
Destini Secures RM71 Million KTM Train MRO Contract
KL:7212.KL:Destini Bhd announced that its 70%-owned unit, M Rail Technics, won a RM71 million contract from the Ministry of Transport for MRO services on nine KTM Class 93/2 electric trains over a 24-month period starting July 2025.
🏮 Hong Kong Market Buzz: Tencent and AIA Lead Buybacks, Li Auto Trims Forecast, Innovent Drug Approved
HK:9988.HK:Alibaba, HK:3690.HK:Meituan, HK:9618.HK:JD.com
Tencent Buys Back HKD500 Million in Shares
HK:0700.HK:Tencent Holdings repurchased 978,000 shares on June 27 at prices between HKD510 and HKD513.5, totaling HKD500 million. Since its repurchase mandate on May 14, Tencent has bought back 29.464 million shares, about 0.32% of its issued capital.
HK:1299.HK:AIA Group
AIA Repurchases 2.5 Million Shares for HKD179 Million
HK:1299.HK:AIA Group bought back 2.5 million shares on June 27 at prices ranging from HKD71.2 to HKD72.7, amounting to roughly HKD179 million. Since May 23, AIA has repurchased 84.7356 million shares, representing 0.7922% of its total share capital.
HK:1910.HK:Samsonite International
Samsonite Appoints New President for Europe
HK:1910.HK:Samsonite International announced Damien Mignot will become President, Europe, effective July 1, replacing Fabio Rugarli, who is stepping down for personal reasons.
HK:1513.HK:Innovent Biologics
Innovent’s Weight Loss Drug Gets Green Light for Chronic Use
HK:1513.HK:Innovent Biologics received approval from China’s NMPA for its GLP-1-based weight loss drug, targeting chronic weight management, boosting its pharmaceutical pipeline prospects.
HK:0086.HK:China Resources Beer
China Resources Beer Chairman Resigns
HK:0086.HK:China Resources Beer saw its chairman step down, although no successor was immediately named. The company offered no details regarding the reason for the resignation.
HK:2015.HK:Li Auto
Li Auto Slashes 2Q Delivery Forecast
HK:2015.HK:Li Auto revised its second-quarter delivery target down to about 108,000 units, reflecting a more cautious outlook amid intensifying competition in China’s EV market.
HK:384.HK:China Gas Holdings
China Gas Reports 2.1% Net Profit Growth, Maintains Dividend
HK:384.HK:China Gas Holdings posted an annual net profit increase of 2.1% to HKD3.252 billion. It maintained a final dividend of HKD0.35 per share.
HK:6110.HK:Top Sports International
BOCOMI Lowers Top Sports Price Target to HKD2.98
HK:6110.HK:Top Sports International had its target price cut by BOCOM International to HKD2.98, while maintaining a neutral rating due to cautious consumer trends in the apparel segment.
HK:9633.HK:Nexteer Automotive
Daiwa Lifts Nexteer Price Target to HKD6
HK:9633.HK:Nexteer Automotive saw its price target raised significantly by Daiwa, citing improved fundamentals. The “Outperform” rating was retained.
HK:0005.HK:HSBC Holdings
HSBC Bumps Up Target on Bank of East Asia
HK:0023.HK:Bank of East Asia was upgraded by HSBC Research, which increased its target price to HKD13.9 and maintained a “Buy” rating, citing stable fundamentals.
HK:1398.HK:ICBC
HK:1988.HK:Minsheng Bank
HK:3988.HK:Bank of China
HK:601169.HK:Bank of Beijing
Citi Maintains Positive View on Major China Banks
Citi reiterated support for key Chinese banks including HK:3988.HK:Bank of China, HK:1398.HK:ICBC, HK:1988.HK:Minsheng Bank, and HK:601169.HK:Bank of Beijing, citing limited downside risk despite macro pressures.
HK:823.HK:Link REIT, HK:0016.HK:Sun Hung Kai Properties, HK:0012.HK:Henderson Land Development
Citi Sees Yield Appeal in Hong Kong Developers, Picks Link REIT and SHKP
Citi recommended yield-seeking investors stick with HK:823.HK:Link REIT, HK:0016.HK:Sun Hung Kai Properties, and HK:0012.HK:Henderson Land, naming them top picks amid interest rate volatility.
HK:9988.HK:Alibaba, HK:3690.HK:Meituan, HK:9618.HK:JD.com
Market Sentiment Neutral as Tech Giants Stay Rangebound
Despite broader sector moves, top Chinese tech names like HK:9988.HK:Alibaba, HK:3690.HK:Meituan, and HK:9618.HK:JD.com traded mostly flat amid mixed earnings expectations and capital flow data.
Macro & Policy
China to Approve Export Applications, US to Ease Restrictions
The Chinese Ministry of Commerce (MOC) said it will approve eligible controlled item exports per law, as the US plans to roll back several trade restrictions on China, signaling a tentative easing in bilateral tensions.
Crypto & Regulation
HK FSTB & SFC Begin Consultation on Digital Asset Licensing
The Financial Services and the Treasury Bureau (FSTB) and Securities and Futures Commission (SFC) launched a two-month consultation on licensing regimes for crypto trading and custody, laying groundwork for stronger digital asset oversight in Hong Kong.
IPO Radar
Zijin Gold’s HK$1B IPO in the Works
HK:2899.HK:Zijin Mining Group reportedly plans to list Zijin Gold International in a Hong Kong IPO targeting at least US$1 billion. Filing is expected in the coming weeks.
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