Broker: CGS International
Date of Report: July 4, 2025

Mapletree Industrial Trust Signals Bullish Reversal: Singapore Market Insights & Key Stock Picks for July 2025

Market Recap: Fed’s Rate Outlook and Macro Trends

The latest Singapore retail research report from CGS International arrives amid pivotal macroeconomic shifts. Following a robust U.S. jobs report for June, Treasury yields surged as traders scaled back expectations for a Federal Reserve rate cut in July. Two-year and ten-year yields jumped by 10 and 7 basis points, respectively, with the 10-year rate now at 4.35%. The U.S. dollar initially strengthened before paring gains.

Key figures from the U.S. labor market:

• Payrolls increased by 147,000, surpassing the median forecast of 106,000.
• Unemployment rate declined to 4.1% from 4.2%.
• Private payrolls rose by only 74,000, the lowest since October, mainly due to healthcare hiring.

This backdrop supports the Fed’s “wait-and-see” approach, with rate cut probabilities for July dropping to near zero and a 75% chance priced in for September.

Mapletree Industrial Trust (MINT): Technical Buy, Early-Stage Bullish Reversal

Mapletree Industrial Trust (MINT) stands as a Singapore-focused real estate investment trust (REIT) with a large, diversified portfolio of industrial properties. The trust’s primary objective is generating attractive returns from rental income and long-term capital growth.

Technical Analysis and Trading Strategy

Key Technical Observations:

• MINT has broken above a downtrend line established since October 24, indicating a potential trend reversal.
• The stock has formed a pattern of higher lows after rebounding above the S\$1.82 support level, suggesting increasing bullish pressure.
• Ichimoku analysis reveals three bullish golden crosses, particularly after the price closed above the kumo cloud, reinforcing the bullish stance.
• The MACD signal and MACD line are above zero, with a positive histogram.
• The Stochastic Oscillator crossed above the 20-line, confirming an oversold rebound.
• The 23-period Rate of Change (ROC) is rising and remains positive.
• Trading volume is experiencing healthy expansion, supporting the move.

ISOTeam Ltd: Resilience Amid Construction Bottlenecks

ISOTeam Ltd (ISO) emerges as a likely beneficiary in the current environment, as it is expected to remain unaffected by engineering and heavy-tonnage crane bottlenecks. This advantage is attributed to its in-house capabilities and its focus on addition & alteration (A&A), repair & redecoration (R&R), and coating & painting (C&P) projects.

• ISO recently secured S\$21 million in contract wins, largely driven by A&A, solar, and C&P projects.
• The company’s recurring business model is highlighted as a strength, supporting ongoing profit and margin recovery.
• CGS International reiterates its “Add” recommendation on ISO, reflecting confidence in its business resilience and earnings trajectory.

Recommendation Framework and Ratings

CGS International employs a clear rating system for stocks and sectors:

• Add: Expected total return exceeds 10% over the next 12 months.
• Hold: Total return expected between 0% and 10% over the next year.
• Reduce: Anticipated return is below zero over the next 12 months.

Sector and country ratings follow a similar structure, with ‘Overweight’, ‘Neutral’, and ‘Underweight’ designations reflecting positive, neutral, or negative absolute recommendations on a market cap-weighted basis.

This distribution is based on 551 companies under coverage for the quarter ended March 31, 2025.

Important Disclaimers and Distribution Policies

CGS International emphasizes that this material is intended for professional, institutional, or sophisticated investors. The information is for informational purposes only and does not constitute an offer or recommendation to buy or sell securities. Recipients are urged to consult their own financial, legal, and tax advisers before making investment decisions.

Distribution of this material is subject to strict jurisdictional restrictions, with different rules and disclaimers applying in Australia, Canada, China, France, Germany, Hong Kong, Indonesia, Ireland, Malaysia, New Zealand, Singapore, South Korea, Spain, Sweden, Switzerland, Thailand, UAE, the UK, the EEA, and the United States. Investors should ensure compliance with local regulations before relying on or acting upon this research.

Conclusion: Key Takeaways for Singapore Investors

The July 2025 research from CGS International spotlights a bullish technical reversal in Mapletree Industrial Trust, reinforced by strong technical indicators and healthy trading volume. ISOTeam Ltd is also highlighted for its resilience and ongoing contract wins, supporting profit and margin recovery. Amid shifting U.S. rate expectations and evolving global macro trends, these Singapore-listed equities present distinctive opportunities for informed investors seeking growth and stability.