COSCO SHIPPING International (Singapore) is launching a renounceable, non-underwritten rights issue. Shareholders can buy 1 new share for every existing share held at SGD 0.122 each. Up to 2.24 billion new shares will be offered, and rights can be sold if not exercised.
Cosco rights trading Period:
8 July to 16 July 2025
subscription price: $0.122
Exercise period: 8 July to 22 July 2025
SGX:F34.SI:Wilmar International
RHB Bank Singapore maintains a “neutral” rating on Golden Agri-Resources and Wilmar International, while trimming their target prices. Golden Agri’s price target was lowered to 25 cents (from 26 cents), while Wilmar’s was cut to $2.80 (from $3.00). The investment house sees 2026 as a potentially more balanced year for the crude palm oil (CPO) sector, despite rising geopolitical volatility and external pressures such as US trade tariffs and weak crude oil prices.
SGX:E5H.SI:Golden Agri-Resources
For Golden Agri, RHB highlights that it is trading at 9x FY2026 P/E, the higher end of its peer range. Wilmar International, on the other hand, faces valuation pressure due to a pending corruption case and uncertain economic conditions. Its ESG score stands at 3.3 out of 4, versus Golden Agri’s 2.6.
Spot CPO prices, which fell to RM3,780 in May, have since recovered to RM3,900–RM4,100. Nonetheless, RHB forecasts lower CPO prices in 2025–2027 (RM4,100/tonne for 2025; RM4,000 for 2026 and 2027) while raising palm kernel price assumptions.
RHB keeps a “buy” rating on another unnamed plantation group—likely Teladan Resources—with a revised target price of $1.70 (from $1.85). The full impact of its consolidation with Austindo Nusantara Jaya is expected to be felt from 2H2025. The stock trades at 8x FY2026 P/E.
RHB expects global oils and fats supply to improve, with a partial recovery in palm, sunflower, and rapeseed output, and continued soybean growth. The stock-to-usage ratio is projected at 12.9% in FY2026, still below the historical 13.6% average, leaving little buffer for demand or supply shocks.
Despite short-term volatility, demand is expected to rebound from price-sensitive markets such as India, Pakistan, and Bangladesh. The firm’s soybean oil (SBO) outlook remains firm due to rising US biofuel blending demand. CPO is expected to trade at a discount to SBO (currently at US$217/tonne).
SGX:H22.SI:Hong Leong Asia
China Yuchai International, a 48.7%-owned subsidiary of SGX-listed Hong Leong Asia, has adopted a new equity incentive plan to boost retention and motivation among its directors and employees. Approved at the July 8 AGM, the plan involves 1.8 million ordinary shares priced at US$0.10 (S$0.13), representing 4.58% of the enlarged capital.
This plan, valid until May 16, 2035, includes options, restricted stock, and stock payments, with employees eligible for up to 300,000 shares annually. The plan is governed by China Yuchai’s compensation committee and aligns with SGX Rule 843 as a share scheme.
HK:00012.HK:HENDERSON LAND
UBS expects a negative impact on HENDERSON LAND’s share price as the company announces plans to issue HKD8 billion in convertible bonds. The stock opened about 5% lower as the news broke.
HK:01109.HK:CHINA RES LAND
Morgan Stanley reaffirmed CHINA RES LAND as its top pick in the real estate sector, citing strong progress in its business transformation and maintaining an Overweight rating.
HK:2899.HK:ZIJIN MINING
HK:3993.HK:CMOC
HK:0358.HK:JIANGXI COPPER
Shares of JIANGXI COPPER, ZIJIN MINING, and CMOC dropped approximately 2%, 4%, and over 5% respectively, even as copper futures surged due to looming tariff threats.
HK:1810.HK:XIAOMI-W
UBS raised its electric vehicle delivery forecasts for XIAOMI-W but kept its target price unchanged at HKD62, with a Neutral rating.
HK:0823.HK:LINK REIT
LINK REIT has awarded restricted unit awards worth HKD214 million to its management and staff.
HK:0780.HK:TONGCHENGTRAVEL
BOCI has initiated coverage on TONGCHENGTRAVEL with a Buy rating, citing positive growth prospects.
HK:2616.HK:CSTONE PHARMA-B
CSTONE PHARMA-B raised HKD472 million by placing 100 million shares at a ~9% discount.
HK:0005.HK:HSBC HOLDINGS
HSBC repurchased about 1.48 million shares yesterday, valued at approximately HKD142 million.
HK:0939.HK:CHINA CONSTRUCTION BANK
CHINA CONSTRUCTION BANK (CCB) launched a RMB30 billion green financial bond, offering interest rates between 1.57% and 1.63%.
HK:1030.HK:GOLDSTREAM INVESTMENT
GOLDSTREAM INVESTMENT plunged over 30% after a fivefold rally year-to-date, fueled by hype around its offshore RMB stablecoin initiative.
HK:0178.HK:SA SA INTERNATIONAL
SA SA INTERNATIONAL rallied nearly 9% after reporting a 4.7% increase in first fiscal quarter turnover. The company also announced a HKD20 million share buyback plan.
HK:0293.HK:CATHAY PACIFIC AIRWAYS
CATHAY PACIFIC AIRWAYS has opened a new IT office in Qianhai, Shenzhen, expanding its footprint in southern China.
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