📈 Tariffs, Tech, and Takeoffs: Markets Hold Steady Amid Trump Moves and Earnings Buzz
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
Wall Street ended modestly higher Monday despite renewed tariff threats from President Donald Trump. The S&P 500 rose 0.14% to 6,268.56, the Nasdaq Composite added 0.27% to 20,640.33, and the Dow Jones Industrial Average gained 88.14 points (0.20%) to close at 44,459.65. Trump’s latest move: 30% tariffs on goods from the EU and Mexico starting Aug. 1, with additional pressure placed on the Fed regarding rate cuts. Despite trade tensions, investors remain focused on the kickoff of Q2 earnings, especially from big banks like US:JPM:JPMorgan Chase, US:WFC:Wells Fargo, US:C:Citigroup, US:BAC:Bank of America, US:GS:Goldman Sachs, and US:MS:Morgan Stanley.
US:OSCR:Oscar Health
Piper Sandler downgraded Oscar Health from overweight to neutral, citing softening risk-reward after a 60% Q2 surge followed by a 33% drop in July. Trump’s “big beautiful” bill could lead to unprecedented disenrollment impacts.
US:MSTR:MicroStrategy
US:BTC:Bitcoin
TD Cowen raised MicroStrategy’s target price to $680, banking on its unmatched bitcoin capital strategy. The firm has surged 54% YTD. Bitcoin briefly touched a record above $123,000 before pulling back to $120,437.
US:BURL:Burlington Stores
UBS is bullish on Burlington Stores, maintaining a buy rating and setting a $390 price target—implying 56% upside. The firm praised the company’s “Burlington 2.0” strategy and a rising customer loyalty rate. Shares are down 11% YTD.
US:TTD:The Trade Desk
US:ANSS:Ansys
The Trade Desk surged 14% in after-hours trading on news it will join the S&P 500, replacing Ansys, which is set to be acquired by US:SNPS:Synopsys.
SGX:554.SI:King Wan Corporation
King Wan Corporation won $28.3 million in M&E contracts across several Singapore projects. These contracts, due by 2028, aren’t expected to significantly impact FY2026 earnings. FY2025 earnings dropped 72% to $3.44 million. Shares closed at 3.8 cents, up 26.67% YTD.
SGX:BEC.SI:BRC Asia
BRC Asia secured a $570 million steel reinforcement contract for Changi Airport Terminal 5’s substructure, pushing its total orderbook to $2 billion. The company is partnering with China Communications Construction Company and Obayashi Singapore.
SGX:E28.SI:Frencken Group
Frencken Group received a “buy” rating from PhillipCapital with a $1.76 target price, citing strong semiconductor revenue (+34% YoY) and a $63 million new Singapore facility. Beneficiaries of AI chip demand, Frencken trades at a 35% discount to peers.
SGX:J91U.SI:ESR-REIT
RHB upgraded ESR-REIT’s target to $3.25 amid turnaround expectations post-share consolidation. The REIT plans $400 million in divestments and issued $125 million in perpetual securities. Tariff impacts have been muted, and rental reversions remain in positive territory.
Private:CapitaLand Development
CapitaLand Development sold 94.5% of units at LyndenWoods on launch day, with average pricing around $2,450 psf. Situated in Science Park, the project is part of Singapore’s Greater one-north transformation. The strong demand comes despite recent property cooling measures.
✈️🚢 Skies and Seas Unite: Singapore Leads Global Aviation-Maritime Push; BRC Asia Lands Mega Changi Deal
SGX:BEC.SI:BRC Asia
BRC Asia has secured approximately S$570 million in contracts for the Changi Airport Terminal 5 substructure project. Awarded by a joint venture between China Communications Construction Company (Singapore branch) and Obayashi Singapore, the deal boosts BRC’s total order book to S$2 billion as of July 14. The contracts extend revenue visibility through 2029 and reinforce BRC Asia’s leadership in Singapore’s infrastructure sector.
SGX:NoSymbol:Singapore Government
Singapore is spearheading a joint effort between the maritime and aviation sectors to tackle shared global risks, including geopolitical tensions and climate change. Acting Transport Minister Jeffrey Siow announced new joint training programmes with the International Civil Aviation Organization (ICAO) and the International Maritime Organization (IMO) during the Global Aviation and Maritime Symposium held on July 14.
ICAO’s Juan Carlos Salazar and IMO’s Arsenio Dominguez echoed the need for deeper collaboration in areas like sustainability, safety, and crisis response. Aviation, with its focus on sustainable aviation fuel, is looking to learn from maritime’s broader decarbonisation strategies as both industries prepare for net-zero frameworks.
The joint initiative also includes managing conflict-zone traffic, coordinated search and rescue, and improved legal frameworks, reflecting the growing interdependence of air and sea operations.
🚀 STI Soars on Temasek Powerhouses: DBS, Singtel, ST Engineering, SIA, and Sats Drive Record Portfolio Gains
SGX:D05.SI:DBS Group
SGX:Z74.SI:Singtel
SGX:S63.SI:ST Engineering
Temasek’s net portfolio value surged S$45 billion to a record S$434 billion in the year ended Mar 31, 2025, boosted by standout performances from key Singapore-listed holdings. Among them, DBS Group returned 50.4%, Singtel delivered 43.2%, and ST Engineering led the way with a 75.3% total return. These three stocks alone accounted for a combined S$83.4 billion in Temasek’s portfolio value, underscoring robust profitability, share buybacks, and dividends as major catalysts.
SGX:C6L.SI:Singapore Airlines (SIA)
Singapore Airlines recorded revenue of S$19.5 billion (+2.8% YoY) for FY2025, though operating profit declined 37.3% to S$1.7 billion. Despite this, SIA shares generated a 14.4% return, with Temasek’s timely backing during the pandemic — including subscribing to the majority of a S$15 billion capital raise — widely credited for the carrier’s survival and subsequent rebound. Its current stake is worth approximately S$11.6 billion.
SGX:S58.SI:Sats Ltd
Sats has seen a turnaround following its 2023 acquisition of Worldwide Flight Services, which Temasek supported through a S$798.8 million rights issue. For FY2025, Sats’ revenue rose 13% to S$5.8 billion, while net profit jumped over 4x to S$243.8 million. Shares gained 19.5%, reversing prior years’ losses. Temasek’s stake in Sats is now worth around S$1.8 billion.
Temasek’s Singapore-based companies — including unlisted names like Mapletree Investments, PSA International, and SP Group — now make up 41% of its portfolio. The strong STI performance (+30% for FY2025) was not only driven by global trends but also by homegrown firms unlocking value and strengthening fundamentals. As Temasek Deputy CEO Chia Song Hwee noted, post-Covid reforms in capital allocation and balance sheet health have made its portfolio more resilient than ever.
With Singapore’s equity market reforms gaining traction, some observers suggest the Republic could benefit from a localised version of South Korea’s “value-up” programme to further encourage shareholder value creation.
🏬 Tariff Turbulence, Tech Trials & Retail Reckonings: What’s Moving Hong Kong and China Markets Today
HK:01373.HK:IH RETAIL
Rumors of a full-line closure of Japan Home Centre sparked by multiple “clearance” and “lease expiry” signs across Hong Kong have been declared “completely unfounded” by parent company IH RETAIL. However, the group warned of a 51–57% year-on-year drop in net profit for FY2025, down from $101 million in FY2024.
HK:02618.HK:JD LOGISTICS
Subsidiary DEPPON (603056.SH) expects net profit for the first half of 2025 to plunge by up to 88% year-on-year, forecasting between RMB40.4 million and RMB52.4 million. The decline is attributed to cost pressures and challenging logistics dynamics.
HK:03908.HK:CICC
CICC released a positive profit alert, forecasting a 55% to 78% increase in net profit for the first half of 2025, reaching RMB3.453 billion to RMB3.966 billion. Growth stemmed from revenue increases across major business lines.
HK:00017.HK:NEW WORLD DEV
New World Development failed to secure a planned USD2 billion loan led by Deutsche Bank. Despite completing a recent refinancing, sources say loan negotiations are still ongoing as financing conditions remain tight.
HK:02331.HK:LI NING
Li Ning reported low-single-digit year-on-year growth in retail sell-through for Q2, suggesting continued consumer headwinds in China’s sportswear segment.
HK:9988.HK:Alibaba
Alibaba is reportedly preparing to launch “Super Saturday,” a strategic move into food delivery, intensifying competition in China’s online-to-offline space.
HK:1310.HK:HKBN
HKBN announced plans to invest HKD2 billion to build a 1.6T Ethernet network under its upgraded MetroNet initiative, aiming to boost next-gen internet services.
HK:3115.HK:Hang Seng Index
The Hang Seng Index rose 63 points to close at 24,203, supported by a 10%+ surge in NIO, and strong gains from infrastructure-related stocks including HK:1088.HK:CHINA SHENHUA, HK:1177.HK:SINO BIOPHARM, HK:1093.HK:SIHUAN PHARM, HK:1530.HK:3SBIO, and HK:3996.HK:CH ENERGY ENG. Market turnover also saw an uptick.
HK:2018.HK:AAC TECH
BOCI cut its target price for AAC Technologies to HKD62.6 but maintained a positive long-term view, noting that the U.S.-China tariff conflict is unlikely to halt the company’s ongoing recovery momentum.
HK:0700.HK:TENCENT
Morgan Stanley raised its target price for Tencent to HKD650, citing stable revenue and earnings growth expectations for Q2 2025.
US:EL:Estee Lauder
Estee Lauder reportedly laid off up to 100 employees in Hong Kong in April as part of its restructuring efforts amidst weakening demand in Asia.
HK:9988.HK:Alibaba
Alibaba continues strengthening its AI ecosystem by deepening cooperation with Honor, whose upcoming Magic V5 smartphone will feature Qwen, Alibaba’s proprietary AI model.
🇲🇾 Malaysia Market Movers: Sime Darby Fallout, Ramssol Deal, Maybank’s Green Push & More
KL:4197.KL:Sime Darby Bhd
The High Court has ordered former CEO Datuk Seri Ahmad Zubair @ Ahmad Zubir Murshid and four ex-senior executives of Sime Darby Bhd to jointly and severally repay over RM350 million in multiple currencies over wrongful payments related to the Qatar Petroleum Project and vessel acquisitions.
KL:0138.KL:Zetrix AI Bhd
Zetrix AI Bhd, formerly MyEG Services Bhd, was reprimanded by Bursa Malaysia and fined RM150,000 per director for issuing misleading announcements and failing to comply with a regulatory directive. Key directors fined include Wong Thean Soon and Datuk Dr Norraesah Mohamad.
KL:0223.KL:Ramssol Group Bhd
US:SAGTEC:SAGTEC Global Ltd
Ramssol Group Bhd is divesting a 40% stake in Rider Gate Sdn Bhd to SAGTEC Global Ltd for RM25 million via new SAGTEC shares. The partnership is aimed at accelerating AutoTech platform growth and redeploying capital to higher-impact operations.
KL:1155.KL:Malayan Banking Bhd
Maybank is issuing a US$150 million sustainability-linked loan to AT&S Malaysia, marking the first such facility from a Malaysian lender to a multinational in the country’s semiconductor sector. The funds will support a new IC substrate facility in Kulim, Kedah.
KL:0223.KL:Flexidynamic Holdings Bhd
Flexidynamic Holdings Bhd plans to acquire a 51% stake in Gammatech Sdn Bhd for RM16.08 million to enter the gamma sterilisation business. The deal includes a land purchase in Selangor and share issuance to fund facility construction.
KL:9946.KL:Rex Industry Bhd
Independent adviser cfSolutions has advised minority shareholders of Rex Industry Bhd to reject ETA Industries’ conditional takeover offer of 10 sen per share, deeming it “not fair and not reasonable” and significantly below intrinsic value.
KL:4324.KL:Hengyuan Refining Company Bhd
Hengyuan Refining Company Bhd is planning to raise up to RM300 million via a rights issue with free detachable warrants to fund crude oil purchases and support refinery operations. The proposed raise represents 61% of its market cap.
KL:5099.KL:Capital A Bhd
Capital A Bhd signed a 12-month MOU with Keretapi Tanah Melayu Bhd (KTMB) to integrate logistics and travel services. The collaboration may lead to bundled flight-train tickets, in-train dining, and cargo integration between Teleport and KTMB Kargo.
KL:1023.KL:CIMB Group Holdings Bhd
CIMB has tripled its sustainable finance target to RM300 billion by 2030 as part of its Forward30 strategy. The group previously achieved RM117 billion between 2021 and 2024, supporting clients in transitioning to a low-carbon economy.
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