US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
Stocks rallied Thursday, led by strong earnings and robust economic data.
The US:S27.SI:S&P 500 rose 0.54% to a record 6,297.36, while the US:QQQ:Nasdaq Composite climbed 0.75% to 20,885.65. The US:DGT:Dow Jones Industrial Average added 229.71 points, closing at 44,484.49.
Initial jobless claims fell to 221,000, while retail sales rose 0.6% in June — topping expectations.
About 88% of reporting US:S27.SI:S&P 500 companies beat earnings estimates, boosting market optimism.
US:PEP:PepsiCo
US:UAL:United Airlines
PepsiCo surged over 7% and United Airlines rose 3% after both topped Wall Street expectations with their quarterly results. Investors responded positively to strong consumer trends.
US:NFLX:Netflix
Netflix shares gained nearly 1% midday Thursday as Bernstein reiterated its “outperform” rating and raised its price target to $1,390. Despite later falling nearly 2% in extended trading, Netflix beat both earnings and revenue estimates and raised its full-year revenue guidance. Analysts remain optimistic about its long-term fundamentals.
US:JPM:JPMorgan
US:GS:Goldman Sachs
Earlier in the week, strong earnings from JPMorgan and Goldman Sachs reinforced bullish sentiment. Market strategists noted continued strength in growth sectors amid supportive economic data.
US:MMM:3M
US:AXP:American Express
Investors now await Friday’s earnings from 3M and American Express, along with July’s preliminary consumer sentiment data expected at 61.8.
US:NSC:Norfolk Southern
US:UNP:Union Pacific
US:CSX:CSX
Norfolk Southern surged 4% in after-hours trade on a Wall Street Journal report that Union Pacific is exploring an acquisition. CSX also climbed 2% in sympathy, while Union Pacific remained flat.
US:IBKR:Interactive Brokers
Interactive Brokers beat expectations with Q2 earnings of $0.51 per share on $1.48 billion revenue, exceeding forecasts. Shares jumped over 4%.
US:OZK:Bank OZK
Bank OZK shares rose 2% after reporting net interest income of $396.7 million and earnings of $1.58 per share, topping analyst estimates.
US:BLK:BlackRock
BlackRock is viewed as best positioned to benefit from upcoming 401(k) access to private market investments. With over $1.7 trillion in retirement plan assets and acquisitions in alternative investments, BlackRock expects traction soon. Shares are up nearly 8% this year.
US:BX:Blackstone
Blackstone, managing $1.1 trillion in AUM, is expanding into retail products and may enter the 401(k) space through a new partnership with Vanguard and Wellington. The stock is flat for 2025, with analysts split on outlook.
US:APO:Apollo Global Management
Apollo is targeting the 401(k) market with private credit offerings. A recent partnership with State Street aims to roll out a private credit ETF. Shares are down over 5% in 2025.
HK:3115.HK:Hangseng Index
HK:3115.HK:Hangseng Index futures were flat following the rally in U.S. markets. Eyes remain on macro signals and U.S. earnings.
SGX:F03.SI:Food Empire Holdings
Food Empire Holdings’ subsidiary Empire International signed an MoU with Santan Food Services to develop ready-to-drink beverages. The launch will start with Vietnamese iced coffee, distributed via AirAsia flights and regional retail. Executive chairman Tan Wang Cheow says the move meets consumer trends and expands the CaféPHỐ brand.
TW:2330.TW:TSMC
TSMC reported June-quarter net revenue of NT$933.80 billion, up 38.65% YoY and above estimates. The chipmaker continues to benefit from AI-driven demand, producing advanced processors for US:NVDA:Nvidia and US:AAPL:Apple.
📢 Strategic Moves on SGX: Mapletree, H2G Green & Beng Kuang Marine Advance Corporate Agendas
SGX:M44U.SI:Mapletree Logistics Trust
Mapletree Logistics Trust (MLT) has completed the divestment of its Subang 2 property in Malaysia for RM31.5 million ($9.52 million) to an unrelated third party on July 17. The industrial asset comprised a single-storey warehouse and a three-storey office building, aged over 27 years, with a net lettable area of 8,297 sqm.
Following this transaction, MLT’s portfolio now consists of 176 properties with total assets under management valued at $13.2 billion. Units in SGX:M44U.SI:Mapletree Logistics Trust closed flat at $1.18 on July 17.
SGX:5AI.SI:H2G Green
H2G Green has issued 426,000 new ordinary shares at 0.4 cents each as part of its renounceable non-underwritten rights issue. The issuance is part of a broader exercise to raise up to $1.42 million through 1.42 billion warrants, each allowing subscription to one new share at 0.4 cents.
The company’s total issued share capital has increased from 1,454,968,092 to 1,455,394,092 shares. The new shares are scheduled for listing on SGX Catalist on July 21. There are currently 1,375,174,092 outstanding warrants.
SGX:BEZ.SI:Beng Kuang Marine
Beng Kuang Marine has issued 52,500 new ordinary shares at 22 cents per share through the exercise of warrants. The company’s issued share capital has grown from 207,240,473 to 207,292,973 shares.
The new shares will be listed on SGX on July 21 and will rank pari passu with existing shares. There remain 59,707,610 outstanding warrants with an exercise price of 22 cents, expiring on Sept 3, 2027.
🌏 China Medical System Launches SGX Debut as Strategic Springboard into Southeast Asia and Middle East
HK:0867.HK:China Medical System Holdings
SGX:CMS.SI:China Medical System Holdings
China Medical System Holdings (CMS), listed on HK:0867.HK:China Medical System Holdings, began secondary trading on SGX:CMS.SI:China Medical System Holdings on July 15, marking its strategic expansion into Southeast Asia and the Middle East. The move supports its “industry internationalisation” push and leverages Singapore’s regional advantages without raising new capital, as the listing was done by introduction.
CMS aims to use Singapore as a regional hub to scale beyond China, focusing on emerging markets. It has established operations spanning research, development, manufacturing, and commercialisation in Singapore since 2022. Its subsidiaries include CMS R&D, Rxilient, PharmaGend, and a venture capital platform.
HK:0867.HK:China Medical System Holdings
Shares of CMS have surged over 76% in 2024, closing at HK$13.06 on July 16, giving it a market cap of HK$30.9 billion. The company is widely favored by analysts, with 10 out of 11 rating it a “buy.” HSBC’s Linda Shu targets HK$14.60, while Goldman Sachs’s Chen Ziyi sees HK$14.33. On SGX, shares closed at $2.28 on debut before slipping to $2.16 the next day.
HK:0867.HK:China Medical System Holdings
Rxilient, CMS’s commercial arm, is active in over ten countries including Malaysia, Thailand, Vietnam, Philippines, Indonesia, and UAE. It has filed nearly 20 drug and device applications in dermatology, ophthalmology, oncology, autoimmune, and CNS disorders.
PharmaGend leads regional manufacturing with a 30,000 sqm Singapore plant certified by the US FDA and Singapore’s Health Sciences Authority, producing tablets and capsules with further expansions underway.
HK:0867.HK:China Medical System Holdings
CMS’s full vertical integration — from CMS R&D to PharmaGend and Rxilient — positions it as a unique player in ASEAN, contrasting with competitors who rely on fragmented outsourcing. This integration reduces supply chain risks and enhances local responsiveness.
HK:0867.HK:China Medical System Holdings
Back in China, CMS faces regulatory pressures due to the national volume-based procurement (VBP) policy, which reduced revenue from three core drugs — Deanxit, Plendil, and Ursofalk. However, the company says this impact is now largely absorbed. Its non-VBP branded drugs generated RMB4.55 billion in 2024, comprising over half of total revenue.
HK:0867.HK:China Medical System Holdings
CMS is now focusing on its pipeline of 40 new drugs, with products like Lumeblue, Valtoco, Ilumetri, Metoject, and Velphoro making market inroads. The company expects these to drive high-quality, sustainable growth.
HK:0867.HK:China Medical System Holdings
The company’s “New CMS” vision is built on innovation, speciality focus, and globalisation. It continues to expand in cardio-cerebrovascular, gastroenterology, ophthalmology, and skin health, the latter being a standout growth area. CMS is also open to strategic M&As, exemplified by its 2023 acquisition of a manufacturing facility in Singapore.
With founder Lam Kong holding 48%, CMS remains privately owned, maintains strong regulatory compliance, and has upheld a 40% dividend payout ratio since its 2010 Hong Kong listing. The SGX listing signals not just market entry but a launchpad for deeper regional engagement.
🌾 Wilmar Boosts Indian Market Stake with $1.62B Acquisition in Adani Unit
SGX:F34.SI:Wilmar International
Wilmar International has announced that its subsidiary Lence will acquire a 20% stake in AWL Agri Business, formerly known as Adani Wilmar, for ₹108.74 billion (US$1.62 billion). The agreement was finalized on July 17 with Adani Enterprises and Adani Commodities (ACL).
Previously in December, Lence agreed to acquire up to 31.06% of AWL’s share capital, and in January, purchased 13.51% from ACL at ₹276.51 per share. With the latest transaction, Lence will hold between 54.94% and 63.94% of AWL’s existing paid-up equity share capital.
Wilmar stated that the acquisition would be financed through internal funds and bank borrowings. The group expects to record a gain of approximately US$1.23 billion from a deemed disposal and a US$1.33 billion boost in net assets. However, it will also recognise a negative net tangible asset of around US$360 million, assuming Lence buys an 11% stake at ₹275 per share.
The acquisition supports Wilmar’s strategy to deepen its footprint in India’s fast-growing FMCG and rural markets, leveraging AWL’s strong presence and its own global distribution network.
🔥 Market Buzz: Oil Prices Surge, Trek 2000 Cashes Out, Sembawang Property Heats Up—Here’s What You Missed
oil:US:UCO
Oil prices climbed on Thursday (Jul 16), with Brent crude closing at US$69.52 and US West Texas Intermediate at US$67.54, following a fourth day of drone strikes on oil fields in Iraqi Kurdistan. The region’s output has been slashed by over 140,000 barrels per day.
Analysts attributed the rise to the disruption and geopolitical risks, with Iran-backed militias suspected of involvement. Additionally, US crude inventories fell by 3.9 million barrels, well above forecasts. Market volatility is expected to persist amid looming US tariffs and global demand concerns.
SGX:5AB.SI:Trek 2000 International
Trek 2000 International is selling its 4.3% stake in Terrenus Energy for S$8.2 million, realising a gain of over US$5 million above book value. The divestment, announced on July 17, will support Trek’s working capital needs.
Though the investment didn’t generate revenue in FY2024, it resulted in a net loss of S$16.5 million for Terrenus, of which Trek bore S$716,000. Terrenus, active in Singapore, Australia, and China, has developed solar projects with JTC Corporation, Facebook, and HDB.
Trek’s market cap now stands at S$34.3 million.
Unlisted:Kheng Leong, Low Keng Huat
Joint developers Kheng Leong and Low Keng Huat are set to launch Canberra Crescent Residences, with preview starting July 19. Units are priced from S$1,880 psf for the 376-unit project in District 27, with sales bookings beginning August 2.
The site was acquired in July 2023 for S$279 million or S$793 psf ppr—20% higher than bids for nearby Canberra Drive plots in 2020. This marks Kheng Leong’s second Canberra-area venture following The Watergardens at Canberra, launched in 2021.
Analysts highlight that Canberra Crescent Residences will likely be one of the most affordable new suburban condo launches this year, supported by robust resale activity in Sembawang and local upgrader demand. It is expected to receive its temporary occupation permit in April 2030.
🧸 Pop Mart Pops, Sembcorp Powers Up, and ValueMax Shines with Gold: Analysts Raise Targets Across Sectors
HK:9992.HK:Pop Mart International
Pop Mart International has impressed analysts with a strong profit alert, projecting 1HFY2025 revenue to jump over 200% y-o-y to RMB13.7 billion, and adjusted net profit to soar by at least 350%.
Analysts from CGS International (CGSI)—Charlotte Zhou, Lei Yan, and Aaron He—raised their target price from HK$304 to HK$312, citing underestimated global IP growth and surging demand for its viral Labubu toy. Secondhand prices for Labubu and other IPs like Twinkle Twinkle and Crybaby remain strong, sustaining Pop Mart’s appeal.
Morningstar’s Jeff Zhang also hiked his fair value estimate from HK$164 to HK$202 after revenue “significantly exceeded” expectations, with overseas growth projected at 480% and domestic sales up over 80%. Despite this, Zhang maintains a cautious view, citing IP durability risks and overvaluation.
SGX:U96.SI:Sembcorp Industries
Sembcorp Industries received a target price upgrade from CGS International (CGSI) to $8.54 from $8.14. Analysts Lim Siew Khee and Meghana Kande expect 1HFY2025 core net profit to rise 6% y-o-y to $566 million, and reported profit to grow 23% to $664 million, boosted by the Sembcorp Environment divestment and a 30% stake in Senoko Energy.
With Singapore’s energy prices down from $198/MWh to $122/MWh, only 5% of Sembcorp’s gas power portfolio is expected to be affected due to long-term contracts. Growth drivers include the new 600MW hydrogen-ready plant and renewables expansion in India and China, where China accounts for 64% of its renewable capacity (13.3GW).
Despite solid performance, CGSI has removed Sembcorp from its high conviction list due to strong YTD share gains, advising focus on high-yield and mid-cap names.
HK:00083.HK:Hongkong Land
Hongkong Land may rebound from a previous loss in 1HFY2025, driven by gains from selling nine floors of One Exchange Square to HK:0388.HK:HKEX for US$810 million. However, rental income continues to decline amid high retail vacancy and ongoing renovations at Landmark and other Hong Kong properties.
The company’s Hong Kong office vacancy rate improved to 7.3% by end-2024, down from 9%. Retail vacancy, however, is expected to worsen, with 40% of lettable area under renovation. Gross rental revenue fell 5% in 2024 to $888 million.
Hongkong Land is targeting US$4–6 billion in capital recycling by 2027, scaling back its build-to-sell residential business and shifting towards REITs and third-party capital structures.
SGX:T61.SI:ValueMax
RHB Bank Singapore’s analyst Alfie Yeo sees ValueMax as a prime proxy for gold’s rally, with prices expected to reach US$3,450/oz by 2Q2026. ValueMax’s strong correlation with gold price (0.8) and loan value per pledge (0.9) positions it to benefit from elevated gold levels.
Yeo notes that ValueMax, trading at a P/E of just 6.6x, is expanding via new outlets and acquisitions, growing its pawnbroking loan book and net interest income. Its gold trading and retail segment, which has a 0.96 correlation with gold prices, is also thriving as customers offload inventory during high-price periods.
However, risks include volatility in gold prices, interest rates, and USD strength, all of which could affect lending margins and collateral values.
🌾 Wilmar Boosts Indian Market Stake with $1.62B Acquisition in Adani Unit
SGX:F34.SI:Wilmar International
Wilmar International has announced that its subsidiary Lence will acquire a 20% stake in AWL Agri Business, formerly known as Adani Wilmar, for ₹108.74 billion (US$1.62 billion). The agreement was finalized on July 17 with Adani Enterprises and Adani Commodities (ACL).
Previously in December, Lence agreed to acquire up to 31.06% of AWL’s share capital, and in January, purchased 13.51% from ACL at ₹276.51 per share. With the latest transaction, Lence will hold between 54.94% and 63.94% of AWL’s existing paid-up equity share capital.
Wilmar stated that the acquisition would be financed through internal funds and bank borrowings. The group expects to record a gain of approximately US$1.23 billion from a deemed disposal and a US$1.33 billion boost in net assets. However, it will also recognise a negative net tangible asset of around US$360 million, assuming Lence buys an 11% stake at ₹275 per share.
The acquisition supports Wilmar’s strategy to deepen its footprint in India’s fast-growing FMCG and rural markets, leveraging AWL’s strong presence and its own global distribution network.
🔥 Malaysia Market Buzz: KL:0225.KL:CBH Engineering, KL:5211.KL:Sunway, KL:7153.KL:Kossan & More Stir Markets with Contracts, Exits & Legal Clears
KL:0225.KL:CBH Engineering Holding Bhd
KL:0225.KL:CBH Engineering Holding Bhd soared nearly 13% after winning a RM172 million contract to build a substation’s electrical supply system at a proposed data centre in Selangor. The 14-month job begins July 11 and ends by Sept 10, 2026 — its first major contract since listing.
KL:0096.KL:NexG Bhd
KL:0096.KL:NexG Bhd, formerly Datasonic Group Bhd, received a six-month extension from the Ministry of Home Affairs (KDN) to supply passport chips via its unit Datasonic Technologies Sdn Bhd. The contract now runs through May 31, 2026, with no changes to ceiling value or quantity.
KL:5211.KL:Sunway Bhd
SGX:5IC.SI:Sing Holdings Ltd
KL:5211.KL:Sunway Bhd and SGX:5IC.SI:Sing Holdings Ltd have jointly secured a Singapore residential land parcel in Chuan Grove for S$703.6 million (RM2.33 billion). Sing Holdings will hold a 65% stake in the JV, with the rest held by Sunway Developments Pte Ltd, a Sunway unit.
KL:5085.KL:Mudajaya Group Bhd
KL:5085.KL:Mudajaya Group Bhd’s Indian unit RKM Powergen has been cleared by the High Court of Madras in a coal block fraud case. The court found no predicate offence under India’s PMLA, ending the Enforcement Directorate’s probe.
KL:0323.KL:iCents Group Holdings Bhd
KL:0323.KL:iCents Group Holdings Bhd, newly listed on the ACE Market, targets 10%–15% revenue growth over two years. Growth will be driven by maintenance services and new offerings for data centres, with a new facility expected in Negeri Sembilan by early 2026.
KL:4758.KL:Ancom Nylex Bhd
KL:4758.KL:Ancom Nylex Bhd reported a 22.1% drop in FY2025 net profit to RM63.49 million, hit by high freight costs and forex losses. Revenue declined to RM1.87 billion. The group sees FY2026 recovery from its new herbicide active ingredient already in commercial delivery.
KL:0138.KL:Zetrix AI Bhd
KL:0138.KL:Zetrix AI Bhd saw Retirement Fund Inc (KWAP) drop out as a substantial shareholder after selling 7.98 million shares on July 15, lowering its stake to 4.92%. Bursa Malaysia Securities recently reprimanded Zetrix and fined seven directors RM150,000 each for regulatory breaches.
KL:5263.KL:Sunway Construction Group Bhd
KL:5263.KL:Sunway Construction Group Bhd reported that Employees Provident Fund (EPF) is no longer a substantial shareholder after selling 20 million shares on July 14, dropping below the 5% threshold. Based on SunCon’s RM5.95 closing price, the block was worth about RM119 million.
KL:3395.KL:Berjaya Corp Bhd
KL:7153.KL:Kossan Rubber Industries Bhd
KL:7153.KL:Kossan Rubber Industries Bhd founders Tan Sri Lim Kuang Sia and Lim Kuang Wang are no longer substantial shareholders in KL:3395.KL:Berjaya Corp Bhd. Their investment arm Kossan Holdings sold 89.2 million shares for RM24.98 million, lowering their deemed interest below 5%.
KL:0270.KL:NationGate Holdings Bhd
KL:0270.KL:NationGate Holdings Bhd confirmed that a MACC raid on its subsidiary NationGate Solution (M) Sdn Bhd is not expected to materially affect operations or financial performance. The raid was isolated to the subsidiary and involved no board or senior management members.
🚨 Hong Kong Market Highlights: Xiaomi’s Tower Launch, IPO Rumblings, MTR Delays, and LI AUTO-W Surge Amid HSI Volatility
HK:1810.HK:Xiaomi Group
HK:1810.HK:Xiaomi Group President Lu Weibing announced the official opening of the Xiaomi Shenzhen Tower on July 18. Located next to Shenzhen Bay, the tower includes China’s largest Mi Home integrated store, underlining Xiaomi’s brand expansion efforts.
HK:0066.HK:MTR Corporation
HK:0066.HK:MTR Corporation has suspended foundation works for the Oyster Bay Station project after ground upheaval of up to 48mm was detected during precautionary grouting on July 15. Investigations are ongoing after the incident at Lantau Island’s construction checkpoints.
US:AAPL:Apple
HK:Private:Biel Crystal, a major supplier to US:AAPL:Apple, is reportedly considering reviving its Hong Kong IPO. The glass cover manufacturer has had early talks with advisors and may soon refile listing documents, according to Bloomberg.
HongKong:3115.HK:Hangseng Index
The HongKong:3115.HK:Hangseng Index ended 18 points lower at 24,498 on July 17. Pharma stocks performed strongly, with HK:9868.HK:LI AUTO-W surging ~10% after midday. Meanwhile, HK:6160.HK:BEIGENE, HK:1177.HK:Sino Biopharmaceutical, HK:3692.HK:HANSOH PHARMA, HK:179.HK:Johnson Electric, and HK:2162.HK:Keymed Bio-B hit new highs.
HK:6160.HK:BEIGENE, HK:1177.HK:Sino Biopharmaceutical, HK:3692.HK:HANSOH PHARMA, HK:179.HK:Johnson Electric, HK:2162.HK:Keymed Bio-B
Shares of pharma giants and tech-linked firms surged on July 17. HK:6160.HK:BEIGENE gained over 10%, while others like HK:1177.HK:Sino Biopharmaceutical, HK:3692.HK:HANSOH PHARMA, HK:179.HK:Johnson Electric, and HK:2162.HK:Keymed Bio-B set new highs, fueling bullish sentiment in healthcare and innovation sectors.
HK:0200.HK:Manulife
HK:0200.HK:Manulife’s Asia Care Survey 2025 revealed over 70% of respondents aspire to live independently and meaningfully. The findings highlight growing regional focus on self-sufficient aging and healthcare services.
US:BTC:Bitcoin
US:BTC:Bitcoin trading services by Standard Chartered could potentially re-rate its valuation, according to JPMorgan. The move to allow institutional trading of Bitcoin and Ethereum may strengthen its fintech positioning.
HK:386.HK:China Petroleum & Chemical Corp (Sinopec)
HK:0857.HK:PetroChina
Bank of America Securities (BofAS) raised its oil price forecast and lifted HK:0857.HK:PetroChina’s target price to HKD8, reflecting stronger demand and upstream performance improvements in the energy sector.
HK:2020.HK:ANTA Sports
CMBI downgraded HK:2020.HK:ANTA Sports’ target price to HKD111.54 following a slight miss in Q2 retail sales figures. Analysts cite pressure on consumer sentiment despite strong brand presence.
HK:9999.HK:NetEase
HK:9888.HK:Baidu-SW
Jefferies expects HK:9888.HK:Baidu-SW’s Q2 cloud revenue to grow 25% but trimmed its price target to US$107 amid moderated sector expectations. Meanwhile, Nomura and Citi published bullish picks in the HK/China markets focused on tech and consumer sectors.
Thank you
