Broker: CGS International
Date of Report: July 22, 2025

Singapore Trendspotter: ISDN Holdings’ Bullish Reversal, Centurion’s Upscale Student Housing Bet, and Macro Market Moves

Market Recap: Macro Themes and Earnings Season Watch

Global equities kicked off the week with volatility as U.S. markets digested corporate earnings and looming tariff uncertainties. The S&P 500 edged above 6,300 for the first time, closing with a modest 0.1% gain. Energy stocks lagged as oil prices slid, and chipmakers’ rally faded with Nvidia’s pullback. The week’s focus turns to tech giants Tesla and Alphabet as they inaugurate the much-anticipated earnings season, with investors closely scrutinizing artificial intelligence spending updates.

Treasury yields declined, particularly on longer maturities, with the 30-year yield down to 4.95%. The U.S. dollar weakened against all developed-market peers, while the Japanese yen strengthened following Japanese Prime Minister Shigeru Ishiba’s commitment to leadership despite the ruling coalition losing its upper house majority. Market participants remain alert to escalating tariff risks, as the U.S. administration signals potential unilateral tariff actions ahead of an August 1 deadline. The importance of earnings guidance is at a premium; only robust forward guidance is likely to support ambitious Wall Street targets.

ISDN Holdings Ltd: Strong Bullish Reversal and Technical Re-Buy Signal

Company Overview
ISDN Holdings Limited is a global engineering firm specializing in motion control, industrial computing, and related engineering services, serving clients worldwide.

Technical Buy Recommendation

• Last Price: S\$0.35
• Entry Prices: 0.35, 0.30, 0.29
• Support Levels: S\$0.32 (Support 1), S\$0.29 (Support 2)
• Stop Loss: S\$0.25
• Resistance Levels: S\$0.37 (Resistance 1), S\$0.50 (Resistance 2)
• Target Prices: S\$0.40, S\$0.45, S\$0.50, S\$0.60

The research team has reinstated a technical buy on ISDN Holdings following a previous stop-out at S\$0.28. Recent price action signals a robust bullish reversal, supported by multiple technical indicators:

• The stock has broken out of a major downtrend and a diamond bottom pattern.
• Ichimoku indicators confirm a healthy bullish trend, with price closing above all key levels.
• MACD and its signal line remain above zero, with a positive histogram.
• The Stochastic Oscillator is rising, confirming an oversold crossover.
• 23-period Rate of Change (ROC) is in positive territory.
• The Directional Movement Index (DMI) displays steady bullish strength.
• Trading volume has shown healthy expansion over the last 10 periods.

This setup suggests a strong technical foundation for bullish investors, with multiple upside targets and clear risk management levels.

Centurion Corporation Ltd: New Upscale Student Housing Brand and REIT Spin-Off

Company Developments

• Centurion Corporation has launched “Epiisod,” a new brand focused on upscale, experience-driven student accommodation. The brand’s flagship, Epiisod Macquarie Park, targets premium demand in the sector.
• The upcoming spin-off of Centurion Student Accommodation REIT (CAREIT) is estimated at S\$1.4 billion in value, with Centurion planning to retain a 35-40% stake in CAREIT.
• The research team reiterates an “Add” rating with a higher target price of S\$2.05, shifting from a blended valuation to a pure RNAV (Revalued Net Asset Value) approach to better reflect Centurion’s recurring earnings profile.

Analyst Coverage and Disclosures

The report is produced by CGS International, covering multiple markets in Asia and beyond. The analyst certifies that the views expressed are independent and not influenced by compensation tied to specific recommendations or investment banking transactions.

Recommendation Framework and Ratings Distribution

Stock Ratings Definition:

• Add: Total return expected to exceed 10% over the next 12 months.
• Hold: Total return expected between 0% and 10% over the next 12 months.
• Reduce: Total return expected to be below 0% over the next 12 months.

Sector Ratings:

• Overweight: Positive absolute recommendation on a market cap-weighted basis.
• Neutral: Neutral absolute recommendation on a market cap-weighted basis.
• Underweight: Negative absolute recommendation on a market cap-weighted basis.

Country Ratings:

• Overweight: Above-market weight relative to benchmark recommended.
• Neutral: Neutral weight relative to benchmark recommended.
• Underweight: Below-market weight relative to benchmark recommended.

This distribution is based on 561 companies under coverage as of the quarter ended June 30, 2025.

Conclusion: Key Takeaways for Investors

Markets remain sensitive to macroeconomic shifts, especially around trade policy and earnings guidance. ISDN Holdings stands out with a compelling technical buy setup and multiple upside targets, while Centurion Corporation’s new Epiisod brand and CAREIT spin-off position it for recurring income and capital appreciation. Investors should closely monitor earnings guidance and macro headlines, especially as the earnings season accelerates.

For investors seeking actionable opportunities, both ISDN Holdings and Centurion Corporation offer unique risk-reward profiles amidst a dynamic market environment.