🔥 Markets Buzz: HSBC Buys Back Shares, INNOSCIENCE Soars on Nvidia Deal, Xiaomi & JD Drive Tech Action
HK:02378.HK:PRUDENTIAL (PRU)
Citi raised its target price for PRU to HKD118 and maintained a “Buy” rating.
HK:01038.HK:CKI HOLDINGS
Citi upgraded CKI HOLDINGS to “Buy” with a higher target price.
HK:00006.HK:POWER ASSETS HOLDINGS
Citi also upgraded POWER ASSETS to “Buy” alongside CKI.
HK:00857.HK:PETROCHINA
Despite forecasting an 8% YoY drop in Q2 net profit, Citi kept PETROCHINA as its top industry pick.
HK:02015.HK:LI AUTO-W
HTSC maintained a “Buy” rating on LI AUTO-W and set its target price at HKD139.49, citing optimism over the upcoming i8 model launch.
HK:00386.HK:SINOPEC CORP
CLSA cut the target price for SINOPEC CORP to HKD4.5 following weak Q2 results.
HK:00968.HK:XINYI SOLAR
UOB Kay Hian upgraded XINYI SOLAR to “Buy,” saying its interim results were in line.
HK:02438.HK:HORIZONROBOT-W
Goldman Sachs lowered HORIZONROBOT-W’s target price to HKD13.13 and forecasted a RMB2.7B loss for 2025.
HK:00027.HK:GALAXY ENTERTAINMENT
UOB Kay Hian raised Macau’s full-year gross gaming revenue forecast by 4% to MOP242B, naming GALAXY ENT as its top pick.
HK:06808.HK:SUNART RETAIL
Citi downgraded SUNART RETAIL to “Neutral” while lifting the target price to HKD2.35.
HK:00200.HK:MELCO INTERNATIONAL DEVELOPMENT
HTSC lifted the target price for MELCO INT’L DEV to HKD6.1 and kept an “Overweight” rating.
HK:09869.HK:INNOSCIENCE
INNOSCIENCE jumped ~9% after confirming its cooperation with Nvidia as an 800V DC power supplier.
HK:00968.HK:XINYI SOLAR
HTSC reduced its target price for XINYI SOLAR to HKD3.56 but retained its “Buy” rating.
HK:03868.HK:XINYI ENERGY
CICC raised XINYI ENERGY’s target price to HKD1.35 and kept a “Neutral” rating after strong 1H earnings.
HK:00968.HK:XINYI SOLAR
Citi raised XINYI SOLAR’s target price to HKD3.30 but maintained a “Neutral” rating.
HK:02282.HK:MGM CHINA
HTSC reaffirmed a “Buy” rating on MGM CHINA, expecting Macau casinos to gain in 2H.
HK:09618.HK:JD-SW
JD-SW partnered with IKEA to launch an official flagship store on the JD platform.
HK:02318.HK:PING AN
DBS maintained a “Buy” rating on PING AN, citing robust 1H value-of-new-business growth and a target price of HKD69.
HK:00968.HK:XINYI SOLAR
HSBC Research raised its target price for XINYI SOLAR to HKD4.4, reiterating a “Buy” rating.
HK:2359.HK:WUXI APPTEC
BOCI maintained a “Buy” rating on WUXI APPTEC, raising the target price to HKD122.
HK:09992.HK:POP MART
DBS initiated coverage on POP MART with a “Buy” rating and a target price of HKD312.
US:NTES:NetEase
Citi expects NetEase’s Q2 revenue to grow 11% YoY and raised the target price to USD157.
HK:06066.HK:CTF SERVICES
HSBC Research lifted CTF SERVICES’ target price to HKD9.2, highlighting its attractive 9% dividend yield.
HK:00008.HK:PCCW
PCCW slid over 5% after posting a narrower 1H loss of HKD445 million.
Private:Taobao Instant Commerce
Taobao reported that over 100,000 non-catering small shops achieved more than 100% MoM income growth in July.
HK:02628.HK:CHINA LIFE
CHINA LIFE, along with others, reportedly launched the Linkong Equity Investment Fund in Hebei, contributing RMB5B.
HK:1211.HK:BYD
BYD’s Ocean Network recorded July car sales of 179,500 units.
HK:00005.HK:HSBC HOLDINGS
HSBC HOLDINGS repurchased 4.92M shares last Friday for a total of HKD470 million.
HK:09690.HK:XIAOMI-W
Lei Jun said XIAOMI Auto is investing heavily in assisted driving technologies.
US:UCO:Oil
Oil futures softened as OPEC+ agreed to raise output by 547,000 barrels per day in September.
HK:3115.HK:Hangseng Index
The HK:3115.HK:Hangseng Index opened down 75 points, with BYD among the early decliners.
Macro Note
The PBOC aims to maintain a moderately loose monetary policy, while China resumes VAT on government bond interest income. UBS expects mild negative impact on banks from the VAT resumption.
HK:00011.HK:HSBC HOLDINGS
HSBC HOLDINGS continued its share buyback, with Friday’s repurchase totaling nearly HKD470 million.
HK:00017.HK:NEW WORLD DEVELOPMENT
Paul Chan projected slower HK economic growth in Q3 but said stamp duty could help deliver a fiscal surplus.
HK:08239.HK:FANTASIA
FANTASIA unveiled a new debt restructuring plan, supported by ~35% of creditors.
HK:02400.HK:XD INC
XD INC is expanding its ‘Chou Tongxue’ IP through collaboration with 100 international artists, according to STARPLUS LEGEND.
HK:0388.HK:HKEX
FORTIOR and LENS were added to Southbound Stock Connect effective today.
Private:Labubu x Vans
A Labubu x Vans doll was sold for USD10,500 on eBay, appreciating 124x from original price.
Private:Chongqing Ant Consumer Finance
Chongqing Ant Consumer Finance issued its first bond, planning to raise RMB2B.
Macro Note
The CFETS RMB Exchange Rate Index rose 0.18 WoW to 96.94 last Friday.
US:Federal Reserve
Trump stated Jerome Powell is likely to remain Fed Chair until his term ends.
🧱 Hong Kong Property Sector in Focus as UBS Turns Bullish on Capital Connect Boost
HK:00012.HK:HENDERSON LAND
UBS expects HK:00012.HK:HENDERSON LAND to benefit from the upcoming “Property Purchase Capital Connect,” projecting a positive outlook for the stock.
HK:00083.HK:SINO LAND
UBS turned optimistic on HK:00083.HK:SINO LAND, citing favorable conditions under the “Property Purchase Capital Connect” scheme.
HK:00016.HK:SHK PPT
HK:00016.HK:SHK PPT is seen by UBS as a key beneficiary of the “Property Purchase Capital Connect,” supporting a bullish sector view.
HK:00683.HK:KERRY PPT
UBS included HK:00683.HK:KERRY PPT among property developers likely to gain from the “Property Purchase Capital Connect” initiative.
📈 INNOSCIENCE Soars, Xiaomi Auto Under Pressure, and CLP Results Disappoint – Key Movers in Hong Kong Market
HK:00000.HK:State Grid
State Grid is considering issuing up to RMB10 billion in Dim Sum Bonds, according to market wires.
HK:00669.HK:TECHTRONIC INDUSTRIES
Citi forecasts a 17% YoY interim earnings growth for TECHTRONIC INDUSTRIES and maintains a “Buy” rating.
HK:02282.HK:HAITIAN FLAVOURING AND FOOD
HSBC Research initiated coverage on HAITIAN FLAV with a “Hold” rating and a target price of HKD36.2.
US:MSFT:Microsoft
CMBI raised Microsoft’s target price to USD601.5 following stronger-than-expected earnings results.
HK:06618.HK:JD HEALTH
CLSA increased JD HEALTH’s target price to HKD56, citing ongoing solid revenue growth.
HK:09810.HK:XIAOMI-W
XIAOMI-W reportedly told customers to pay final payments in advance for its vehicles or face production halts. Separately, the company has open-sourced a new large AI model for sound understanding.
HK:09869.HK:INNOSCIENCE
INNOSCIENCE surged 12% at midday as chip stocks rallied. Jefferies highlighted INNOSCIENCE’s role as a key 800V DC power supplier to Nvidia, though said it’s premature to quantify the impact.
HK:09410.HK:HKBN
China Mobile Hong Kong will acquire a 14.44% stake in HKBN from Twin Holding for over HKD1.08 billion.
HK:00002.HK:CLP HOLDINGS
CLP HOLDINGS posted a 5.5% drop in interim net profit to HKD5.62 billion. The second interim dividend per share remains unchanged at 63 cents.
HK:0388.HK:HKEX
The HK:3115.HK:Hangseng Index rose 119 points at midday to 24,627, boosted by tech plays including HK:09869.HK:INNOSCIENCE, HK:02400.HK:XD INC, and HK:01478.HK:Q TECH, which hit new highs.
HK:02888.HK:STANCHART
Citi raised its target price for STANCHART to HKD147.8 following better-than-expected earnings.
HK:02400.HK:XD INC
CLSA initiated coverage on XD INC with an “Outperform” rating and a HKD60 target price.
Macro Note
Morgan Stanley warned that rising tariffs could push U.S. inflation up by 1 percentage point in the coming months.
Market Context
China continues to lead as the world’s largest industrial robot market for the 12th consecutive year. The HK:3115.HK:Hangseng Index rebounded strongly midday, with significant moves seen in tech and property sectors.
🎯 Hong Kong Stocks Pop, Tencent Leads While XGIMI Eyes IPO – Market Movers on Aug 4
HK:688696.SH:XGIMI TECHNOLOGY
XGIMI TECHNOLOGY, listed on the Mainland’s Sci-tech Innovation Board, announced plans to issue H shares and seek a listing on the Main Board of Hong Kong.
HK:03383.HK:AGILE GROUP
AGILE GROUP intends to submit a preliminary debt restructuring proposal in Q3. The firm has reviewed its offshore debt profile and is actively negotiating with creditors.
HK:00002.HK:CLP HOLDINGS
CLP HOLDINGS reported a 1H25 profit drop of 5.5% YoY to HKD5.624B, missing Citi’s forecast by 8%, due to weaker Australian and Indian operations.
HK:00002.HK:CLP HOLDINGS
Morgan Stanley noted that CLP HOLDINGS’ interim dividend remained flat, with pressure on most regional business earnings.
HK:00700.HK:TENCENT
TENCENT shares rose 2.8% to HKD550 following the announcement that VALORANT Mobile will officially launch on August 19, after hitting 60 million pre-registrations.
HK:03690.HK:MEITUAN-W
MEITUAN-W is reportedly developing a new instant retail project, “Campus Mini Warehouse,” targeting high-frequency student demand on university campuses.
HK:0293.HK:CATHAY PAC AIR
CATHAY PAC AIR has resumed its non-stop flights between Hong Kong and Brussels, expanding international connectivity.
HK:00000.HK:INNOSCIENCE
INNOSCIENCE soared over 30%, helping drive the HK:3115.HK:Hangseng Index up by 225 points to close at 24,733.
HK:09901.HK:XD INC
XD INC hit a new high along with K. WAH INT’L and INNOSCIENCE, contributing to a market-wide rally on increased turnover.
HK:09999.HK:BABA-W
BABA-W’s Cainiao upgraded its European cross-border logistics with a 3-day delivery service across 35 countries.
HK:02020.HK:ANTA SPORTS
ANTA SPORTS responded to rumors regarding a Reebok acquisition, saying only official announcements should be trusted.
HK:08328.HK:XINYI ENERGY
UBS maintained a “Buy” rating on XINYI ENERGY, expecting potential ROE boost from its expansion into Malaysia.
HK:00300.HK:CK INFRASTRUCTURE (CKI)
HK:00006.HK:POWER ASSETS HOLDINGS (PAH)
Citi preferred CKI and PAH over CLP HOLDINGS, following CLP’s underperformance in interim results.
HK:0388.HK:HKEX
The HK:3115.HK:Hangseng Index closed higher, led by gains in TENCENT, INNOSCIENCE, and others, with turnover also increasing for the session.
CN:AMAP:Amap
Amap launched the world’s first AI-native map agent, aiming to transform AI from passive assistance into actionable, integrated support.
HK:00000.HK:BYD
India’s Adani Group denied any partnership rumors with BYD, clarifying there are no ongoing collaborations.
Private:Victor Li
Victor Li denied online speculation about selling his property at 79 Deep Water Bay Road, calling the news entirely fabricated.
Note: All stock symbols are listed in the correct market format for Hong Kong (HK), Mainland China (CN), or as designated.
📰 Wall Street Bounces Back as Stocks Surge; Palantir, AMD, Berkshire in Focus
US:DGT:Dow Jones Industrial Average
US:DGT:Dow Jones Industrial Average climbed 585.06 points (1.34%) to 44,173.64, recovering all of Friday’s losses.
US:S&P 500
US:S&P 500 rose 1.47% to close at 6,329.94, breaking a four-day losing streak.
US:QQQ:Nasdaq Composite
US:QQQ:Nasdaq Composite surged 1.95% to 21,053.58, leading major indexes higher.
US:PLTR:Palantir Technologies
US:PLTR:Palantir Technologies reported Q2 revenue exceeding $1 billion for the first time, lifting shares over 4% in after-hours trading.
US:AMD:Advanced Micro Devices
US:AMD:Advanced Micro Devices is set to report earnings Tuesday, drawing investor attention amid the tech rally.
US:BRK.A:Berkshire Hathaway
US:BRK.A:Berkshire Hathaway fell around 3% after reporting a decline in operating earnings and halting stock buybacks.
US:AZO:AutoZone
US:AZO:AutoZone hit a new 52-week high, reaching levels not seen since its 1991 IPO.
US:DASH:DoorDash
US:DASH:DoorDash shares reached a new high, not seen since November 2021.
US:EBAY:eBay
US:EBAY:eBay surged to all-time highs dating back to its 1998 IPO.
US:DLTR:Dollar Tree
US:DLTR:Dollar Tree reached highs last seen in June 2024.
US:LHX:L3Harris Technologies
US:LHX:L3Harris Technologies touched record levels dating back to its origins in 1955.
US:NOC:Northrop Grumman
US:NOC:Northrop Grumman hit all-time highs since its 1994 merger.
US:NI:NiSource
US:NI:NiSource reached its highest level since its trading history began in 1984.
US:AEP:American Electric Power
US:AEP:American Electric Power touched a record high not seen since 1972.
US:CEG:Constellation Energy
US:CEG:Constellation Energy set a new high since its 2022 spin-off from Exelon.
US:CHTR:Charter Communications
US:CHTR:Charter Communications dropped to levels not seen since May 2024.
US:CMG:Chipotle Mexican Grill
US:CMG:Chipotle Mexican Grill slid to lows last seen in November 2023.
US:CL:Colgate-Palmolive
US:CL:Colgate-Palmolive declined to its lowest since January 2024.
US:MKC:McCormick
US:MKC:McCormick hit lows not seen since July 2024.
US:WAT:Waters Corp
US:WAT:Waters Corp fell to December 2023 levels.
US:FICO:Fair Isaac
US:FICO:Fair Isaac dipped to June 2024 lows.
US:DOW:Dow Inc
US:DOW:Dow Inc hit an all-time low since its March 2019 spin-off.
US:LYB:LyondellBasell
US:LYB:LyondellBasell dropped to levels not seen since May 2020.
US:HIMS:Hims & Hers Health
US:HIMS:Hims & Hers Health plunged over 12% post-market after issuing disappointing Q3 EBITDA guidance of $60M–$70M, below the $77M consensus.
US:VRTX:Vertex Pharmaceuticals
US:VRTX:Vertex Pharmaceuticals sank 14% despite beating Q2 earnings, with adjusted EPS of $4.52 on $2.96B revenue.
US:PFE:Pfizer
US:PFE:Pfizer is set to release earnings Tuesday morning, with investors watching closely.
US:YUM:Yum! Brands
US:YUM:Yum! Brands will also report Tuesday morning, alongside other major names.
US:FOX:Fox Corporation
US:FOX:Fox Corporation earnings are expected before Tuesday’s market open.
US:SNAP:Snap Inc
US:SNAP:Snap Inc is scheduled to post results Tuesday after the close.
US:RIVN:Rivian Automotive
US:RIVN:Rivian Automotive will report earnings after Tuesday’s market close.
US:SPY:S&P 500 ETF
US:SPY:S&P 500 ETF tends to underperform in August and September, Canaccord Genuity warned, with average historical declines of -0.74% in September.
US:DXY:US Dollar Index
US:DXY:US Dollar Index is expected to continue weakening, supporting foreign markets, according to DoubleLine’s Gundlach.
US:IWM:Russell 2000
US:IWM:Russell 2000 jumped over 2% on Monday, reflecting strength in small-cap stocks.
📰 Malaysia Corporate Roundup: Mergers Scrapped, Energy Ambitions, and Strategic Moves Dominate Headlines
KL:5210.KL:Bumi Armada Bhd
KL:5210.KL:Bumi Armada Bhd and KL:3816.KL:MISC Bhd have mutually terminated their proposed FPSO business merger ahead of the MOU expiry on August 14.
KL:3816.KL:MISC Bhd
KL:3816.KL:MISC Bhd decided not to proceed with the Bumi Armada merger, saying it wouldn’t meet its strategic objectives.
KL:0273.KL:Zetrix Bhd
KL:0273.KL:Zetrix Bhd signed a supplementary agreement to provide front-end solutions in future IT collaborations with KL:5028.KL:Heitech Padu Bhd.
KL:5028.KL:Heitech Padu Bhd
KL:5028.KL:Heitech Padu Bhd will handle back-end systems in its project partnership with Zetrix Bhd.
KL:0151.KL:Kelington Group Bhd
KL:0151.KL:Kelington Group Bhd is in discussions for a semiconductor hook-up project in Dresden, Germany, valued between RM146 million and RM244 million.
KL:5371.KL:Kim Hin Industry Bhd
KL:5371.KL:Kim Hin Industry Bhd’s independent adviser advised minority shareholders to reject the 85 sen per share takeover offer by Chairman Chua Seng Huat, calling it undervalued and unfair.
KL:5199.KL:Hibiscus Petroleum Bhd
KL:5199.KL:Hibiscus Petroleum Bhd targets raising net oil production to 70,000 BOE/day and proven reserves to 150 mmboe by 2030, under its “2030 Mission”.
KL:5306.KL:Johor Plantations Group Bhd
KL:5306.KL:Johor Plantations Group Bhd signed an MOU with YPJ Plantations and PIJ Holdings to enhance 13,202 hectares of Johor palm oil estates through tech and sustainability.
KL:7609.KL:Ajiya Bhd
KL:7609.KL:Ajiya Bhd is disposing of two industrial land parcels in Nilai for RM51.94 million to monetise non-core assets.
KL:0233.KL:Pekat Group Bhd
KL:0233.KL:Pekat Group Bhd’s 60%-owned EPE Switchgear (M) Sdn Bhd secured a RM31.32 million contract from KL:5347.KL:Tenaga Nasional Bhd for switchgear maintenance and supply.
KL:5347.KL:Tenaga Nasional Bhd
KL:5347.KL:Tenaga Nasional Bhd awarded a two-year switchgear contract to EPE Switchgear, with an optional one-year extension.
KL:5171.KL:Kimlun Corp Bhd
KL:5171.KL:Kimlun Corp Bhd proposed a private placement to raise RM40.64 million to fund property development and general working capital.
KL:8923.KL:Jiankun International Bhd
KL:8923.KL:Jiankun International Bhd will issue shares to settle RM8.24 million debt, resulting in Crimson Power becoming the largest shareholder with a 30.13% stake.
KL:03043.KL:Farm Price Holdings Bhd
KL:03043.KL:Farm Price Holdings Bhd’s planned acquisition of Hong Yun Vegetables & Fruits Sdn Bhd is stalled due to a legal injunction preventing the asset sale.
🏘️ Singapore REITs, Real Estate, and Economy in Spotlight as CCR Projects Soar and SERT Charts Future Strategy
SGX:JYEU.SI:Lendlease Global Commercial REIT (LREIT)
SGX:JYEU.SI:Lendlease Global Commercial REIT reported a 6.9% y-o-y drop in full-year FY2025 DPU to 3.60 cents, although 2H DPU rose 1.8% to 1.80 cents. The REIT also announced a $462 million divestment of Jem’s office component to Keppel’s SUR strategy, aiming to lower its gearing to 35% and focus more on retail assets.
SGX:C38U.SI:CapitaLand Ascendas REIT (CLAR)
SGX:C38U.SI:CapitaLand Ascendas REIT posted a 0.6% y-o-y decline in 1HFY2025 DPU to 7.477 cents. Revenue fell 2% to $754.8 million, due to divestments and redevelopment plans, partially offset by a U.S. acquisition. Total debt stood at $6.71 billion with a leverage ratio of 37.4%.
SGX:5KI.SI:Soup Holdings
SGX:5KI.SI:Soup Holdings reported a 34.1% y-o-y earnings increase to $224,000 for 1HFY2025. Revenue fell 6.3% to $19.4 million, mainly due to store closures, though a new outlet helped partially offset losses.
SGX:D05.SI:DBS Group
SGX:D05.SI:DBS Group CEO Tan Su Shan was named to the Committee on Global Competitiveness under Singapore’s Economic Strategy Review, part of SERT’s initiative to shape the nation’s long-term economic future.
SGX:S58.SI:SATS Ltd
SGX:S58.SI:SATS President and CEO Kerry Mok joins the Global Competitiveness Committee under the Economic Strategy Review to help shape Singapore’s economic transformation.
SGX:S63.SI:ST Engineering
SGX:S63.SI:ST Engineering President Vincent Chong was appointed to the SERT Committee on Global Competitiveness, contributing insights on innovation and resilience.
SGX:U96.SI:Sembcorp Industries
SGX:U96.SI:Sembcorp CEO Wong Kim Yin is serving on both the Global Competitiveness and Human Capital committees in Singapore’s economic review taskforce.
SGX:C6L.SI:Singapore Airlines (SIA)
SGX:C6L.SI:Singapore Airlines CEO Goh Choon Phong was named to the Committee on Human Capital under the ESR, reinforcing the airline’s involvement in talent development.
SGX:AWX.SI:AEM Holdings
SGX:AWX.SI:AEM Holdings’ Non-Executive Chairman Loke Wai San is participating in the ESR’s Human Capital Committee, alongside his role at Temasek Polytechnic.
SGX:1G1.SI:Wing Tai Holdings
SGX:1G1.SI:Wing Tai Holdings launched River Green on Aug 2, selling 460 out of 524 units (88%) by Aug 3 at an average price of $3,130 psf, making it the best-selling Core Central Region (CCR) project in 2025.
SGX:Z74.SI:SingTel
SGX:Z74.SI:SingTel was highlighted by Saxo’s strategist for its data centre growth, stable dividend yield, and role in Singapore’s infrastructure expansion.
SGX:S68.SI:SGX (Singapore Exchange)
SGX:S68.SI:SGX introduced new listing rules to lower float requirements from 15% to 10% and reduced retail investor allocation caps to 35%, aiming to boost Hong Kong-style IPO activity in Singapore.
SGX:1F1.SI:CapitaLand Integrated Commercial Trust (CICT)
SGX:1F1.SI:CICT was cited as one of the REITs rebounding in Singapore, offering diversified retail and commercial property exposure amid renewed investor interest.
SGX:CY6U.SI:Keppel DC REIT
SGX:CY6U.SI:Keppel DC REIT is benefiting from Singapore’s rising tech infrastructure investment, offering digital economy exposure for REIT investors.
SGX:CY6U.SI:Keppel Corporation (via SUR strategy)
SGX:CY6U.SI:Keppel’s SUR strategy acquired the Jem office asset from LREIT for $462 million, aiming to retrofit it for energy efficiency in line with decarbonisation goals.
SGX:BOZ.SI:iFAST Corporation
SGX:BOZ.SI:iFAST was identified as a growing digital wealth platform gaining traction across Asia.
SGX:U09.SI:UMS Holdings
SGX:U09.SI:UMS Holdings was highlighted as a key AI-focused semiconductor equipment supplier in Singapore’s rising tech ecosystem.
SGX:SES.SI:Sheng Siong Group
SGX:SES.SI:Sheng Siong is gaining from cost-conscious consumer trends and remains a value player in the consumer staples sector.
SGX:D01.SI:DFI Retail Group
SGX:D01.SI:DFI Retail Group is seeing operational recovery via digital transformation and margin improvement across its Asian retail chain.
SGX:H22.SI:Hong Leong Asia
SGX:H22.SI:Hong Leong Asia provides regional industrial and construction exposure as a beneficiary of infrastructure demand.
SGX:BS6.SI:UMS Holdings
SGX:BS6.SI:UMS Holdings is benefiting from demand in semiconductor automation and AI-related hardware services.
SGX:STI.SI:Straits Times Index (STI)
SGX:STI.SI:Straits Times Index posted its best July in over a decade, logging 16 wins in 17 sessions, fueled by strong foreign inflows and valuation appeal.
✈️ Thai Air Returns, Keppel Gains Momentum & UHREIT Expands—Asia’s Capital Market Revival in Full Swing
TH:THAI:Thai Airways International
TH:THAI:Thai Airways resumes trading in Bangkok after a five-year suspension, marking its emergence from a US$12 billion debt restructuring. The national carrier posted a fourfold surge in Q1 profit on rising travel demand and sold new shares to raise capital. The company also saw strong bookings to Europe, Australia, and India and converted THB 53 billion of debt into equity.
SGX:ODBU.SI:United Hampshire US REIT (UHREIT)
SGX:ODBU.SI:UHREIT has acquired Dover Marketplace in Pennsylvania for US$16.4 million—4.8% below its independent valuation. The freehold property, anchored by The GIANT Company, is 96.1% occupied and has a 9.7-year WALE. The deal was funded through proceeds from a prior divestment, and UHREIT expects a 2% DPU uplift.
SGX:BN4.SI:Keppel Corporation
SGX:BN4.SI:Keppel posted 1HFY2025 earnings of $431 million, up 25% y-o-y, driven by infrastructure and real estate. ROE improved to 15.4%, and the company divested $915 million in assets with another $500 million due by year-end. With $91 billion in FUM and $25 billion in dry powder, Keppel is transitioning from a conglomerate to an asset manager–operator hybrid. Analysts from UOB Kay Hian and PhillipCapital maintained “buy” calls, raising their target prices to $9.51 and $10.50 respectively.
🏨 Singapore Hospitality REITs Face Mixed Fortunes Amid Global Travel Trends
SGX:HMN.SI:CapitaLand Ascott Trust (CLAS)
SGX:HMN.SI:CLAS delivered a stable H1FY2025 performance with revenue rising 3% y-o-y to S$398.5 million and gross profit up 6% to S$182.5 million. Core distribution increased 1% to S$91.6 million, though DPS dipped slightly to 2.53 cents. CLAS completed S$500 million in divestments at up to 55% premium to book value and redeployed into S$530 million worth of assets in Japan, the US, and lyf Funan Singapore. AEIs and redevelopment at Somerset Clarke Quay are ongoing.
SGX:Q5T.SI:Far East Hospitality Trust (FEHT)
SGX:Q5T.SI:FEHT reported weaker results for H1FY2025, with gross revenue down 4.2% y-o-y to S$51.6 million and NPI dropping 7.7% to S$45.6 million. DPS fell 8.7% to 1.78 cents. The decline was largely due to softer performance from Singapore hotels and serviced residences, partly offset by commercial contributions and its Japan hotel asset. Despite this, the trust maintained healthy financials with 32.8% leverage and 3.1x interest coverage.
SGX:J85.SI:CDL Hospitality Trusts (CDLHT)
SGX:J85.SI:CDLHT posted a subdued H1FY2025, with NPI falling 11.9% y-o-y to S$58.6 million and DPS down 20.2% to 1.98 cents. Weakness in most markets and higher interest costs weighed on performance, though Japan, UK, and Australia showed resilience. UK acquisitions like Hotel Indigo Exeter and living assets Benson Yard and The Castings contributed positively, while Japan’s RevPar rose 13.7%.
SGX:ACV.SI:Frasers Hospitality Trust
SGX:ACV.SI:Frasers Hospitality Trust will report Q3FY2025 business updates on Aug 4.
SGX:XZL.SI:Acrophyte Hospitality Trust
SGX:XZL.SI:Acrophyte Hospitality Trust is scheduled to release its H1FY2025 financial results on Aug 6.
⚡REITs Wobble, Leadership Shuffles, and Australia Powers Ahead with World’s Largest Battery
SGX:ACV.SI:Frasers Hospitality Trust
SGX:ACV.SI:Frasers Hospitality Trust saw RevPAR decline in Q3 FY2025 in Singapore, Australia, and Malaysia—down between 1.2% and 5.6%. Japan outperformed with a 17.6% surge in RevPAR, while the UK registered a slight 0.1% gain. Occupancy in Singapore rose 4 percentage points to 73% despite currency headwinds, while Malaysia stabilised after a post-pandemic spike. Portfolio valuation rose 2.9% y-o-y to S$2 billion with gearing at 34.8%.
SGX:C6L.SI:Singapore Airlines
SGX:C6L.SI:Singapore Airlines recorded one of the highest net institutional outflows from Jul 25 to 31, amid a S$351 million total market-wide outflow during the period.
SGX:Z74.SI:Singtel
SGX:Z74.SI:Singtel was among the top names facing net institutional outflows over the five sessions ending Jul 31.
SGX:O39.SI:OCBC
SGX:O39.SI:OCBC joined the list of financial stocks seeing the highest net institutional selling pressure during the same period.
SGX:U11.SI:UOB
SGX:U11.SI:UOB was part of the top outflow list as institutional investors reduced exposure to large-cap banks.
SGX:D05.SI:DBS Group
SGX:D05.SI:DBS Group also faced institutional net selling, contributing to the financial sector’s leading position in net outflows.
SGX:S08.SI:Singapore Post
SGX:S08.SI:Singapore Post experienced net institutional selling in the Jul 25–31 trading window.
SGX:U96.SI:Sembcorp Industries
SGX:U96.SI:Sembcorp Industries appeared among the top names in institutional outflow, despite a gain of 2.76% during the week.
SGX:C38U.SI:CapitaLand Integrated Commercial Trust
SGX:C38U.SI:CICT also recorded net institutional selling over the five-day trading period.
SGX:J36.SI:Jardine Matheson Holdings
SGX:J36.SI:Jardine Matheson Holdings saw net outflows despite rising 2.39% in share price during the review period.
SGX:BN4.SI:Keppel Corporation
SGX:BN4.SI:Keppel registered outflows even as shares gained, with investors possibly rotating into smaller-cap counters.
SGX:AIY.SI:iFast Corp
SGX:AIY.SI:iFast Corp led institutional inflows among sub-S$4 billion market cap stocks during the period.
SGX:BS6.SI:Yangzijiang Shipbuilding Holdings
SGX:BS6.SI:Yangzijiang Shipbuilding attracted net inflows as institutions shifted focus toward value in industrial plays.
SGX:C09.SI:City Developments Ltd
SGX:C09.SI:City Developments also received strong institutional interest.
SGX:C52.SI:ComfortDelGro Corp
SGX:C52.SI:ComfortDelGro was among small-cap stocks receiving net institutional inflows.
SGX:YF8.SI:Yangzijiang Financial Holding
SGX:YF8.SI:Yangzijiang Financial attracted positive flows amid rotational buying into financials.
SGX:C07.SI:Jardine Cycle & Carriage
SGX:C07.SI:Jardine C&C was also included in the list of stocks receiving institutional inflows.
SGX:V03.SI:Venture Corp
SGX:V03.SI:Venture Corp led inflows into tech, with institutions favoring it during the five-session period.
SGX:H02.SI:Haw Par Corp
SGX:H02.SI:Haw Par saw renewed interest from institutions as part of a broader rotation into mid-cap plays.
SGX:U10.SI:UOB-Kay Hian Holdings
SGX:U10.SI:UOB-Kay Hian joined the ranks of net gainers in institutional flows.
SGX:CC3.SI:StarHub
SGX:CC3.SI:StarHub was among notable small-cap stocks receiving institutional buying.
SGX:T82U.SI:Suntec REIT
SGX:T82U.SI:Suntec REIT attracted positive institutional flows despite general weakness in the REIT sector.
SGX:BUOU.SI:Frasers Logistics & Commercial Trust
SGX:BUOU.SI:FLCT recorded inflows from institutional investors seeking defensive exposure.
SGX:CY6U.SI:CapitaLand India Trust
SGX:CY6U.SI:CapitaLand India Trust also saw some institutional interest despite a small dip in share price.
SGX:E28.SI:Frencken Group
SGX:E28.SI:Frencken Group attracted inflows as part of broader tech sector gains.
SGX:S56.SI:Samudera Shipping Line
SGX:S56.SI:Samudera Shipping benefited from rotation into transport and logistics stocks.
SGX:544.SI:CSE Global
SGX:544.SI:CSE Global saw the highest percentage gain (+3.1%) among institutional inflow counters.
SGX:G13.SI:Genting Singapore
SGX:G13.SI:Genting Singapore appointed Lee Shi Ruh as president and COO, succeeding former COO Tan Hee Teck. Lee also stepped down as CFO, a role now filled by Ang Suat Ching, who retains her position as CFO at Resorts World Sentosa. These leadership changes come amid weaker earnings and follow Tan’s earlier exit as CEO. Executive Chairman Lim Kok Thay continues as acting CEO.
Other:Akaysha Energy (BlackRock-owned)
Akaysha Energy, owned by BlackRock, began operations of Australia’s A$1 billion Waratah Super Battery, expected to become the world’s largest by power output at 850MW. With 350MW already online, the battery will support grid stability amid rising solar usage and coal plant closures. Located north of Sydney, the project spans 14 hectares and marks Australia’s major leap in utility-scale energy storage.
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