🏦 Singapore Banks, Apple & Tariffs, Nanofilm, and More: A Turbocharged Earnings Wrap Across Markets
SGX:D05.SI:DBS Group
DBS Group reported a 1% y-o-y rise in 2QFY2025 net profit to $2.82 billion, slightly beating estimates. However, 1HFY2025 net profit dipped slightly to $5.72 billion versus $5.76 billion last year. Total income rose 5% y-o-y to $11.6 billion.
Net interest income was up 2% y-o-y at $3.65 billion, while net interest margin fell to 2.05% amid Fed rate cuts. Non-interest income jumped 10% to $2.08 billion, led by wealth management, fee income, and treasury sales.
Commercial book fee income hit record highs, surging 17% y-o-y to $2.44 billion in 1H. Markets trading income soared 80% to $781 million. Loans and deposits grew 3% and 5% respectively in constant-currency terms.
Asset quality improved, with NPL ratio falling to 1.0%. CET-1 ratio stood at 17%, and DBS declared 1HFY2025 dividends of $1.50 per share.
SGX:U11.SI:UOB Group
UOB reported 1HFY2025 earnings of $2.8 billion, down 3% y-o-y. For 2QFY2025, earnings fell 6% y-o-y to $1.3 billion due to lower interest rates and softer fee income.
NIM slipped to 1.96% from 2.04% last year and is expected to fall further to 1.85%–1.90% for FY2025. Fee growth is expected to moderate from double-digit to high single-digit.
UOB will pay 85 cents per share in interim dividend, down from 88 cents last year. Shareholders also receive a 50-cent special dividend.
The bank cited cautious guidance ahead and topped up general provisions. It maintains confidence in ASEAN’s long-term prospects post-Citigroup acquisition.
US:AAPL:Apple
Apple scored a major win after Donald Trump announced a 100% tariff on chips, but exempted firms like Apple investing in US production. CEO Tim Cook revealed a $100 billion US investment, including a new manufacturing initiative.
Partners include:
US:GLW:Corning Inc., building a new glass factory in Kentucky.
US:AMAT:Applied Materials
US:TXN:Texas Instruments
This adds to Apple’s total US commitment of $600 billion, with prior plans involving a Houston server facility and Michigan academy. Trump also confirmed new 50% tariffs on India and further levies on global semiconductor products.
SGX:MZH.SI:Nanofilm Technologies
OCBC Investment Research reiterated a “hold” rating on Nanofilm with a revised fair value of 71.5 cents, citing improved investor sentiment following MAS’s EQDP.
Despite past weakness from inflation and supply chain issues, Nanofilm is expanding capacity and launched Sydrogen for hydrogen solutions. It benefits from diversified footprint and lower tariff exposure across Vietnam, India, EU.
Nanofilm saw an inflection in 3QFY2024 results, with optimism that worst is over, though OIR awaits consistent sequential improvement.
SGX:544.SI:CSE Global
CSE Global reported 2QFY2025 new orders of $211.3 million, up 3.8% y-o-y. Excluding forex impact, orders rose 7.8% to $605.2 million for 1H.
Electrification segment brought in $94.8 million, 44.9% of total, fueled by data centre demand. Communications orders hit $72.4 million (+17.6%), with major contracts in advanced network installation. Automation saw $44.1 million.
Total order book as of 1HFY2025 stands at $573.8 million.
SGX:BKM.SI:Beng Kuang Marine
Beng Kuang Marine saw 1HFY2025 net profit plunge 65.8% y-o-y to $2.93 million. Revenue declined 15.2% to $50.8 million, impacted by project delays in Africa and Guyana.
Despite the top-line fall, cost controls led to improved gross margins at 38.23%. The company is positive about offshore service demand and expansion into Latin America. Cash stood at $2.49 million.
SGX:A17U.SI:CapitaLand Ascendas REIT
CapitaLand Ascendas REIT completed the acquisition of 5 Science Park Drive, funded from its $500 million private placement. About $137.1 million was allocated for this acquisition.
The manager will announce separately the data centre purchase at 9 Tai Seng Drive once completed.
SGX:BN4.SI:Keppel
Keppel will receive VND7.13 trillion (~$354 million) from selling a 70% stake in Saigon Sports City, retaining 30%. Net gain from the deal: $114 million. Completion is expected by 4QFY2025.
Partners: HTV Dai Phuoc Co. Ltd and Vinobly Investment Real Estate JSC. The project will feature a sports and lifestyle hub with 3,000 homes.
🔍 Semiconductor Surge & Hospitality Slump: Frencken’s Momentum Builds as Acrophyte Faces Headwinds
SGX:E28.SI:Frencken Group
SGX:E28.SI:Frencken Group has retained a “buy” rating from UOB Kay Hian with an upgraded target price of $2.08 (from $1.40). Analyst John Cheong estimates 2QFY2025 earnings to grow 10% y-o-y to $10 million, underpinned by strength in semiconductor and medical segments.
The company remains “cautiously optimistic”, projecting moderate 1H revenue growth. Semiconductors and medical are set to lead; automotive is expected to lag.
Frencken is seen as resilient amid tariff concerns, with just 9% of revenue from US exports — mostly shipped from Singapore — and tariffs likely passed to customers. The firm is also diversifying across Asia, Europe, and the US, enhancing local-for-local manufacturing.
ASML, a major partner, reported better-than-expected 2QFY2025 revenue of EUR7.7 billion, and net bookings of EUR5.5 billion, boosting market optimism.
US:AMAT:Applied Materials also posted a 7% rise in revenue and 24% jump in net income, reinforcing industry strength through AI-led demand.
Other positive signs include:
Relaxed US chip restrictions benefiting Nvidia
US:TSM:TSMC’s 61% y-o-y profit surge
US:SSNLF:Samsung’s US$16.5 billion chip deal with Tesla
Continued US tariff exemptions on Malaysian semiconductors
Cheong raised the target P/E multiple from 15x to 21x for FY2026, citing Frencken’s diversified manufacturing edge. Share price catalysts include better-than-expected factory utilisation and efficient cost management.
SGX:CY6U.SI:Acrophyte Hospitality Trust
SGX:CY6U.SI:Acrophyte Hospitality Trust posted a 42.2% y-o-y decline in distribution per stapled security (DPS) to 0.432 US cents for 1HFY2025, following the sale of three hotels in 2024.
Gross revenue fell 6.9% y-o-y to US$78.1 million, while gross operating profit dropped 9.9% to US$26.7 million. Net property income slid 14.3% to US$18 million, pressured by higher labour costs and fewer rooms for sale (down 7.3%).
RevPAR rose slightly by 0.7% y-o-y to US$94, driven by a marginal increase in average occupancy to 68%.
Distributable income before retention fell 35.8%, dragged by high interest rates. Including US$278,000 retained for working capital, distributable income fell 42.2% to US$2.5 million.
CEO Lee Jin Yong attributes the softer results to macroeconomic uncertainty and muted US lodging demand. The trust plans to divest non-core assets and reallocate capital towards capex and debt reduction.
DPS is set to be paid on Sept 26, with record date on Aug 15.
💥 Trump’s 100% Chip Tariff Sparks Market Ripples; Apple Soars, Firefly Lifts Off, Rogers Pops on Activist Buzz
US:AAPL:Apple
US:AAPL:Apple surged 5% in regular trading and climbed another 3% after hours, following President Donald Trump’s announcement of a 100% tariff on imported chips—with exemptions for companies building in the U.S. Apple’s pledge to spend an additional $100 billion in the U.S. over four years shields it from the levies. That comes on top of a $500 billion investment plan announced in February.
US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
Stock futures hovered near flat Wednesday night, with:
US:FLY:Firefly Aerospace
US:FLY:Firefly Aerospace priced its IPO above range at $45/share, valuing the rocket maker at $6.3 billion. The IPO raised $868 million, and the stock will begin trading Thursday on the Nasdaq under the ticker “FLY.”
US:ROG:Rogers Corporation
US:ROG:Rogers shares jumped 5% after hours following news that activist investor Starboard Value has taken a more than 9% stake. The Wall Street Journal reports Starboard is pushing for further changes to boost performance amid over 30% YTD losses tied to weak EV demand. Starboard had previously settled with Rogers in 2023 after securing two board seats.
US:INDA:India ETF (representing India exposure)
President Trump imposed an additional 25% tariff on India, bringing total U.S. levies to 50%, citing continued Indian imports of Russian oil. This follows his broader strategy to penalize nations not aligned with U.S. efforts to push a Ukraine peace deal by September.
Upcoming Catalysts
Traders await:
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US weekly jobless claims
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2Q productivity & labor cost data
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Earnings from US:LLY:Eli Lilly, US:WBD:Warner Bros. Discovery, US:SQ:Block, and US:PINS:Pinterest on Thursday.
Market watchers also note declining volatility, with major indexes showing lowest one-month realized volatility since mid-2024, according to LPL Financial.
📉 Stake Sales, Profit Warnings, and IPO Booms: Hong Kong Market Movers You Need to Know
HK:1357.HK:MEITU
HK:1357.HK:MEITU’s major shareholder Cai Wensheng sold 3 million shares on August 1 at an average price of HK$12.1067, netting HK$36.32 million. His stake decreased from 12% to 11.94%, based on Stock Exchange disclosures.
HK:0388.HK:HKEX
HK:0388.HK:HKEX reported 53 new listings in the first seven months of 2025, marking a 33% y-o-y increase. IPO fundraising soared over 6.1x y-o-y to HK$127.9 billion, bringing total funds raised YTD to HK$331.8 billion. Market capitalization reached HK$44.9 trillion by end-July.
HK:9911.HK:NEWBORNTOWN
HK:9911.HK:NEWBORNTOWN issued a profit alert, forecasting a 108.9%–126.7% y-o-y increase in interim net profit based on preliminary unaudited figures for 1HFY2025.
Currency Update: HKD
The Hong Kong Dollar (HKD) hit the weak-side convertibility undertaking at 7.85 per USD, prompting HKMA to buy HKD8.439 billion (selling USD1.075 billion). The Aggregate Balance will fall to HKD64.062 billion on August 8.
HK:0688.HK:CHINA OVERSEAS
HK:0688.HK:CHINA OVERSEAS posted July 2025 contracted property sales of RMB11.85 billion, down 10.2% y-o-y, despite a 20.8% y-o-y rise in sales area to 660,200 sqm. Cumulative Jan–Jul sales reached RMB123.74 billion.
HK:0000.HK:CH OVS G OCEANS (symbol not given — assuming placeholder)
CH OVS G OCEANS reported an 8.6% y-o-y drop in contracted sales for July 2025.
HK:3690.HK:MEITUAN-W
HK:3690.HK:MEITUAN-W rolled out a new subsidy program for SMEs, allowing each merchant to claim up to RMB50,000.
HK:0700.HK:TENCENT & HK:9992.HK:POP MART
The Hang Seng Index closed up 8 points, buoyed by HK:0700.HK:TENCENT, which hit a 4-year high, and HK:9992.HK:POP MART, which rallied ~8%.
ETF Watch
XI2CSOPCOIN-U led ETF gains, surging 9.3%, topping the performance chart for the day.
📊 Hong Kong Wrap: HSI Inches Up, BYD Electronic Surges, AI Glasses Buzz, Xiaomi Ranks #2 in Europe
HK:3115.HK:Hangseng Index
HK:8000.HK:HSTI Index
HK:3115.HK:HSI closed at 24,910, up 8 points, while HK:8000.HK:HSTI rose 11 points to 5,532. Market turnover increased. Key gainers included:
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HK:0285.HK:BYD Electronic, up 6%+
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New highs from HK:0700.HK:TENCENT, HK:6618.HK:JD HEALTH, HK:2689.HK:ND PAPER, HK:317.HK:COMEC, and HK:1302.HK:LIFETECH SCI
HK:6981.HK:INNOSCIENCE
Jefferies initiated coverage on HK:6981.HK:INNOSCIENCE with a “Buy” rating and a target price of HKD54.34.
HK:1810.HK:XIAOMI
Xiaomi’s President Lu Weibing announced that its smartphone market share rose to 2nd in Europe in 2Q2025. The company emphasized premiumization as a core strategy.
HK:2013.HK:WEIMOB INC
HK:3690.HK:MEITUAN-W
HK:2013.HK:WEIMOB INC enabled the group-buying coupon reimbursement function for HK:3690.HK:MEITUAN-W, strengthening merchant services.
HK:0200.HK:SenseTime
HK:1810.HK:XIAOMI
HK:0200.HK:SenseTime and HK:1810.HK:XIAOMI announced a collaboration on AI-powered smart glasses, targeting breakthroughs in product intelligence.
HK:9992.HK:POP MART
Morgan Stanley believes HK:9992.HK:POP MART’s platform value may be undervalued, citing strong potential from new IPs in the US, Europe, Japan, and Southeast Asia.
HK:0017.HK:NWD (New World Development)
Footfall at K11 MUSEA, operated by HK:0017.HK:NWD, rose 30% in July compared to the YTD monthly average, indicating strong consumer traffic rebound.
HK:0941.HK:CHINA MOBILE
BOCI expects HK:0941.HK:CHINA MOBILE’s acquisition to support market integration, reiterating a target price of HKD88.30.
US:YUMC:Yum China
BOCI maintained a “Buy” rating on US:YUMC:Yum China with a target price of $428, noting 2Q results were in line with expectations.
HK:0968.HK:XINYI SOLAR
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Jefferies cut target price to HKD4.59, maintained Buy rating.
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CLSA set TP at HKD4.10, expecting benefit from supply-side reform.
HK:9987.HK:YUM CHINA
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CMBI raised TP to HKD437.04, keeping a Buy rating.
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BOCI also affirmed its Buy call earlier with TP at HKD428, post in-line 2Q results.
HK:0788.HK:CHINA TOWER
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CMBI maintained Hold rating, noting interim results in line.
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BOCI lowered TP to HKD12.73, but reiterated a Buy stance.
HK:0293.HK:CATHAY PACIFIC AIRWAYS
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Morgan Stanley flagged 1H results missed forecasts due to lower-than-expected passenger yield.
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Cathay reported 1H net profit of HKD3.651B, up 1.1% y-o-y, and kept interim dividend at 20 cents.
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The stock dropped ~7% post-results despite announcing a purchase of 14 Boeing 777-9 aircraft.
HK:0762.HK:CHINA UNICOM
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Brokers expect interim net profit to rise over 5%.
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Focus remains on capex and dividend guidance.
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Latest ratings and TPs were compiled and published.
HK:0941.HK:CHINA MOBILE
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Brokers forecast 3.8% increase in interim net profit, with market eyes on ARPU, capex, and dividends.
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Latest ratings and TPs were released, and BOCI maintained its TP of HKD88.30.
HK:0686.HK:CHINA SHENHUA
HK:0868.HK:XINYI GLASS
HK:0002.HK:CLP HOLDINGS
HK:0267.HK:COWELL
HK:0005.HK:HSBC Holdings / Oil Sector
HK:0101.HK:HK&S HOTELS
HKEX:ETF Spotlight
Macro: Trans-Pacific Shipping
Weather Alert
Macro Insight: AI & Jobs
HK:0941.HK:CHINA MOBILE
CLSA reiterated CHINA MOBILE as its top pick among Chinese telecoms, citing cost control as key to supporting earnings and dividends.
HK:1913.HK:PRADA
Citi cut its target price on PRADA to HKD45.5 and maintained a Neutral rating.
HK:9987.HK:YUM CHINA
A flurry of analyst updates followed YUM CHINA’s earnings:
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Daiwa rated it Buy, citing strong execution driving operating profit.
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Citi noted possible cash return cuts in 2027.
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Goldman Sachs, Nomura, Morgan Stanley, UBS, and CLSA all maintained Buy/Overweight/Outperform ratings with TPs ranging from USD56 to HKD447.
Despite this, YUM CHINA opened down over 6%, even as 1H net profit rose 1.6%.
HK:0285.HK:BYD ELECTRONIC
BYD ELECTRONIC surged 9.5% following reports that Apple may release the iPhone 17 on September 9, likely benefiting key suppliers.
HK:2400.HK:XD INC
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Citi raised TP to HKD73 with Neutral rating.
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HTSC raised TP to HKD81.69 with Buy, citing strong result expectations.
HK:0665.HK:TECHTRONIC INDUSTRIES
Citi reiterated its Buy rating and lifted TP to HKD125.
HK:0283.HK:COWELL
JPMorgan initiated coverage on COWELL with Overweight, optimistic on Apple supply chain upgrades.
HK:1336.HK:NEW CHINA LIFE (CPIC)
UBS raised TP to HKD37 and forecasted a 2Q net profit rebound.
HK:6690.HK:ANGELALIGN
ANGELALIGN jumped ~20% early on expected 500%+ surge in 1H net profit.
UBS maintained Buy, raised TP to HKD82.
HK:0700.HK:TENCENT
Goldman Sachs raised TP on TENCENT to HKD658, though warned that Chinese tech firms may see 2Q profit drop ~10% due to subsidy wars in e-commerce and instant retail.
HK:3988.HK:CHINA BANKS
Goldman Sachs forecasted an earnings inflection point for the sector, raising TPs and profit outlook, with China Merchants Bank (CM BANK) as its top preference.
HK:0005.HK:HSBC HOLDINGS
HSBC repurchased ~4.24 million shares on August 5, totaling HKD410 million.
Global Macro / Politics
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Russia is reportedly considering a concession to the U.S. with a proposed air truce, per wire reports.
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Trump warned of 35% tariffs on EU imports if a USD600B investment pledge is unmet.
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Trump also hinted at upcoming tariffs on chips and drugs next week.
HK:TSMC (via Taiwan listing)
TSMC faced controversy after 2nm chip secrets were leaked. Three engineers were detained and held incommunicado.
HK:9988.HK:Alibaba
Alibaba’s Qwen-Image, a text-to-image model, reportedly leads the global open-source AI community.
HK:LI AUTO
CEO Li Xiang said the new Li i8 model received over 30,000 pre-orders, signaling strong demand.
IPO Watch
Atour is reportedly planning a Hong Kong listing to raise hundreds of millions USD.
Other Highlights
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Maxim’s Cakes denied rumors of store closures in MTR stations, reaffirming MTR as a key partner.
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CK Hutchison’s investment TPG plans to return up to AUD3B via share capital reduction.
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OpenAI reportedly plans a share sale at a US$500B valuation.
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Hong Kong’s MPF members earned an average of HKD3.5K in July, with average MPF balances crossing HKD300K for the first time.
Thank you
