CGS International Securities Singapore Pte. Ltd.
Date of Report: August 19, 2025
Southeast Asia Market Insights: Valuemax Group Leads Bullish Charge While Horizon Robotics Eyes ADAS Chip Dominance

Market Overview: Asian Equities Rally Amid Easing US-China Trade Tensions

Asian equity markets are experiencing a robust resurgence, with Shanghai-listed stocks reaching their highest closing levels in a decade. The Shanghai Stock Exchange Composite Index climbed 0.9% to close at 3,728, marking its strongest finish since August 2015 and representing a 20% rebound since an April selloff triggered by US tariffs. The extension of a tariff truce by the US has injected optimism into the market, spurring cash-rich local investors to rotate out of bonds into equities. Notably, Chinese onshore stocks have lagged behind their US, Asian, and European counterparts over the past decade, but current momentum—driven by artificial intelligence optimism and supportive government policies—suggests potential for sustained growth.

Company Focus: Valuemax Group Ltd. – Technical Buy Signals and Uptrend Momentum

Valuemax Group Ltd: Strong Bullish Continuation

Valuemax Group Ltd continues to demonstrate exceptional technical strength and resilience. Having achieved a gain of more than 45% and reaching the final target price (TP) of S\$0.800 in previous recommendations, the stock shows no signs of slowing down. The current uptrend, which began in 2016, is supported by expanding trading volumes and robust technical indicators.

Technical Highlights

• Uptrend extension since 2016, supported by steady volume expansion.
• Bullish rebound above S\$0.745; resistance turned support, indicating strong bull resilience.
• Price action closed above the 9-period conversion line of the Ichimoku indicator.
• Trading above all Ichimoku indicators confirms bullish momentum.
• MACD and signal lines have surged above the zero line; positive histogram.
• Stochastic Oscillator continues to rise, indicating strengthening momentum.
• 23-period Rate of Change (ROC) rebounded strongly above zero.
• Directional Movement Index confirms robust bullish strength.
• Volume surged above the 20-period average, indicating sustained bullish strength.

Valuemax Group remains a top technical buy, with multiple entry points and a series of target prices up to S\$1.20, supported by strong volume and bullish indicators.

Company Focus: Horizon Robotics – Emerging Leader in China’s ADAS Chip Market

Horizon Robotics: Positioned for Market Share Gains Against Global Giants

Horizon Robotics stands at the forefront of China’s intelligent automotive technology sector, particularly in the Advanced Driver-Assistance Systems (ADAS) chip segment. The company is expected to benefit significantly from the rising adoption of intelligent features in China’s auto industry. The development and launch of Horizon’s latest J6 chip series are poised to challenge established players like NVIDIA, positioning Horizon for accelerated market share expansion.

• Designated as a key beneficiary of China’s increasing integration of intelligent auto features.
• The J6 chip series is anticipated to be a game-changer, potentially winning market share from NVIDIA.
• Initiated with an “Add” rating and a target price of HK\$10.6, reflecting confidence in growth trajectory.

Brokerage Ratings Framework: How Stocks Are Evaluated

Sector and Country Ratings

• Sector Overweight: Stocks expected to outperform on a market cap-weighted basis.
• Sector Neutral: Stocks expected to perform in line with the market.
• Sector Underweight: Stocks expected to underperform the market.
• Country Overweight: Investors advised to hold above-benchmark weightings in the country.
• Country Neutral: Investors advised to hold neutral weightings in the country.
• Country Underweight: Investors advised to hold below-benchmark weightings in the country.

Distribution of Ratings (Quarter Ended June 30, 2025)

Jurisdictional Notes and Compliance Disclosures

CGS International Securities operates across multiple regions, with regulatory oversight tailored to each jurisdiction. The report emphasizes strict compliance with local capital market laws, confidentiality, and the requirement that research is intended for professional, institutional, or sophisticated investors only. The firm and its analysts maintain rigorous independence, with clear separation from investment banking incentives and adherence to conflict-of-interest management protocols.

Key Takeaways for Investors and Market Watchers

• Valuemax Group Ltd exhibits a sustained bullish trend, reinforced by technical indicators and rising volumes, offering multiple entry points and ambitious target prices.
• Horizon Robotics is strategically positioned to capture market share in China’s fast-growing ADAS chip space, leveraging its J6 chip series to challenge global incumbents.
• Asian equities are benefitting from improved US-China relations, cash-rich local investors, and optimism in technology-driven growth areas.
• CGS International Securities provides transparent rating frameworks and compliance disclosures to ensure investor confidence and regulatory alignment.

For investors seeking opportunities in Southeast Asia and China, Valuemax Group and Horizon Robotics merit close attention for their technical momentum and sector leadership. Stay tuned for further updates as market dynamics continue to evolve.