📈 Big Deals, New Contracts and Bold Bets: Intel, GRC, KSH, Lum Chang, BRC Asia, Singtel and Pop Mart in Focus
SGX:5UX.SI:GRC
GRC, formerly OKH Global, has secured another contract worth A$36.6 million to build a three-storey housing project in Balaclava, Victoria. The 16-month development adds to its $242.7 million Housing & Development Board contract won in July. Separately, GRC’s subsidiary CES Precast signed a 12-year lease with Jurong Port to expand precast capacity, potentially stretching to 2050, with initial rental costs of $247,000 a month.
SGX:ER0.SI:KSH Holdings
KSH Holdings announced its order book has climbed to $315 million after winning a new project, up from $230 million reported in March. The firm is also bidding for several tenders to boost growth. Despite a FY2025 net loss of $5.9 million from investment property fair value adjustments and JV contributions, KSH maintains a strong property development pipeline with over $162 million in unrecognised attributable revenue. The group also raised $8.67 million via treasury share placement.
SGX:L19.SI:Lum Chang Holdings
Lum Chang Holdings has formed a joint venture with L&K Engineering Co. (Singapore Branch), a subsidiary of Taiwan-listed L&K Engineering, to undertake civil, structural and architectural works in northern Singapore. Lum Chang holds a 30% stake in the JV while L&K controls 70%.
US:INTC:Intel Corp
Intel Corp will issue 433.3 million shares, giving the U.S. government a 9.9% stake valued at US$8.9 billion, funded through the Chips and Science Act and Secure Enclave program. This brings total federal support to US$11.1 billion. Intel CEO Lip-Bu Tan welcomed the investment, calling it critical to advancing U.S. chip manufacturing. The deal comes with a five-year warrant and follows Trump’s push for greater returns on taxpayer subsidies. Intel shares closed at US$24.80, up 5.5%, before easing slightly post-market.
SGX:BEC.SI:BRC Asia
BRC Asia posted stronger-than-expected 3QFY2025 earnings, prompting CGS International’s Natalie Ong to raise her target price to $4.30 from $3.40. The steel supplier, with 55–60% domestic market share, reported higher volumes and margins despite a 14% drop in selling prices. Its $2 billion order book includes a $570 million Terminal 5 contract. BRC recently completed phase one of acquiring Southern Steel Mesh, which analysts view as a strategic growth move. PhillipCapital also raised its target to $4.10, keeping an “accumulate” call.
SGX:Z74.SI:Singapore Telecommunications (Singtel)
DBS analyst Sachin Mittal raised Singtel’s target price to $5.04, citing improving associate valuations and renewed growth prospects from Singapore’s mobile market consolidation. He values associates such as Bharti Airtel, AIS, Telkomsel and Globe at $4.10 per share, up from $3.66, while maintaining Singtel’s core business at 94 cents per share. Mittal highlighted Singtel’s active capital management and growing ventures in data centres and GPU-as-a-service as key drivers.
SGX:S08.SI:Singapore Post (SingPost)
Singapore Post reported a steep 60% year-on-year drop in Q1 operating profit to S$3.4 million, with revenue down 23.8% to S$162.3 million, weighed by weaker international deliveries and the sale of its Australian logistics arm Freight Management Holdings. SingPost also divested its freight-forwarding unit Famous Holdings for S$177.9 million and sold 10 HDB shophouses for S$55.5 million. Property income from SingPost Centre remained stable, while overall occupancy rose to 97.8%. The group, still without a CEO after Vincent Phang’s exit, said divestments will help it focus on postal, logistics, and property businesses.
SGX:C76.SI:Creative Technology
Creative Technology narrowed its six-month net loss to US$4.4 million from US$6.8 million a year earlier, aided by cost savings from layoffs. Revenue fell 3% to US$30.1 million, though annual revenue rose 7% to US$67.4 million, largely from its audio business. Restructuring reduced expenses and headcount, helping Creative improve margins. The company warned that US tariffs on chips could hurt consumer demand, but said it is now “leaner and better positioned” for FY2026. Executive chairman Tan Jok Tin is serving as interim CEO after Freddy Sim stepped down in July.
HK:9992.HK:Pop Mart International Group
Pop Mart, maker of Labubu dolls, is tipped to join the HK:3115.HK:Hang Seng Index in the upcoming quarterly review, analysts say. Its market cap has tripled this year, making it a strong candidate alongside health-care stocks like HK:2367.HK:Giant Biogene Holding Co. Other potential inclusions named by analysts include HK:3888.HK:Kingsoft Corp, HK:728.HK:China Telecom Corp, HK:2618.HK:JD Logistics Inc, and HK:1919.HK:Cosco Shipping Holdings Co. The review could expand the index beyond its current 85 members.
US:INTC:Intel
Intel shares slipped 1.2% in extended trading after President Donald Trump confirmed the U.S. government would buy a 9.9% stake worth US$8.9 billion at US$20.47 per share, funded through Chips Act grants and the Secure Enclave program. Trump is also set to meet CEO Tan Lip-Bu following earlier tensions over his China ties. The intervention follows SoftBank’s US$2 billion stake earlier in the week. Analysts cautioned that Intel’s challenges extend beyond funding, pointing to its need to catch up with TSMC technologically. Federal backing could ease pressure on Intel’s foundry expansion, but profitability hurdles remain.
Powell Signals September Cut, But Fed Divisions Cloud the Path Ahead
Federal Reserve Chair Jerome Powell opened the door to an interest-rate cut in September, citing rising risks to the labour market even as inflation pressures linger. His remarks at the Fed’s annual Jackson Hole gathering boosted expectations of a move at the Sept. 16–17 policy meeting — but beyond that, divisions among policymakers remain stark.
What Lies Ahead
Powell’s term ends in May, leaving him the task of brokering consensus within a divided Fed. Projections released in June showed most officials expected at least two cuts this year, though a sizable minority foresaw one or none.
Joe Brusuelas, chief economist at RSM US, cautioned that investors should not underestimate the tension between the Fed’s dual mandate. A modest rebound in hiring alongside sticky inflation, he said, would likely result in a “one-and-done scenario.”
📈 Wall Street Soars on Powell’s Rate-Cut Signal; Apple, Alphabet Surge on AI Deal Talk
US:DGT:Dow Jones Industrial Average
The Dow rallied 846 points, or 1.89%, to close at a record 45,631.74 after Fed Chair Jerome Powell signaled potential rate cuts.
SGX:S27.SI:S&P 500
The S&P 500 gained 1.52% to finish at 6,466.91, coming within three points of its record high.
US:QQQ:Nasdaq Composite
The Nasdaq Composite rose 1.88% to end at 21,496.53, lifted by a broad rebound in technology stocks.
US:NVDA:Nvidia
Nvidia shares gained 1.7% in Friday’s rally.
US:META:Meta Platforms
Meta Platforms rose more than 2% following Powell’s remarks.
US:AMZN:Amazon
Amazon advanced over 3% as megacap tech rebounded sharply.
US:TSLA:Tesla
Tesla surged about 6% on Friday, leading the megacap space higher.
US:AAPL:Apple
Apple rose 1.7% Friday after a Bloomberg report said it is in talks with Alphabet to integrate Google’s Gemini AI into Siri as part of a major overhaul.
US:GOOGL:Alphabet
Alphabet shares climbed more than 3.5% on the same report that Apple approached the company to potentially build a custom AI model for Siri.
US:INTC:Intel
Commerce Secretary Howard Lutnick confirmed the U.S. government has taken a 10% stake in Intel. President Donald Trump and CEO Lip-Bu Tan are set to meet, following Intel’s earlier announcement that SoftBank will invest $2 billion in the chipmaker.
US:ETHZ:ETHZilla Corp
ETHZilla shares tumbled more than 30% after announcing a resale of up to 74.8 million shares. The Peter Thiel-backed ether treasury stock had spiked earlier this week on its rebranding from 180 Life Sciences.
US:LYV:Live Nation Entertainment
Live Nation hit fresh all-time highs dating back to its IPO in 2005.
US:HIG:Hartford Financial
Hartford Financial also reached new all-time highs since its 1995 IPO.
US:L:Loews
Loews stock climbed to record highs, extending a run dating back to 1972.
US:MA:MasterCard
MasterCard hit record levels, the highest since its IPO in 2006.
US:TRV:Travelers
Travelers touched fresh highs dating back to its 2002 spin-off from Citi.
US:DGX:Quest Diagnostics
Quest Diagnostics reached an all-time high since its spin-off from Corning in 1996.
US:NOC:Northrop Grumman
Northrop Grumman hit new highs since its 1994 merger of Northrop Aircraft and Grumman Aerospace.
US:ADI:Analog Devices
Analog Devices achieved record highs, extending gains dating back to 1972.
US:ATO:Atmos Energy
Atmos Energy touched new all-time highs since its 1983 spin-off from Pioneer Corp.
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Malaysia Corporate Earnings Roundup: Winners and Strugglers in 2Q2025
KL:ANCOMNY:Ancom Nylex Bhd
Ancom Nylex Bhd and unit Rhodemark Development, which owns 42.41% of Nylex (Malaysia) Bhd, had their bid to take full control through a selective capital reduction and repayment exercise rejected by shareholders. — Nylex shareholders reject major shareholder’s cash-out offer amid e-ART project bid
KL:APM:APM Automotive Holdings Bhd
APM Automotive’s 2QFY2025 net profit rose 14.9% y-o-y to RM11.25 million, lifted by domestic and export sales, while revenue climbed 8.58% to RM492.59 million. The group declared a seven sen interim dividend. — APM Automotive cites ongoing uncertainties as it trims dividend, despite 2Q profit rise
KL:CBHB:CBH Engineering Holding Bhd
CBH Engineering secured a RM52.8 million contract from a private firm to build an electrical supply system for a 132kV landing station for a proposed Selangor data centre. — CBH Engineering bags RM52.8m contract for data centre power infrastructure in Selangor
KL:COMFORT:Comfort Gloves Bhd
Comfort Gloves widened its 2QFY2025 net loss to RM54.84 million from RM6.63 million, hit by forex losses, fixed asset write-offs, and reduced deferred tax credits, despite a 5% rise in revenue to RM80.36 million. — Comfort Gloves flags intensifying margin pressure as it logs weakest quarterly profit
KL:D&O:D&O Green Technologies Bhd
D&O Green Technologies saw 2QFY2025 net profit plunge 91.1% y-o-y to RM689,000 on weaker orders and margins. Revenue dropped 8% to RM244.25 million. — D&O’s management eyes second-half rebound after 2Q profit sinks 91%
KL:FEYTECH:Feytech Holdings Bhd
Feytech’s 2QFY2025 net profit fell 82% y-o-y to RM3.02 million on weaker auto sector demand. Revenue tumbled 43% to RM31.86 million. — Feytech warns market conditions may stay tough after 82% drop in 2Q net profit
KL:GREATEC:Greatech Technology Bhd
Greatech’s 2QFY2025 net profit dropped 46.4% y-o-y to RM25.93 million, dragged by forex losses, though revenue rose 13% to RM232.73 million on stronger e-mobility and semiconductor automation demand. — Greatech’s 2Q net profit falls 46% as stronger ringgit offsets revenue gains
KL:IDEAL:Ideal Capital Bhd
Ideal Capital’s 2QFY2025 net profit slipped 14% y-o-y to RM24.6 million despite a 38% revenue jump to RM235.1 million. Tan Sri Ooi Kee Liang stepped down as executive chairman after eight years. — Ideal Capital’s 2Q profit slips as cost accelerates; Ooi Kee Liang steps down as chairman
KL:IJM:IJM Corp Bhd
IJM’s unit New Pantai Expressway signed a supplementary concession with the government for the RM1.40 billion, 15km NPE extension and toll restructuring, with no toll hikes until concession expiry. — IJM signs supplementary concession for NPE extension worth RM1.4b
KL:KOSSAN:Kossan Rubber Industries Bhd
Kossan’s 2QFY2025 net profit was flat at RM31.1 million despite a gas pipeline explosion halting production. Revenue slid 11% y-o-y to RM382.2 million. — Kossan’s 2Q earnings flat, topline hit due to gas supply disruption
KL:L&G:Land & General Bhd
Land & General’s 1QFY2026 net profit more than doubled y-o-y to RM11.40 million, with revenue surging 160% to RM98.56 million on stronger property and education contributions. — Land & General’s 1Q net profit more than doubles on stronger property, education earnings
KL:M&A:M&A Equity Holdings Bhd
M&A Equity’s 4QFY2025 net profit grew 22% y-o-y to RM7.66 million, while revenue edged up 1.5% to RM13.06 million. — M&A Equity ends FY2025 on weak note despite 4Q gain
KL:MHB:Malaysia Marine and Heavy Engineering Holdings Bhd
MHB’s 2QFY2025 net profit plunged 86.4% y-o-y to RM10.06 million, as revenue halved to RM431.57 million due to a sharp decline in its heavy engineering segment. — MHB warns of rising project costs and delays as 2Q net profit falls 86%
KL:MUIPROP:MUI Properties Bhd
MUI Properties declared an eight sen special dividend totaling RM59.27 million after selling Negeri Sembilan land to Gamuda Bhd. — MUI Properties declares eight sen special dividend on Negeri Sembilan land sale
KL:PEKAT:Pekat Group Bhd
Pekat’s 2QFY2025 net profit surged 137.6% y-o-y to RM11.02 million, with revenue more than doubling to RM126.99 million. A one sen interim dividend was declared. — Pekat Group’s 2Q net profit soars 138%, declares one sen dividend
KL:SIMEPROP:Sime Darby Property Bhd
Sime Darby Property is in talks with authorities on sales and service tax expansion that has raised developer costs, while reaffirming its RM3.6 billion sales target for 2025. — Sime Darby Property in talks with govt on tax on construction services
KL:SKYWLD:SkyWorld Development Bhd
SkyWorld’s 1QFY2026 net profit fell 71.5% y-o-y to RM2.85 million as revenue declined 24.5% to RM74.6 million. — SkyWorld touts strong outlook with new launches despite 1Q profit drop
KL:SPTOTO:Sports Toto Bhd
Sports Toto’s 4QFY2025 net profit dropped 40.3% y-o-y to RM40.35 million, while revenue eased 1.3% to RM1.63 billion, hit by weaker UK car dealership sales. A two sen interim dividend was declared. — Sports Toto’s 4Q net profit down 40% on weaker UK auto sales, higher investment costs
KL:SWSCAP:SWS Capital Bhd
SWS Capital will exit the furniture business to focus on plastic wares amid pressures from global conflicts and US tariffs. — SWS Capital exits furniture business as Trump tariffs weigh on export sales
KL:VELESTO:Velesto Energy Bhd
Velesto’s 2QFY2025 net profit dropped nearly 20% y-o-y to RM50.44 million as revenue halved to RM199.9 million, but most rigs are now chartered. — Velesto net profit drops 20% in 2Q on lower utilisation; all but one rig now have jobs
KL:ZETRIX:Zetrix AI Bhd
Zetrix AI’s 2QFY2025 net profit rose 20% y-o-y to RM199.15 million on stronger Web3 fees and Zetrix token sales. Revenue grew 27% to RM307.9 million. A 0.25 sen dividend was declared. — Zetrix AI posts record 2Q earnings on blockchain services, declares 0.25 sen dividend
HK:09992.HK:POP MART
Hang Seng Indexes Company announced POP MART will join both the HSCEI and the HSI blue chip list. The figurine maker becomes a constituent of the Hang Seng China Enterprises Index while also entering the Hang Seng Index alongside CHINA TELECOM and JD LOGISTICS.
HK:01519.HK:J&T EXPRESS-W
J&T EXPRESS-W has been removed from the HSCEI as part of the same review, keeping the total number of constituents unchanged at 50.
HK:00728.HK:CHINA TELECOM
CHINA TELECOM is set to join the Hang Seng Index, reinforcing its role as one of three new blue chips added this quarter.
HK:02618.HK:JD LOGISTICS
JD LOGISTICS was also selected as a new Hang Seng Index constituent, highlighting the strength of the logistics sector in the review outcome.
HK:01114.HK:BRILLIANCE CHI
BRILLIANCE CHI reported interim net profit of RMB1.701 billion, up 15.5% year on year. Turnover rose 8.4% to RMB562 million. An interim dividend of HK$0.8 per share was declared, a payout not seen in the same period last year.
HK:00604.HK:SHENZHEN INVEST
SHENZHEN INVEST warned it expects an interim loss of up to HKD2.7 billion after booking an impairment loss tied to its interest in ROAD KING INFRA.
HK:01098.HK:ROAD KING INFRA
ROAD KING INFRA was identified as the asset linked to SHENZHEN INVEST’s impairment loss that triggered the warning of heavy interim losses.
HK:00700.HK:TENCENT
TENCENT repurchased 917,000 shares for HK$550 million at prices between HK$596 and HK$606 per share. Since its May 2025 mandate, the company has bought back 42.112 million shares, equivalent to 0.458% of its issued share capital.
HK:01024.HK:KUAISHOU-W
CMBI raised KUAISHOU-W’s target price to HKD84 after its 2Q earnings beat, while Daiwa hiked its target further to HKD85. Analysts cite stronger-than-expected results as the driver of optimism.
HK:00916.HK:CHINA LONGYUAN
DBS trimmed CHINA LONGYUAN’s target price to HKD7.1, maintaining a Hold rating, reflecting cautious sentiment on the renewables major.
HK:03606.HK:FUYAO GLASS
CMSI reaffirmed FUYAO GLASS as its industry top pick, lifting its target price to HKD86, citing solid fundamentals and sector leadership.
HK:02018.HK:AAC TECH
JPM raised AAC TECH’s target price to HKD65, pointing to management’s positive outlook for second-half gross margins.
US:BIDU:Baidu Inc.
Daiwa cut BIDU-SW’s target price to HKD92, keeping an Outperform rating, but flagged likely misses in second-half advertising revenue.
HK:00836.HK:CHINA RES POWER
Citi slashed CHINA RES POWER’s net profit forecast for 2025–27 by 4–10% and cut its target price to HKD21.5, reflecting weaker near-term outlook.
HK:01415.HK:COWELL
CLSA lowered COWELL’s target price to HKD37.5, though kept an Outperform rating, while Citi boosted its target to HKD42 with a Buy rating.
HK:09868.HK:XPENG-W
HSBC Research raised XPENG-W’s target price to HKD115, projecting a turnaround in the fourth quarter on improving fundamentals.
HK:03888.HK:KINGSOFT
BOCOMI reduced KINGSOFT’s target to HKD42 but maintained a Buy call, while CLSA trimmed its target further to HKD37.8, warning of pressure across business segments.
HK:09992.HK:POP MART
Macquarie raised POP MART’s target price to HKD400, highlighting further growth potential in the Americas and Europe despite recent index rebalancing news.
HK:01024.HK:KUAISHOU-W
Morgan Stanley lifted KUAISHOU-W’s target price to HKD76 with an Equal-weight rating, while Macquarie also raised forecasts after strong 2Q performance. Shares added about 1% in morning trade as adjusted profit beat expectations and a special dividend was announced.
US:TSM:Taiwan Semiconductor Manufacturing Co.
Nvidia CEO Jensen Huang called buying TSMC stock a “very good investment,” underscoring the chipmaker’s importance to the global semiconductor supply chain.
HK:02359.HK:LI NING
LI NING clarified its interim dividend distribution date and said it maintains a cautious 2H25 market outlook, targeting flat full-year revenue. The stock rallied ~8% after Morgan Stanley noted 1H25 core operating profit beat estimates.
HK:01093.HK:CSPC PHARMA
CSPC Pharma’s interim net profit dropped 15.6% to RMB2.55 billion, with interim dividend per share cut to HKD0.14. Shares slipped as investors reacted to weaker earnings.
HK:01813.HK:LAOPU GOLD
Nomura raised LAOPU GOLD’s target price to USD1,160 on expectations of stronger 2H25 sales, while Citi lifted its target to HKD1,119 citing store expansion plans.
HK:01299.HK:AIA
Bank of America Securities cut AIA’s target price to USD90 but kept a Buy rating, while CICC raised its target to USD83 after in-line first-half results.
HK:00023.HK:BANK OF E ASIA
Goldman Sachs raised Bank of East Asia’s target price to USD11.8 but retained a Sell rating, citing limited upside despite earnings forecast adjustments.
HK:0338.HK:SHANGHAI PECHEM
UBS lowered SHANGHAI PECHEM’s target to HKD1.89 but kept a Buy call.
HK:0386.HK:SINOPEC CORP
UBS also trimmed SINOPEC’s target price to HKD5.2 while maintaining Buy, with sector consensus predicting oil price declines in 2H25.
HK:01810.HK:XIAOMI-W
CCBI raised XIAOMI-W’s target to HKD69 after in-line 2Q results, while BOCOMI trimmed its target to USD60. Guotai Haitong Securities lifted the target further to HKD77.5 with an Overweight rating.
HK:02018.HK:AAC TECH
Goldman Sachs lifted AAC TECH’s target price to HKD63.6 and JPM previously to HKD65, pointing to improved 2H gross margin outlook.
HK:00291.HK:CHINA RES BEER
CCBI raised CHINA RES BEER’s target to HKD35.1 and DBS to HKD38, both maintaining Buy ratings after 1H25 core profit came in slightly ahead of expectations.
HK:0388.HK:HKEX
HTSC elevated HKEX’s target to HKD542 with a Buy rating, citing stronger trading momentum.
HK:09992.HK:POP MART
CCBI lifted POP MART’s target price to HKD374, DBS raised to HKD368, and BOCOMI went higher at HKD394, all reiterating Buy calls. Macquarie also sees further upside, hiking its global TP to HKD400 on growth prospects in the Americas and Europe.
HK:09868.HK:XPENG-W
XPENG-W jumped more than 9% at open, boosted by Chairman He Xiaopeng’s purchase of 3.1 million Class A shares. HSBC previously lifted its target to HKD115 expecting a turnaround in 4Q.
HK:09626.HK:BILIBILI-W
BILIBILI-W opened 5% lower after Nomura said 2H25 online game revenue guidance fell short.
US:NVDA:Nvidia
Nvidia confirmed it is in talks with the White House about developing new chips for China and managing supply chain disruptions after halting H20 chip production.
HK:01347.HK:HUA HONG SEMI
HUA HONG SEMI surged about 8% after reports of Nvidia’s production halt stirred demand speculation for local chip foundries.
HK:09618.HK:JD-SW
Haitong International kept an Outperform rating on JD-SW with TP HKD167, though it expects losses from new businesses to expand this quarter.
HK:00916.HK:OOIL
OOIL said additional port fees imposed by the US on Chinese carriers are having a greater impact, adding to cost headwinds for shipping companies.
HK:09896.HK:MNSO
MNSO spiked more than 14% on news of an increased interim dividend payout, with its trendy toy brand TOP TOY now valued at HKD10 billion following Temasek-led financing.
US:BIDU:Baidu Inc.
Baidu upgraded its MuseSteamer video model with pricing set at 70% of sector levels, aiming to strengthen competitiveness in streaming AI tools.
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