🏥 Thomson Medical Soars on Mega Johor Waterfront Healthcare Project

SGX:A50.SI:Thomson Medical Group

Thomson Medical Group shares surged nearly 39% intraday on Aug 26, hitting a 1½-year high of 6.8 cents, before closing up 22.5% at six cents. Trading volume spiked to 200.6 million shares, making it the most heavily traded counter.

The rally came after the group, controlled by billionaire Peter Lim with his son Kiat Lim as executive vice-chairman, unveiled plans for a RM18 billion (S$5.5 billion) waterfront development in Johor Bahru’s Johor-Singapore Special Economic Zone (JS-SEZ).

The “Johor Bay” project, spanning 10.5 hectares, will feature a 500-bed hospital with aged care facilities, a luxury hotel, serviced residences, and a 47-storey residential tower. Strategically located less than 1.2 km from the upcoming RTS Link Bukit Chagar Station, it will serve both Malaysian and Singaporean patients, as well as regional medical tourists.

Construction begins in 2026, with the first phase tied to Thomson Hospital Iskandariah, which will offer oncology, orthopaedics, and O&G services, and has capacity expansion plans to over 1,000 beds.

This expansion underscores Thomson Medical’s ambition to tap regional medical tourism, following its US$381.4 million acquisition of Vietnam’s FV Hospital in 2023. Healthcare is a priority sector for the JS-SEZ, with officials targeting 50 projects and 20,000 skilled jobs in five years.

SGX:S63.SI:ST Engineering

ST Engineering shares plunged 6.3% on Aug 14 despite a strong H1 2025 showing, with net profit up 19.7% to S$402.8 million and revenue rising 7.2% to S$5.92 billion. The order book hit S$31.2 billion with S$9.1 billion in new contracts. Still, lofty valuations – a P/E of 32x and yield below 2% – triggered profit-taking. CGS International raised its target price to S$8.70 but cut its rating to “hold,” while RHB lifted its target to S$9.10. Shares closed at S$7.84, down 12.5% since results.

SGX:U96.SI:Sembcorp Industries

Sembcorp Industries fell 13.9% on Aug 8 after posting a 1.3% earnings dip to S$536 million and an 8.3% revenue decline to S$2.94 billion in H1 2025. Weak gas services dragged results, prompting CGS International and OCBC to slash forecasts and cut price targets to S$8.02. Shares ended at S$6.12, down 21.5% since results, even after trading ex-dividend (S$0.09).

SGX:C6L.SI:Singapore Airlines (SIA)

Singapore Airlines (SIA) tumbled 7.4% on Jul 29 as Q1 FY2026 net profit plunged 58.8% to S$186 million, despite record passenger numbers. Non-fuel costs and weaker yields pressured margins. Maybank trimmed FY2026-FY2028 forecasts by up to 29% and lowered its target price to S$6.75. Shares closed at S$6.63, down 12.8% since results.

SGX:BS6.SI:Yangzijiang Shipbuilding

Yangzijiang Shipbuilding surged 8% on Aug 7 after H1 2025 earnings jumped 36.7% to 4.18 billion yuan, aided by lower steel costs, despite a slight revenue dip to 12.88 billion yuan. CGS International raised forecasts and hiked its target price from S$2.72 to S$3.90. Shares closed at S$2.87, up 9.1% since results.

SGX:BN4.SI:Keppel

Keppel gained 3.6% on Jul 31 after reporting a 24.2% rise in H1 2025 earnings to S$377.7 million, though revenue slipped 5.2% to S$3.06 billion. Its transformation strategy and sale of M1’s telco business for nearly S$1 billion boosted sentiment. CGS raised its target price to S$10.23. Keppel closed at S$8.36, up 2.2% since results.

SGX:D05.SI:DBS Group

DBS Group rose 1.8% on Aug 7 after H1 2025 net profit slipped marginally by 0.3% to S$5.72 billion. Its resilient performance versus peers OCBC and UOB prompted Maybank and Citi to lift price targets beyond S$50. DBS closed at S$50.81, up 4% since results, ex-dividend of S$0.75 per share.

SGX:C09.SI:City Developments (CDL)

City Developments (CDL) jumped 7.1% on Aug 13 after reporting robust property sales, divestments exceeding S$1.5 billion, and a special interim dividend of S$0.03 per share. Shares closed at S$6.79, up 6.9% since results, after trading ex-dividend on Aug 19.

👉 Overall, the earnings season revealed a split picture: high-valuation counters like ST Engineering, SIA, and Sembcorp faced sharp sell-offs, while Yangzijiang, Keppel, DBS, and CDL rewarded investors with gains.

Prudential plc Half Year 2025 Results: Double-Digit Growth, $711M Share Buyback, and First Interim Dividend Up 13% to 7.71¢ Per Share

⚡Global Markets Shake: US Eyes Defense Stakes, Mapletree Expands in Student Housing, Oil Prices Retreat

US:LMT:Lockheed Martin
US:BA:Boeing
US:PLTR:Palantir Technologies

The Trump administration is weighing stakes in major defence contractors including Lockheed Martin, Boeing and Palantir Technologies, according to Commerce Secretary Howard Lutnick. Lockheed Martin shares rose 1.7% after the comments, Boeing gained 2.1% while Palantir climbed 1.7% after reversing an early dip. Lutnick said the government is considering financing munitions acquisitions, highlighting Lockheed’s 97% revenue reliance on US contracts.

US:INTC:Intel
US:X:US Steel
JP:5401:Japan Nippon Steel
US:MP:MP Materials
US:NVDA:Nvidia
US:AMD:Advanced Micro Devices

The White House’s interventionist streak continued after it announced a near-10% stake in Intel, previously secured a “golden share” in US Steel sold to Nippon Steel, took a stake in MP Materials, and brokered deals with Nvidia and AMD to capture 15% of China sales revenues. Trump said more such investments in “healthy” US companies will follow, sparking debate on corporate independence.

SGX:N2IU.SI:Mapletree Investments

Temasek-owned Mapletree Investments has entered Australia’s student housing market with the acquisition of a Perth site from Alceon Group, planning an 835-bed development by 2028. The move expands Mapletree’s global student housing portfolio of 79 assets across the US, UK, Canada and Germany. The group views student accommodation as a core growth sector amid Australia’s rising foreign student cap and undersupplied markets in Perth and Brisbane.

SGX:OU8.SI:Centurion Corporation
SGX:E3B.SI:Wee Hur Holdings

Singapore-listed peers Centurion Corporation and Wee Hur Holdings are also active in Australia’s student housing sector. Centurion plans to list a new PBSA-focused REIT with nine assets, while Wee Hur retains minority stakes in seven PBSA properties sold to US-based Greystar and is developing further beds in Adelaide and Sydney.

Oil:US:UCO

Oil prices retreated on Tuesday, with Brent down 2.3% to US$67.22 and WTI sliding 2.4% to US$63.25. The pullback came after Monday’s rally on supply concerns from Ukrainian strikes on Russian infrastructure and the threat of new US sanctions on Moscow. Analysts see Brent bound in a US$65–74 range amid ongoing geopolitical risks, including potential US tariffs on Indian exports and disrupted Russian refining.

📰 Markets Buzz: REIT Upgrades, ETF Surge, Corporate Moves & US Fed Shockwaves

SGX:JYEU.SI:Lendlease Global Commercial REIT
SGX:C09.SI:City Developments (Citi Research, via analyst Brandon Lee)
AU:LLC:Lendlease Group

📈 Citi Research upgraded Lendlease Global Commercial REIT (LREIT) to “buy” from “neutral”, lifting its target price to 66 cents from 49 cents. Analyst Brandon Lee highlighted improved gearing of 35% post the Jem Office sale, with a debt headroom of $288 million. LREIT may fund asset enhancement initiatives at 313@somerset or pursue acquisitions from sponsor Lendlease Group (LLC)’s $8.7 billion Singapore pipeline. A potential 30% stake purchase in PLQM could boost FY2025 DPU by up to 5%.

SGX:D05.SI:DBS Group
SGX:U11.SI:United Overseas Bank
SGX:O39.SI:OCBC
SGX:Z74.SI:Singapore Telecommunications (Singtel)
SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)
SGX:A17U.SI:CapitaLand Ascendas REIT (CLAR)
SGX:ME8U.SI:Mapletree Industrial Trust (MINT)

HK:0700.HK:Tencent
HK:9988.HK:Alibaba
HK:9999.HK:NetEase
HK:1810.HK:Xiaomi
HK:3690.HK:Meituan
US:AAPL:Apple
US:MSFT:Microsoft
US:NVDA:Nvidia
US:AMZN:Amazon
US:GOOGL:Alphabet
US:TSM:Taiwan Semiconductor (TSMC)

💰 DBS Research analysts say Singapore investors can now build up to 80% of a diversified portfolio via SGX-listed ETFs. Singapore’s ETF market grew 32% y-o-y to $14.3 billion AUM as of June. Recommended picks include SPDR S&P 500 ETF, iShares MSCI AxJ Climate Action ETF, Nikko AM STI ETF, Lion-Phillip S-REIT ETF, Lion-OCBC HS Tech ETF, CSOP iEdge SEA+ Tech ETF, ABF Singapore Bond Index Fund and SPDR Gold Shares. Top holdings across these funds include Apple, Microsoft, Nvidia, Amazon, Alphabet, Tencent, Alibaba, NetEase, Xiaomi, Meituan, TSMC, DBS, OCBC, UOB, Singtel, CLAR, CICT and MINT.

SGX:5IA.SI:Advanced Holdings

🔄 Advanced Holdings’ managing director Wong Kar King sold 17 million shares (16.78% stake) to Asia Agri Renewable Fund, cutting his ownership from 25.08% to 8.3%. Wong remains as MD despite the loss of controlling shareholder status. The firm posted a $1.6 million loss in 1HFY2025.

SGX:BN4.SI:Keppel Limited
SGX:S51.SI:Seatrium

⚖️ Keppel Limited has filed an arbitration claim against Seatrium over liabilities tied to Brazil’s Operation Car Wash scandal. Keppel seeks $68.4 million under a prior indemnity agreement. Seatrium, which settled with regulators for $168.4 million, vowed to contest the arbitration.

US:DGT:Dow Jones Industrial Average
US:QQQ:Nasdaq Composite
US:S&P500:S&P 500
US:BTC:Bitcoin

💵 US bond markets reacted sharply after Donald Trump moved to oust US Federal Reserve Governor Lisa Cook over alleged falsification of mortgage documents. Yields steepened, the dollar fell, and market fears over Fed independence rose. Traders see a rate cut possible next month. The Bloomberg Dollar Spot Index slipped as investors eyed alternative havens like Bitcoin.

SGX:E28.SI:Frencken Group

🔬 Frencken Group posted 9.9% y-o-y earnings growth to $19.9 million in 1HFY2025, driven by semiconductor and medical segments. RHB raised its target price to $1.68, DBS to $2.03, while PhillipCapital stayed at $1.76. Analysts see semiconductor recovery and new facilities in the US and Singapore boosting growth, though margin risks from Europe remain.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)

🏢 DBS Research raised its target price for CapitaLand Integrated Commercial Trust (CICT) to $2.50 on acquisitions and AEIs. CICT acquired the remaining 55% of CapitaSpring for $1.9 billion, with pro forma DPU accretion of 1.1%. Analysts expect stable mid-single digit reversions and stronger contributions post-2026.

SGX:U14.SI:UOB Asset Management

📑 UOB Asset Management announced that participating dealers of its UOB APAC Green REIT ETF must pay cancellation compensation to cover costs from withdrawn creation or redemption applications. The change takes effect Sept 26 and will be reflected in the updated prospectus filed with MAS.

🌏 Malaysia Earnings Season & Regional Market Buzz: Big Swings, Legal Fights and Market Leaders

KL:AAX:AirAsia X
AirAsia X reported a sharp jump in net profit for 2QFY2025 to RM35.22 million from RM4.82 million a year earlier, helped by lower fuel costs and a weaker US dollar. Revenue dipped 1.2% y-o-y to RM660.8 million due to softer passenger fares. No dividend was declared.

KL:BJLAND:Berjaya Land
Berjaya Land narrowed its 4QFY2025 net loss to RM15.43 million, from RM79.91 million in 4QFY2024, thanks to a RM38.33 million court-awarded compensation. Revenue fell 2.4% y-o-y to RM1.91 billion. No dividend was declared.

KL:HARTA:Hartalega Holdings
Hartalega secured court approval to commence a judicial review on RM100 million additional tax bills issued by the Inland Revenue Board. An interim stay of enforcement was granted.

KL:IGBB:IGB
IGB posted a slight 0.2% rise in 2QFY2025 net profit to RM75.33 million, despite revenue climbing 14.2% to RM452.41 million. Higher taxation offset revenue gains. No dividend was declared.

KL:IOIPG:IOI Properties
IOI Properties confirmed plans to launch a REIT on Bursa Malaysia, via new subsidiary IOIPG REIT Management Sdn Bhd. Its 4QFY2025 net profit dropped 46.7% to RM823.93 million on lower fair value gains. Revenue rose 13.7% to RM890.21 million. An interim dividend of 8 sen per share was declared.

KL:JTGROUP:Jati Tinggi Group
Jati Tinggi Group won a RM46.7 million subcontract for 11kV underground cable works from main contractor YM Teras Sdn Bhd.

KL:LHI:Leong Hup International
Leong Hup International’s 2QFY2025 net profit fell 6.4% to RM90.29 million, weighed down by weaker Indonesian operations. Revenue slipped 9.4% to RM2.13 billion. No dividend was declared.

KL:MAYBANK:Maybank
Maybank posted a 4% rise in 2QFY2025 net profit to RM2.63 billion, supported by higher income despite rising provisions. The bank declared a 30 sen first interim dividend. ROE target of 11.3% was reiterated, but loan growth guidance was cut to 3% from 5%-6% due to tariff uncertainties.

KL:MBSB:MBSB
MBSB’s 2QFY2025 net profit surged 74.3% to RM95.56 million, aided by lower provisions. Revenue slipped 2.9% to RM933.43 million. An interim dividend of 2 sen was declared.

KL:OCK:OCK Group
OCK Group announced plans to list its 52%-owned energy solutions arm EI Power Technologies Sdn Bhd on Bursa’s ACE Market via a new parent company, EI Power Bhd.

KL:PHARMA:Pharmaniaga
Pharmaniaga’s 2QFY2025 net profit jumped 41.6% to RM3.96 million as revenue grew 10.6% to RM926.86 million on stronger government concession demand. The company is eyeing a RM400 million insulin tender. No dividend was declared.

KL:PBBANK:Public Bank
Public Bank’s 2QFY2025 net profit dipped 1% to RM1.76 billion, pressured by lower non-taxable income. It declared a 10.5 sen first interim dividend.

KL:SUPERMX:Supermax
Supermax cut its 4QFY2025 net loss to RM67.04 million from RM128.52 million a year earlier, aided by cost rationalisation. Revenue fell 13.9% to RM154.75 million. No dividend was declared.

KL:THPLANT:TH Plantations
TH Plantations terminated CEO Mohamed Zainurin Mohamed Zain for alleged misconduct linked to RM5.1 million unauthorised payments. CFO Marliyana Omar resigned earlier after receiving a show cause letter.

KL:UOADEV:UOA Development
UOA Development’s 2QFY2025 net profit surged 50% to RM91.71 million on progressive contributions from four projects. Revenue rose 31% to RM130.16 million. No dividend was declared.

KL:WCEHB:WCE Holdings
WCE Holdings aims to complete the West Coast Expressway by FY2027. EBITDA rose 84% y-o-y to RM33.4 million on stronger toll revenue of RM42.02 million from three newly opened sections.

US:NVDA:Nvidia
Asian equities are set to rebound, tracking Wall Street gains ahead of Nvidia’s earnings. Analysts expect strong AI-driven sales growth above 50% this year. Nvidia’s results remain a major sentiment driver globally.

US:SE:Sea Ltd
SGX:D05.SI:DBS Group

Sea Ltd regained its crown as Southeast Asia’s most valuable company, overtaking DBS Group. Sea’s shares rose 1.1% in New York, lifting its market cap to US$111 billion. DBS ended lower in Singapore, valued at US$110.3 billion. Sea’s e-commerce arm Shopee continues to dominate, fending off rivals ByteDance’s TikTok and Alibaba’s Lazada.

📊 Asia Corporate Earnings & Market Headlines: Ping An, PetroChina, Xiaomi, BYD and More in Focus

HK:2318.HK:Ping An Insurance
Ping An Insurance posted a 8.8% decline in interim net profit to RMB68.05B despite revenue of RMB546.47B (-1.4% YoY). EPS came in at RMB3.87, while interim DPS was lifted to RMB0.95 from RMB0.93 a year earlier.

US:HSAI:Hesai Group
Hesai Group filed for a Hong Kong IPO with the CSRC, planning to issue up to 51.24M shares. The lidar maker is already listed in the US and is seeking a dual listing.

HK:3339.HK:Lonking Holdings
Lonking Holdings reported a 37.8% jump in interim net profit to RMB632M, with revenue up 4.4% YoY to RMB5.60B. EPS stood at RMB0.15. No dividend declared.

HK:9633.HK:Nongfu Spring
Nongfu Spring posted a 22.2% rise in interim net profit to RMB7.62B on 15.6% turnover growth to RMB25.62B. EPS was RMB0.677. No dividend declared.

HK:1364.HK:Guming
Guming saw interim net profit surge 121.5% YoY to RMB1.63B, as revenue climbed 41.2% to RMB5.66B. EPS stood at RMB0.72.

DEU:PUM:Puma | HK:2331.HK:Li Ning | HK:2020.HK:Anta Sports
Reports suggested the Pinault family is planning a stake sale in Puma, but Li Ning denied talks, while Anta Sports declined to comment.

HK:0005.HK:HSBC
HSBC was reprimanded and fined US$4.2M by Hong Kong’s SFC for disclosure failures in its research reports.

HK:3669.HK:Yongda Auto
Yongda Auto slipped into a RMB3.33B interim loss, but still raised DPS to RMB0.07.

US:XIACY:Xiaomi
Moody’s upgraded Xiaomi’s ratings to Baa1 from Baa2, with the outlook revised to stable, citing stronger fundamentals.

HK:857.HK:PetroChina
PetroChina posted a 5.4% drop in interim net profit to RMB84.01B. Revenue fell modestly, while interim DPS remained unchanged at RMB0.22.

HK:2883.HK:China Oilfield Services
China Oilfield Services logged a 23.3% rise in interim profit to RMB1.96B, supported by robust upstream activity.

HK:123.HK:Yuexiu Property
Yuexiu Property’s interim profit fell 25.2% YoY to RMB1.37B, while declaring an interim DPS of HK$0.166.

US:BIDU:Baidu
Baidu is considering issuing another dim sum bond worth about RMB4B to raise fresh funding.

HK:1211.HK:BYD
BYD’s Thai plant has begun exporting EVs to Europe, with over 900 units shipped in its first batch.

HK:883.HK:CNOOC
A CNOOC subsidiary signed a production sharing contract for Indonesian exploration blocks, strengthening its offshore presence.

HK:9868.HK:Xpeng
Xpeng’s CEO He Xiaopeng said the EV maker aims to be among China’s first to achieve mass production of humanoid robots as early as next year.

📈 Hong Kong & China Markets Buzz: Broker Calls, Earnings Surprises, IPO Pops

HK:2331.HK:Li Ning
CMBI raised Li Ning’s target price to HKD23.02, keeping a positive outlook on the sportswear giant.

Private:Xiaohongshu
Xiaohongshu is testing e-commerce page integration on its main interface, signaling deeper entry into online retail.

HK:3393.HK:Wasion Holdings
Wasion Holdings jumped 7% midday after posting a 33% interim net profit rise, driven by stronger demand.

HK:1888.HK:KB Laminates
Citi lifted KB Laminates’ TP to HKD20.5, citing its entry into Nvidia’s supply chain as a key driver.

US:PDD:PDD Holdings
JPM raised PDD Holdings’ TP to USD125 with a neutral rating, citing low profit visibility.
Separately, Citi raised its TP to USD168 (Buy), Macquarie to USD165 (Outperform), Goldman Sachs to USD148 (Buy), while Nomura kept Neutral.

HK:2628.HK:China Life Insurance
JPM rated China Life as Overweight, pointing to five short-term catalysts expected to boost the insurer.

HK:1772.HK:Ganfeng Lithium
HSBC lifted Ganfeng Lithium’s TP to HKD33.4, citing supply constraints.
Nomura also raised its TP to HKD31, while the stock announced plans to raise HKD2.5B via a share placement at a 5.5% discount and a convertible bond at an 8.7% premium.

HK:1585.HK:YaDea
YaDea reported a 59.5% surge in interim net profit to RMB1.65B, supported by strong e-scooter demand.

HK:1093.HK:CSPC Pharmaceutical
CSPC Pharma posted a 20.3% drop in interim net profit to RMB2.08B; interim DPS was RMB0.072.
Broker moves: CMBI raised TP to HKD12.11, BofA to HKD8.1 (Underperform), BOCOMI to HKD9.3 (Neutral), Morgan Stanley to HKD11 (Overweight).

HK:1475.HK:Nissin Foods
Nissin Foods’ interim profit fell 7.4% to HKD157M, reflecting cost pressures.

HK:1810.HK:Xiaomi
Moody’s upgraded Xiaomi’s credit rating to Baa1 with a stable outlook, citing stronger financials.

HK:3888.HK:Kingsoft / HK:3690.HK:Meituan / HK:1024.HK:Kuaishou / HK:9626.HK:Bilibili
Multiple broker calls:

• Meituan was added to the MSCI China Index, shares soared ~5%. JPM, CLSA, and Goldman adjusted TPs, ranging from HKD150–HKD205.

• Kuaishou’s TP raised to HKD90 by BOCOMI, with Kling AI monetization a focus.

• Bilibili’s TP raised to HKD205 by Goldman Sachs, rating kept Buy.

HK:1929.HK:Chow Tai Fook | HK:506.HK:China Foods | Private:CaoCao Inc | HK:2007.HK:Country Garden
CICC predicted these names could be included in Southbound Stock Connect, boosting liquidity prospects.

HK:1928.HK:Wynn Macau | HK:27.HK:Galaxy Entertainment
UBS upgraded Wynn Macau to Buy, lifting casino GGR forecasts by 12%.
Galaxy Entertainment renewed a strategic deal with Tencent Music Entertainment to co-create festivals and concerts.

HK:6862.HK:Haier Smart Home | HK:6862.HK:Haidilao | HK:270.HK:Guangdong Investment

• Haidilao shares dropped after 1H NP fell 13.7%.

• Guangdong Investment interim profit rose 11.2% YoY, stock gained 3%.

HK:6889.HK:Pop Mart
CLSA raised Pop Mart’s TP to HKD368, rating Outperform on stronger toy demand.

HK:2382.HK:Sunny Optical / HK:700.HK:Tencent
Tencent is setting up a RMB22.4B private equity fund with insurers and announced plans to end Nintendo Switch repair services in China by 2026.

Thank you