Broker: CGS International
Date of Report: September 2, 2025

Singapore Market Update: Bullish Momentum Returns for Frasers Logistics & Commercial Trust, BYD Electronic Outpaces on Apple Orders

Global Market Recap: A New Month, New Opportunities

As September unfolds, global markets are facing a pivotal stretch. After a sharp selloff in technology stocks, momentum steadied as traders anticipated a flurry of economic data and central bank decisions. Europe’s Stoxx 600 saw a modest uptick, while defense and select tech shares led gains. In Asia, Alibaba Group surged 19%, counterbalancing weakness in chipmakers. Precious metals shone, with silver breaching \$40/oz for the first time since 2011 and gold approaching record highs, on optimism for a US Federal Reserve rate cut.
Key macro events—jobs data, inflation reports, and the Fed’s rate call—are poised to test Wall Street’s rally. Market participants are weighing these against historical September weakness, alongside tariff tensions and debates about the Fed’s independence.

Frasers Logistics & Commercial Trust (SGX: BUOU): Technical Buy Signal Flashes After Bullish Reversal

Frasers Logistics & Commercial Trust (FLCT) has captured the spotlight with a confirmed bullish trend reversal, supported by robust technical indicators and improving price action. This REIT, a multi-national owner and manager of logistics and commercial properties, rebounded strongly after being stopped out in March, reigniting investor interest.

Technical Analysis Highlights

• Rare diamond bottom reversal pattern confirmed, signaling a strong trend reversal.
• Price action is above all Ichimoku indicators—an important bullish confirmation.
• MACD and signal line are surging toward the zero line, with histogram readings positive.
• Stochastic Oscillator continues to climb, indicating upward momentum.
• 23-period Rate of Change (ROC) is positive and rising.
• Directional Movement Index (DMI) confirms strong bullish strength.
• Volume expansion is healthy, supporting price action.

Company Profile

Frasers Logistics & Commercial Trust operates as a real estate investment trust engaged in the ownership and management of logistics and commercial properties across multiple countries.

BYD Electronic (HKG: 285): Riding the Wave of Apple’s Foldable Devices

BYD Electronic (BYDE) is set for a robust growth trajectory, driven by its deepening partnership with Apple and accelerating demand in automotive electronics.

Growth Drivers and Analyst Commentary

• Apple orders are expected to surge, particularly for the supply of midframes for Apple’s highly anticipated foldable model.
• Auto products revenue is forecast to grow 35–40% in FY25F, fueled by BYD’s accelerated rollout of intelligent driving systems.
• The firm reiterates an “Add” recommendation, with a higher target price of HK\$54.3, underpinned by 18x FY26F P/E valuation.

Market Sentiment and Macro Backdrop

• Markets are trading near record highs but face a series of critical tests in September, including jobs data, inflation releases, and the US Fed’s rate decision.
• Silver has soared above \$40/oz, a milestone not seen since 2011, while gold is nearing all-time highs as rate cut optimism grows.
• Despite rate cut expectations, market pricing now reflects over 140 basis points of easing by 2026, a scale typically seen only around recessions.
• September is historically the weakest month for US markets, and added uncertainty comes from tariff discussions and debates about central bank independence.

Analyst and Brokerage Disclosures

• The report is prepared by CGS International, with analysts maintaining independent and unbiased views, uncompensated by investment banking transactions.
• No proprietary or analyst interests are declared in the securities covered as of September 1, 2025.
• Distribution and regulatory compliance notes are provided for all major jurisdictions, ensuring clients are aware of the legal context of the research.

Stock Ratings and Recommendation Framework

Rating Distribution (as of Q2 2025)

• Add: 70.6%
• Hold: 20.5%
• Reduce: 8.9%
• Investment Banking Clients (for each rating): 1.1% (Add), 0.5% (Hold, Reduce)
• Coverage Universe: 561 companies

Conclusion: Strategic Opportunities Amid Market Volatility

Investors are encouraged to monitor Frasers Logistics & Commercial Trust for technical buy opportunities, supported by a bullish reversal and strong momentum indicators. BYD Electronic stands out among Asia’s hardware suppliers, benefiting from Apple’s innovation pipeline and the ongoing electrification of the auto industry. As global markets brace for macro headwinds and pivotal policy decisions, disciplined stock selection and technical analysis remain crucial for outperformance in the months ahead.