🚀 Tech Surge Lifts Wall Street as Alphabet, Apple, and Solana Shine

US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average

The S&P 500 climbed 0.51% to 6,448.26 and the Nasdaq Composite surged 1.03% to 21,497.73, led by tech gains. The Dow Jones Industrial Average, however, dipped 24.58 points, or 0.05%, to 45,271.23 as energy and banks lagged.

US:GOOGL:Alphabet
US:AAPL:Apple

Alphabet soared 9.1% after a favorable antitrust court ruling allowed Google Chrome to remain intact while barring exclusive search deals. This lifted optimism around AI-driven competition.
Apple gained 3.8%, benefiting from continued Google Search preloads on iPhones under their lucrative deal.

Crypto:SOL:Solana
US:BTC:Bitcoin
US:ETH:Ethereum

Solana rallied 15% in two weeks and 30% in the past month, outperforming Bitcoin (down 2%) and Ethereum (up 24%). Institutional demand and optimism around U.S. rate cuts boosted momentum.

US:BAC:Bank of America

Bank of America reported near-record inflows into small-cap stocks last week, with clients buying $1.5 billion in small/micro-cap equities after Fed Chair Jerome Powell signaled a rate-cut cycle.

US:BCS:Barclays

Barclays said it remains in “buy-the-dip mode,” eyeing cyclical and exporter laggards, but warned of a “September reality check” as bond markets stay volatile.

US:FOX:Fox Corporation
US:LYV:Live Nation Entertainment
US:HLT:Hilton Worldwide
US:RL:Ralph Lauren
US:AXP:American Express
US:URI:United Rentals
US:STX:Seagate
US:ULTA:Ulta Beauty
US:MPC:Marathon Petroleum
US:VLO:Valero Energy
US:GLW:Corning
US:WDC:Western Digital
US:STZ:Constellation Brands
US:ERIE:Erie Indemnity
US:RVTY:Revvity
US:AMCR:Amcor

Alphabet, Fox Corp, Live Nation, Hilton, Ralph Lauren, American Express, United Rentals, and Seagate all hit fresh all-time highs.
52-week highs were also recorded by Ulta, Marathon Petroleum, Valero, Corning, and Western Digital.
Conversely, Constellation Brands, Erie Indemnity, Revvity, and Amcor slid to 52-week lows.

US:AEO:American Eagle Outfitters
US:CRM:Salesforce
US:AI:C3.ai
US:ASAN:Asana
US:HPE:Hewlett Packard Enterprise
US:GTLB:GitLab
US:FIGMA:Figma
US:PD:PagerDuty

Earnings movers lit up after-hours trading:

• American Eagle Outfitters jumped 24% on strong Q2 results and a hit ad campaign with actress Sydney Sweeney.

• Salesforce dropped over 4% after cautious Q3 guidance, despite an earnings beat.

• C3.ai sank 11% after a wider-than-expected loss and restructuring.

• Asana rose 7% on revenue and earnings beats.

• Hewlett Packard Enterprise slipped 2% despite topping estimates.

• GitLab fell 6% on weak guidance and CFO exit.

• Figma tumbled 11% after mixed first public results.

• PagerDuty dropped 4% following trimmed guidance.

🔔 Deals, Divestments & Data Centres: S-REITs and Small Caps Drive the Headlines

SGX:ZXY.SI:Alpina Holdings
Controlling shareholders and Savills proposed taking Alpina Holdings private at S$0.37 per share.

SGX:T82U.SI:Suntec REIT
Suntec REIT’s Australia trust received an Australian Tax Office private ruling to keep 10%–15% MIT withholding tax for FY2025; 1HFY2025 DPU would have been 3.271¢ vs 3.155¢ previously, with no change to the declared payout.

SGX:AJBU.SI:Keppel DC REIT
KDC REIT completed the purchase of the remaining 51% stakes in Keppel DC Singapore 7 & 8 (via Memphis 1) from Keppel; consideration up to S$8.4m, funded by debt/cash. Valuations from Knight Frank/Savills assessed the assets around S$1.05b–S$1.06b

SGX:BN4.SI:Keppel
Through subsidiary Keppel Griffin, Keppel sold its remaining interests in Memphis 1 to KDC REIT under the exercised call option linked to the data centres.

SGX:CC3.SI:StarHub
Maybank Securities upgraded StarHub to “Buy” on expectations of greater pricing discipline after Simba’s acquisition of M1; target price lifted to S$1.35, citing constrained disruption risks for the merged rival.

SGX:JYEU.SI:Lendlease Global Commercial REIT
New CEO Guy Cawthra sharpened focus with the S$462m sale of Jem’s office component, cutting leverage to just over 35% (from 42.6%) and unlocking ~S$8.9m net distributable gain; portfolio saw 10.2% positive rental reversion and 99.5% occupancy across 313@somerset and Jem retail.

SGX:TS0U.SI:OUE Commercial REIT
Named among YTD S-REIT outperformers on the iEdge S-REIT index, delivering double-digit total returns through Aug 26.

SGX:ACV.SI:Frasers Hospitality Trust
Also a top YTD performer within the S-REIT basket through Aug 26, supported by stable operating metrics.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
Raised S$600m via upsized private placement (4.9× covered) to buy the remaining 55% of CapitaSpring; guidance points to DPU accretion.

SGX:K71U.SI:Keppel REIT
Listed among the iEdge S-REIT index’s stronger names YTD on resilient operations and positive reversions.

SGX:N2IU.SI:Mapletree Pan Asia Commercial Trust
Counted within the year’s top performers; sector data show improved fund flows and stable occupancy.

SGX:A17U.SI:CapitaLand Ascendas REIT
Completed a S$500m private placement in May to help finance 9 Tai Seng Drive (Tier III colo DC) and 5 Science Park Drive (total ~S$700.2m); placement was 4.1× covered

SGX:ODBU.SI:United Hampshire US REIT
One of the S-REITs that saw net institutional inflows YTD despite overall institutional net outflows from the sector.

SGX:NTDU.SI:NTT DC REIT
This year’s landmark data-centre REIT IPO in Singapore debuted with ~US$1.03b market cap and six DCs across the US, Austria and Singapore, adding depth to the city-state’s DC-REIT roster.

SGX:OU8.SI:Centurion Corporation
Announced plans for Centurion Accommodation REIT with an initial >S$1.8b portfolio spanning PBWA/PBSA assets; expects to divest ~S$1.2b of its stake in a mix of cash and sponsor units.

SGX:5WF.SI:ISOTeam
2HFY2025 revenue and earnings missed; order book at S$181m; analysts at CGS International and Maybank kept positive stances with target prices around 10–10.2¢, citing recovery prospects and AI-drone painting trials.

SGX:ITS.SI:Info-Tech Systems
First SGX Mainboard listing in years (IPO at S$0.87 raised ~S$23m); multiple brokers initiated Buy/Add calls, highlighting ARR growth, high margins and regional expansion in SME HR/finance SaaS.

SGX:O39.SI:OCBC
OCBC Investment Research initiated Buy on Info-Tech, citing secular SaaS tailwinds and improving operating metrics.

⚡️“Rate Signals, REIT Resets: CICT, OUE REIT and Peers Grab the Spotlight”

US:MS:Morgan Stanley
Morgan Stanley’s “Singapore at 60” report projects Singapore could become APAC’s largest REIT market by 2035 through IPOs and listed-REIT growth.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
CICT is highlighted as Asia ex-Japan’s largest REIT by market cap, benefitting from safe-haven SGD demand; unit price around S$2.28 vs NAV S$2.07 and DPU momentum supported by ION Orchard outperformance and the completed CapitaSpring acquisition.

HK:0823.HK:Link REIT
Link REIT is cited as on par with CICT in market cap, trading near HK$41.40 versus NAV HK$63.60, reflecting valuation pressure despite lower leverage.

SGX:JYEU.SI:OUE REIT
OUE REIT ranks among this year’s top S-REIT price performers (up ~18.3%) with one of the higher DPU yields and an all-Singapore portfolio profile.

SGX:N2IU.SI:Mapletree Pan Asia Commercial Trust
MPACT appears among REITs that could benefit from market-development initiatives and broader investor interest in Singapore commercial assets.

SGX:CRPU.SI:Sasseur REIT
Sasseur REIT is included in the cohort of REITs flagged as potential beneficiaries of efforts to boost Singapore equity market participation.

SGX:CY6U.SI:CapitaLand India Trust
CapitaLand India Trust is named among vehicles that may gain from equity-market development, even as banks/REITs sit outside the MAS EQDP list.

SGX:9CI.SI:CapitaLand Investment
As sponsor to CICT, CapitaLand Investment’s mall management capabilities are credited for portfolio execution, including ION Orchard contributions.

US:JPM:JPMorgan Chase
JPMorgan analysts keep CICT as a top pick, citing 1.5% p.a. DPU growth over three years and a projected 5% three-year DPU CAGR ahead.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
Management signals focus on Singapore; overseas exposure remains small (Australia/Germany ~5% of assets). AEIs at IMM delivered >8% ROI; Lot One and Tampines Mall AEIs target ~7–8% ROI.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
1H2025: distributable income rose 12.4% y-o-y to S$411.9m; DPU up 3.5% to 5.62 cents. Private placement for CapitaSpring was upsized to S$600m (4.9x covered) with pro-forma gearing ~37.9%.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
CICT’s retail and office retention rates improved in 1H2025; rental reversions were 7.7% (retail) and 4.8% (office). Tenant-mix additions (e.g., Kinokuniya at Raffles City) supported footfall.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
Management rules out unit buybacks while trading above NAV and continues to prioritise Singapore growth, AEIs, and disciplined acquisitions; Gallileo AEI (Frankfurt) progresses toward handover.

US:MS:Morgan Stanley
Morgan Stanley lists 20 REITs and four business trusts that could benefit from Singapore’s equity-market push; sector context underscores steady YTD S-REIT performance and fund-raising rebound.

US:MS:Morgan Stanley
Sector tailwinds include expectations for US rate cuts and declining domestic SORA; pipelines include private placements/POs funding core acquisitions and data-centre exposure.

Keppel Ltd. Completes Disposal of Remaining Interests in Two Singapore Data Centre Buildings for S$8.4 Million

🏢 “REITAS CEO: Falling Rates, Data Centres, and Scale to Shape Next Phase of Singapore REITs”

SGX:BN4.SI:Keppel DC REIT
Nupur Joshi, CEO of REITAS, said at her Aug 26 presentation that interest rates remain the key driver for S-REITs’ unit prices, DPUs and portfolio values. With 76% of S-REIT borrowings hedged and gearing at 39.8% (well under MAS’s 50% cap), balance sheets are “reasonably strong.” She noted hedges will roll off in the next three years, and debt maturity profiles will show which REITs benefit most from easing rates.

SGX:ME8U.SI:Mapletree Industrial Trust
SGX:A17U.SI:CapitaLand Ascendas REIT
SGX:C38U.SI:CapitaLand Integrated Commercial Trust
SGX:CY6U.SI:CapitaLand India Trust
Joshi highlighted Singapore’s emergence as Asia’s largest data centre REIT hub, with Keppel DC REIT, Digital Core REIT, and NTT DC REIT leading the way. She pointed to exposure also through diversified REITs such as Mapletree Industrial Trust, CapitaLand Ascendas REIT, and CapitaLand India Trust, as well as Stoneweg Europe Stapled Trust’s stake in a data centre fund. Regulatory tweaks, like expanding tax transparency to co-location income, are bolstering growth.

SGX:SV3U.SI:Sabana REIT
Sabana REIT, now Singapore’s first internally managed REIT, is being closely watched as a “live experiment” on whether internalisation will deliver better returns for unitholders.

SGX:O5RU.SI:OUE REIT
SGX:AU8U.SI:CapitaLand China Trust
Competition from new regimes such as China’s C-REIT looms, but Joshi stressed Singapore’s strengths as Asia’s largest, most diversified REIT market. She cited CapitaLand China Trust’s strategy of tapping China’s REIT sector as an example of creative cross-participation.

SGX:BN4.SI:Keppel DC REIT
SGX:DCRU.SI:Digital Core REIT
SGX:NTT.SI:NTT DC REIT
Future growth, Joshi said, depends on scale. Larger REITs enjoy liquidity and lower capital costs, but smaller REITs can still thrive by proving fundamentals and capturing overlooked opportunities. With MAS’s $5 billion Equity Market Development Fund and investor demand for yield products, both big- and mid-cap REITs could benefit from easing rates.

📌 Overall, Joshi underscored that Singapore’s supportive regulatory environment, rising demand for SGD assets, and momentum in sustainable REIT practices keep it one of the world’s most attractive REIT markets.

📊“Economists Lift Singapore’s 2025 GDP Forecast as MAS Survey Shows Brighter Outlook”

SGX:S27.SI:S&P 500
Economists polled in the Monetary Authority of Singapore (MAS) September survey raised Singapore’s 2025 GDP forecast to 2.4%, up from 1.7%. The upgrade stems from stronger expectations in manufacturing (0.8% vs -0.3%), construction (4.7% vs 3.3%), wholesale & retail trade (2.9% vs 2.2%), and non-oil domestic exports (2.2% vs 1.0%). Only accommodation & food services saw a downgrade (0.5% vs 1.5%).

SGX:S27.SI:S&P 500
After Singapore’s 2Q2025 GDP expanded 4.4% y-o-y, beating forecasts of 3%, economists now expect 3Q2025 growth at 0.9% y-o-y. For the full year, they assign the highest probability (36%) to growth in the 2%–2.4% range.

SGX:S27.SI:S&P 500
Inflation expectations eased. Headline CPI is forecast at 0.9% in 2025 (vs 0.8% previously), while MAS core inflation is expected at 0.7%, slightly lower than June’s 0.8%. For 3Q2025, headline inflation is expected at 0.8%, and core at 0.6%.

SGX:S27.SI:S&P 500
The Singapore dollar (SGD) is projected at 1.285 against USD (stronger than June’s 1.30). The Singapore Overnight Rate Average (SORA) is tipped to fall to 1.71% from 2.1%. Bank loans growth is forecast at 3.1% for 2025, up from June’s 2.6%.

SGX:S27.SI:S&P 500
Looking ahead, 2026 GDP is expected to grow 1.9%, with inflation most likely ranging between 1.5%–1.9% (headline) and 1%–1.4% (core).

SGX:S27.SI:S&P 500
Risks remain tilted. Geopolitical tensions and tariffs on semiconductors and pharmaceuticals top the downside risks, alongside external slowdowns and market volatility. Upside risks include easing trade tensions, a tech upcycle, and stronger capital inflows into Singapore.

SGX:S27.SI:S&P 500
Ahead of MAS’s October monetary policy review, 42% of economists expect easing, with 37% forecasting a flattening of the S$NEER slope. Nearly all respondents expect no policy change in January 2026.

🚀“Beijing Parade Lifts China’s Defence and Robotics Stocks — But Will the Rally Last?”

HK:000768.HK:Avic Chengdu Aircraft
Avic Chengdu Aircraft, China’s largest defence firm and J-10C jet maker, has surged 48% in 2025, buoyed by Pakistan’s claim it used the aircraft to down Indian jets.

HK:600760.HK:Avic Shenyang Aircraft
Avic Shenyang Aircraft, the producer of J-35 stealth fighters, is under the spotlight on expectations of shipment boosts.

HK:688368.HK:Chengdu ALD Aviation Manufacturing
Chengdu ALD Aviation Manufacturing, a supplier of aircraft parts, has seen shares rocket 84% this year.

HK:UAS.HK:Avic Chengdu UAS
Avic Chengdu UAS, a specialist in unmanned aerial systems, gains focus as collaborative combat drones feature in parade rehearsals.

HK:000065.HK:Norinco International Cooperation
Norinco International Cooperation, China’s top armour and battle tank producer, is advancing in unmanned ground vehicles, with shares up 16% this year.

HK:002265.HK:Anhui Great Wall Military Industry
Anhui Great Wall Military Industry, an ammunition maker, is the year’s biggest gainer, with shares surging over 500% in 2025.

HK:600967.HK:Inner Mongolia First Machinery Group
Inner Mongolia First Machinery Group, a military equipment manufacturer, has nearly tripled in value this year.

HK:600150.HK:China CSSC Holdings
China CSSC Holdings, a leading naval shipbuilder, benefits from heightened visibility as anti-ship missiles and uncrewed underwater vehicles take centre stage.

HK:300300.HK:Beijing Huaru Technology
Beijing Huaru Technology, which develops AI-driven battle simulation platforms, is up 87% over the past year, though 2025 gains stand at around 5%.

HK:688200.HK:Hangzhou Shenhao Technology
Hangzhou Shenhao Technology, maker of robotic dogs, saw shares spike after officials revealed the parade would showcase robotics.

📈 Overall, the CSI Defense Index is up 22% YTD, outpacing the CSI 300’s 14%, but analysts warn post-parade corrections are common once expectations are priced in.

🏙️“Safe Haven Play: OUE REIT Bets on Singapore Offices, Hotels and Retail Amid Global Turmoil”

SGX:TS0U.SI:OUE REIT
OUE REIT, offering a 5.7% DPU yield (as of Sept 1), has repositioned itself as a pure Singapore play following its December 2024 divestment of Lippo Plaza in Shanghai. CEO Han Khim Siew highlights that the portfolio of prime Grade A offices — OUE Bayfront, One Raffles Place and OUE Downtown offices — alongside hospitality assets Hilton Singapore Orchard and Crowne Plaza Changi Airport plus retail icon Mandarin Gallery, provides stability and flexibility.

Han points to Singapore’s safe-haven status, where steady currency and political stability are attracting global capital. Offices now contribute 52% of revenue, hotels 31.1%, and retail 16.9%.

Mandarin Gallery achieved a 34.4% y-o-y rent reversion in 2Q2025, with 99% committed occupancy, reflecting strong tenant-landlord partnerships and curated tenant mix. Consumer patterns are shifting toward F&B and experiences, with Korean cuisine concepts and flagship brands like Rimowa drawing demand.

Tourism recovery remains pivotal, with visitor arrivals projected at 17–18.5 million in 2025, still shy of pre-pandemic 2019’s 19 million. OUE REIT is cushioned by master leases on its hotels, ensuring minimum rents of S$45m and S$22.5m annually, while still capturing upside.

Office resilience is underscored by 95.5% occupancy in 2Q2025 and rental reversions of 9.1%, marking 12 consecutive positive quarters. With CBD office supply set to remain tight, Han believes demand will hold firm.

Capital management has strengthened, with investment-grade credit rating secured in 2023. Recent green bond pricing lowered financing costs, helping drive a 17.3% y-o-y decline in finance costs in 1H2025. The REIT is 100% SGD-funded, benefitting from falling SORA rates and avoiding FX volatility.

Han concludes: “We’ve de-risked the portfolio. Singapore is a safe haven, office demand is steady, tourism has structural tailwinds, and our strong capital base positions us for long-term growth.”

Thank you