DBS Bid Stalls, Semiconductor & Solar Deals Shine, Banking & Property Moves Stir Malaysia Market
SGX:D05.SI:DBS Group
KL:2488.KL:Alliance Bank Malaysia
DBS Group Holdings’ plan to buy into Alliance Bank Malaysia has stalled. Both DBS and Alliance’s largest shareholder, Vertical Theme, applied to Bank Negara Malaysia for approval eight months ago but have yet to receive feedback, delaying talks.
Addvalue Technologies Issues 3.5 Million New Shares After Warrant Exercises
- 3,500,000 new ordinary shares issued following the exercise of detachable warrants by investors.
- Exercise price set at S\$0.013 per share, with total proceeds of S\$45,500 raised for working capital needs.
KL:0151.KL:Kelington Group
Kelington Group signed six framework agreements worth up to €50 million for a semiconductor hook-up project in Dresden, Germany. Its unit Kelington Engineering (Germany) GmbH will provide specialty systems for an unnamed multinational chip client.
KL:0285.KL:Southern Score Builders
Southern Score Builders’ 51%-owned subsidiary SJEE Engineering won a RM102.68 million subcontract for electrical works from a private construction firm.
KL:5053.KL:OSK Holdings
OSK Holdings is acquiring 14.45 acres of land in Rawang for RM58 million. The site will host a mixed development project valued at RM1.26 billion in gross development value.
KL:5314.KL:99 Speed Mart Retail Holdings
99 Speed Mart confirmed the opening of its first overseas store in Fuzhou, China, with plans to expand further in the city.
KL:0278.KL:Oppstar
Oppstar signed two MOUs with Taiwan’s Inventec Corp and its unit AsicAI to co-develop a next-gen AI processing chip. A joint venture will be set up once due diligence and approvals are completed.
KL:5309.KL:ITMAX System
ITMAX System secured its third Selangor Intelligent Parking concession, this time with Selayang Municipal Council. The 10-year contract, with an option for extension, adds to earlier wins with Shah Alam and Subang Jaya.
KL:—.KL:Northern Solar Holdings
Northern Solar clinched a RM20.5 million contract to build a 5MW solar PV system with a 10MWh battery storage in Pahang for FDIGS Makmur, an aquaculture firm.
(Ticker not provided in article.)
KL:1155.KL:Malayan Banking (Maybank)
KL:5115.KL:Alam Maritim Resources
Maybank Islamic emerged as a substantial shareholder in Alam Maritim Resources, taking a 17.91% stake via Alam’s regularisation plan. With additional shares, Maybank and its Islamic unit jointly own 19.16% in the OSV operator.
KL:5568.KL:APB Resources
APB Resources saw Strategic A Holdings become its largest shareholder after a management-led buyout at its unit Amalgamated Metal Corporation. New CEO Ong Kok Wah, along with two executives, acquired a 27.89% stake, equivalent to 34.36 million shares.
Oil Rallies on U.S. Sanctions Against Iran Ahead of Opec+ Meeting
oil:US:UCO
Brent crude settled 1.45% higher at US$69.14 per barrel, while West Texas Intermediate (WTI) surged 2.47% to US$65.59. Prices were lifted after the U.S. imposed sanctions on a shipping network smuggling Iranian oil, and as investors awaited Sunday’s Opec+ meeting, where cuts are expected to remain in place.
oil:US:UCO
The U.S. Treasury Department targeted companies and vessels tied to an Iraqi-Kittitian businessman accused of disguising Iranian oil as Iraqi. Analysts said the crackdown, coupled with stalled nuclear talks, supported oil prices.
oil:US:UCO
Opec+, led by Saudi Arabia and Russia, is unlikely to unwind voluntary supply cuts at its September 7 meeting. Analysts said the group may wait until after the U.S. summer driving season to assess demand before changing policy.
oil:US:UCO
Saudi Aramco and Iraq’s state-run SOMO halted sales to India’s Nayara Energy after EU sanctions in July on the Russian-backed refiner. Traders warned this could tighten the supply of non-sanctioned crude barrels.
oil:US:UCO
The Shanghai Cooperation Organisation summit in Tianjin saw Chinese President Xi Jinping, Russian President Vladimir Putin, and India’s Prime Minister Narendra Modi press for a stronger “Global South” bloc. Analysts said this could prompt further U.S. secondary sanctions, adding geopolitical risk to oil prices.
oil:US:UCO
India’s Trade Minister Piyush Goyal said the country is in talks with the U.S. on a bilateral trade deal, after Washington doubled tariffs on Indian goods in response to continued Russian oil imports.
oil:US:UCO
UBS analyst Giovanni Staunovo noted expectations of another U.S. crude draw, while the end of the summer driving season reinforced demand trends.
oil:US:UCO
Ukrainian drone attacks knocked out 17% of Russia’s oil-processing capacity, equal to 1.1 million barrels per day, according to Reuters.
oil:US:UCO
Kazakhstan boosted crude oil output in August to 1.88 million barrels per day, up from 1.84 million in July, marking a 2% rise month-on-month.
Beijing’s New Development Bank Push Spurs Regional Moves; Singapore & US Corporate Updates Punctuate Busy News Day
US:GOOGL:Alphabet
Alphabet shares jumped after a U.S. judge ruled it can keep Chrome but must avoid exclusive search deals and share some search data; the stock’s after-hours surge also echoed analyst chatter that Google’s TPUs are emerging as a strong alternative to Nvidia.
US:AAPL:Apple
Apple rose more than 3% as the court decision allows Google Search to remain preloaded on iPhones, preserving a lucrative arrangement amid Apple’s own antitrust overhang.
US:NVDA:Nvidia
Nvidia fell nearly 3%, slipping below its 50-day moving average for the first time since May as investors took profits in Big Tech leaders.
US:COST:Costco
Gordon Haskett reiterated a “buy” with a US$1,200 target, calling Costco a “market share gainer” ahead of its monthly sales update and despite tariff-related cost concerns.
US:VOYA:Voya Financial
Morgan Stanley reaffirmed “overweight,” citing progress in margins and growth across Employee Benefits, Retirement and Investment Management, and flagged about 20% potential upside to its US$90 target.
US:UBS:UBS Group
UBS told clients that record-high markets aren’t a reason for concern, pointing to robust earnings and a likely Fed rate-cut cycle historically associated with positive equity returns.
US:CRM:Salesforce
Salesforce reports after the bell tomorrow; shares are down this year with investors awaiting management’s commentary on the outlook.
US:M:Macys
Macy’s reports in the morning on live TV; the stock is up 19% since last quarter’s report but remains down 20% over the past year and 25% from December highs.
US:ZS:Zscaler
Zscaler rose about 3% after fourth-quarter adjusted EPS and revenue beat expectations, with guidance also coming in ahead of consensus.
US:HQY:HealthEquity
HealthEquity gained roughly 4% after posting stronger-than-expected second-quarter earnings and revenue.
SGX:JLB.SI:Grand Venture Technology
Grand Venture Technology set its scheme meeting for Sept 17 on the 94-cent-per-share offer from Dutch firm Aalberts Advanced Mechatronics; major holders, including Novo Tellus, founder Ricky Lee and CEO Julian Ng, have committed to sell a 64.24% stake, with delisting expected around Nov 4 if approved.
SGX:D05.SI:DBS Group Holdings
DBS’s plan to acquire a stake in Alliance Bank Malaysia has stalled pending Bank Negara Malaysia approvals; DBS and Alliance’s largest shareholder Vertical Theme submitted applications about eight months ago.
KL:2488.KL:Alliance Bank Malaysia Berhad
Alliance Bank said it has no knowledge of the matter as approvals remain outstanding; its shares are down 4.8% year-to-date with a market cap of about RM7.8 billion.
SGX:C09.SI:City Developments Limited
CDL completed the sale of its 50.1% stake in South Beach’s holding company to IOI Properties Group for RM2.75 billion, with IOI paying S$835.29 million in cash to CDL.
KL:5249.KL:IOI Properties Group
IOI Properties now owns 100% of the South Beach development—including South Beach Tower, South Beach Avenue and JW Marriott Hotel Singapore South Beach—after buying CDL’s stake.
SGX:OU8.SI:Centurion Corporation
Centurion acquired Johor-based dormitory operator Harum Megah Resources for RM110.8 million, adding six PBWAs with about 7,197 beds and lifting its Malaysian portfolio to roughly 35,610 beds.
SGX:S56.SI:Samudera Shipping Line
Samudera agreed to buy a second-hand 2,684-TEU container vessel for US$50.36 million, to be funded by internal resources and bank borrowings, with delivery expected in 4Q2025.
SGX:—:Ever Glory United
Ever Glory United raised S$17.05 million via a placement of 31 million new shares at S$0.55 to fund working capital and part of the Guthrie Engineering acquisition; participants included ICHAM Master Fund, Amova Asset Management, Lion Global Investors, Ginko-AGT Global Growth Fund, Asdew Acquisitions and Azure Capital.
(Ticker not provided in the article.)
SGX:F9D.SI:Boustead Singapore
Boustead applied to MAS and SGX-ST for a proposed REIT listing of certain logistics and industrial assets, with UIB Holdings as sponsor in which Boustead holds a 20% effective stake.
SGX:—:Reclaims Global
Reclaims Global is considering a possible share transaction, noting any deliberations will follow its blackout period as it finalises unaudited half-year results to July 31.
(Ticker not provided in the article.)
SGX:Y92.SI:Thai Beverage
RHB cut ThaiBev’s target price to S$0.65 from S$0.69 after 9MFY2025 revenue and EBITDA came in below expectations on softer volumes and higher costs, though the analyst remains positive on longer-term growth.
SGX:Z74.SI:Singapore Telecommunications (Singtel)
HSBC kept “buy” and raised its target price to S$4.75, citing core earnings growth from Optus and NCS, data-centre expansion via Nxera, higher dividends, asset monetisation and AI-driven cost savings.
SGX:D05.SI:DBS Group Holdings
Morningstar’s Michael Makdad restored the uncertainty rating on Singapore banks to “low,” keeping DBS’s fair value at S$48 and noting recent volatility fits the lower rating.
SGX:O39.SI:Oversea-Chinese Banking Corporation
Morningstar maintained OCBC’s fair value at S$18.50, suggesting its c.10% discount could push it into four-star territory under the reduced uncertainty rating.
SGX:U11.SI:United Overseas Bank
Morningstar kept UOB’s fair value at S$38, alongside the sector-wide shift back to a “low” uncertainty rating after tariff risks eased.
SGX:A7RU.SI:Keppel Infrastructure Trust
Keppel Infrastructure Trust secured a US$75 million loan facility.
US:DGT:Dow Jones Industrial Average
The Dow fell 0.55% to 45,295.81 as higher Treasury yields and profit-taking weighed on sentiment.
SGX:S27.SI:S&P 500
The S&P 500 slipped 0.69% to 6,415.54 to start a seasonally weak month for equities.
US:QQQ:Nasdaq Composite
The Nasdaq Composite lost 0.82% to 21,279.63, pressured by declines in major technology names.
Wall Street Stumbles Into September as Yields Surge, Tech Giants Slide
US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
U.S. stocks began September on a weak note. The Dow Jones Industrial Average fell 249 points, or 0.55%, to 45,295.81. The S&P 500 dropped 0.69% to 6,415.54, while the Nasdaq Composite slid 0.82% to 21,279.63. Investors weighed a surge in Treasury yields, with the 10-year at 4.27% and the 30-year at 4.97%, alongside concerns over tariffs and profit-taking after a strong August.
US:NVDA:Nvidia
US:AMZN:Amazon
US:AAPL:Apple
Nvidia tumbled nearly 3%, slipping below its 50-day moving average for the first time since May. Amazon and Apple shed around 1% each as investors rotated out of Big Tech winners following the summer rally.
US:GOOGL:Alphabet
Alphabet surged more than 7% in after-hours trading after a federal judge ruled the company could keep its Chrome browser, avoiding a worst-case antitrust outcome. Analysts also highlighted Google’s TPU chips as a rising alternative to Nvidia in artificial intelligence, with D.A. Davidson estimating a potential $900 billion valuation if spun off with DeepMind.
US:AAPL:Apple
Apple climbed more than 3% after the ruling confirmed it can continue preloading Google Search on iPhones, preserving a lucrative partnership.
US:COST:Costco
Analysts at Gordon Haskett reiterated a buy rating on Costco with a $1,200 target, seeing the retailer as a “market share gainer” despite recent tariff-driven cost concerns. Shares are down 4.8% this quarter but remain 2.8% higher year-to-date.
US:VOYA:Voya Financial
Voya Financial was reaffirmed as a “favorite name” at Morgan Stanley, with analysts expecting another 20% upside from current levels. The firm sees growth potential across its Employee Benefits, Retirement, and Investment Management businesses.
US:UBS:UBS Group
UBS said record highs in the stock market should not concern investors, citing strong corporate earnings and potential Fed rate cuts. The bank noted that equities have historically performed well following periods of all-time highs.
US:CRM:Salesforce
Salesforce prepares to report earnings, with shares down 24% year-to-date. Analysts and investors will watch closely as CEO Marc Benioff appears on CNBC post-report.
US:M:Macys
Macy’s will release earnings Wednesday morning. Shares are down 20% year-over-year and 25% from December highs, despite a 19% rebound since its last quarterly report.
US:ZS:Zscaler
Zscaler rose about 3% after reporting strong earnings of 89 cents per share on $719 million in revenue, beating expectations. The company also issued upbeat guidance.
US:HQY:HealthEquity
HealthEquity jumped 4% on better-than-expected Q2 earnings of $1.08 per share on $326 million in revenue, topping analyst forecasts.
HK:3115.HK:Hang Seng Index
In Asia, the Hang Seng Index was steady as traders monitored global tariff developments.
Tencent Buyback, Ping An Stake Boost, Alibaba Upgrades, BYD Expansion — China Market in Focus
HK:00700.HK:Tencent
Tencent repurchased 913,000 shares worth HKD550 million at prices between HKD599.5 and HKD608. Since May, it has bought back 48.48 million shares under its authorization program.
HK:02318.HK:Ping An Insurance
HK:02628.HK:China Life Insurance
Ping An Insurance raised its stake in China Life Insurance from 7.73% to 8.32%, purchasing 44.095 million shares at an average price of HKD23.55.
HK:00012.HK:Henderson Land
Private equity firm General Atlantic and hedge fund Point72 are set to move into Henderson Land’s The Henderson office tower in Central, amid historically low Hong Kong lease rates.
CN:—:Unitree Robotics
Unitree Robotics teased plans to submit an IPO application this year, joining China’s growing robotics and AI financing wave.
(Ticker not provided in article.)
HK:01211.HK:BYD Company
BYD Company doubled its registered capital to RMB9.1 billion and also won a court judgment against a defamatory social media account.
HK:01810.HK:Xiaomi
Xiaomi rose more than 3%, bucking the market downturn as chips and handset stocks rallied on investor momentum.
HK:06160.HK:BeiGene
HK:01929.HK:Chow Tai Fook
HK:2359.HK:WuXi AppTec
HK:00975.HK:Mongol Mining
HK:00697.HK:Shoucheng Holdings
BeiGene, Chow Tai Fook, WuXi AppTec, Mongol Mining, and Shoucheng Holdings all hit new highs, even as the Hang Seng Index closed down 120 points at 25,496.
HK:06088.HK:CITIC Securities
UBS lifted CITIC Securities’ target price to HKD37.64 while maintaining a “Buy” rating.
HK:01336.HK:New China Life Insurance (NCI)
UBS raised its target price for NCI to HKD52, keeping a “Neutral” call on the stock.
HK:09889.HK:RoboSense
UBS also raised its target price for RoboSense to USD52.80, citing strong order growth and profit margin expansion.
US:BABA:Alibaba
Alibaba deepened cooperation with Bosch on AI-driven digital innovation. Analysts grew bullish: BOCI raised its target price to USD170 (Buy), while Haitong International hiked its target to USD167.
HK:00291.HK:China Resources Beer
CMBI trimmed China Resources Beer’s target price to HKD12.85 but maintained its “Buy” rating.
HK:02333.HK:Great Wall Motor
HTSC lifted Great Wall Motor’s target price to HKD23.28, reiterating a “Buy” stance.
HK:0241.HK:Alibaba Health Information Technology
CLSA raised Alibaba Health’s target price to HKD6.50, citing strong sales momentum from innovative drugs.
HK:3333.HK:Evergrande
Liquidators of Evergrande were reported to be clarifying Chairman Hui Ka Yan’s assets as part of recovery efforts for creditors.
Alibaba, BYD, Meituan, Tencent in Spotlight as Hong Kong Market Swings
US:BABA:Alibaba
Haitong International said Alibaba may shore up Hong Kong stocks in the short term. Separately, CMBI raised Alibaba’s target price to USD158.8, while CCBI lifted its TP to USD161.7 with an “Outperform” rating.
HK:03690.HK:Meituan
Meituan fell over 3% as the Hang Seng Index dropped 157 points at midday. Nomura slashed its TP to HKD123 citing intense competition with Alibaba, while UBS and CLSA both maintained “Buy” with TP HKD14.1. Morgan Stanley said Meituan’s growth trajectory remains unaffected by Google’s model shift.
HK:06160.HK:BeiGene
HK:01929.HK:Chow Tai Fook
HK:00975.HK:Mongol Mining
HK:00911.HK:China Northern Rare Earth (Chinfmining)
HK:09881.HK:InnoScience
BeiGene, Chow Tai Fook, Mongol Mining, China Northern Rare Earth, and InnoScience all hit new highs despite market weakness.
HK:00291.HK:China Resources Beer
BofA Securities cut China Resources Beer’s TP to HKD11.8 after weak 1H results, while CMBI maintained a “Buy” with a higher TP of HKD12.85 earlier.
HK:02269.HK:WuXi XDC
CMBI initiated coverage on WuXi XDC with a “Buy” rating and TP of USD74.
HK:01797.HK:East Buy
Citi raised East Buy’s TP to USD33, citing a successful pivot to a membership-based platform.
HK:03800.HK:GCL Technology
Citi also raised GCL Technology’s TP to HKD1.72, keeping a “Buy” rating.
HK:01199.HK:COSCO Shipping Ports
HK:01444.HK:China Merchants Port
HSBC Research lifted COSCO Shipping Ports’ TP to HKD5.2 but downgraded China Merchants Port to “Reduce.”
HK:06690.HK:Haier Smart Home
BOCOM International raised Haier Smart Home’s TP to USD36.6, citing stronger channel efficiency. CMBI also reiterated “Buy,” highlighting a bright 2H outlook.
HK:09633.HK:Nongfu Spring
CMBI raised Nongfu Spring’s TP to USD57.75, keeping a “Buy” rating.
HK:02601.HK:China Pacific Insurance (CPIC)
CMBI lifted CPIC’s TP to USD40, while Citi later nudged it to HKD40.5 on stronger earnings forecasts.
HK:02238.HK:GAC Group
CMBI raised GAC Group’s TP to HKD4.3, maintaining “Buy.”
HK:09888.HK:Baidu (BIDU-SW)
Fitch revised down Baidu’s outlook to “Negative,” citing weaker fundamentals.
HK:00027.HK:Galaxy Entertainment
HK:02282.HK:MGM China
Morgan Stanley expects Macau gaming to maintain strong momentum, preferring Galaxy Entertainment and MGM China.
HK:06186.HK:China Feihe
Goldman Sachs downgraded China Feihe to “Neutral,” cutting its TP to HKD4.3.
HK:09869.HK:UBTech Robotics
CCBI raised UBTech Robotics’ TP to HKD125 with an “Outperform” rating.
HK:01336.HK:New China Life Insurance (NCI)
Citi raised NCI’s TP to USD50.7, maintaining “Neutral.”
HK:02333.HK:Great Wall Motor
CMS raised Great Wall Motor’s TP to USD26 with “Overweight.”
HK:01211.HK:BYD Company
BOCI downgraded BYD Company to “Sell,” cutting TP to HKD80. Goldman Sachs also trimmed TP to HKD130, while CMBI lowered it to HKD140 after weak results.
HK:02885.HK:BYD Electronic
BOCI raised BYD Electronic’s TP to USD52.2, keeping “Buy.” CMBI separately lifted TP to USD47.37 on strong Q2 performance.
HK:00017.HK:New World Development
JPMorgan rated New World Development “Underweight,” setting TP at USD3.7 due to limited likelihood of Cheng family support.
HK:00069.HK:Shangri-La Asia
Citi cut Shangri-La Asia’s TP to HKD5.4 after interim earnings missed estimates.
HK:00358.HK:Jiangxi Copper
Citi placed Jiangxi Copper on a 90-day positive catalyst watch.
HK:06030.HK:CITIC Securities
Citi said CITIC Securities’ interim results were in line, keeping its “Buy” rating.
HK:02899.HK:Harmony Auto
Harmony Auto jumped nearly 13% after BYD took a stake in its subsidiary iCar.
HK:1211.HK:BYD Company
BYD’s “Xi’an” ship set sail carrying 3,977 NEVs to Europe, underscoring its global export push.
HK:02877.HK:Lingbao Gold
Lingbao Gold rose 3% as spot gold prices topped USD3,500 per ounce to a record high.
HK:02828.HK:Link REIT
Link REIT announced COO Greg Chubb will step down in March 2026.
HK:02096.HK:Simcere Pharmaceutical
Simcere Pharmaceutical launched a top-up share placement at an 8% discount to raise HKD1.55 billion.
HK:600547.SS:SD Gold (Shandong Gold Mining)
SD Gold fell 2.7% after announcing a 9% discounted share placement to raise HKD3.89 billion.
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