⚡ Singapore’s Small & Mid-Caps Ride EQDP Wave — But Can They Prove Their Worth?
The Monetary Authority of Singapore’s push to revive the local bourse has lifted optimism around undervalued counters, sending small and mid-cap stocks higher. But analysts caution that without strong fundamentals, this rally could fizzle as quickly as it began.
SGX:S68.SI:Singapore Exchange
The FTSE ST Mid and Small Cap Index jumped 9% in Q3 FY2025 to Aug 12, outpacing the Straits Times Index’s 7% gain and its own 1.8% rise in the first half of the year. Liquidity improved too, with July trades up 44% year on year to 38.9 billion shares.
SGX:F03.SI:Food Empire
SGX:558.SI:UMS
SGX:E28.SI:Frencken
SGX:OYY.SI:PropNex
SGX:OV8.SI:Sheng Siong
UOB Kay Hian (UOBKH) spotlighted these names on Jul 23, citing steady dividends, contract wins and rerating potential as reasons for long-term interest.
SGX:E28.SI:Frencken
With a market cap of S$600 million, Frencken has rallied 30% in six months and trades at 15.7 times earnings. UOBKH called it a likely beneficiary of the Equity Market Development Plan (EQDP), backed by semiconductor demand. CGS International added on Aug 15 that faster recovery in its semiconductor business could trigger further rerating.
UOB Kay Hian, CGS International
Both brokerages stressed that small and mid-caps like Frencken must back up gains with consistent earnings, order books and dividends, or risk fading investor confidence.
The Challenge Ahead
Blue chips remain formidable competitors, delivering reliable profits, special dividends, asset monetisation and M&A. Smaller players must sharpen investor engagement and prove execution, particularly as more EQDP tranches roll out through 2026.
Ultimately, the S$5 billion EQDP may provide the liquidity boost, but whether that translates into lasting value depends on fundamentals. For small and mid-cap counters, the next few quarters will be a decisive test.
Wall Street Hits Record Highs, AI & Space Stocks Steal the Spotlight
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
US:UNH:UnitedHealth
📈 Indexes Close at Record Highs
The S&P 500 gained 0.27% to 6,512.61, the Nasdaq Composite rose 0.37% to 21,879.49, and the Dow Jones Industrial Average advanced 196.39 points, or 0.43%, to 45,711.34 — boosted by UnitedHealth (UNH).
US:JPM:JPMorgan Chase
💬 Jamie Dimon Warns of Weakening Economy
JPMorgan Chase CEO Jamie Dimon said the U.S. economy is “weakening” after the Labor Department revised nonfarm payroll data downward by 911,000 jobs, sparking concerns over recession risks.
US:AVGO:Broadcom
US:NVDA:Nvidia
🔧 Chipmakers Drive Nasdaq, But Broadcom Slips
Nvidia (NVDA) helped fuel Nasdaq’s record highs, while Broadcom (AVGO) shares slid over 2% after recent gains, though the stock still holds a near 13% one-week rise.
US:ASTS:AST Spacemobile
US:TSLA:Tesla (via competitor mention Starlink, part of SpaceX — not listed)
US:SATS:Echostar
🛰️ UBS Downgrades AST Spacemobile
UBS downgraded AST Spacemobile (ASTS) to neutral after Starlink announced its acquisition of Echostar (SATS)’s S-Band spectrum, increasing competitive risks. AST shares fell more than 3%.
US:ACKY:VistaShares Target 15 ACKtivist Distribution ETF
💼 Bill Ackman-Themed ETF Debuts
VistaShares launched the Target 15 ACKtivist Distribution ETF (ACKY), mirroring Pershing Square Capital’s disclosed holdings. The move follows its Warren Buffett-themed ETF earlier this year.
US:LYV:Live Nation Entertainment
US:GS:Goldman Sachs
US:MS:Morgan Stanley
US:BSX:Boston Scientific
US:PODD:Insulet
US:APH:Amphenol
US:WDC:Western Digital
📊 14 S&P 500 Stocks Hit New Highs
Seven names reached fresh all-time highs, including Live Nation Entertainment (LYV), Goldman Sachs (GS), Morgan Stanley (MS), Boston Scientific (BSX), Insulet (PODD), Amphenol (APH), and Western Digital (WDC).
US:KC:Kingsoft Cloud
US:BAC:Bank of America
☁️ Kingsoft Cloud Surges After Upgrade
Bank of America (BAC) upgraded Kingsoft Cloud (KC) to buy, citing revenue growth from AI services and improved cost controls. Shares jumped 12% as AI-driven demand fuels momentum.
📣 AI Boom Lifts Futures, Oracle Rockets After Hours; Traders Eye Inflation Readings
SGX:S27.SI:S&P 500
Futures rose 0.2% as traders awaited U.S. inflation data; the index previously closed up 0.27% at 6,512.61.
US:QQQ:Nasdaq Composite
Nasdaq 100 futures gained 0.1% while the composite closed up 0.37% at 21,879.49.
US:DGT:Dow Jones Industrial Average
Futures slipped 49 points (-0.1%); the average earlier rose 0.43% to 45,711.34, helped by UnitedHealth.
US:UNH:UnitedHealth
Shares boosted the Dow’s Tuesday close, contributing to its record finish.
US:ORCL:Oracle
Leapt 26% after hours as multicloud database revenue tied to Amazon, Google and Microsoft surged 1,529%; Oracle said it signed four multi-billion-dollar Q1 contracts, even as quarterly earnings missed estimates (per LSEG).
US:AMZN:Amazon
Cited by Oracle as a multicloud partner contributing to the 1,529% database revenue jump.
US:GOOGL:Google
Named by Oracle among partners driving its multicloud database revenue surge.
US:MSFT:Microsoft
Also listed by Oracle as a partner in the multicloud database growth.
US:NVDA:Nvidia
Advanced nearly 2% in sympathy with Oracle’s upbeat cloud outlook.
US:GME:GameStop
Rose 4% after reporting Q2 earnings of $0.25 per share (ex-items) on $972.2M revenue; disclosed bitcoin holdings valued at $528.6M.
US:BTC:Bitcoin
Referenced via GameStop’s disclosed holdings valuation at quarter end.
US:RBRK:Rubrik
Eased 1% after a narrower-than-expected adjusted Q2 loss of $0.03 per share; revenue of $310M topped the $282M estimate (per LSEG).
US:SNPS:Synopsys
Dropped 13% after fiscal Q3 results missed: $3.39 EPS on $1.74B revenue versus $3.74 and $1.77B expected (per LSEG).
US:AVAV:AeroVironment
Ticked higher on mixed results: adjusted Q1 EPS of $0.32 missed, revenue of $455M beat; FY outlook guided EPS $3.60–$3.70 on $1.9B–$2.0B revenue.
US:RILY:B. Riley Financial
Art Hogan of B. Riley Wealth Management said a Fed rate cut in September remains the base case barring hotter-than-expected CPI/ PPI.
US:DJ:Dow Jones
Cited as the source for economists’ inflation expectations used by traders.
Alibaba cuts SingPost stake to 4.61% via off-market deal
MetaOptics debuts at 22 cents; closes at 24 cents on first day of trading
GS Holdings acquires rights to distribute Corona and Budweiser through subsidiary Octopus Distribution Network
mm2 Asia has terminated an agreement to dispose of 97.6 million shares in Vividthree Holdings, or 21% of its stake, to Hildrics Asia Growth Fund VCC on Sept 8.
🌏 Golden Week, Property Bets & AI Surge: Hong Kong and China Markets Heat Up
HK:3115.HK:Hang Seng Index
The Hang Seng Index jumped 304 points (+1.2%) to 25,938, led by gains in Alibaba (BABA-W) and China property developers. The HSCEI rose 120 points (+1.3%) to 9,242, while HSTECH added 74 points (+1.3%) to 5,828.
HK:09988.HK:Alibaba Group (BABA-W)
Shares climbed 3.4% to HKD141.9 on heavy turnover, buoyed by reports of a major business announcement possibly linked to AutoNavi. Its Lazada unit set up a project team to connect systematically with Tmall for Southeast Asia.
HK:3690.HK:Meituan (via CN Food Delivery Platforms)
China’s SAMR held talks with major platforms, including Meituan, on regulatory oversight in food delivery.
HK:0700.HK:Tencent
Released its AI programming tool CodeBuddy, supporting DeepSeek. Reports also suggest Tencent may issue offshore RMB bonds for the first time in four years.
HK:0241.HK:Alibaba Health (Ali Health)
Shares surged more than 6%, hitting new highs alongside Tencent, China Resources Mixc, NetEase, and Nongfu Spring.
HK:1209.HK:China Resources Mixc
Hit fresh highs on investor enthusiasm in property-linked counters.
HK:9999.HK:NetEase
Shares touched record levels, joining the rally in consumer and tech sectors.
HK:9633.HK:Nongfu Spring
Extended gains to new highs, supported by resilient consumer demand.
HK:1810.HK:Xiaomi (via CLSA AI Supplier Outlook)
CLSA forecast China’s AI suppliers, including Xiaomi-linked components, will continue to benefit from global cloud and AI capital spending.
US:ASML:ASML Holding
Invested EUR1.3B in Mistral AI’s Series C funding, reinforcing its AI push.
HK:09888.HK:SenseTime-W
Guotai Haitong Securities raised its target price to HKD2.62, reiterating “Overweight.”
HK:01781.HK:Shanghai Shimao Group
Shares soared 28% on reports of a US$10B loan extension, reviving developer sentiment.
HK:SF:SF Holding
BofA Securities said China’s courier sector lacks near-term catalysts but highlighted SF Holding and JD Logistics as attractive entry points.
HK:2618.HK:JD Logistics
Cited by BofA Securities as another top entry opportunity within logistics.
HK:9696.HK:JD Auto Services
Reportedly sued Tuhu-W for unfair competition in the auto services market.
HK:9699.HK:Tuhu-W
Facing litigation from JD Auto Services over alleged unfair practices.
HK:2318.HK:Ping An Insurance (PRU – Prudential context)
Goldman Sachs lifted Prudential’s (PRU) target price to HKD136, keeping its “Buy” rating.
HK:07366.HK:XI2CSOPTSLA ETF
Topped ETF charts with a 4.2% surge to HKD19.81.
HK:09799.HK:XL2CSOPMSTR-U ETF
Closed up 3.6% at US$8.125, tracking gains in MicroStrategy.
HK:07747.HK:XL2CSOPSMSN ETF
Rose 3.4% to HKD12.95, linked to Microsoft performance.
HK:07711.HK:XL2CSOPCOIN ETF
Gained 3.1% to HKD141.55, tracking Coinbase.
HK:07799.HK:XL2CSOPMSTR ETF
Ended up 3.1% at HKD63.5, also tied to MicroStrategy.
🌟 Malaysia Corporate Buzz: SkyWorld Expands Abroad, CIMB Sees Leadership Shake-Up, Scicom Goes AI
KL:SKYWLD:SkyWorld Development Bhd
SkyWorld Development will acquire a 2.33-acre site in Ho Chi Minh City, Vietnam, for RM136 million to build a 40-storey residential tower with over 1,200 units and commercial facilities. The group has three months for due diligence and to negotiate final terms.
KL:ECONBHD:Econpile Holdings Bhd
Econpile clarified funds received by subsidiary EMSB in a case linked to Tan Sri Abu Sahid Mohamed were for the Maju Kuala Lumpur project. The group stressed neither it nor EMSB faces charges, and business operations remain unaffected.
KL:VANTNRG:Vantris Energy Bhd
The MACC will forfeit RM12 million belonging to Vantris Energy (formerly Sapura Energy) tied to alleged misuse of funds in 2018. Proceedings focus on suspected abuse of power by an undisclosed party.
KL:CITAGLB:Citaglobal Bhd
Citaglobal will go solo on a Pahang industrial park after exercising a RM90 million land buy option from Tree Technologies. The deal includes preference shares and cash, enabling its Citaglobal Property Development unit to take full control.
KL:CLASSITA:Classita Holdings Bhd
Classita, soon to be renamed NexG Bina (KL:NEXG), will sell non-core assets, including part of its lingerie business, to raise RM114.4 million in cash for property projects, aligning with new shareholder NexG Bhd’s focus.
KL:DXN:DXN Holdings Bhd
DXN will acquire a Burj Khalifa apartment in Dubai as part of its incentive programme for top distributors. The unit will host achievers who hit performance targets, with management highlighting long-term cost savings.
KL:CIMB:CIMB Group Holdings Bhd
CIMB announced the resignation of Victor Lee Meng Teck, CEO of CIMB Singapore and growth markets. Andrew Boey, CFO of CIMB Singapore, becomes officer-in-charge, while Group CEO Novan Amirudin will act as interim head of growth markets.
KL:CMSB:Cahya Mata Sarawak Bhd
Cahya Mata Sarawak’s phosphate plant in Samalaju has regained electricity supply from Sesco after more than two years. The reconnection allows testing and commissioning despite arbitration on the power purchase agreement still ongoing.
KL:PTRANS:Perak Transit Bhd
Perak Transit will roll out smart bus stops in Ipoh in Q4 2025, targeting new recurring revenue streams from advertising, kiosks, vending and telecom leasing, with plans to scale nationwide.
KL:BPURI:Bina Puri Holdings Bhd
Bina Puri signed a pact with South Korea’s Hanil Electric Group to potentially build a RM220 million factory in Sarawak, supporting Hanil’s Southeast Asia expansion.
KL:SCICOM:Scicom (MSC) Bhd
Scicom teamed with Telekom Malaysia (KL:TM) to co-develop AI-powered customer engagement and digital service platforms, integrating AI-driven technologies with TM’s infrastructure to enhance client experience across multiple channels.
KL:TM:Telekom Malaysia Bhd
Partnering with Scicom, Telekom Malaysia will leverage its network and customer management to deliver AI-enabled engagement solutions.
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