📈 JPMorgan Lifts STI Bull Target to 6,000 on Liquidity Reforms, MAS Initiatives SGX:S27.SI:Straits Times Index US:JPM:JP MorganJP Morgan raised its 12-month bull target for the Straits Times Index (STI) to 6,000 points, up from 5,000, citing reforms aimed at boosting Singapore equity liquidity and visibility. Analysts Khoi Vu and Rajiv Batra said global rate cuts, a weaker US dollar and strong capital inflows will support valuations, with their “blue sky” projection taking the STI “6,000 and beyond.” US:JPM:JP MorganJP Morgan economists expect the US Federal Reserve to cut rates by 75 basis points over the next six months, further expanding liquidity. Analysts see Singapore’s market return on equity potentially rising to 12%, with P/B valuations back near 1.9–2.0 times, echoing the highs of 2012–2013. SGX:S27.SI:Straits Times IndexJP Morgan’s base case pegs the STI at 5,000 points, implying a 15x PE multiple on trend earnings growth of around 5%. Gains are expected across sectors, particularly real estate, IT and consumer, echoing Japan’s P/B reforms that lifted market ROE since 2023. SGX:S68.SI:Singapore ExchangeSGX Group launched the iEdge Singapore Next 50 Indices on Sept 22 to track stocks outside the flagship STI, with versions weighted by market cap and liquidity. JP Morgan says these, alongside new liquidity measures, could spotlight small- and mid-caps with strong balance sheets. SGX:S27.SI:Straits Times Index SG:MAS:Monetary Authority of SingaporeThe Monetary Authority of Singapore (MAS) unveiled a $5 billion Equity Market Development Programme, appointing Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management to deploy an initial $1.1 billion into small- and mid-caps. MAS also announced new measures to enhance investor protection and is consulting on further legal provisions to curb misconduct. 🚀 Global & Local Markets Buzz: Pfizer Eyes Obesity Drug, Singapore REITs Expand, Brookfield Taps Malaysia Solar SGX:IWOW.SI:iWOW TechnologyiWOW Technology issued 15 million new shares to a sole private investor, raising $3 million. SGX:AJBU.SI:Keppel DC REITKeppel DC REIT acquired a Tokyo data centre for $707 million and priced its preferential offering at $2.24 per unit. SGX:QNS.SI:Southern Alliance MiningSouthern Alliance Mining warned of a higher net loss for FY2024/25, citing weaker iron ore prices, reduced demand from the steel industry, and impairment losses on mining assets and joint ventures in Sabah and Pahang. SGX:AEDGE.SI:Aedge GroupAedge Group’s subsidiary exercised an option to purchase the balance of lease at 219 Kallang Bahru for about $14 million. SGX:K03.SI:Khong GuanKhong Guan guided for a net loss for FY2025 ended July 31. SGX:505.SI:AsiaMedicAsiaMedic’s largest shareholder increased their stake to 5.046% of total voting shares. SGX:5MO.SI:MooreastMooreast signed an agreement with a Chinese infrastructure company to develop floating offshore renewable energy projects. UAE:ADIA:Abu Dhabi Investment Authority AU:LLC:Lendlease GroupADIA, which owns 70% of Paya Lebar Quarter (PLQ), is seeking to divest its stake. Lendlease Group, holding 30%, is working with ADIA but suggests waiting for office market recovery. Lendlease also issued S$400 million perpetual securities at 3.95%. US:PFE:Pfizer US:Metsera:Metsera US:NVO:Novo Nordisk US:LLY:Eli Lilly DK:ZEAL.CO:Zealand PharmaPfizer is nearing a US$7.3 billion takeover of obesity startup Metsera, offering up to US$70 per share. The deal would give Pfizer access to Metsera’s obesity drug MET-233i. Rivals include Novo Nordisk, Eli Lilly, and Zealand Pharma. CA:BAM:Brookfield KL:0215.KL:Solarvest HoldingsBrookfield signed a joint framework with Malaysia’s Solarvest Holdings to develop 1.5GW of utility-scale solar and battery projects. This marks Brookfield’s first investment in Malaysia via its Catalytic Transition Fund.
🚀 Global & Local Markets Buzz: Pfizer Eyes Obesity Drug, Singapore REITs Expand, Brookfield Taps Malaysia Solar SGX:IWOW.SI:iWOW TechnologyiWOW Technology issued 15 million new shares to a sole private investor, raising $3 million. SGX:AJBU.SI:Keppel DC REITKeppel DC REIT acquired a Tokyo data centre for $707 million and priced its preferential offering at $2.24 per unit. SGX:QNS.SI:Southern Alliance MiningSouthern Alliance Mining warned of a higher net loss for FY2024/25, citing weaker iron ore prices, reduced demand from the steel industry, and impairment losses on mining assets and joint ventures in Sabah and Pahang. SGX:AEDGE.SI:Aedge GroupAedge Group’s subsidiary exercised an option to purchase the balance of lease at 219 Kallang Bahru for about $14 million. SGX:K03.SI:Khong GuanKhong Guan guided for a net loss for FY2025 ended July 31. SGX:505.SI:AsiaMedicAsiaMedic’s largest shareholder increased their stake to 5.046% of total voting shares. SGX:5MO.SI:MooreastMooreast signed an agreement with a Chinese infrastructure company to develop floating offshore renewable energy projects. UAE:ADIA:Abu Dhabi Investment Authority AU:LLC:Lendlease GroupADIA, which owns 70% of Paya Lebar Quarter (PLQ), is seeking to divest its stake. Lendlease Group, holding 30%, is working with ADIA but suggests waiting for office market recovery. Lendlease also issued S$400 million perpetual securities at 3.95%. US:PFE:Pfizer US:Metsera:Metsera US:NVO:Novo Nordisk US:LLY:Eli Lilly DK:ZEAL.CO:Zealand PharmaPfizer is nearing a US$7.3 billion takeover of obesity startup Metsera, offering up to US$70 per share. The deal would give Pfizer access to Metsera’s obesity drug MET-233i. Rivals include Novo Nordisk, Eli Lilly, and Zealand Pharma. CA:BAM:Brookfield KL:0215.KL:Solarvest HoldingsBrookfield signed a joint framework with Malaysia’s Solarvest Holdings to develop 1.5GW of utility-scale solar and battery projects. This marks Brookfield’s first investment in Malaysia via its Catalytic Transition Fund.
🌏 Malaysia Inc. on the Move: Big Contracts, New Deals, and Leadership Shifts KL:SPSETIA:S P Setia BhdS P Setia appointed Tan Hwa Min as deputy CEO effective Nov 17 and Datuk Yuslina Mohd Yunus as COO effective Oct 1, ahead of Datuk Zaini Yusoff’s elevation to president and CEO. KL:SLVEST:Solarvest Holdings Bhd CA:BAM:BrookfieldSolarvest Holdings signed a joint investment framework with Brookfield to develop 1.5GW renewable energy and battery storage projects in Malaysia over the next three to five years. KL:KGB:Kelington Group BhdKelington Group secured a S$33 million (RM108 million) contract through subsidiary KESG for engineering works at a Singapore advanced packaging facility. KL:ITMAX:ITMAX System BhdITMAX System, via Southmax, won a RM50.97 million, 15-year contract from Batu Pahat Municipal Council to provide smart city solutions including AI-enabled CCTV. KL:CBHB:CBH Engineering Holding BhdCBH Engineering bagged a RM31.4 million contract to deliver mechanical and electrical works for a Johor data centre project. KL:EUROSP:Eurospan Holdings BhdIndependent adviser MainStreet Adviser urged Eurospan shareholders to reject the mandatory takeover offer from new controlling shareholder Samuel Ng Heng Hong, calling it “not fair and not reasonable.” KL:PTT:PTT Synergy Group BhdPTT Synergy signed a framework agreement with OMH (Shandong) and AUBO (Shandong) Robotics Technology to explore a RM2 billion automated warehouse project in Malaysia. KL:KENERGY:Kawan Renergy BhdKawan Renergy posted a 41.1% jump in 3Q net profit to RM7.49 million, driven by project deliveries and higher income. Revenue rose 10.1% to RM35.05 million. KL:GREENYB:Greenyield BhdGreenyield rejected an EGM request to remove CEO Tham Kin-On, stating it was not in the company’s best interest. Tham has since stepped down for personal reasons. KL:PJBUMI:PJBumi BhdPJBumi, via PT Indodrill Bumi Perkasa, won a US$6.55 million (RM27.6 million) project management contract for exploration and drilling in Mogoi Wasian, Papua, Indonesia. KL:AWC:AWC BhdAWC secured a nearly RM13 million contract from Singapore’s Housing & Development Board to design, build and operate a pneumatic waste conveyance system through subsidiary Stream Environment (S).
🔥 Wall Street Hits Record Highs as Nvidia Fuels AI Frenzy Malaysia Inc. on the Move: Big Contracts, New Deals, and Leadership Shifts The S&P 500 rose 0.44% to 6,693.75, the Nasdaq Composite gained 0.70% to 22,788.98, and the Dow Jones Industrial Average climbed 66.27 points, or 0.14%, to 46,381.54 — all closing at record highs. US:NVDA:Nvidia US:BTC:BitcoinNvidia surged 3.9% after announcing a $100 billion investment in OpenAI for data centers, reaffirming AI’s dominance in driving earnings growth through 2026 and beyond. US:ORCL:OracleOracle advanced 6% after promoting Clay Magouyrk and Mike Sicilia as co-CEOs, with Safra Catz stepping into an executive vice chair role. This extends Oracle’s 45% rally this month. US:AAPL:AppleApple gained 4% as optimism over new iPhone sales boosted investor sentiment. US:RUT:Russell 2000The Russell 2000 small-cap index closed at its first record since November 2021, following the Federal Reserve’s interest rate cut. Traders anticipate two more quarter-point cuts before year-end. AR:ARGT:Global X MSCI Argentina ETF AR:Merval:Merval IndexArgentina’s markets surged after Treasury Secretary Scott Bessent pledged U.S. support. The Global X MSCI Argentina ETF (ARGT) jumped 6.5%, while the Merval Index rose 6%. US:FFLY:Firefly AerospaceFirefly Aerospace shares sank 12.5% after reporting a wider Q2 loss of $80.3M and revenue drop to $15.5M, missing analyst estimates. Despite the decline, the stock remains up 9% month-to-date, bolstered by its Blue Ghost moon lander success. Analysts warn of near-term risks: BTIG sees elevated volatility into early October, Raymond James flags rising Treasury yields as a threat, while LPL Financial suggests any pullback is a chance to “buy the dip.”
