Broker: CGS International
Date of Report: September 24, 2025
Singapore Trendspotter: Key Investment Opportunities and Critical Market Insights for 2025
Market Recap: China’s Export Engine and Global Trade Tensions
Despite sustained US tariffs, China’s export machine continues to surge, posting a potential record \$1.2 trillion trade surplus. Chinese manufacturers have aggressively pivoted away from the US market, achieving all-time high sales to India, record shipments to Africa, and surpassing previous peaks in Southeast Asia. This rapid export growth has triggered alarm among global governments, who now face the challenge of defending their domestic industries without provoking Beijing—China remains the top trading partner for over half the world.
- Mexico has responded most directly, imposing tariffs up to 50% on Chinese products such as cars, auto parts, and steel.
- India is ramping up investigations into alleged dumping, with 50 recent applications targeting imports from China and Vietnam.
- Indonesia is intensifying scrutiny after viral videos highlighted plans by Chinese vendors to export ultra-cheap apparel to major cities.
Despite these actions, most countries—especially those negotiating tariffs with the US—remain reluctant to launch a broader trade war against the world’s second-largest economy, granting China some breathing room and softening the impact of US tariffs once expected to halve its annual growth rate.
Stock Spotlight: Bumitama Agri Ltd — Bullish Continuation Ahead
Bumitama Agri Ltd, a leading Indonesian palm oil producer, is under renewed focus with a bullish technical setup suggesting further upside. The company cultivates, harvests, processes, and sells crude palm oil (CPO) and palm kernel (PK) from its plantations in Indonesia.
Technical Analysis and Investment Strategy
Bumitama’s share price has advanced significantly, exceeding the final target price of S\$1.08 set in the previous Trendspotter report from June 2025, delivering a 50% gain to date. The current technical snapshot supports a continued bullish outlook, with several key signals aligning for further upside momentum.
| Trade Level |
Price (SGD) |
| Last Price |
1.15 |
| Entry Price(s) |
1.15, 1.08, 1.01 |
| Support 1 |
1.06 |
| Support 2 |
0.97 |
| Stop Loss |
0.95 |
| Resistance 1 |
1.20 |
| Resistance 2 |
2.00 |
| Target Price 1 |
1.60 |
| Target Price 2 |
2.00 |
| Target Price 3 |
2.15 |
| Target Price 4 |
2.24 |
Technical Indicators Supporting the Bullish Case
- Major Uptrend: The stock’s long-term upward momentum remains strong. The recent falling wedge pattern signals a likely upside continuation.
- Ichimoku Cloud: Prices are trading above all five Ichimoku indicators, reinforcing the bullish outlook.
- MACD: The MACD line is well above the zero line and rising, with a positive histogram.
- Stochastic Oscillators: The %K and %D lines have crossed again to the upside, suggesting renewed buying pressure.
- Rate of Change (ROC): The 23-period ROC remains positive.
- Volume: Trading volumes are expanding healthily, further supporting the positive momentum.
Analyst: CHUA Wei Ren, CMT, notes that Bumitama’s price action is robust, warranting a re-addition to the buy list.
Keppel DC REIT: Expanding Japan Data Centre Exposure
Keppel DC REIT continues its rapid expansion into the Japanese data centre market, proposing the acquisition of a second facility valued at S\$696.1 million. This strategic move is expected to be accretive to Distribution Per Unit (DPU) and further enhance the REIT’s portfolio metrics.
- Strategic Acquisition: The deal is designed to improve overall portfolio quality and provide greater exposure to the fast-growing Japanese data centre sector.
- DPU Accretion: The acquisition is expected to boost returns for existing unitholders.
- Outlook: The recommendation remains “Add” with an unchanged target price of S\$2.48, reflecting continued optimism for Keppel DC REIT’s growth and portfolio strategy.
| Company |
Proposed Acquisition |
Value (SGD) |
TP (Target Price) |
Recommendation |
| Keppel DC REIT |
Second Japan Data Centre |
696.1 million |
2.48 |
Add |
Broker’s Ratings Framework and Coverage Statistics
CGS International employs a transparent and structured ratings system for its stock and sector recommendations:
- Add: Expected total return exceeds 10% over the next 12 months.
- Hold: Expected total return between 0% and +10%.
- Reduce: Expected total return below 0%.
Sector and country ratings use “Overweight,” “Neutral,” and “Underweight” to guide allocation relative to benchmarks.
| Rating |
% of Coverage |
% Investment Banking Clients |
| Add |
70.6% |
1.1% |
| Hold |
20.5% |
0.5% |
| Reduce |
8.9% |
0.5% |
As of June 30, 2025, CGS International covered 561 companies under this framework.
Key Takeaways for Investors
- Bumitama Agri Ltd: Technical indicators support a bullish continuation, with multiple entry points and clear upside targets—making it a strong candidate for momentum-focused portfolios.
- Keppel DC REIT: The strategic Japanese data centre acquisition strengthens the REIT’s portfolio, offering DPU accretion and justifying the “Add” rating and S\$2.48 target price.
- Macro Outlook: China’s resilient exports continue to disrupt global trade flows, increasing the likelihood of further protectionist responses worldwide.
- Risk Management: Investors are advised to review the detailed support, stop loss, and resistance levels in consideration of their own risk tolerance and portfolio objectives.
This report provides actionable intelligence for investors seeking opportunity in Singapore’s dynamic equity markets, highlighting both technical setups and strategic corporate moves for the months ahead.
