📈 Wall Street Rallies but Ends Week Lower; Oracle and Costco Under Pressure, EA Surges on Buyout Talks

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

Stocks finished higher Friday, snapping a three-day losing streak. The Dow Jones Industrial Average rose 299.97 points (+0.65%) to 46,247.29, the S&P 500 gained 0.59% to 6,643.70, and the Nasdaq Composite added 0.44% to 22,484.07. Despite the rebound, all three indexes closed the week lower.

US:ORCL:Oracle

Oracle dropped more than 8% this week as AI-related stocks faced skepticism about the sustainability of the artificial intelligence rally, weighing on the broader tech sector.

US:COST:Costco Wholesale

Costco Wholesale beat Wall Street expectations on both revenue and earnings in Q4 but disappointed with slowing same-store sales growth (+6.4%). Shares fell nearly 3% Friday. Analysts from UBS, Morgan Stanley, and JPMorgan remain bullish, citing strong execution, membership momentum, and digital opportunities.

US:EA:Electronic Arts

Electronic Arts shares surged over 14% after reports from the Wall Street Journal that the company is nearing a $50 billion deal to go private. The potential leveraged buyout would involve Silver Lake and Saudi Arabia’s Public Investment Fund, making it one of the largest buyouts in history.

US:RUT:Russell 2000

The Russell 2000 index gained Friday but ended the week down 0.8%, snapping a seven-week winning streak.

SGX:S27.SI:S&P 500
US:DGT:Dow Jones Industrial Average
US:QQQ:Nasdaq Composite
US:RUT:Russell 2000

Despite recent volatility, analysts like Jeffrey Hirsch of the Stock Trader’s

🌏 Corporate Shake-Ups and Market Moves: From Singapore Privatisations to Global Pharma Tariffs

SGX:FMJ.SI:Dezign Format Group

Dezign Format Group reported an order book of $26.6 million as at end-August, comprising short-term and longer-term contracts. Key projects included luxury automotive showcases, hospitality suites for the Singapore Grand Prix, a cultural exhibition celebrating Singapore’s 60th anniversary, and large-scale festive décor. The group is expanding with a new Johor facility, set to be fully operational by 4Q2025.

SGX:564.SI:Spindex Industries

Spindex Industries faces a privatisation bid at $1.43 per share, valuing it at $165 million. The deal, led by chairman Tan Choo Pie, managing director Tan Heok Ting, and private equity firm PrimeMovers Equity, seeks to delist the precision components maker. PrimeMovers earlier acquired Excel Marco Industrial Systems and Techcom Technologies. Spindex shares have gained over 41% year-to-date.

SGX:F34.SI:Wilmar International

The Supreme Court of Indonesia fined five subsidiaries of Wilmar International IDR1 billion and ordered compensation of IDR11.9 trillion ($930 million) for alleged misconduct during the 2021 cooking oil shortage. Despite compliance claims, Wilmar expects a 3QFY2025 net loss but remains optimistic about full-year profitability.

SGX:D05.SI:DBS Group
SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)
SGX:U11.SI:United Overseas Bank (UOB)

Singapore’s major banks, including DBS, OCBC, and UOB, are positioned to issue US$13 billion in bonds in 2026 as falling interest rates enable capital structure optimisation. Analysts highlight strong earnings resilience, robust CET1 buffers, and healthy asset quality despite macro risks. DBS remains best-positioned with large reserve coverage, while OCBC posted a 15.3% CET1 ratio in 2Q2025.

SGX:CHJ.SI:Uni-Asia Group

Uni-Asia Group reversed to a profit with earnings of US$0.6 million for 1HFY2025, compared to a loss of US$11.7 million a year ago. Income rose 63% to US$18.2 million, driven by investment gains. Charter income fell due to vessel disposals and a collision involving M/V Glengyle, partly offset by higher daily charter rates. An interim dividend of 1 cent per share was declared.

KL:0046.KL:Southern Alliance Mining (SAM)

Southern Alliance Mining reported a FY2025 net loss of RM27.3 million despite 20% revenue growth to RM199.5 million from new bauxite sales. Softer iron ore prices slashed gross profit by 66%. Impairment losses of RM26.1 million weighed heavily, though sales volumes of iron ore products surged. The miner maintained positive operating cash flow of RM4.4 million.

SGX:569.SI:Vicplas International

Vicplas International posted FY2025 revenue growth of 13.1% to $115.8 million, driven by a 22.3% increase in its medical devices segment. However, higher finance costs and weaker pipe fittings results pushed losses after tax to $2.4 million. Operating expenses rose 24% due to increased production activities.

EU:STOXX600:Stoxx Europe 600 Index
US:NVO:Novo Nordisk
DK:ZEAL:Zealand Pharma
<strong:FR:STM:STMicroelectronics

European stocks gained 0.4% despite tariff threats from President Donald Trump on patented drugs. Novo Nordisk fell 1.3%, Zealand Pharma lost 2%, and STMicroelectronics slipped 1.7%. Analysts cautioned against cutting pharma exposure given limited details of the tariffs. The healthcare sector ended slightly higher, while investors awaited US inflation data for further direction.

SGX:U04.SI:United Overseas Australia (UOA)

United Overseas Australia acquired a 2,000 sqm site in Ho Chi Minh City for US$68 million, with total investment estimated at US$120 million. The planned Grade A office project will start construction in Q4 2025 and complete in Q2 2028. This follows a joint venture with CapitaLand Development for a 3,500-unit residential project in the city, adding to UOA’s growing Vietnam portfolio.

🚀 Addvalue Secures Fresh Satellite Orders, Prime US REIT Raises $25M in Discounted Placement

SGX:A31.SI:Addvalue Technologies

Addvalue Technologies has secured US$3.02 million in new contracts to supply multiple InterSatellite Data Relay System (IDRS) terminals to two existing clients expanding their constellations. With these latest deals, the company’s total order book has reached US$18.12 million. Deliveries are expected within the next 12 months, providing a positive boost to its current financial year.

US:PRIME:Prime US REIT

Prime US REIT has priced its placement at 19.35 US cents per unit, raising US$25 million from the sale of about 129.2 million new units. The price represents a 10% discount to its Sept 24 VWAP of 21.5 US cents. Proceeds will be used to upgrade properties and attract tenants. The REIT also plans to raise distribution to unitholders from 10% to 50% of distributable income for the current half year. DBS Bank and Maybank Securities acted as joint bookrunners and underwriters.

🌐 SGX Courts Global Heavyweights: Secondary Listings Swell, Trading Still Trails Primaries

SGX:S68.SI:Singapore Exchange

SGX is wooing overseas-listed companies for secondary listings to revitalise the local market. There are 29 such counters with a combined market value of S$177.1 billion as of August 2025, nearly 20% of SGX’s S$967.7 billion market capitalisation. Secondary listings broaden investor reach and enable trading in Singapore hours, but many still see thinner volumes than on their primary bourses.

SGX:K6S.SI:Prudential

The UK insurer is among SGX’s largest secondary listings (about US$35 billion), adding heft to the market while illustrating how global names use Singapore to tap regional investors.

SGX:NIO.SI:NIO

The Chinese EV maker carries a roughly US$17 billion valuation and trades in Singapore alongside its primary listings, helping link Asia-based investors to the global EV theme.

SGX:N33.SI:Nomura Holdings

Japan’s financial services giant (around ¥3.3 trillion, ~S$28.5 billion) lists in Singapore, aligning with SGX’s pitch as a gateway to Southeast Asian capital.

SGX:O6Z.SI:Lonza Group

The Swiss drug maker (about S$61.2 billion) is part of SGX’s stable of global healthcare names broadening sector exposure for local investors.

SGX:J36.SI:Jardine Matheson

The London-listed conglomerate (about US$18.5 billion) is a notable exception to muted volumes: Jardine group counters are relatively well-traded on SGX.

SGX:Q0F.SI:IHH Healthcare

Regional healthcare heavyweight (about S$20 billion) underscores how secondary listings connect Southeast Asian champions with Singapore investors.

SGX:S07.SI:Shangri-La Asia

The hospitality group (about S$2.7 billion) benefits from trading in Singapore hours for a base familiar with its brands and regional footprint.

SGX:EMI.SI:Emperador

The Philippine liquor giant (about S$5.7 billion) adds consumer staples diversity to SGX’s secondary roster.

SGX:NC2.SI:Sri Trang Agro-Industry

The Thai rubber company (about S$790 million) rounds out the region’s presence among Singapore’s secondary listings.

SGX:H78.SI:Hongkong Land

Part of the Jardine group, Hongkong Land is one of several Jardine counters that enjoy stronger local trading relative to many other secondary listings.

SGX:D01.SI:DFI Retail Group

Also from the Jardine stable, DFI Retail Group trades actively on SGX, helped by brand familiarity and regional operations.

SGX:M04.SI:Mandarin Oriental

The luxury hotels operator is another Jardine-affiliated name that sees comparatively healthier turnover in Singapore.

SGX:C07.SI:Jardine Cycle & Carriage

A long-time primary listing in Singapore and distributor for Mercedes-Benz, JCY&C anchors local recognition of the Jardine name, supporting interest across Jardine-linked counters.

US:IBKR:Interactive Brokers Group

Interactive Brokers Singapore’s chief executive notes that SGX’s robust regime and investor protections let locals trade familiar names via the secondary route during Singapore hours.

SGX:AVP.SI:AvePoint

As part of SGX’s push to pair secondary listings with fundraising, Nasdaq-listed AvePoint issued shares and debuted on SGX in September, boosting local inventory and trading interest.

KL:1155.KL:Malayan Banking Berhad

A Maybank Securities analyst highlights a key hurdle: locals can easily access primary markets via online platforms, limiting the shift of trading volumes to Singapore.

SGX:AIY.SI:iFAST Corporation

FSMOne’s research view adds that Singapore’s investor base skews toward income and stability, while growth companies often gravitate to exchanges like Nasdaq or Hong Kong for deeper liquidity and coverage—constraining SGX’s appeal as a growth hub.

💼 Big Moves on Bursa: Banks Step Into Vantris, Pesona Wins Mega Project, Poh Kong, SNS and More Shine

KL:VANTNRG.KL:Vantris Energy
KL:1155.KL:Malayan Banking Berhad (Maybank)
KL:1023.KL:CIMB Group Holdings
KL:1066.KL:RHB Bank

Vantris Energy, formerly Sapura Energy, completed its regularisation plan with three banks emerging as major shareholders. Maybank now owns 20.27%, CIMB holds 12.13%, and RHB has 7.21% after debt-for-equity settlements.

KL:8311.KL:Pesona Metro Holdings
KL:5111.KL:TA Global

Pesona Metro won a RM666 million contract from TA Global to build DA Central Mall and The Arden office tower in Bandar Sri Damansara. The project runs for 30 months starting Sept 18.

KL:7030.KL:Poh Kong Holdings

Poh Kong posted a record FY2025 net profit of RM121.23 million on revenue of RM1.69 billion, lifted by surging gold prices. Q4 profit rose 3% y-o-y to RM22.68 million. The jeweller declared a three-sen final dividend.

KL:0259.KL:SNS Network Technology

SNS Network’s Q2 profit more than tripled to RM20.56 million, while revenue rocketed 476% to RM1.75 billion. Strong ICT sales via commercial and online channels drove the record results. The group declared a 0.25 sen interim dividend.

KL:7105.KL:HCK Capital Group

HCK Capital is selling a 51% stake in Andaman Daya, owner of Dengkil land, to Sinar Pavilion for RM61 million cash. It will retain a 49% interest in the property company.

KL:0197.KL:Inta Bina Group

Inta Bina secured a RM40.6 million job to construct 128 terrace houses in Beranang, Selangor. The Eco Majestic Development contract spans 20 months starting Oct 8.

KL:0308.KL:Steel Hawk

Steel Hawk proposed a special issue of up to 70 million new shares (12.5% of enlarged capital), expected to raise RM29.13 million at an indicative price of 41.95 sen. Funds will support working capital, debt repayment and expenses.

KL:5204.KL:AwanBiru Technology (Awantec)

Awantec announced CEO Azlan Zainal Abidin will step down Oct 3. COO Chok Joon Heng will lead operations in the interim while the search for a new CEO continues.

KL:0305.KL:Southern Score Builders

Southern Score’s bid to transfer to Bursa’s Main Market was rejected by the Securities Commission Malaysia due to its failure to meet positive operating cash flow requirements.

KL:5142.KL:Wasco

Wasco received regulatory approval to spin off and list its renewable energy arm, Wasco Greenergy. The IPO, to be completed within six months, will involve up to 30% of shares offered to retail and institutional investors.

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