Broker Name: CGS International
Date of Report: September 30, 2025
Excerpt from CGS International report.
- The MSCI Singapore Free SGD Index (SIMSCI) rose 0.55% in September 2025, closing at 446.45 points, driven by strong performances from GRAB and Singapore Technologies Engineering (STE).
- Despite weak exports and industrial production, Singapore’s manufacturing PMI returned to expansion; the broker maintains its SIMSCI target at 463.8 points based on 15.5x forward P/E.
- Transport, capital goods, and consumer discretionary sectors outperformed, while staples and communication services lagged; retail investors were net buyers in financials and REITs.
- Key corporate activity included Centurion’s REIT spin-off and strong oversubscription, and initiation of coverage on SANLI, a water and waste management play, with an ‘Add’ rating.
- The index broke resistance but faces a mild correction, with support expected at 416-436 points and a 6-month target of 482 points.
Report Summary
- SIMSCI gained in September led by GRAB and STE, while manufacturing PMI showed signs of recovery even as exports and industrial production remained weak.
- Retail investors favored financials and REITs, and notable corporate actions and ratings changes were highlighted, with technicals suggesting a mild correction before further upside.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgsi.com
