Singapore Deal Flow Heats Up: Big Contracts, Green Bonds, and IPO Drumbeats
🔹 Zixin is rolling out Halal-certified sweet potato snacks in Indonesia, secured RMB 3.96 million (~SGD 0.72 million) in new probiotic feedstock orders, saw all poultry products from these feedstocks pass China’s national food safety standards, moved new high-tech, higher-margin functional foods into trial production, and expects these initiatives to materially impact FY26 earnings.
🔹 GRC Limited said wholly-owned subsidiary CES_SDC Pte. Ltd., in joint venture with Chan & Chan Engineering Pte. Ltd. (with CES_SDC as lead partner), won a S$273 million contract from Singapore’s Land Transport Authority; the board expects a positive contribution to net tangible assets and EPS for the financial year ending 30 June 2026.
🔹MetaOptics Ltd — shares surged over 100% within one month of its SGX Catalist debut to S$0.75 from an issue price of S$0.20, with a 2026 breakthrough pipeline including an industry-first rectangular metalens for full-color imaging, an ultra-compact Pico Projector 2.0, and an ultra-thin smartphone prototype featuring a metalens camera and non-contact fingerprint module; significant FY2025 revenue growth is anticipated versus FY2024.
SGX:U96.SI:Sembcorp Industries
🔹 Sembcorp will acquire full ownership of a solar power asset in India for US$246 million.
SGX:TS0U.SI:OUE Commercial REIT
🔹 OUE REIT issued its second seven-year investment-grade green notes of US$150 million at a fixed 2.75% coupon due 2032.
🔹 Soon Hock Enterprise launched a S$48.1 million Mainboard offering at S$0.58 per share and intends to recommend dividends of at least 25% of NPAT from listing to Dec 31 and for the year ending Dec 31, 2026; IPO closes 12 pm Oct 14, with trading expected to start on a “ready” basis at 9 am Oct 16. Executive director and CEO Tan Min Loon said the group is positioned to tap structural demand for modern, high-spec industrial properties after delivering industrial projects with combined GDV over S$1 billion.
🔹 Foundation Healthcare, backed by Temasek Holdings affiliate SeaTown Holdings Pte, is exploring an IPO that could value the medical group at over US$1 billion and raise as much as US$300 million next year, with details (size and timing) still in flux; Foundation Healthcare was established in 2023 with a US$150 million investment by SeaTown. Singapore has hosted seven IPOs year-to-date, raising about US$1.5 billion, the most in at least five years and up from one listing worth US$19.5 million in the same period last year.
Rates Rift to Rally Ripples: Fed Signals, Tech Surge & Malaysia Deal Pulse
SGX:S27.SI:S&P 500
🔹 Fed minutes show officials leaned toward more rate cuts this year, split 10–9 on delivering two further reductions, as they flagged a softening labour market while still expecting inflation to drift toward 2%.
US:QQQ:Nasdaq Composite
🔹 U.S. futures edged up after the Nasdaq Composite closed above 23,000 for the first time, extending the market’s winning run.
US:DGT:Dow Jones Industrial Average
🔹 Dow futures ticked higher after the index finished slightly lower; volatility watch remains in focus ahead of more Fed-speak.
US:NVDA:Nvidia
🔹 Nvidia rose more than 2% after CEO Jensen Huang said computing demand has “gone up substantially” this year.
US:AMD:Advanced Micro Devices
🔹 AMD jumped 11% on Wednesday and is up 43% this week, buoyed by OpenAI’s plan to buy billions of dollars of AI gear from the chipmaker.
US:DAL:Delta Air Lines
🔹 Traders eye Delta’s earnings due before the bell on Thursday amid a data-light calendar.
US:PEP:PepsiCo
🔹 PepsiCo reports before the open, giving another read on consumer demand and pricing.
US:BSET:Bassett Furniture Industries
🔹 Bassett dipped nearly 2% after hours despite swinging to a quarterly profit of $0.09 a share on $80.1M revenue; shares had rallied 5.7% into the print.
KL:5148.KL:UEM Sunrise Bhd
🔹 UEM Sunrise lost its Federal Court bid to challenge an RM8.49M additional tax assessment and penalties, after an appeal overturned a prior ruling in its favour.
KL:8664.KL:S P Setia Bhd
🔹 S P Setia partnered Japan’s Mitsui Fudosan to co-develop a Semenyih residential project with RM1.3B GDV, launching in phases from 2026 via JV Setia MF EcoHill.
KL:5401.KL:Tropicana Corp Bhd
🔹 Tropicana redeemed another RM139M tranche of its sukuk wakalah under a RM1.5B programme, bringing cumulative redemptions to RM1.12B as it pares debt.
KL:5236.KL:Matrix Concepts Holdings Bhd
🔹 Matrix Concepts signed an MoU with Golog Holdings to develop the 618-acre China–Malaysia Air Silk Road Dual Hub Industrial Park in MVV TechValley (GDV RM8B) over three phases.
KL:5249.KL:IOI Properties Group Bhd
🔹 EPF ceased to be a substantial shareholder after selling 100M shares (1.82%) on Oct 3, trimming its stake to 4.29% from 6.11%.
KL:0097.KL:ViTrox Corp Bhd
🔹 EPF cut its stake to 4.94% from 5.07% after disposing 2.46M shares, falling below the substantial-shareholder threshold.
KL:5006.KL:Varia Bhd
🔹 Varia lodged a sukuk murabahah programme of up to RM3B with the Securities Commission to fund capex, refinance borrowings and for working capital.
KL:3247.KL:GUH Holdings Bhd
🔹 GUH plans to expand into advanced multi-layer and HDI PCBs and launch a RM1.2B property project in Simpang Ampat, Penang, targeting telecoms, auto and industrial customers.
KL:7164.KL:KNM Group Bhd
🔹 KNM won High Court approval to sell German unit Deutsche KNM GmbH to Japan’s NGK Insulators for €270M as part of its restructuring; a scheme-of-arrangement hearing is set for Oct 14.
KL:5271.KL:Pecca Group Bhd
🔹 Pecca signed an MoU with KL:0263.KL:Betamek Bhd to co-develop advanced entertainment systems for in-flight and in-train use, with Betamek leading technical development.
US:QQQ:Nasdaq Composite
🔹 With no key data due Thursday amid the government shutdown, investors will parse remarks from Fed Chair Jerome Powell and speeches by Michelle Bowman and Mary Daly.
Buybacks, EV Speed Bumps & Pharma Pacts: Hong Kong & China Headlines You Can Read Fast
HK:00011.HK:Hang Seng Bank
🔹 Hang Seng Bank repurchased 200,000 shares at HK$117.8–HK$120.1 for ~HK$23.7M, bringing total buybacks under the mandate to 9.33M shares (0.4957%).
HK:00700.HK:Tencent
🔹 Tencent bought back 817,000 shares at HK$669.5–HK$680, spending ~HK$550M; cumulative repurchases reached 69.074M shares (0.7517%).
HK:01211.HK:BYD Company
🔹 BYD’s September NEV sales fell 5.5% YoY to 396,300 units, with exports at 71,256; battery and storage installed capacity was about 23 GWh.
US:QQQ:Nasdaq Composite
🔹 Nasdaq Composite closed above 23,000 for the first time as U.S. futures inched higher after the rally.
US:DGT:Dow Jones Industrial Average
🔹 Dow finished slightly lower but Dow futures edged up, with traders bracing for more Fed commentary.
SGX:S27.SI:S&P 500
🔹 Fed minutes showed members leaned toward more 2025 cuts, split 10–9 on two additional reductions amid softer labor signals and inflation seen easing toward 2%.
US:NVDA:NVIDIA
🔹 NVIDIA rose over 2% after CEO Jensen Huang said computing demand has “gone up substantially” this year.
US:AMD:Advanced Micro Devices
🔹 AMD jumped 11% and is up 43% for the week, buoyed by reports OpenAI plans multi-billion-dollar AI hardware purchases from the chipmaker.
US:DAL:Delta Air Lines
🔹 Delta reports before the bell Thursday, a key read for travel demand.
US:PEP:PepsiCo
🔹 PepsiCo’s results are due pre-market, offering a snapshot of consumer spending and pricing.
US:BSET:Bassett Furniture Industries
🔹 Bassett slipped nearly 2% after hours despite swinging to a quarterly profit of US$0.09 on US$80.1M revenue.
HK:09988.HK:Alibaba Group
🔹 UBS expects Alibaba’s fiscal 2Q core business to slightly beat expectations, according to a research note.
HK:00175.HK:Geely Auto
🔹 Geely gained over 3% in a mixed Hong Kong session.
HK:09888.HK:Baidu-SW
🔹 Baidu softened, weighing on H shares into the close.
HK:00960.HK:Longfor Group
🔹 Longfor fell over 4% as developers lagged broader benchmarks.
HK:01164.HK:CGN Mining
🔹 CGN Mining hit a fresh high during the session.
HK:01787.HK:Shandong Gold Mining
🔹 Shandong Gold touched a new high amid strength in precious metals names.
HK:00358.HK:Jiangxi Copper
🔹 Jiangxi Copper notched a new high alongside resources peers.
HK:00853.HK:MicroPort Scientific
🔹 MicroPort reached a new high in active trading.
HK:3115.HK:Hangseng Index
🔹 HSI closed at 26,829, down 128 points, while HSTI slipped to 6,514 as turnover rose.
HK:09969.HK:InnoCare Pharma
🔹 InnoCare and Zenas announced a global strategic collaboration and license agreement with potential value exceeding US$2B.
— SANY Heavy Industry
🔹 SANY Heavy Industry plans to assess investor interest for a proposed ~US$1.5B Hong Kong H-share listing; listing hearing reportedly slated this week.
— OpenAI; Anthropic
🔹 OpenAI and Anthropic are reportedly weighing the use of investor funds to address potential multi-billion-dollar lawsuit settlements.
— XI2CSOPMSTR (ETF)
🔹 The ETF led daily gainers, surging 14.6% to top the board.
— Morgan Stanley
🔹 The bank published its latest Asian thematic focus list.
— Cushman & Wakefield
🔹 C&W expects Hong Kong home prices to rise within 2% in 2025, with office rents slipping 4%–6%.
Buybacks, Upgrades & Holiday Buzz: Hong Kong–China Tape Lights Up While Wall Street Names Weigh In
US:UBS:UBS Group
🔹 UBS said Macau’s Golden Week visitors rose ~7% YoY, broadly in line with expectations.
HK:01997.HK:Wharf REIC
🔹 UBS raised its target price to HK$23 and kept a Neutral rating, citing lingering long-term headwinds.
HK:01164.HK:CGN Mining
🔹 Shares surged over 7% as nuclear-power names outperformed into the close.
HongKong:3115.HK:Hangseng Index
🔹 HSI narrowed losses to under 200 points late session amid sector rotation.
US:JEF:Jefferies Financial Group
🔹 Jefferies upgraded AMD to Buy with a US$300 TP, expecting OpenAI developments to reshape the AI narrative.
US:AMD:Advanced Micro Devices
🔹 Beneficiary of bullish sell-side calls tied to anticipated AI demand momentum.
HK:09988.HK:Alibaba Group
🔹 Amap’s “street-food-hopping” ranking amassed 400M+ users since launch, with small-eatery traffic tripling over the long holidays.
HK:00005.HK:HSBC Holdings
🔹 HSBC Research lifted its silver price forecast to US$38.56, expecting higher prices into 1H26 alongside gold’s pull.
HK:09863.HK:Leapmotor
🔹 UBS upgraded the stock to Neutral and sharply raised its target price to HK$72.
US:C:Citigroup
🔹 Citi said AMD’s cooperation with OpenAI supports broader semiconductor demand.
US:JPM:JPMorgan Chase
🔹 JPMorgan raised target prices for rail and electrification plays, noting orders may cushion softer 3Q results.
HK:01766.HK:CRRC
🔹 Cited by JPMorgan among names with improving order momentum despite potential near-term earnings softness.
HK:03898.HK:CRRC Times Electric
🔹 Included in JPMorgan’s TP hikes on expectations that order strength offsets a possibly weak quarter.
HK:00175.HK:Geely Automobile
🔹 JPMorgan said the US$2.3B buyback plan signals management confidence; kept Overweight with a HK$22 TP.
HK:—:Zhongji Innolight
🔹 Reportedly weighing a Hong Kong listing, with interest-gauging to begin soon and a hearing expected this week.
AI Rocket Fuels Wall Street: Chips Surge, Options Hedging Rises, and Travel–Consumer Names Diverge
US:NVDA:NVIDIA
🔹 Jensen Huang’s “it’s still early” AI remarks helped lift shares ~2% as the theme continued to power market gains.
US:AMD:Advanced Micro Devices
🔹 Shares extended a three-day stampede (up ~43% this week) on momentum from its OpenAI hardware tie-up.
US:ORCL:Oracle
🔹 Reclaimed losses from a report questioning early profitability of its AI hosting work.
SGX:S27.SI:S&P 500
🔹 The index added ~0.6% to fresh highs as the bull run nears its third anniversary and trades near 23× forward earnings.
US:QQQ:Nasdaq Composite
🔹 Tech-led strength pushed the Composite to another record close.
US:DGT:Dow Jones Industrial Average
🔹 Finished near flat, lagging growth benchmarks despite chip strength.
US:MEME:Roundhill Meme Stock ETF
🔹 Relaunched with 18 high-velocity names; largest holding Opendoor as speculative call-buying nears prior records.
US:OPEN:Opendoor Technologies
🔹 Highlighted as the biggest weight in the revived MEME ETF lineup.
US:JOBY:Joby Aviation
🔹 Up ~200% in a year but fell ~10% on a share offering amid speculative churn.
US:GLD:SPDR Gold Shares
🔹 Gold fervor intensified after a parabolic run above US$4,000/oz, stoking “universal diversifier” chatter.
US:IONS:Ionis Pharmaceuticals
🔹 JPMorgan upgraded to Overweight and raised TP to US$80, citing an expanded olezarsen outlook and pipeline depth.
US:JPM:JPMorgan Chase
🔹 Analyst Jessica Fye flagged olezarsen, ION582 and zilganersen as drivers, seeing a clearer path to profitability for Ionis.
US:SPY:SPDR S&P 500 ETF Trust
🔹 KKM Financial’s Jeff Kilburg outlined a hedge—selling Dec 31 $700 calls and buying Dec 31 $640 puts—amid low volatility.
US:DAL:Delta Air Lines
🔹 Reports Thursday; shares are down >5% YTD despite a reaffirmed 2025 profit outlook and robust summer guide.
US:UAL:United Airlines Holdings
🔹 Only major U.S. carrier in the green for 2025 so far, up ~1% YTD.
US:PEP:PepsiCo
🔹 Prints before the bell; shares are down ~8.7% this year as North America demand normalization is watched.
US:AMZN:Amazon.com
🔹 Logged its best day in a month as megacap enthusiasm persisted alongside AI-capex narratives.
US:FICO:Fair Isaac
🔹 Biggest S&P 500 laggard, marking its worst session since late May.
US:LEVI:Levi Strauss & Co.
🔹 Reports after the bell; stock is tracking a seventh straight up month and >42% YTD gain.
US:LVS:Las Vegas Sands
🔹 Macau exposure in focus as the city benefits from a global travel rebound.
US:WYNN:Wynn Resorts
🔹 Up >40% YTD, on pace for its best year since 2017 amid Macau strength.
US:MGM:MGM Resorts International
🔹 Macau footprint highlighted as the destination’s recovery draws investor attention.
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