Broker Name: CGS International
Date of Report: October 16, 2025
Excerpt from CGS International report.
- China’s deflation eased in September but remains persistent, with factory gate prices falling for the 36th straight month and consumer prices dropping 0.3%.
- First Resources Ltd is in a strong technical uptrend, with bullish indicators across multiple technical tools; the stock has exceeded initial targets and is predicted to continue its upward momentum with several higher target prices set.
- Soilbuild Construction Group targets an order book of S\$1bn by FY26F, driven by momentum in contract awards and growth in precast for HDB and industrial projects.
- CGS International maintains an ‘Add’ rating for First Resources Ltd, with re-rating catalysts including order wins and stronger-than-expected margins.
- Report includes standard disclaimers and regional distribution restrictions; intended for institutional and professional investors.
Report Summary
- CGS International sees continued uptrend for First Resources Ltd, supported by bullish technical signals and momentum in earnings and order book growth for related industrial companies.
- China’s persistent deflation and sector-specific improvements are noted, while the report reiterates investment recommendations and regulatory disclosures for various regions.
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.cgs-cimb.com
