Tech Tumble & Drug-Push: Market Shifts in AI Buzz and Pharma Breakthroughs
US:DIA:Dow Jones Industrial Average — U.S. stocks slid sharply on Thursday, with the Dow plunging 398.70 points (-0.84%) to 46,912.30. :contentReference[oaicite:0]{index=0} Meanwhile the US:SPY:S&P 500 fell 1.12% to 6,720.32, and the US:QQQ:Nasdaq Composite sank 1.9% to 23,053.99 — as major AI-beneficiary stocks came under pressure. :contentReference[oaicite:1]{index=1} Big decliners included
US:QCOM:Qualcomm, which dropped nearly 4% despite beating quarterly results but warning of future business loss with Apple. :contentReference[oaicite:2]{index=2} Also hit were US:AMD:Advanced Micro Devices (down ~7%), US:PLTR:Palantir Technologies (~-7%), US:ORCL:Oracle (~-3%), and key “Magnificent Seven” names such as US:NVDA:Nvidia and US:META:Meta Platforms. :contentReference[oaicite:3]{index=3} Analyst Mike Mussio of FBB Capital noted the difference between companies “beating and raising” vs. those with strong top lines but weak profit guidance. :contentReference[oaicite:4]{index=4} Weak labour-market data added to the drag: October saw over 153,000 layoffs — the highest for the month in 22 years — raising concerns for the U.S. economy amid the prolonged federal government shutdown. :contentReference[oaicite:5]{index=5} Week-to-date the indexes were in the red: Dow down ~1.4%, S&P ~1.8%, Nasdaq ~2.8%. :contentReference[oaicite:6]{index=6} Also worth watching: the Supreme Court of the United States’s seeming scepticism about the legality of Donald Trump-era tariffs may foreshadow a court decision that could ease trade uncertainty. :contentReference[oaicite:9]{index=9}
US:LLY:Eli Lilly & Company — In separate news, Eli Lilly struck a deal with the U.S. administration on its GLP-1 obesity drugs and revealed trial data showing its next-generation drug, eloralintide, enabling up to 20.1% weight loss in a high-dose arm. :contentReference[oaicite:10]{index=10} The pharma giant’s strong pipeline and “competitive moat” were highlighted by Morgan Stanley’s Terence Flynn as potential upside for the stock. :contentReference[oaicite:11]{index=11} Meanwhile, its peer US:NVO:Novo Nordisk slipped ~4% on related developments. :contentReference[oaicite:12]{index=12}
US:SCHW:Charles Schwab Corporation — The brokerage announced it will acquire Forge Global for $660 million. CEO Rick Wurster said the deal reflects a trend of companies staying private longer as retail investors gain access to non-public markets. :contentReference[oaicite:14]{index=14}
US:TTWO:Take-Two Interactive Software — Shares plunged 7% after subsidiary Rockstar Games announced the delay of the blockbuster game Grand Theft Auto VI to November 2026 (from May 2026).
US:ABNB:Airbnb — Shares climbed ~5% after reporting Q3 EPS of $2.21 on revenue of $4.1 billion, beating expectations, and issuing Q4 revenue guidance of $2.66-2.72 billion, above consensus.
US:AFRM:Affirm Holdings — Stock jumped over 12% after outperforming on top and bottom lines: Q1 profit of $0.23/share on revenue of $933 million beat expectations of $0.11 and $883 m respectively.
US:DKNG:DraftKings — The sports-gambling firm fell nearly 4% after reporting Q3 loss of $0.52/share on revenue of $1.14 billion, missing consensus of -$0.42 and $1.22 billion.
US:PTON:Peloton Interactive Inc. — Shares rose ~10% as the fitness company swung to a surprise Q1 profit of $0.03/share on revenue of $550.8 million, beating breakeven and ahead of $540.7 m expectation — though paid subs still declined.
US:TTD:The Trade Desk — Stock declined ~2% despite posting Q3 EPS of $0.23 on revenue $739 million, beating estimates ($0.20, $719.1 m), and issuing optimistic guidance.
US:DBX:Dropbox Inc. — Shares rose ~5% after Q3 adjusted EPS of $0.74 on revenue $634.4 million beat expectations.
US:MNST:Monster Beverage Corporation — The energy-drink maker beat on both top and bottom lines: adjusted EPS of $0.56 on revenue $2.2 billion, ahead of $0.48 and $2.11 billion respectively; shares rose ~4%.
US:WYNN:Wynn Resorts Limited — Stock fell more than 1% after mixed Q3 results: revenue of $1.83 billion beat estimates of $1.77 billion but earnings came up short.
US:SQ:Block Inc. — Shares slid nearly 9% after missing both earnings and revenue targets for the fourth straight quarter: EPS $0.54 on revenue $6.11 billion vs. expectations $0.67 and $6.31 billion.
US:SG:Sweetgreen, Inc. — The salad-chain plunged over 11% after cutting full-year sales forecast to $682-688 million (from $700-715 m), and expecting same-store sales down 7.7-8.5% (vs. prior 4-6%).
US:EXPE:Expedia Group, Inc. — Shares jumped ~14% as Q3 earnings beat: EPS $7.57 vs. $6.92 expected, revenue $4.41 billion vs. $4.28 billion; Q4 revenue guidance of +6-8% exceeds consensus of ~2.7%.
Investors will be watching for earnings from Nvidia and other AI-heavy names, the outcome of the court’s tariff deliberations, the resolution of the U.S. government shutdown, and whether year-end relief rallies can still emerge if data and guidance improve.
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🚀 Musk’s $1 Trillion Win & Singapore’s Banking, Telecom, and Industrial Giants Report Solid Earnings
US:TSLA:Tesla Inc.
Tesla shareholders have approved CEO Elon Musk’s landmark US$1 trillion pay package, solidifying one of the largest compensation plans in corporate history. The approval underscores investor confidence in Musk’s leadership despite past legal challenges and volatile market sentiment.
SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)
OCBC reported a group net profit of S$1.98 billion for 3QFY2025, up 0.2% y-o-y. The bank’s performance was driven by higher non-interest income, which rose 15% to S$1.57 billion, and lower allowances. However, net interest income fell 9% to S$2.23 billion as net interest margins tightened to 1.84%. Customer loans increased 7% y-o-y to S$327 billion, while deposits grew 11% to S$411 billion. CEO Helen Wong highlighted the group’s resilience and strong capital position ahead of her retirement this year.
SGX:Z74.SI:Singapore Telecommunications Limited (Singtel)
A unit of Singtel, Pastel Ltd, is selling 51 million shares of India’s Bharti Airtel at ₹2,030 each, raising an estimated ₹103.5 billion (US$1.2 billion). The stake sale, representing 0.8% of Bharti Airtel, comes at a 3.1% discount to the stock’s closing price. JPMorgan Chase & Co. is acting as sole broker, with settlement expected by November 10.
IN:BRTI:Bharati Airtel Ltd
Bharti Airtel shares have surged more than 30% year-to-date, cementing its position as the third-largest company on India’s Nifty 50 Index by market value. The sale by Singtel’s unit comes as investors take advantage of strong momentum in India’s telecom sector.
SGX:AWI.SI:Thakral Corporation Ltd
Thakral reported a fourfold earnings surge to S$19.5 million in 3QFY2025, while 9M profit soared 767% to S$128.8 million. Revenue jumped 52% y-o-y to S$115.9 million, boosted by gains from its 16.8% stake in GemLife and strong consumer demand across South Asia and Greater China. The group plans to open up to 30 DJI stores in India and South Asia by 2026. Thakral’s associate, The Beauty Tech Group, also listed on the London Stock Exchange, raising GBP29 million.
SGX:BKM.SI:Beng Kuang Marine Ltd
Beng Kuang Marine posted a 19.3% rise in 3QFY2025 profit before tax to S$4.52 million, supported by its infrastructure engineering segment and steady demand for ASOM’s maintenance services. However, revenue declined 2.9% y-o-y to S$25.99 million. Shares ended 3.28% higher at 31.5 cents following the results announcement.
SGX:M01.SI:Metro Holdings Ltd
Metro Holdings announced the divestment of its stake in Dalyellup Shopping Centre in Western Australia for A$35.8 million, gaining approximately S$4.1 million. The sale, executed through Sim Lian–Metro Capital (SLMC), aligns with its strategy of portfolio rebalancing. Metro retains a 30% stake in a portfolio of 17 freehold properties across Australia valued at A$1.36 billion.
Overall, markets saw mixed corporate momentum — from Musk’s mega compensation victory in the U.S. to resilient earnings from Singapore’s top corporates and strategic divestments across Asia-Pacific real estate and infrastructure sectors.
📈 Singapore’s Corporate Pulse: Major Contracts, Profits, and Mega Deals Drive Market Momentum
SGX:BKM.SI:Beng Kuang Marine Ltd
Beng Kuang Marine announced new project wins worth S$15.9 million, bringing its total contract value this year to S$22.1 million. The latest awards include deck equipment and shipbuilding projects valued at S$8.1 million and S$7.8 million respectively, alongside S$6.2 million worth of Knuckle Boom Crane supply contracts. CEO Yong Jiunn Run said the steady flow of new orders validates the company’s strategy to expand its deck equipment and shipbuilding operations, boosting earnings visibility for FY2025.
SGX:O10.SI:Far East Orchard Ltd
Far East Orchard posted a net profit of S$37.2 million for 9MFY2025, more than doubling y-o-y due to one-off gains totaling S$24.9 million from its Woods Square and HFS acquisitions. Excluding these gains, profit after tax fell to S$12.3 million from S$18 million previously. Revenue dipped 4.2% y-o-y to S$134.2 million, impacted by weaker hospitality performance amid refurbishment works and a cyber incident. The property development segment offset declines with improved results from Woods Square.
SGX:554.SI:King Wan Corporation Ltd
King Wan Corporation secured mechanical and electrical contracts worth S$36.5 million between July and September. The projects include plumbing, sanitary, and gas installation works across mixed-use and residential developments, as well as electrical system installations in schools across Singapore. Completion is scheduled between 2026 and 2028, further strengthening the group’s M&E portfolio.
SGX:G13.SI:Genting Singapore Ltd
Genting Singapore reported a 19% increase in 3QFY2025 net profit to S$94.6 million, supported by a 16% rise in revenue to S$649.8 million and 36% growth in adjusted EBITDA to S$222.7 million. Stronger VIP gaming performance and expanding non-gaming businesses at Resorts World Sentosa — including the opening of The Laurus luxury hotel and Singapore Oceanarium — helped lift results as the RWS 2.0 expansion progresses.
SGX:9CI.SI:CapitaLand Investment Ltd
CapitaLand Investment delivered 7% y-o-y revenue growth to S$1.57 billion for 9MFY2025. Fee-related revenue rose to S$882 million, driven by higher event-driven fees and new funds, while real estate investment revenue declined 12% y-o-y. The group raised S$3.7 billion in equity year-to-date and achieved 5% growth in lodging management fees. CLI’s newly listed CapitaLand Commercial C-REIT in China debuted at RMB6.84 — 20% above its IPO price — underscoring investor appetite for its diversified asset portfolio.
SGX:JYEU.SI:Lendlease Global Commercial REIT
Lendlease REIT successfully raised S$280 million via a private placement, three times oversubscribed. Proceeds will fund its acquisition of a 70% stake in PLQ Mall, valued at S$885 million. The placement issue price was S$0.602 per unit, representing a 3.7% discount. CEO Guy Cawthra said strong investor support reflects confidence in the REIT’s strategy. Post-acquisition, total assets will rise to S$3.9 billion, with expected DPU accretion of about 2.5%.
US:KKR:KKR & Co Inc.
Private equity giant KKR is reportedly in advanced talks to acquire over 80% of ST Telemedia Global Data Centres alongside Singapore Telecommunications, in a deal exceeding US$5 billion. If concluded, it would mark one of Asia’s largest data centre transactions, strengthening KKR’s footprint in the region’s fast-growing digital infrastructure space.
SGX:Z74.SI:Singapore Telecommunications Ltd (Singtel)
Singtel’s shares surged nearly 5% to S$4.48 — a year-high — amid reports of its joint move with KKR to acquire ST Telemedia Global Data Centres. Singtel currently holds over 4% in GDC, with the remainder owned by ST Telemedia under Temasek Holdings. The acquisition would expand Singtel’s presence in the booming data centre sector driven by artificial intelligence demand.
🏘️ Beds, Brews & Big Buys: Singapore Analysts Bullish on Centurion, CAREIT, and Food Empire
SGX:C9R.SI:Centurion Accommodation REIT (CAREIT)
DBS Group Research initiated coverage on Centurion Accommodation REIT with a “buy” rating and target price of S$1.30. Analysts Geraldine Wong and Derek Tan described the trust as a “bedrock of essential housing,” backed by strong demand for worker and student accommodations across Singapore, the UK, and Australia. CAREIT is projected to deliver a 15% CAGR in distributable income from FY2025 to FY2027, driven by a 35% increase in bed capacity and potential rental reversions. With gearing at 31% and debt costs locked at 3.5%, DBS sees robust growth potential supported by new acquisitions like Epiisod Macquarie Park. CAREIT units last traded at S$1.06, up 1.92% for the day.
SGX:OU8.SI:Centurion Corporation Ltd
uSMART analyst Ng Xin Yang initiated a “buy” call on Centurion Corporation with a target price of S$1.80, highlighting its “superior margins, structural demand, and REIT-driven monetisation model.” The company’s FY2024 revenue rose 22% y-o-y to S$253.6 million, while core profit climbed 45% to S$110.8 million on stronger occupancy and rental growth. Its 1HFY2025 results also showed a 13% revenue rise to S$140.7 million. Ng said the spin-off of CAREIT crystallised S$1.8 billion of stabilised assets, allowing Centurion to pivot toward an asset-light, fee-based model with recurring management income. Shares closed at S$1.39, up 0.73%.
SGX:F03.SI:Food Empire Holdings Ltd
uSMART initiated a “buy” recommendation on Food Empire with a target price of S$2.97, citing its strong foothold in Southeast Asia’s growing instant beverage market. Analyst Eng Thiam Choon noted FY2024 revenue rose 11.9% y-o-y to US$476 million, while 1HFY2025 surged 21.7% to US$274.1 million. Excluding a one-time fair value loss, 1HFY2025 net profit hit US$31 million, up from US$23.2 million a year earlier. The group’s CaféPHO brand continues to perform well in Vietnam, while collaborations with Capital A Berhad aim to expand in-flight product sales across Southeast Asia. Eng expects further gains supported by strong cash reserves, brand investment, and resilient consumer demand.
💧 Water Deals, Property Disputes, and Profit Surges: Key Highlights from Malaysia’s Corporate Scene
KL:GAMUDA:Gamuda Bhd
Gamuda Bhd has signed a memorandum of understanding (MOU) to explore the supply and sale of excess treated water from its upcoming Perak plant to Penang. The non-binding pact with KL:PBA:PBA Holdings Bhd’s subsidiary, Perbadanan Bekalan Air Pulau Pinang, outlines principal commercial terms with a goal to finalise a formal agreement within six months.
KL:KPS:Kumpulan Perangsang Selangor Bhd
KPS announced that its 51%-owned unit, Aqua-Flo Sdn Bhd, secured two contracts worth RM53.05 million to supply water treatment chemicals to Air Selangor. The contracts — for pH adjusters and polyelectrolytes — will commence on January 1, 2026, with the final contract value determined by purchase orders.
KL:KNM:KNM Group Bhd
Recently delisted KNM Group’s shareholders have approved the €270 million (RM1.34 billion) sale of Deutsche KNM GmbH, which owns its prized asset, Borsig GmbH. The approval, supported by 93.74% of shareholders, clears the final hurdle for the transaction, coming just a day after KNM’s delisting from Bursa Malaysia.
KL:GDB:GDB Holdings Bhd
GDB Holdings secured a court order enforcing an RM83 million adjudication award against KSK Land Sdn Bhd. The Kuala Lumpur High Court upheld the decision in favour of GDB’s unit, Grand Dynamic Builders, over payment disputes tied to the 8 Conlay project, dismissing KSK Land’s application to stay or set aside the decision.
KL:HEIM:Heineken Malaysia Bhd
Heineken Malaysia warned that the recent excise duty hike on alcoholic beverages may pressure consumer sentiment and costs. Its 3QFY2025 net profit was nearly flat at RM112.95 million versus RM112.29 million a year earlier, even as revenue rose 6% y-o-y to RM656.05 million. No dividend was declared for the quarter.
KL:PENTA:Pentamaster Corp Bhd
Pentamaster posted a 45.3% y-o-y rise in 3QFY2025 net profit to RM17.11 million, despite a slight 1.4% dip in revenue to RM148.08 million. The group cited improved margins and efficiency gains, forecasting a stronger FY2026. No dividend was declared for the quarter.
KL:SENTRAL:Sentral REIT
Sentral REIT reported a drop in 3QFY2025 net property income (NPI) to RM36.34 million due to higher operating costs, including one-off equipment repairs. Revenue edged up slightly to RM48.27 million, but net distributable income fell to RM19.69 million. No income distribution was announced for the quarter.
KL:AXREIT:Axis Real Estate Investment Trust
Axis REIT is acquiring an industrial property in Seberang Perai Tengah for RM800 million from KL:ANNJOO:Ann Joo Steel Bhd, which will lease back the asset for eight years at RM4.16 million per month. The deal spans 135.53 acres of industrial land with existing facilities, adding a major asset to Axis REIT’s portfolio.
KL:AEONCR:AEON Credit Service (M) Bhd
AEON Credit will inject RM125 million into 50%-owned AEON Bank (M) Bhd to strengthen its capital base. The move is part of a joint recapitalisation with AEON Financial Service Co Ltd, maintaining each party’s 50% equity stake to support the bank’s digital expansion strategy.
KL:PERTAMA:Pertama Digital Bhd
Pertama Digital faces trading suspension on November 14 after failing to submit its regularisation plan by the October 31 deadline. The e-service provider, which had received four previous extensions, has appealed for more time. Delisting will be deferred pending regulatory review of the appeal.
📡 HKT-SS Faces U.S. Shutdown Threat as FCC Moves to Revoke Operating Licence
HK:06823.HK:HKT-SS
The Federal Communications Commission (FCC) has announced its intention to revoke the U.S. business operating licence of HKT-SS, a subsidiary of PCCW Limited (HK:00008.HK). The telecom regulator issued an “Order to Show Cause (OSC)”, requiring HKT-SS to respond within 30 days, by December 1, with reasons why its authorisation should not be terminated. :contentReference[oaicite:3]{index=3}
The action is part of a broader U.S. crackdown on foreign telecom entities, especially those with ties to China, citing national-security concerns. The outcome could severely impact HKT-SS’s U.S. operations and broader business relationships. :contentReference[oaicite:4]{index=4}
📈 Hong Kong Market Recap: Tech Rally, Analyst Upgrades, and Corporate Shake-Ups Dominate Headlines
HK:07226.HK:XL2CSOPTSLA
Exchange-traded fund XL2CSOPTSLA surged 6.7%, leading Hong Kong’s ETF gainers as investors piled into electric vehicle-themed products, mirroring strong momentum in global EV plays.
HK:09618.HK:JD-SW
Analysts forecast JD.com’s 3Q adjusted net profit to slump by 67% year-on-year, with focus turning to its instant retail and delivery subsidy strategies. Investors await further guidance amid softening Chinese e-commerce demand.
HK:3115.HK:Hang Seng Index
The Hang Seng Index climbed 550 points, lifted by strong gains in chipmakers and commodity stocks. HK:09988.HK:Alibaba Group jumped over 4%, while HK:02318.HK:Ping An Insurance rose more than 3%. Other names hitting new highs included HK:01378.HK:China Hongqiao, HK:02628.HK:China Life Insurance, HK:00883.HK:CNOOC, HK:00066.HK:MTR Corporation, and HK:00868.HK:Xinyi Glass.
HK:01910.HK:Samsonite International
Samsonite shares plunged over 3% near market close following the announcement that its chief financial officer will step down, sparking investor concerns over leadership transition.
HK:09863.HK:Pony.ai (PONY-W)
Autonomous driving startup Pony.ai’s CEO James Peng revealed plans to expand its vehicle fleet to 50,000 units by 2028, targeting positive free cash flow by that year. The company continues to pursue scaling efficiency amid growing competition in self-driving technology.
HK:09868.HK:XPeng-W
XPeng addressed viral rumors that its IRON humanoid robot housed a human operator, calling them “absurd.” The company uploaded an unedited one-shot video to prove the robot’s authenticity, quelling speculation that had spread online.
US:GOOGL:Alphabet Inc
Google is reportedly in talks to ramp up its investment in AI startup Anthropic, potentially valuing the firm at over US$350 billion. The move underscores Alphabet’s aggressive push to dominate the generative AI landscape.
HK:01211.HK:BYD Company
J.P. Morgan rated BYD “Overweight” with a target price of HK$150, reaffirming long-term optimism on its electric-vehicle dominance and battery manufacturing capabilities amid steady global EV demand.
HK:00700.HK:Tencent Holdings
Analysts project Tencent’s 3Q adjusted net profit to rise by 12% year-on-year, driven by gaming and advertising recovery, alongside fresh investments in AI. Market attention is centered on upcoming quarterly guidance.
HK:01810.HK:Xiaomi Corporation
Xiaomi’s Wang Hua confirmed the retirement of its “Mi Call” service, saying the product had fulfilled its historical mission. Separately, Goldman Sachs reported that Xiaomi had become a consensus short bet among hedge funds amid valuation concerns.
CN:MOF:China’s Ministry of Finance
China’s Ministry of Finance successfully issued US$4 billion in sovereign bonds in Hong Kong, drawing total subscriptions of US$118.2 billion, highlighting sustained global appetite for Chinese sovereign debt.
HK:04257.HK:Minth Group
J.P. Morgan expressed optimism about Minth Group’s battery housing business, maintaining an “Overweight” rating as the company expands in EV component manufacturing.
HK:0388.HK:HKEX
Following its quarterly earnings release, several brokerages issued updated target prices and opinions on Hong Kong Exchanges & Clearing (HKEX), with sentiment largely positive due to stable trading revenue and derivatives growth.
🚀 Hong Kong Market Midday Recap: HSI Rally, Analyst Calls, and Global Tech Buzz Drive Investor Momentum
HK:3115.HK:Hang Seng Index
The Hang Seng Index surged 425 points and the Hang Seng Tech Index rose 117 points, buoyed by gains in major names. HK:01378.HK:China Hongqiao jumped over 8%, while HK:00868.HK:Xinyi Glass, HK:00066.HK:MTR Corporation, HK:01299.HK:AIA Group, and HK:00003.HK:Hong Kong and China Gas all hit new highs amid renewed investor optimism.
HK:06033.HK:Seres Group
Citi initiated coverage on Seres’ H-shares with a Neutral rating and a HK$140.4 target price, while downgrading its A-shares to “Sell.” The brokerage expects steady growth but sees valuation risks ahead.
HK:06600.HK:Qingci Games
Qingci Games announced it has secured a Disney game licence, marking a major milestone in expanding its international entertainment portfolio and boosting investor sentiment in its gaming pipeline.
US:NTES:NetEase Inc
Citi maintained its Buy rating on NetEase, anticipating its third-quarter results will slightly beat expectations, driven by strong gaming revenue and stable user engagement in China’s online entertainment market.
HK:00293.HK:Cathay Pacific Airways
CLSA deemed Cathay Pacific’s potential buyback of Qatar Airways’ stake as a negative development, citing increased financial pressure and potential capital strain from the move.
HK:00027.HK:Galaxy Entertainment Group
Citi reported Galaxy Entertainment’s 3Q results were in line with expectations, highlighting stable casino operations in Macau and a steady recovery in visitor arrivals post-pandemic.
HK:02338.HK:Weichai Power
Daiwa named Weichai Power its top pick in the heavy-truck sector, forecasting continued robust demand and margin recovery amid infrastructure expansion across China.
HK:02899.HK:Zijin Mining Group
Morgan Stanley selected Zijin Mining as its top metals pick with a HK$46.1 target price, citing a widening copper supply-demand gap and expected price upside in 2026.
HK:09868.HK:XPeng-W
Citi set a US$29.4 target price for XPeng, noting new business ventures in robotics and AI integration could drive share price gains, despite competitive EV market conditions.
HK:02438.HK:Zijin Gold International
Morgan Stanley initiated coverage on Zijin Gold International with an Overweight rating and a HK$175 target price, citing growth potential in global gold mining and copper diversification.
US:SFTBY:SoftBank Group Corp
SoftBank is reportedly considering acquiring US:MRVL:Marvell Technology in what could be one of the largest semiconductor takeovers ever, signaling SoftBank’s push to strengthen its chip and AI ecosystem.
US:AMD:Advanced Micro Devices
UBS raised its target price on AMD to US$300 while maintaining a “Buy” rating, citing strong AI chip demand. Separately, Citi lifted its target to US$260 but kept a “Neutral” stance.
HK:03808.HK:Sinotruk (Hong Kong) Ltd
Daiwa reiterated its Outperform rating on Sinotruk, hiking its target price to HK$29.4 on expectations of sustained heavy-truck demand and margin recovery through 2025.
HK:09868.HK:WeRide-W
Autonomous vehicle company WeRide said it welcomes “healthy competition” among peers and will accelerate talent recruitment in Hong Kong as part of its long-term growth and regional expansion strategy.
US:DIDIY:DiDi Global
Daiwa cut DiDi Global’s target price to US$7, projecting its international business loss at RMB4.6 billion in 2025 as overseas expansion continues to weigh on profitability.
LON:HSBA:HSBC Holdings plc
Barclays raised its target price for HSBC to GBX1,230 and maintained an Overweight rating, citing a strong revenue outlook and resilient interest income from global banking operations.
🌏 Market Morning Recap: BYD Outpaces Tesla, Cathay Buyback Boosts Shares, HKEX Re-Rated by Goldman Sachs
US:SMCI:Super Micro Computer
Bank of America Securities reiterated an Underperform rating on Super Micro Computer, citing expectations of continued negative free cash flow amid rising capital expenditure and cooling AI server demand.
HK:0388.HK:HKEX
Goldman Sachs raised its target price for Hong Kong Exchanges and Clearing (HKEX) to HK$562, pointing to three key re-rating drivers — increased trading turnover, stronger derivatives growth, and upcoming cross-border trading enhancements.
HK:00700.HK:Tencent Holdings
CLSA forecasted Tencent’s 3Q adjusted EBIT to grow 21% year-on-year, supported by gaming recovery and improved advertising revenue, reflecting steady monetisation across its digital ecosystem.
CN:AI:Chinese AI Sector
China reportedly mandated all new government-subsidized data centers to utilize domestically produced AI chips, signaling a push to reduce foreign chip reliance and strengthen its semiconductor self-sufficiency strategy.
HK:02338.HK:Weichai Power
Weichai Power shares spiked over 14% after receiving a license to produce solid oxide fuel cells in China under a collaboration with UK-based Ceres Power Holdings, marking a major step in green energy innovation.
HK:0293.HK:Cathay Pacific Airways
Cathay Pacific’s stock soared more than 3% after announcing a HK$7 billion buyback of all shares held by Qatar Airways, underscoring confidence in its long-term recovery and independence. The company said the move reflects “firm confidence in future development.”
HK:08699.HK:Dobot Robotics
Dobot Robotics plans a share placement at a 10% discount to raise around HK$770 million in net proceeds, aimed at strengthening its capital base and accelerating growth in automation technology.
HK:02899.HK:BYD Company
BYD’s vehicle sales in the UK during October were nearly six times higher than Tesla’s, highlighting the Chinese EV maker’s rapidly growing global footprint and increasing dominance in key international markets.
HK:01772.HK:Ganfeng Lithium
The MSCI China Index announced its next rotation effective November 24, with Ganfeng Lithium and GF Securities (HK:1776.HK) among new additions — a move expected to attract fresh passive fund inflows into the constituents.
HK:03690.HK:Meituan-W
Meituan-W said it plans to issue five tranches of senior notes to optimize debt structure and lower financing costs, marking another step toward capital efficiency amid continued investments in its delivery and retail operations.
US:SKHYNIX:SK Hynix Inc
SK Hynix reportedly raised the supply price of its high-bandwidth memory (HBM) chips for Nvidia by more than 50% compared to the previous generation, reflecting tightening AI chip supply and soaring demand from data centers.
HK:0027.HK:Galaxy Entertainment Group
Galaxy Entertainment posted a 13.6% year-on-year increase in 3Q adjusted EBITDA to HK$3.341 billion, supported by robust Macau gaming performance. The company maintained a net cash position of HK$34.8 billion, underscoring its solid financial health.
💧 Malaysia Corporate Roundup: Gamuda Expands Water Deal, Heineken Warns on Costs, Axis REIT Seals RM800m Property Buy
KL:GAMUDA:Gamuda Bhd
Gamuda Bhd has signed a memorandum of understanding (MOU) to explore the supply and sale of excess treated water to Penang from its upcoming Perak plant. The agreement, signed with KL:PBA:PBA Holdings Bhd, aims to finalize a binding deal within six months, formalizing Penang’s water supply partnership.
KL:KPS:Kumpulan Perangsang Selangor Bhd
Kumpulan Perangsang Selangor’s 51%-owned subsidiary, Aqua-Flo Sdn Bhd, secured two contracts worth RM53.05 million to supply water treatment chemicals, including pH-adjusters and polyelectrolytes, to Air Selangor starting January 2026.
KL:KNM:KNM Group Bhd
Delisted KNM Group shareholders approved the €270 million (RM1.34 billion) sale of its German subsidiary Deutsche KNM GmbH, which owns Borsig GmbH. With 93.74% approval at its EGM, the vote clears the final hurdle for the group’s asset disposal plan post-delisting.
KL:GDB:GDB Holdings Bhd
GDB Holdings won a court order to enforce an RM83 million adjudication award against KSK Land Sdn Bhd over the 8 Conlay project dispute. The Kuala Lumpur High Court dismissed KSK Land’s bid to set aside the decision, paving the way for GDB to recover outstanding payments.
KL:HEIM:Heineken Malaysia Bhd
Heineken Malaysia reported a marginal 0.6% year-on-year rise in 3Q net profit to RM112.95 million, as higher operating costs and excise duty hikes weighed on margins. Quarterly revenue grew 6% to RM656.05 million, with no dividend declared for the period.
KL:PENTA:Pentamaster Corp Bhd
Pentamaster posted a 45.3% increase in 3Q net profit to RM17.11 million despite a 1.4% dip in revenue to RM148.08 million. The group remains optimistic about FY2026 performance and did not declare a dividend for the quarter.
KL:SENTRAL:Sentral REIT
Sentral REIT’s 3Q net property income slipped to RM36.34 million due to higher maintenance and repair costs, even as revenue edged up to RM48.27 million. Net distributable income dropped to RM19.69 million, with no income distribution declared.
KL:AXREIT:Axis Real Estate Investment Trust
Axis REIT is acquiring an industrial property in Seberang Perai Tengah for RM800 million from Ann Joo Steel Bhd, which will lease back the asset for eight years at RM4.16 million monthly. The deal strengthens Axis REIT’s industrial property portfolio in Penang.
KL:AEONCR:AEON Credit Service (M) Bhd
AEON Credit will inject RM125 million into AEON Bank (M) Bhd to enhance the digital bank’s capital base. The investment maintains AEON Credit’s 50% stake, matched by joint venture partner AEON Financial Service Co Ltd.
KL:PERTAMA:Pertama Digital Bhd
Pertama Digital faces a trading suspension on November 14 after failing to submit its regularisation plan by the October 31 deadline. The firm has appealed for more time following four previous extensions, with delisting deferred pending regulatory review.
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