📈 Fed Cut Hopes Ignite Wall Street as Tech Stumbles and Retail Shines
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
Stocks closed higher on Wednesday after a weaker-than-expected ADP payrolls reading boosted confidence that the Federal Reserve will cut interest rates next week.
The Dow Jones Industrial Average jumped 408 points, the S&P 500 gained 0.30%, and the Nasdaq Composite edged up 0.17%.
Traders now price an 89% chance of a rate cut, believing a softer labor market will push the Fed to act.
US:WFC:Wells Fargo
US:AXP:American Express
Financial stocks rose as investors expect lower rates to spur loan activity and economic expansion.
Key gainers included Wells Fargo and American Express.
US:MSFT:Microsoft
US:NVDA:Nvidia
US:AVGO:Broadcom
US:MU:Micron Technology
Tech lagged after Microsoft slid 2.5% on a report claiming the company cut AI-related software sales quotas — a claim Microsoft denied.
Other AI-linked names — Nvidia, Broadcom, and Micron Technology — also weakened.
US:BTC:Bitcoin
Market strategists noted increasing scrutiny of how much debt tech companies are taking on to fund data-center expansion.
Meanwhile, Bitcoin recovered, trading above $93,000 after its worst session since March.
US:MRVL:Marvell Technology
Marvell Technology surged nearly 8% on optimism surrounding its data-center growth projections.
US:AEO:American Eagle Outfitters
American Eagle Outfitters rallied around 15% after raising its full-year outlook, citing a strong start to the holiday season.
US:NVDA:Nvidia
US:MSFT:Microsoft
US:AVGO:Broadcom
Investor Michael Burry cautioned that the AI market could unravel within two years, saying previous bubbles peaked before half of the capital spending was complete.
His remarks come amid recent weakness in major AI-linked names such as Nvidia, Microsoft, and Broadcom.
Treasury Secretary Scott Bessent said the administration could still impose tariffs even if the Supreme Court blocks the current structure, citing powers under the 1962 Trade Act.
US:CRM:Salesforce
US:FIVE:Five Below
U.S. stock futures traded near flat Wednesday night.
Salesforce climbed more than 5% after issuing stronger revenue guidance, while Five Below rose 2% as quarterly earnings beat forecasts.
US:CRM:Salesforce
US:PATH:UiPath
US:SNOW:Snowflake
US:FIVE:Five Below
US:AI:C3.ai
US:PVH:PVH Corp.
Earnings movers included:
• Salesforce – Q3 profit beat; revenue guidance raised.
• UiPath – Jumped 9% after beating earnings and revenue expectations.
• Snowflake – Fell over 8% on a soft product-revenue outlook.
• Five Below – Surged after blowout results.
• C3.ai – Slight decline after mixed margins despite beating subscription revenue expectations.
• PVH Corp. – Dropped nearly 3% as it narrowed full-year forecasts.
🚀 Malaysian Corporate Headlines: Big Contracts, New Investments & Legal Battles Shape the Week
KL:WASCO.WASCO:Wasco Bhd
Wasco Bhd won a fabrication-and-assembly contract expected to generate US$150–200 million in revenue over 37 months.
The scope includes procurement and construction of pre-assembled modules on a remeasurement basis.
KL:GBGAQRS.GBGAQRS:Gabungan AQRS Bhd
Gabungan AQRS Bhd signed an agreement with a Bangi landowner to jointly develop a 7.92-acre mixed commercial–residential project with a GDV of up to RM600.47 million.
The plan includes 1,673 residential units and 87,500 sq ft of commercial space, targeted for launch in 3Q 2027.
Malaysia’s ageing founder population highlights rising concerns over leadership succession, governance and trust structures.
Clear communication and structured legacy planning are increasingly critical for ensuring business continuity and family harmony.
KL:DXN.DXN:DXN Holdings Bhd
DXN Holdings Bhd is considering investing 100 million Brazilian reals (RM77 million) to build an industrial plant in Brazil.
It signed an MOU with the Municipality of Ibiá to explore the project, aimed at boosting local economic and social development.
KL:ADVCON.ADVCON:Advancecon Holdings Bhd
Advancecon Holdings Bhd secured another favourable adjudication ruling in its payment dispute with China Communications Construction (ECRL) Sdn Bhd.
CCC must pay RM3.33 million plus 5% annual interest from Sept 2025 and cover RM100,000 in adjudication costs and all AIAC-related fees.
KL:BPURI.BPURI:Bina Puri Holdings Bhd
Bina Puri Holdings Bhd received its sixth winding-up petition for 2025, this time from the Inland Revenue Board over unpaid taxes totalling RM310,653.31.
The group plans to contest the petition and seek legal and tax advice.
KL:SUMI.SUMI:SumiSaujana Group Bhd
SumiSaujana Group Bhd won a three-year contract to supply specialty catalyst-activation chemicals to Pengerang Refining Company Sdn Bhd.
The deal includes manpower, materials, logistics and equipment support.
KL:MBL.MBL:Muar Ban Lee Group Bhd
Muar Ban Lee Group Bhd bought two industrial land parcels and buildings in Muar for RM9.5 million to expand production capacity.
The acquisition will be funded via internal cash and bank borrowings, with completion expected within 90 days.
KL:TAFI.TAFI:Tafi Industries Bhd
KL:DOMINAN.DOMINAN:Dominant Enterprise Bhd
Tafi Industries Bhd is divesting its Muar factory land for RM23.5 million to Bripanel Industries Sdn Bhd, a unit of Dominant Enterprise Bhd.
Tafi says the sale marks its exit from its loss-making furniture manufacturing operations.
KL:MAGNI.MAGNI:Magni-Tech Industries Bhd
Magni-Tech Industries Bhd posted a 24% rise in 2QFY2026 net profit to RM32.25 million due to higher sales orders and forex gains.
Revenue dipped slightly to RM347.04 million, and the group declared a three-sen interim dividend, payable on Jan 8.
KL:SAPRES.SAPRES:Sapura Resources Bhd
Sapura Resources Bhd recorded a net loss of RM801,000 for 3QFY2026, reversing from a year-ago profit amid the absence of one-off gains.
Revenue dropped 26% to RM14.51 million, partly due to the departure of an anchor tenant at Sapura@Mines.
No dividend was declared.
🏢 Low Keng Huat Offer: Why Shareholders Are Being Urged to Consider the S$0.72 Deal
SGX:F1E.SI:Low Keng Huat (LKHS)
The offeror behind Low Keng Huat (LKHS) argues that future profit realisation from the developer’s assets may be “irregular, variable and time-consuming”.
This follows years of volatile performance, including a recent S$10.2 million loss in H1 vs a S$5.8 million profit a year earlier, mainly due to the completion of its Klimt Cairnhill project.
SGX:F1E.SI:Low Keng Huat (LKHS)
SGX:U14.SI:UOL Group
HK:00078.HK:Hongkong Land
SGX:C09.SI:City Developments Ltd
LKHS’ return on equity plunged from an average 22.3% (FY2011–FY2015) to just 1% (FY2021–FY2025).
Yet long-term shareholders were rewarded: LKHS delivered a 201.6% total return over 15 years, beating the STI’s 153.4%.
Comparatively, UOL returned 167.2%, Hongkong Land 59.3%, while City Developments Ltd posted a negative 19.7%.
SGX:F1E.SI:Low Keng Huat (LKHS)
LKHS’ strong long-term returns reflect bold decisions:
• Investing in Westgate Tower (2014) and later rotating into Paya Lebar Square (2021).
• Joining the AXA Tower consortium (2015), later unlocking gains via a stake sale to Alibaba (2020).
These moves contrast with the offeror’s caution over future prospects.
SGX:F1E.SI:Low Keng Huat (LKHS)
The offer is made through special-purpose vehicle Consistent Record, controlled by managing director Marco Low and his mother.
Marco Low already holds a direct and deemed interest of 400.2 million shares (54.1% stake).
SGX:F1E.SI:Low Keng Huat (LKHS)
The S$0.72 offer represents:
• +17.1% premium to LKHS’ last close on Nov 28
• +46.9% premium to its 36-month VWAP
Yet the group’s NAV is S$0.79 — 9.7% higher.
Revalued NAV estimates are believed to be significantly above both figures.
SGX:F1E.SI:Low Keng Huat (LKHS)
The offer requires the offeror to secure 90% ownership, excluding related parties.
If this threshold is crossed, the free float would fall below 10%, risking:
• Trading suspension upon offer close
• Minority shareholders being stuck in an illiquid position
Public shareholding is already low at 23.5%.
SGX:F1E.SI:Low Keng Huat (LKHS)
Beyond the offeror, major stakes include:
• Executive chairman Low Keng Boon: 52.8 million shares (7.2%)
• His wife, Lau Choy Lay: 23 million shares (3.1%)
• Estate of Low Keng Hoo: 52.9 million shares (7.2%)
With so much concentrated ownership, only about 100 million public shares need to accept for LKHS to lose its free float.
SGX:F1E.SI:Low Keng Huat (LKHS)
For now, waiting may be prudent.
LKHS trades near the offer price at S$0.725 (Dec 3).
An independent adviser will soon issue its opinion, which may influence delisting outcomes.
Key risk for holdouts: if the offeror crosses 90%, minorities could be stuck without liquidity for an extended period.
🍜 Leong Guan Holdings Launches Catalist IPO at S$0.23 to Fund Expansion & Product Growth
SGX:—:Leong Guan Holdings (Catalist IPO — no trading code yet)
Food manufacturer Leong Guan Holdings has launched its Catalist-board IPO, offering 20.65 million shares at S$0.23 each.
The listing is scheduled for Dec 11, following the filing of its prospectus on Nov 28.
The placement comprises 16.3 million new shares and 4.35 million vendor shares.
Post-offering, the group will have 101.22 million shares in issue, implying a market value of S$23.28 million.
Zico Capital is the sponsor, issue manager and placement agent.
SGX:—:Leong Guan Holdings
Gross proceeds from the placement total S$4.75 million.
After expenses, net proceeds of S$2.15 million will be allocated as follows:
• S$300,000 — Export market and product expansion
• S$700,000 — Manufacturing facility enhancements
• S$600,000 — Acquisitions, JVs and strategic partnerships
• S$549,000 — Working capital
The company plans to pay dividends equal to 80% of FY2025 profits and 35% of FY2026 profits.
SGX:—:Leong Guan Holdings
The group has over 22 years in the food manufacturing business, specialising in fresh noodles and soya bean–based beancurd.
It supplies more than 2,000 customers, including hotels, restaurants, caterers, hawker outlets, schools and hospitals, both locally and overseas.
SGX:—:Leong Guan Holdings
For the first three months of 2025, profit before tax fell 49.9% to S$221,000 due to:
• A 107.6% jump in finance costs (S$62,000)
• S$40,000 in impairment losses
Despite this, revenue rose 3% to S$9.4 million on stronger customer demand.
SGX:—:Leong Guan Holdings
Leong Guan aims to expand overseas through distributors and brand owners, targeting Asia, Australia, North America, the Middle East and Europe.
It plans to diversify its range via vertical expansion, including:
• Ready-to-eat meals
• New flavours and recipes
• Higher-margin snacks
• Specialised nutritional offerings (e.g., reduced-carb ramen, low-GI foods)
The company also intends to collaborate with chefs, nutritionists and food experts to enhance product development.
SGX:—:Leong Guan Holdings
The public offer closes on Dec 9, ahead of the scheduled Dec 11 trading debut on Catalist.
Lincotrade & Associates raises $2.2 mil in gross proceeds from placement of 10 mil shares at 22 cents each
SingLand to acquire land parcel at 6 Raffles Boulevard for $99.1 mil as part of Marina Square redevelopment plan
Skylink Holdings to acquire 132 units of commercial vehicles, providing immediate recurring revenue stream
Tuan Sing Holdings receives approval to redevelop flagship property in City of Melbourne
DFI Retail Group : D01 +4.86% has unveiled a three-year strategic roadmap targeting double-digit profit growth and a higher dividend payout, as the supermarket and retail store operator moves to leverage its scale and digital capabilities.
In an investor day presentation on Dec 3, 2025, the group outlined a plan to increase underlying profit at a compound annual growth rate of 11 to 15 per cent between 2025 and 2028. This means recording an underlying profit of US$310 million to US$350 million by 2028.
Alongside its earnings targets, DFI announced a new dividend policy, raising its payout ratio to 70 per cent, effective from the final dividend of 2025. This is an increase from the previous guidance of a 60 per cent payout.
Singapore’s SGX mulls bid for Cboe Australia, AFR reports
Australia’s financial regulator is working closely with the parent company to find a suitable buyer
Oil prices settled higher on Wednesday (Dec 3) after the US and Russia failed to reach a deal to end the war in Ukraine that could have eased sanctions on Moscow’s oil sector, though gains were held back by fears of oversupply.
Brent crude closed 22 US cents, or 0.4 per cent, higher at US$62.67, while US West Texas Intermediate rose 31 US cents, or 0.5 per cent, to US$58.95. Both contracts fell more than 1 per cent in the previous session.
US crude, petrol and distillate stocks rose last week, the Energy Information Administration (EIA) said on Wednesday, adding to fears of an oversupply.
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