Broker Name: Lim & Tan Securities
Date of Report: 09 December 2025
Excerpt from Lim & Tan Securities report.
- Major global indices: US, Singapore, UK, Japan, Hong Kong and China markets mostly fell as investors awaited the Federal Reserve’s meeting, with strong expectation of a 0.25% rate cut and market caution due to rising US 10-year Treasury yields.
- Nvidia news: Trump administration approved Nvidia’s H200 AI chip exports to China with a 25% tariff, potentially restoring lost business and supporting US jobs; Nvidia and AMD shares rose on the news.
- Sembcorp Industries: Sembcorp is in advanced talks to acquire Alinta Energy (Australia’s 4th largest utility) and possibly a minority stake in Thailand’s B Grimm Power, signaling expansion in the energy sector.
- Fund flows: Institutional investors net sold S\$88.5m, while retail investors net bought S\$92.5m for the week; highest net buys included OCBC and Yangzijiang Shipbuilding for institutions, and Sembcorp Industries and SIA for retail.
- China/HK funds: Mainland investors poured S\$17.2 billion into Hong Kong funds, seeking higher offshore returns as local rates lag; Fidelity and BlackRock are expected to offer new products under the Mutual Recognition of Funds scheme.
- US macro: The US labor market is balanced but at a pivotal point, with further weakening possibly leading to defensive positioning by investors; recent USD volatility linked to “Liberation Day” tariffs and hedging activity.
- Insider and share buybacks: Multiple companies (e.g., OCBC, UOB, Keppel, Raffles Medical) reported share buybacks and insider transactions.
- Dividend updates: Several companies announced interim and final dividends, including DBS, SGX, Singtel, SIA, and Mapletree trusts.
- Sector performance: Technology was the only sector to gain; communication services and materials led declines. Commodities such as gold gained, while oil fell.
- Analyst ratings: “Accumulate” maintained for Sembcorp Industries and Innotek due to strong fundamentals and AI exposure.
Report Summary
– Global markets cautious ahead of expected Fed rate cut; US yields rising.
– Key news: Nvidia gets approval to export AI chips to China, Sembcorp in energy acquisition talks.
– Institutional investors net sold, retail investors net bought; China investors flock to HK offshore funds.
– US labor market stabilizing; multiple companies announce dividends and buybacks.
– Analyst “Accumulate” ratings for Sembcorp Industries and Innotek.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
