Broker Name and Report Date

Broker: CGS International

Date: December 19, 2025

Excerpt from CGS International report

Report Summary

• The Singapore government’s S\$5bn Equity Market Development Programme (EMDP) is expected to improve trading liquidity and narrow valuation discounts for Singapore’s equity market versus peers.
• The report screens 16 Singapore-listed stocks trading below 10x P/E or 1x P/BV, which have shown strong bullish technical trends and are considered attractive for potential further upside, especially those with improving fundamentals, order books, and trading flows.
• Highlighted stocks span various sectors, with positive technical momentum, solid order books, dividend yields, and/or earnings growth, including companies like Addvalue Technologies, Asian Pay Television Trust, Banyan Tree Holdings, Duty Free International, GKE, Hafary, Kencana Agri, King Wan, Ley Choon, Nam Lee, Sing Investments & Finance, Thakral Corp, and XMH Holdings.
• The report combines technical analysis, fundamental screening, and recent corporate developments to identify value opportunities, suggesting investors accumulate on dips or ahead of breakouts for selected stocks.
• Key themes include turnaround stories, value unlocking, robust order books, strong balance sheets, dividend yields, and strategic corporate actions that may drive re-rating or upside potential.

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/