Markets Heat Up: ST Engineering Debt Boost, Keppel DC REIT Rallies, Oiltek Eyes Bursa, Citi Upgrades, and Big M&A Buzz

US Market Highlights

SGX:S27.SI:S&P 500

The S&P 500 climbed 0.14% to 6,305.60, its first close above 6,300, with Q2 earnings showing 5% year-over-year growth as over 85% of 62 companies beat estimates, according to FactSet.

US:QQQ:Nasdaq Composite

The Nasdaq Composite rose 0.38% to a record 20,974.17, supported by tech strength led by Meta Platforms, Amazon, and Alphabet ahead of earnings.

US:DGT:Dow Jones Industrial Average

The Dow Jones Industrial Average slipped 19.12 points to 44,323.07, lagging as tech giants powered other indexes to record highs.

US:META:Meta Platforms

Meta Platforms rallied over 1%, helping lift the Nasdaq Composite and S&P 500 to record levels during Monday’s session.

US:AMZN:Amazon

Amazon gained over 1%, contributing to the new records set by the Nasdaq Composite and S&P 500.

US:VZ:Verizon

Verizon jumped 4% after posting stronger-than-expected Q2 earnings, boosting market optimism during a record-setting session.

US:GOOGL:Alphabet

Alphabet surged 2% ahead of its earnings release, helping drive the S&P 500 and Nasdaq Composite to fresh records.

US:TSLA:Tesla

Tesla closed marginally lower despite broader market gains, underperforming peers even as it prepares to report earnings midweek.

US:C:Citigroup

Citigroup hit a 52-week high as Wells Fargo’s Mike Mayo reaffirmed it as his top pick, citing restructuring benefits and revenue growth, with a $115 target suggesting 23% upside.

US:NVDA:Nvidia

Nvidia inched up 0.1%, lagging while other tech giants like Alphabet, Amazon, and Meta Platforms gained over 1% during the market rally.

US:NXPI:NXP Semiconductors

NXP Semiconductors tumbled over 5% in after-hours trading despite beating earnings estimates, as auto-sector weakness weighed on revenues.

US:STLD:Steel Dynamics

Steel Dynamics fell 3.4% after reporting weaker-than-expected results, disappointing investors on earnings day.

US:ZION:Zions Bancorp

Zions Bancorp rose 2.4% after exceeding profit estimates and expressing optimism for stronger growth in the second half of 2025.

US:GS:Goldman Sachs

Goldman Sachs was reported to be pursuing major acquisitions, including a $25 billion takeover bid for US:NTRS:Northern Trust, driving its 23% year-to-date stock surge.

US:NTRS:Northern Trust

Northern Trust jumped 4.5% following reports of a potential $25 billion acquisition bid by US:GS:Goldman Sachs.

US:PM:Philip Morris International

Philip Morris International is set to report earnings Tuesday, with investors watching for its contribution to S&P 500 earnings momentum.

US:KO:Coca-Cola

Coca-Cola will release earnings Tuesday, as markets look to consumer staples alongside tech to sustain the ongoing rally.

US:LMT:Lockheed Martin

Lockheed Martin is scheduled to report Tuesday, with defense sector performance under scrutiny amid the broader earnings season.

US:GOOGL:Alphabet

Alphabet is slated to post earnings Wednesday, with analysts expecting the “Magnificent Seven” to drive much of the S&P 500’s growth.

US:TSLA:Tesla

Tesla will also report Wednesday, as part of the “Magnificent Seven” expected to lead Q2 earnings growth across the index.

SGX:S63.SI:ST Engineering

RHB Bank Singapore’s Sheikar Jaiswal raised his target price on ST Engineering to $8.70, after the company and Singapore Power sold their joint venture SPTel to Seraya Partners for $290 million. The deal will yield an $83 million gain for ST Engineering and help reduce $140 million in debt, improving earnings from lower financing costs. Jaiswal flagged upside risks given its $29.8 billion order book, defence demand, aviation transition, and M&A opportunities, projecting a potential $9 target if interest rates fall further.

SGX:5TO.SI:Oiltek International

Oiltek International, up 390% over the past year, plans a secondary listing on Bursa Malaysia to expand its investor base and liquidity. The company, which more than doubled year-to-date, appointed financial advisers in Singapore and Malaysia to proceed with the listing plan, aiming to boost capital access and valuation.

SGX:XJB.SI:GHY Culture & Media

GHY Culture & Media’s associated firms will co-produce dramas “Strange Legend of Tang Dynasty” and “The Ferry Man” with iQIYI, tapping its distribution network to grow visibility and revenue. The move aligns with GHY’s strategy to scale its entertainment portfolio in Asia.

SGX:Z74.SI:Singapore Telecommunications

Singtel’s subsidiary Optus Finance will issue $160 million of 10-year fixed notes at 2.726% per annum, maturing July 2035. OCBC is sole lead manager and bookrunner. Proceeds will be swapped into AUD to fund operations and extend debt maturities under Optus’ EUR3 billion EMTN programme.

SGX:V7E.SI:Eneco Energy

Eneco Energy signed an exclusive Southeast Asia distribution deal for a solution to boost onshore oil and gas production while cutting carbon emissions by eliminating flaring. Pilot testing begins in Indonesia in H2 2025, with the group targeting rising regional demand for sustainable energy solutions.

SGX:CIMB.SI:CIMB Group

CIMB Group upgraded Singapore equities to “overweight,” raising its year-end STI target to 4,250 from 3,950, citing safe-haven flows, strong dividend yields, and potential MAS policy easing. It also recommended adding gold — forecasting $3,500/oz by year-end — and increasing positions in three-to-seven-year bonds for stable income.

KL:7208.KL:Duty Free International

Duty Free International is acquiring KL:0000.KL:United Industries Holdings from KL:7046.KL:Atlan Holdings for RM175 million to diversify into automotive parts manufacturing. The deal will be funded internally and includes United Industries’ RM22.98 million profit and RM90.9 million net tangible assets, with products including OEM fuel tanks, panels, and components.

SGX:LCC.SI:Lum Chang Creations

Lum Chang Creations, a subsidiary of SGX:L19.SI:Lum Chang Holdings, debuted on SGX Catalist at $0.30 and closed at $0.305, 1.64% higher. Its IPO, priced at $0.25, was 2 times subscribed, raising $12.25 million with strong institutional demand, including Lion Global Investors and Nikko Asset Management.

SGX:AJBU.SI:Keppel DC REIT

Maybank Securities initiated a “buy” on Keppel DC REIT with a $2.40 target, citing robust AI-driven data centre demand and 96% occupancy across 24 facilities. Backed by SGX:BN4.SI:Keppel Corp, KDC is expected to grow DPU 4.9% annually through 2027, aided by rental escalations, M&A, and Keppel’s IT capacity expansion toward 1.2GW.

SGX:E28.SI:Frencken Group

Maybank raised Frencken Group’s target to $1.75, narrowing its valuation gap with peers SGX:558.SI:UMS Holdings and SGX:AWX.SI:AEM Holdings. Analyst Jarick Seet cited upside from a $5 billion MAS equity programme, eased U.S.-China semiconductor export curbs, and a new Singapore facility to serve semiconductor clients like US:ASML:ASML Holding. Risks remain from demand swings and supply chain disruptions.

SGX:OV8.SI:Sheng Siong Group

Maybank gave Sheng Siong Group a “buy” call with a $2.30 target, forecasting 6% CAGR revenue growth as SGX:D01.SI:DFI International sells assets to KL:0000.KL:Macrovalue. SSG is poised to capture share through store expansions as Giant rationalizes, supported by stable offline grocery growth and a 4% dividend yield.

SGX:C09.SI:City Developments

JP Morgan reaffirmed a “buy” on City Developments, setting a $6.85 June 2026 target after CEO Sherman Kwek gained greater board control with Phillip Yeo’s retirement. CDL’s asset disposals, including South Beach to KL:1961.KL:IOI Properties, along with cost savings and potential buybacks, could help close its 50% discount to book value.

Corporate Malaysia in Motion: Anti-Graft Probes, Big Profits, Data Centre Deals, Leadership Changes, and Expansion Plays

KL:5263.KL:Sunway Construction Group

Sunway Construction Group said a staff member is under investigation by the Malaysian Anti-Corruption Commission (MACC) over dealings with sub-contractors, linked to “Op Ways,” a probe into alleged corruption involving a RM180 million data centre tender in Johor. The company emphasized the probe has no financial or operational impact and is fully cooperating with authorities.

KL:7090.KL:Apex Healthcare

Apex Healthcare jumped 6% to RM2.53, its highest since November 2024, after confirming that the Kee family, holding 42.61% of the company, has been in talks with potential buyers, including a foreign party, for a possible stake sale. The disclosure followed a trading halt and a report by The Edge Malaysia.

KL:5180.KL:CapitaLand Malaysia Trust (CLMT)

CapitaLand Malaysia Trust posted a 7.3% rise in 1HFY2025 net property income to RM138.84 million, with retail rental reversion of 10.8% and 47.1% of leases renewed. The REIT warned of uncertainties from expanded SST and power tariff hikes but remains positive, declaring a 1.18 sen per unit distribution, lifting 1HFY2025 payout to 2.46 sen.

KL:2089.KL:United Plantations

United Plantations saw 2QFY2025 net profit surge 34.12% to RM249.38 million, driven by higher crude palm oil and palm kernel prices and lower costs. Revenue rose 16.91% to RM638.42 million, the highest since 3QFY2022, but the group warned of slowing exports and possible stock build-up as peak production months near.

KL:0226.KL:Aneka Jaringan

Aneka Jaringan secured a RM72.3 million contract from KL:8206.KL:Eco World Development Group (EcoWorld)’s subsidiary Quantum Alpha to handle piling works for a data centre project at Eco Business Park V, Selangor. Work starts July 28 and ends December 27, 2025, bringing its year-to-date project wins to RM259.21 million.

KL:0278.KL:Prolintas Infra Business Trust

Prolintas Infra Business Trust appointed Mohamad Idros Mosin as CEO, ending interim management oversight led by chairman Datuk Ikmal Hijaz Hashim. Idros, formerly Prolintas executive director and senior PNB official, takes over as the trust moves to solidify its leadership.

KL:0082.KL:Green Packet

Green Packet named Datuk Wira Shahul Hameed Shaik Dawood as its new managing director and group CEO. Shahul, ex-CEO of HRD Corp, fills the role vacated by founder CC Puan in 2022 after his resignation and subsequent bankruptcy over a RM30.66 million debt.

KL:2852.KL:Cahya Mata Sarawak (CMSB)

Cahya Mata Sarawak hired Sinoma Industry Engineering (M), part of TCDRI, for RM673 million to build a 6,000-tonne-per-day clinker line at its Mambong Integrated Plant in Kuching. The 21-month project will more than double capacity to 1.9 million tonnes annually, cutting import reliance and boosting efficiency.

HSBC Chair Hunt Resumes as Regulators Crack Down on China’s NEV and Delivery Sectors; Nvidia Sounds Alarm on China Market Risks

HK:00005.HK:HSBC Holdings

HSBC Holdings has restarted its search for a new chairman, reviving a process that had been on hold as the bank looks to strengthen its leadership for future strategic planning.

US:NVDA:Nvidia

Nvidia’s Jensen Huang warned that avoiding the China market would have long-term consequences for the company. Separately, sources revealed its H20 chip supply remains limited, with no plans to restart production.

CN:Unitree Robotics

Unitree Robotics began its IPO advisory process, moving toward a potential public listing as it seeks to raise capital for robotics expansion.

HK:0884.HK:CIFI Holdings Group

CIFI Holdings Group reportedly gained approval from four bondholders for its RMB10 billion corporate bond restructuring plan, supporting efforts to stabilize its debt profile.

Hong Kong Stocks Stir as Meituan Target Slashed, Nvidia Partners Xiaomi, JD-SW Rallies, and CATL Hits New Peak

HK:03690.HK:Meituan-W

CICC cut its target price for Meituan-W to HKD155, projecting its second-quarter adjusted net profit to drop 44% year-on-year.

US:UBER:Uber

Uber launched a WeChat mini program in Hong Kong and Japan, with plans to roll it out to nine more countries including the US, France, and Australia this year.

HK:300750.HK:CATL (Contemporary Amperex Technology)

CATL climbed 4% to another record high as Chinese regulators tightened rules to stabilize competition in the NEV (new energy vehicle) sector.

Ant Group

Ant Group’s AI healthcare application AQ became the top medical app on China’s App Store, signaling rising adoption of AI-powered health tools.

HK:00772.HK:China Literature

UBS Research raised its target price for China Literature to HKD33 despite caution that interim results may fall short of estimates.

HK:06969.HK:Smoore International

UBS lifted Smoore International’s target price to HKD14 but maintained a “sell” rating, citing ongoing industry challenges despite some recovery signs.

HK:01137.HK:Dickson Concepts

Dickson Concepts plunged about 30% after trading resumed following the collapse of its privatization plan, triggering heavy sell-offs.

HK:01931.HK:IVD Medical

IVD Medical skyrocketed over 32% after revealing plans to apply for a US stablecoin license, diversifying into digital finance.

HK:09880.HK:Ubtech Robotics

Ubtech Robotics reportedly secured a RMB90.51 million robot order, bolstering its revenue pipeline amid rising demand for automation.

US:NVDA:Nvidia

HK:01810.HK:Xiaomi-W

Nvidia’s Jensen Huang is working with Xiaomi-W to develop AI and self-driving software, marking a deepening partnership in autonomous and smart tech innovation.

HK:09618.HK:JD-SW

JD-SW rallied as it and Meituan-W gained on expectations that regulators’ efforts to curb “involutionary” e-commerce practices will ease competition and support margins.

HK:00005.HK:HSBC Holdings

HSBC Holdings repurchased over 4.22 million shares last Friday, totaling HKD414 million, as part of its ongoing buyback program to return capital to shareholders.

Hong Kong Market Movers: Meitu Surges, JD-SW Eyes $4B Buyout, Xiaomi SU7 Leads Retention, and Analysts Boost Targets Across Blue Chips

HK:03690.HK:Meituan-W

Meituan-W reportedly acquired a stake in robotics tech firm TARS, aiming to deepen its presence in embodied intelligence as part of a broader technology expansion strategy.

HK:09880.HK:Ubtech Robotics

Citi Research ended its 90-day downside catalyst watch on Ubtech Robotics, signaling a more neutral stance after earlier caution on earnings and execution risks.

HK:00968.HK:Xinyi Solar

CLSA Research said Xinyi Solar’s 1H25 results slightly beat expectations and maintained its target price at HKD4, citing resilient demand despite sector volatility.

HK:02333.HK:Great Wall Motor (GWMOTOR)

BofA Securities raised Great Wall Motor’s target price to HKD14.6, reiterating its neutral rating while noting mixed near-term sales momentum.

HK:00002.HK:CLP Holdings

DBS Group Research reaffirmed a “buy” rating on CLP Holdings, highlighting sustainable dividend payouts supported by stable cash flows from its regulated utility operations.

HK:03800.HK:GCL Technology (GCL TECH)

CLSA projected GCL Technology to advance with its planned RWA tokenization strategy and kept its “outperform” call, seeing long-term structural tailwinds for renewable energy plays.

HK:00001.HK:CK Hutchison Holdings (CKH Holdings)

UBS Research expects CKH Holdings’ interim underlying net profit to rise 6% year-on-year, maintaining a target price of HKD58.8 on steady cash flow growth.

HK:01024.HK:Kuaishou-W

HSBC Research lifted Kuaishou-W’s target price to HKD82, citing Kling AI-driven upside in valuations and expanding monetization opportunities.

HK:09618.HK:JD-SW

Rumors surfaced that JD-SW is acquiring Kai Bo for approximately $4 billion, including its retail network and properties, as part of its offline retail push.

Hong Kong Equities Buzz: Meitu Profit Soars, MTR Eyes Rail Loan, JPMorgan Boosts MSCI Target, and Galaxy Leads Market Gains

HK:00066.HK:MTR Corporation

MTR Corporation is in preliminary talks with banks for a loan to support its Northern Link rail project. Loan size and terms remain undecided as discussions are at an early stage.

HK:01521.HK:IMotionTech

IMotionTech signed a preliminary cooperation agreement with a subsidiary of HK:09863.HK:Horizon Robot-W, marking a step toward collaboration in autonomous driving and smart mobility development.

HK:03690.HK:Meituan-W

Meituan-W was summoned by China’s SAMR, alongside other delivery platforms, to adopt fair competition practices as regulators move to curb aggressive “involutionary” tactics in instant retail and food delivery.

HK:09618.HK:JD-SW

JD-SW joined Meituan-W and Ele.me in regulatory discussions with SAMR, as China pushes food delivery platforms toward rational competition and industry self-regulation.

Alibaba Group

Alibaba’s delivery arm Ele.me was also called by SAMR, aligning with efforts by catering associations and platforms like Taobao to reduce aggressive competition in China’s instant delivery sector.

HK:01072.HK:Dongfang Electric

Dongfang Electric surged on renewed demand optimism as the Yarlung Tsangpo River hydropower project fueled a rally in power equipment stocks.

HK:06655.HK:Huaxin Cement

Huaxin Cement gained strongly as investor sentiment rose on the back of large-scale construction demand linked to the Yarlung Tsangpo River hydropower development.

HK:09633.HK:Nongfu Spring

CLSA said Nongfu Spring could capture additional market share as rival Wahaha navigates an inheritance dispute, reshaping competitive dynamics in the beverage market.

HK:0291.HK:China Resources Beverage

CLSA noted China Resources Beverage stands to benefit from disruption at competitor Wahaha, gaining potential share in China’s beverage sector.

HK:01260.HK:CMGE Technology

CMGE Technology partnered with HK:09626.HK:Bilibili-W to co-produce the animated series “Chinese Paladin: Sword and Fairy I”, expanding its entertainment portfolio.

HK:09626.HK:Bilibili-W

Bilibili-W collaborated with HK:01260.HK:CMGE Technology on “Chinese Paladin: Sword and Fairy I”, bolstering its content lineup for streaming and gaming fans.

HK:03115.HK:Hang Seng Index (HSI)

The Hang Seng Index rose 69 points midday to 24,895, briefly surpassing 25,000 for the first time in over three years on broad market strength.

HK:9633.HK:Nongfu Spring

Nongfu Spring hit a new high as the Hang Seng Index rallied, reflecting strong investor demand despite broader market fluctuations.

HK:1378.HK:China Hongqiao

China Hongqiao reached a record high while the Hang Seng Index climbed, benefiting from strength in the resources sector.

HK:288.HK:WH Group

WH Group rose to a fresh peak, contributing to the Hang Seng Index’s climb toward the 25,000 mark.

HK:1516.HK:J&T Express-W

J&T Express-W notched a new high, supported by logistics sector momentum as the Hang Seng Index gained.

HK:9999.HK:NetEase (NTES)

NetEase surged to a record level, helping lift the Hang Seng Index toward the 25,000 level amid strong tech sentiment.

HK:06160.HK:BeiGene

BeiGene dropped over 4%, underperforming despite the broader Hang Seng Index rally.

HK:01299.HK:AIA Group

JPMorgan included AIA Group as one of its top “overweight” picks within the MSCI Hong Kong Index, citing growth prospects.

HK:02388.HK:BOC Hong Kong

BOC Hong Kong was named a preferred stock by JPMorgan in its MSCI Hong Kong Index outlook and highlighted by JP Morgan as an expected outperformer for 2H25.

HK:00027.HK:Galaxy Entertainment

Galaxy Entertainment was identified by JPMorgan and JP Morgan as a key outperformer, as the latter raised MSCI Hong Kong Index targets to 13,000 (base) and 14,000 (bull case).

HK:00388.HK:Hong Kong Exchanges and Clearing (HKEX)

JPMorgan maintained a “neutral” stance on HKEX, diverging from its “overweight” calls on other major MSCI Hong Kong Index constituents.

HK:00823.HK:Link REIT

Link REIT earned an “overweight” rating from JPMorgan, which cited steady yield and defensive attributes amid market uncertainty.

HK:00669.HK:Techtronic Industries

Techtronic Industries was flagged by JPMorgan as an “overweight” stock within the MSCI Hong Kong Index due to robust fundamentals.

HK:02282.HK:MGM China

MGM China was highlighted by JPMorgan as an “overweight” stock and by JP Morgan as a key expected outperformer for the MSCI Hong Kong Index in 2H25.

HK:0386.HK:Sinopec Corp

Sinopec Corp surged over 5% as the Hang Seng Index closed higher, driven by energy sector strength and increased trading activity.

HK:2899.HK:Zijin Mining

Zijin Mining climbed to a record high as the Hang Seng Index gained, supported by demand for metals and mining stocks.

HK:6618.HK:JD Health

JD Health hit a new high, adding to the Hang Seng Index’s 168-point gain as turnover surged on strong buying.

HK:01357.HK:Meitu

Meitu announced its adjusted net profit for the first half of 2025 could surge 65% to 72% year-on-year, driven by core business performance excluding non-operating items.

HK:00018.HK:Xiaomi

The Xiaomi SU7 ranked top in China’s BEV one-year value retention, according to a report by the China Automobile Dealers Association and Jingzhengu, which showed domestic BEVs significantly outperforming rivals in resale value.

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