Broker: CGS International
Date of Report: July 23, 2025

Singapore Trendspotter: OxPay Financial and Aztech Global in Focus as Markets Eye AI-Driven Growth

Market Overview: Megacap Earnings Take Center Stage

Global equities remain buoyant as Wall Street anticipates a high-stakes megacap earnings season. The S&P 500 hovers near all-time highs with over 400 of its shares rising, powered by optimism around technology giants. Tesla and Alphabet posted gains ahead of their quarterly results, and homebuilders like D.R. Horton led sector rallies. Retailers such as Kohl’s Corp. experienced dramatic price swings reminiscent of the meme stock era, with gains surging as much as 105% before settling up 38%. Meanwhile, Texas Instruments disappointed investors with a subdued forecast in late trading.

The technology sector remains critical to overall market health, with the so-called “Magnificent Seven” companies expected to deliver a combined 14% year-on-year increase in second-quarter profits. In contrast, the remainder of the S&P 500 is anticipated to report flat earnings. Artificial intelligence continues to be a major growth catalyst, with AI adoption accelerating at the corporate level, though the application layer of this technology is still in early stages.

On the trade front, new tariff agreements are making headlines, including a 19% tariff set by the US on Philippine exports. Canadian leadership is working to stabilize trade relations with the US, though significant breakthroughs are not expected within the next 10 days.

Aztech Global Ltd: 1H25 Performance Surpasses Expectations Amid Recovery Hints

Aztech Global Ltd delivered a mixed first half for 2025, with year-on-year comparisons showing significant declines, but quarter-on-quarter metrics revealing a notable rebound:

• Revenue and net profit for 1H25 exceeded both the broker’s and Bloomberg consensus expectations.
• The company declared an interim dividend of 1.0 Singapore cent, reflecting a payout ratio of approximately 48%, with payment slated for August 6, 2025.
• Despite ongoing macroeconomic challenges, the outlook for Aztech has improved, prompting an upgrade to “Hold” as the company appears to be gradually recovering customer orders.

OxPay Financial Ltd: Technical Signals Point to a Bottoming Out and Bullish Momentum

OxPay Financial Ltd, serving the Singapore market, has attracted attention with technical indicators suggesting a bottoming out and the potential for a strong reversal. The stock is currently trading at S\$0.060, with a technical “Buy” recommendation.

Technical Analysis Summary

• Entry Prices: S\$0.060, S\$0.050, S\$0.042
• Support Levels: S\$0.029 (Support 1), S\$0.014 (Support 2)
• Stop Loss: S\$0.028
• Resistance Levels: S\$0.080 (Resistance 1), S\$0.197 (Resistance 2)
• Target Prices: S\$0.085, S\$0.100, S\$0.150, S\$0.320

Key technical indicators include:

• Formation of a cup and handle pattern, with the handle/range showing signs of an imminent breakout.
• Ichimoku analysis reveals a strong bullish signal as the stock closes above all Ichimoku indicators.
• MACD lines are rising towards the zero line, with a positive histogram, signaling building momentum.
• The Stochastic Oscillator is climbing, confirming medium-term bullishness.
• 23-period Rate of Change (ROC) is positive.
• Directional Movement Index (DMI) indicates steady bullish strength.
• Trading volume has expanded healthily over the past 10 periods, supporting the bullish case.

Brokerage Ratings and Methodology

CGS International applies a clearly defined rating system:

• Add: Expected total return exceeds 10% over the next 12 months.
• Hold: Expected total return between 0% and 10% over the next 12 months.
• Reduce: Expected total return below 0% over the next 12 months.

Sector and country ratings follow an Overweight, Neutral, or Underweight approach, indicating the broker’s confidence in relative performance compared to the market or benchmark.

Distribution of Stock Ratings (as of June 30, 2025)

A total of 561 companies were under coverage at the end of Q2 2025.

Important Disclaimers and Compliance Notes

This research is intended exclusively for institutional, accredited, or expert investors, and may not be suitable for all jurisdictions. Investors are advised to consider their own investment objectives, financial situation, and consult with professional advisers before making investment decisions. Market participants should note that the value of investments can fluctuate and past performance is not a guarantee of future results.

CGS International and its affiliates may have positions in the securities mentioned, and may seek to provide or solicit investment banking, advisory, or other services from the companies discussed.

Conclusion: Key Takeaways for Investors

• Technology and AI-driven firms remain central to market performance, with the Magnificent Seven expected to drive S&P 500 profit growth.
• Aztech Global, despite sharp year-on-year declines, is showing signs of recovery and has exceeded expectations for the first half of 2025.
• OxPay Financial’s technicals indicate a strong potential for a bullish reversal, supported by multiple positive indicators.
• Investors should remain vigilant of evolving global trade dynamics and macroeconomic headwinds as they position for the rest of the year.