Broker: CGS International
Date of Report: July 24, 2025

Singapore Stocks on the Move: Aztech Global Ltd Enters Early Uptrend, Elite UK REIT Shows Resilience

Market Recap: Trade Optimism Lifts Global Equities

Global equities surged to record highs as the US clinched a pivotal trade deal with Japan and signaled progress towards an agreement with the European Union. The S&P 500 hit all-time highs, buoyed by the prospect of a 15% tariff deal for most products between the US and EU. This wave of optimism saw Treasury yields rise, with the 10-year yield climbing four basis points to 4.39%. Meanwhile, bond demand softened, highlighted by Japan’s weakest 40-year bond auction since 2011.

In corporate news, Alphabet Inc. outperformed revenue expectations but guided for higher capital expenditures, while Tesla Inc. missed earnings estimates. The overall market tone remains constructive, with low volatility supporting a steady climb in equities.

Aztech Global Ltd: Technical Buy Signal on Early Uptrend

Company Overview: Aztech Global Ltd is a global provider of design and manufacturing services, specializing in IoT devices, datacommunication, and LED lighting products for clients worldwide.

Technical Analysis Summary

• Last Price: 0.650
• Entry Price(s): 0.65, 0.560
• Support Levels: 0.280 (Support 1), 0.234 (Support 2)
• Stop Loss: 0.490
• Resistance Levels: 0.370 (Resistance 1), 0.450 (Resistance 2)
• Target Prices: 0.840 (TP1), 0.920 (TP2), 1.02 (TP3), 1.26 (TP4)

Key Technical Insights

• Price action reveals a strong bullish reversal from the bottom, indicating the early stages of a new uptrend.
• The stock has broken out from a large falling wedge, supporting a new upward trajectory.
• Ichimoku indicator signals a healthy bullish trend, with the stock closing above all Ichimoku components.
• MACD line and signal are rising strongly above the zero line, supported by a positive histogram.
• Stochastic Oscillator confirms mid-term bullish momentum with an upward trajectory.
• 23-period Rate of Change (ROC) remains positive, reinforcing bullish sentiment.
• Directional Movement Index (DMI) reflects steady bullish strength.
• Volume expansion over the last 10 periods adds further support to the breakout and uptrend scenario.

Elite UK REIT: Ground Checks Affirm Income Resilience

Company Overview: Elite UK REIT invests in commercial properties in the UK, focusing on stable income and resilient assets.

Scotland Property Visits Strengthen Investment Case

• Recent ground checks at Elite’s Scottish properties reaffirm the company’s income resilience and quality of assets.
• As a result of these positive observations, forecasted distribution per unit (DPU) for FY25–27 has been raised by 1.26%–3.07%, now expected at 2.98–3.04 pence for the period.
• Analysts maintain an “Add” rating on the REIT, with a higher Dividend Discount Model (DDM)-based target price of £0.38.

Stock Ratings and Recommendations Framework

• Add: Stock’s total return expected to exceed 10% over the next 12 months.
• Hold: Total return expected between 0% and +10% over 12 months.
• Reduce: Total return expected to fall below 0% over 12 months.

The total expected return is calculated as the sum of the percentage difference between the target price and the current price, plus the forward net dividend yield. Target prices are set with a 12-month investment horizon.

As of the quarter ended June 30, 2025, 561 companies were under coverage.

Important Disclaimers and Distribution Restrictions

This research is intended for institutional and professional investors and is distributed subject to various jurisdictional regulations. The report is confidential and not intended for redistribution. All opinions and recommendations are based on data and reasonable assumptions as of the date of publication. Past performance is not indicative of future results, and investments can decrease as well as increase in value.

CGS International and its affiliates may have proprietary interests in the securities covered and may conduct business with the companies discussed.

Conclusion: Early Uptrend Opportunities in Singapore Equities

The Singapore equity market is witnessing renewed momentum, with Aztech Global Ltd demonstrating an early uptrend backed by strong technical signals and volume expansion. Meanwhile, Elite UK REIT’s resilient portfolio and upgraded DPU forecasts underscore the stability of its income stream. Investors should monitor these opportunities while considering their investment objectives and risk tolerance amidst a dynamic global backdrop.