Broker: CGS International
Date of Report: August 14, 2025
Singapore Market Bull Run: GRC Ltd Leads with Robust Technicals as JYP Entertainment Delivers Record Results
Key Market Recap: Wall Street Bets on Fed Rate Cuts, Global Asset Classes Rally
Wall Street witnessed a surge in bullish sentiment as traders increased bets that the Federal Reserve will soon initiate a cycle of interest rate cuts. Following a benign inflation report, equities rallied towards record highs, Treasury yields fell, and the U.S. dollar weakened against major currencies.
- S&P 500: Up 30% from April lows
- Treasury Two-Year Yields: Fell five basis points to 3.68%
- Fed Policy: The benchmark rate remains at 4.25%–4.5%
- Forward Outlook: UBS Global Wealth Management expects 25 bps cuts at each meeting through January 2026, totaling 100 bps
- Asset Impact: Easing is seen as supportive for equities, quality bonds, and gold
Treasury Secretary Scott Bessent hinted at a possible jumbo-sized 50 bps rate cut in September, citing recent labor market data revisions. The consensus among market strategists is that continued labor market weakening will prompt the Fed to resume rate cuts, providing a supportive backdrop for risk assets.
Company Spotlight: JYP Entertainment Corp – K-Pop Powerhouse Hits New Heights
JYP Entertainment Corp (KR: JYPE) has delivered explosive growth in the second quarter of 2025, fueled by the global success of its leading artists, including TWICE and Stray Kids.
- 2Q25 Sales: W216 billion (+126% yoy)
- Operating Profit: W53 billion (+466% yoy, OPM 25%)
- Performance vs. Consensus: Sales beat by 7%, OP beat by 22%
- Growth Drivers: Existing artists are expanding their global fanbase. Increased momentum from younger artists is expected to further boost future earnings.
- Recommendation: Add with a target price of W100k, based on FY26F EPS and a target P/E of 27x, underpinned by continuous global fanbase expansion.
JYPE’s ability to sustain such high growth rates, driven by global demand for K-pop, positions it as a standout in the entertainment sector and a key beneficiary of the ongoing strength in Asian consumer trends.
Technical Analysis: GRC Ltd – Bullish Momentum Remains Unshaken
GRC Ltd (Singapore: GRC, formerly OKH Global) is riding a powerful uptrend, with technical indicators overwhelmingly bullish. GRC operates as a property development company specializing in industrial construction services.
| Price Levels |
Value (SGD) |
| Last Price |
0.060 |
| Entry Prices |
0.060, 0.050, 0.043 |
| Support 1 |
0.050 |
| Support 2 |
0.030 |
| Stop Loss |
0.028 |
| Resistance 1 |
0.090 |
| Resistance 2 |
0.110 |
| Target Price 1 |
0.076 |
| Target Price 2 |
0.084 |
| Target Price 3 |
0.100 |
| Target Price 4 |
0.108 |
The stock has already reached the third target price of S\$0.057 from the February 17, 2025, trendspotter note. The outlook remains bullish with the following technical highlights:
- Strong uptrend channel, confirmed by a breakout above a bullish flag pattern
- Ichimoku indicator signals strong bullish momentum
- MACD line rising steadily above zero, with a positive histogram
- Stochastic Oscillator trending upward, sustaining bullish momentum
- 23-period Rate of Change (ROC) is positive
- Directional Movement Index (DMI) underscores steady bullish strength
- Volume expansion is healthy, supporting the current uptrend
With bullish momentum intact and technicals supporting further upside, GRC Ltd stands out as a key technical buy in the Singapore market.
Disclosures and Analyst Notes
This research is produced by CGS International and is intended for professional, institutional, or sophisticated investors. The analyst, Chua Wei Ren, CMT, certifies that the views expressed are his own and independent. As of the report date, neither CGS International nor the analyst hold positions in the securities mentioned.
Brokerage Rating Definitions
- Add: Total return expected to exceed 10% over 12 months
- Hold: Total return expected between 0% and +10%
- Reduce: Total return expected to fall below 0%
Sector Ratings: Overweight, Neutral, Underweight based on market cap-weighted recommendations.
Country Ratings: Overweight, Neutral, Underweight relative to benchmark weights.
| Rating |
Distribution (%) |
Investment Banking Clients (%) |
| Add |
70.6% |
1.1% |
| Hold |
20.5% |
0.5% |
| Reduce |
8.9% |
0.5% |
For the quarter ended 30 June 2025, 561 companies were under coverage, with the majority rated “Add.”
Conclusion: Singapore and Asia Markets Poised for Opportunity
With the Federal Reserve signaling an easing cycle and Asian corporates such as JYP Entertainment and GRC Ltd demonstrating growth and technical strength, the regional investment landscape looks increasingly attractive. Investors are advised to monitor these opportunities closely while staying mindful of market and regulatory risks.
