Singapore Construction & Engineering Stocks Shine: NSL Turns Profitable, BRC Asia Wins Changi T5, Oiltek Expands Overseas

SGX:N02.SI:NSL Ltd

NSL Ltd reported a strong turnaround for its 18-month period ended 30 June 2025. Group revenue surged 56% to S$465.9 million, driven by robust Precast sales in Malaysia and Dubai. The company swung to a net profit of S$37.2 million, reversing a loss of S$18.7 million previously.

Earnings per share came in at 9.96 cents, while operating cash flow strengthened to S$67.0 million. Net asset value per share improved to S$0.79. The Board declared a 3.0 cents interim dividend already paid in June 2025 and recommended a final dividend of 1.5 cents, lower than last year’s special dividend payout following a divestment.

SGX:BEC.SI:BRC Asia

BRC Asia posted revenue of S$1.12 billion for the nine months of FY2025, with Q3 contributing S$408.9 million. Profit after tax for the nine months stood at S$63.9 million, with Q3 profit at S$21.8 million.

The company reported net assets of S$483.6 million and cash of S$216.9 million. Its order book surged to S$2.0 billion as at July 2025, boosted by a key win at Changi Airport Terminal 5. While operating cash flows were negative, financing inflows lifted its cash position. Management remains upbeat on Singapore’s construction sector amid strong public infrastructure spending and record housing supply.

SGX:OIL.SI:Oiltek International

Oiltek International announced new contracts worth RM74.3 million across Malaysia, Indonesia, and Pakistan. This lifts total new contracts for FY2025 to RM136.2 million and boosts its order book to RM398.2 million, set for delivery over the next 18 to 24 months.

The projects include refinery plants, biogas facilities, texturization and shortening plants, and infrastructure for palm oil refinery complexes. Management expects a positive impact on FY2025 results. No directors or controlling shareholders hold interests beyond their current shareholdings.

🚨 Singapore Markets Abuzz: SMEs, EVs, Reits and Oil Take Center Stage

SGX:YF8.SI:Yangzijiang Financial
Yangzijiang Financial will anchor a S$100 million SME-focused fund led by ICH Asset Management, founded by its former CEO Vincent Toe. The fund begins investing in September and targets technology, healthcare, sustainability, and consumer-services firms. CEO Ren Yuanlin said the move signals commitment to Singapore’s equity market.

SGX:1H3.SI:Clearbridge Health
Clearbridge Health raised S$1.98 million via a share placement backed by Azure Capital, Asdew Acquisitions and investor Ramesh Chandiramani. The funds support its planned US$330 million acquisition of Elpis Biopharmaceuticals and entry into the adult immune cell banking business. Clearbridge is now debt-free after the placement.

US:NIO:Nio | SGX:NIO.SI:Nio | HK:9866.HK:Nio
Chinese EV maker Nio appointed Wearnes Automotive as distributor in Singapore, marking its South-east Asia debut in 2026 with the Firefly compact hatchback. Nio, which is also listed on SGX and HKEX, eyes expansion into Malaysia, Australia and more European markets. Despite cumulative deliveries of over 760,000 EVs, the company has yet to turn profitable.

SGX:ACV.SI:Frasers Hospitality Trust (FHT) | SGX:TQ5.SI:Frasers Property
Frasers Hospitality Trust will be privatised at S$0.71 per stapled security after security holders approved Frasers Property’s S$1.37 billion offer. The successful second attempt comes after a failed 2022 bid. Units of FHT last closed at S$0.705, while Frasers Property traded at S$0.96 before the halt.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT) | SGX:9CI.SI:CapitaLand Investment (CLI)
CICT raised S$600 million in a private placement to acquire the remaining 55% stake in CapitaSpring’s commercial component, bringing its ownership to 100%. While the deal strengthens its portfolio, investors questioned the S$10.5 million acquisition fee. CICT is Singapore’s largest Reit, while parent CLI may face lower transaction fee income if reforms push managers to curb charges.

Oil:US:UCO
Oil prices rose modestly as markets awaited talks between US President Donald Trump and Ukrainian President Volodymyr Zelensky after a fruitless Trump-Putin summit. Brent stood at US$66.19 and WTI at US$63.18. Analysts flagged uncertainty over sanctions, peace talks, and India’s Russian oil imports as key factors affecting supply.

SGX:S27.SI:S&P 500 | US:QQQ:Nasdaq Composite | US:DGT:Dow Jones Industrial Average | US:INTC:Intel Corp | US:WMT:Walmart | US:TGT:Target Corp | US:HD:The Home Depot | US:LOW:Lowe’s | US:PANW:Palo Alto Networks
US equities dipped ahead of key retail earnings and the Fed’s Jackson Hole symposium. The S&P 500 fell 0.1%, Nasdaq 100 dropped 0.2%, while the Dow Jones was flat. Intel slid 5.5% on reports of a potential US government stake. Investors await results from Walmart, Target, Home Depot, Lowe’s and Palo Alto Networks.

SGX:S58.SI:SATS
SATS’ Saudi unit signed a five-year deal with Riyadh Air to provide cargo handling at major Saudi airports, supporting Vision 2030 goals. Services will cover pharmaceuticals, e-commerce, live animals, and more, powered by SATS’ proprietary cargo management system.

SGX:5LY.SI:Marco Polo Marine
Marco Polo Marine posted 3QFY2025 revenue of S$31.7 million, down 9% y-o-y, citing weaker shipyard operations and vessel rechartering in Taiwan. Gross profit margin improved to 44%, supported by higher charter rates and contributions from its first commissioning service vessel, Wind Archer.

🌎 Wall Street Watch: Fed Signals, SoftBank-Intel Deal, Meta Shorts & Palo Alto’s Earnings Pop

US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq 100
US stock futures were largely unchanged overnight ahead of a pivotal Jackson Hole symposium where Fed Chair Jerome Powell is expected to guide markets on interest rate policy. Investors anticipate a 25-basis-point cut in September, with the CME FedWatch tool showing an 83% probability. The S&P 500 closed flat Monday, just shy of last week’s record high.

US:INTC:Intel Corp | US:SFTBY:SoftBank Group
Japanese conglomerate SoftBank will invest $2 billion into Intel, buying shares at $23 each. Intel stock surged over 5% in after-hours trading to $24.93. The deal comes as Intel seeks to regain ground after missing much of 2024’s AI-driven boom, with shares still down 60% last year but up 18% in 2025.

US:META:Meta Platforms | US:PLTR:Palantir Technologies
Meta Platforms saw the largest jump in U.S. short interest this year, up $11 billion (+75%), according to S3 Partners. Shorts now make up 38% of outstanding shares, amid concerns over heavy AI/Metaverse spending and a slowing ad market. Palantir ranked second, with shorts rising by $2.8 billion in 2025.

US:PANW:Palo Alto Networks | US:CYBR:CyberArk Software
Palo Alto Networks shares climbed 5% in extended trading after quarterly earnings beat expectations and guidance topped forecasts. The cybersecurity giant recently announced a $25 billion acquisition of CyberArk, its largest deal ever. Founder and CTO Nir Zuk also announced his retirement.

📊 Malaysia Corporate Earnings & Deals Roundup: Telcos, Banks, Plantations, Property & More

KL:CDB:CelcomDigi Bhd
CelcomDigi posted an 8% y-o-y net profit growth for 2QFY2025 to RM438.94 million, lifted by lower costs. Revenue rose 2.3% to RM3.18 billion. The group declared a second interim dividend of 3.8 sen per share.

KL:AMBANK:AMMB Holdings Bhd
AMMB’s 1QFY2026 net profit rose 3.2% y-o-y to RM516.18 million, supported by higher interest and non-interest income. Net interest margin widened to 2.01%. No dividend was declared.

KL:LPI:LPI Capital Bhd
LPI Capital reported a 6.6% y-o-y net profit rise to RM83.17 million in 2QFY2025, buoyed by net fair value gains and higher insurance revenue. Revenue climbed 8.1% to RM507.64 million. A first interim dividend of 30 sen per share was declared.

KL:99SMART:99 Speed Mart Retail Holdings Bhd
99 Speed Mart’s 2QFY2025 net profit surged 22% y-o-y to RM153.21 million, on the back of stronger consumer spending and outlet expansion. Revenue jumped 11.9% to RM2.71 billion. No dividend was declared.

KL:RANHILL:Ranhill Utilities Bhd
Ranhill’s net profit doubled q-o-q to RM17.77 million for April–June 2025, driven by its water segment. Revenue eased 1.6% to RM504.9 million. No dividend was declared.

KL:WCEHB:WCE Holdings Bhd
WCE recorded 84% higher Ebitda at RM33.4 million in 1QFY2025, helped by stronger toll collections. Net loss narrowed slightly to RM25.33 million. Revenue surged more than fivefold to RM393.85 million, boosted by construction business.

KL:MGB:MGB Bhd
MGB’s 2QFY2025 net profit fell 21.6% y-o-y to RM11.91 million, as more projects were completed. Revenue slid 19.3% to RM216.41 million. No dividend was declared.

KL:3REN:3REN Bhd
3REN posted its best quarter since its ACE debut, with 2QFY2025 net profit up eight-fold q-o-q to RM4.48 million. Revenue rose 35.2% to RM30 million on stronger automation and engineering services. No dividend was declared.

KL:FGV:FGV Holdings Bhd
FGV shares will be suspended Aug 25 after Felda’s takeover bid secured a 94.97% stake. FGV has applied to Bursa Malaysia to withdraw its listing.

KL:GENP:Genting Plantations Bhd
Genting Plantations will venture into vegetable seeds via a RM525 million JV with China’s Shouguang Vegetable Science and Technology. The JV will develop a 70-acre centre in Johor for tropical crops.

KL:PIE:PIE Industrial Bhd
Bursa Malaysia reprimanded PIE Industrial and fined two directors RM150,000 for delayed disclosure of a RM2.5 billion contract with a major overseas server and switches customer.

KL:NHB:NuEnergy Holdings Bhd
NuEnergy received a conditional takeover offer from its largest shareholder, Agrobulk Holdings, at 60 sen per share. Agrobulk holds a 30.87% stake and intends to keep the group listed.

KL:AGMO:Agmo Holdings Bhd
Agmo proposed to transfer its ACE Market listing to the Main Market, having met profit and equity requirements.

KL:ASIAPAC:Asian Pac Holdings Bhd | KL:SALCON:Salcon Bhd
Asian Pac is buying Salcon’s property arm Prestasi Kemas Sdn Bhd for RM42 million, strengthening its Klang Valley property portfolio.

KL:SSB8:Southern Score Builders Bhd | KL:SUNCON:Sunway Construction Group Bhd
Southern Score Builders’ 51%-owned unit won a RM19.3 million subcontract from SunCon to install and commission underground electrical and telecom infrastructure.

📈 Hong Kong & China Market Highlights: Profits, Buybacks, Losses & Expansions

HK:09863.HK:Leapmotor
Leapmotor swung into the black with a net profit of RMB33.03 million for 1H2025, overturning a RMB2.21 billion loss a year earlier. Revenue surged 174% y-o-y to RMB24.25 billion. No dividend declared.

HK:00700.HK:Tencent Holdings
Tencent spent ~HK$550 million to repurchase 931,000 shares at HK$587–595.5 each. Since its mandate began, Tencent has bought back over 38.4 million shares, equal to 0.42% of issued stock.

HK:01098.HK:Road King Infrastructure
Road King expects its 1H2025 net loss to widen to between HK$1.9–2.1 billion, compared to a HK$1.03 billion loss last year, blaming a sluggish property market.

HK:01368.HK:Xtep International
Xtep posted a 7.1% rise in revenue from continuing operations in 1H2025. Its Saucony brand surged 32.5%. Despite macro challenges, Xtep plans to open its first Saucony store in Hong Kong in January 2026.

HK:06990.HK:SKB Bio-B
SKB Bio-B reported a loss of RMB145 million for 1H2025, reversing from a RMB310 million profit a year earlier. Revenue fell 31.3% y-o-y to RMB950 million. No dividend declared.

HK:01357.HK:Meitu
Meitu’s net profit jumped over 30% y-o-y to RMB397 million in 1H2025. It declared an interim dividend of HK$0.045 per share.

HK:01177.HK:Sino Biopharmaceutical
Sino Biopharm recorded a 12.3% rise in interim net profit to RMB3.39 billion. Shareholders will receive an interim dividend of HK$0.05.

HK:01810.HK:Xiaomi-W | HK:03888.HK:Kingsoft
Lei Jun said Xiaomi and Kingsoft’s Wuhan R&D centers are on track to reach 10,000 employees by year-end 2025, underscoring expansion in AI and software research.

HK:09988.HK:Alibaba (BABA-W)
Alibaba’s DingTalk partnered with Liye Cloud to develop China’s first enterprise location selection model, expanding its enterprise software ecosystem.

HK:02318.HK:Ping An Insurance (PICC P&C) | HK:02628.HK:China Life | HK:01929.HK:Chow Tai Fook | HK:06160.HK:JD Health | HK:06160.HK:BeiGene
The Hang Seng Index closed at 25,176 (-93 pts), while HSTI rose to 5,579 (+36 pts). JD Health soared over 8%, while China Life, Chow Tai Fook, PICC P&C and BeiGene all hit fresh highs.

JP:7532.JP:Pan Pacific International Holdings (PPIH, Don Quijote parent)
In Japan, PPIH posted a 2% annual net profit increase, reflecting stable growth at its Don Quijote retail chain.

Huawei (Private)
IDC data showed China’s 2Q smartphone shipments dropped 4.1%, with Huawei regaining the top spot in the domestic market.

HK:A-Shares (Broad Market)
Haitong International said incremental fund inflows continue to support A-shares, but warned that global risk appetite may come under pressure ahead of the Fed’s Jackson Hole symposium.

HK:1797.HK:East Buy
East Buy soared 7% to a near two-year high, extending a 2.7x rally in just 1.5 months on strong investor momentum.

HK:LENS (unlisted locally, US ADR focus)
BofA Securities initiated coverage on Lens Technology with a “Buy” rating and $26 target price, citing confidence in its growth trajectory.

HK:2018.HK:AAC Technologies
BofA Securities upgraded AAC Tech to “Buy”, lifting its target price to HK$57, reflecting optimism about its near-term earnings recovery.

HK:9999.HK:NetEase-S (NTES-S)
Daiwa raised its target price to HK$260, projecting sustained earnings growth in the coming years for the gaming giant.

HK:0772.HK:China Literature
Haitong International reaffirmed “Outperform” on China Literature, hiking its target to HK$38, citing improving fundamentals.

HK:1368.HK:Xtep International
Xtep gained ~5% intraday after reporting a 21.5% jump in 1H net profit and raising its dividend payout.

HK:0434.HK:Boyaa Interactive
Boyaa slumped nearly 5%, tracking the broader crypto market cap dip below US$4 trillion, reflecting sector-wide weakness.

HK:9999.HK:NetEase-S, HK:3690.HK:Meituan, HK:1810.HK:Xiaomi-W, HK:700.HK:Tencent, HK:2318.HK:Ping An
Daiwa released its top H-shares picks list, naming leading internet and financial names as key outperformers in the medium term.

📈 JD Health (6618.HK)

• Daily Ops: Online consultations exceed 500K/day; 4,408 doctors awarded “5-yr Dalao Doctor” recognition.

• Stock: Up 6%+ midday, hitting a new high.

• Broker Moves:

  • Nomura → TP HK$72, citing drug sales revenue growth.

  • Macquarie → Upgrade to Outperform, TP HK$62.14.

  • CICC → TP lifted 45% to HK$60.6, rating Outperform.

🚗 Geely Auto (0175.HK)

• Broker Calls:

  • BOCI → TP HK$32, expects Geely to challenge top industry position.

  • Haitong Int’l → Reiterates Outperform, TP HK$27.45, citing upcoming new launches in 2H25.

🏃 Xtep Int’l (1368.HK)

• Earnings: Interim NP RMB914M, up 21.5% YoY.

• Dividend: Interim DPS raised to HK$0.18.

• Stock: Rose ~5% intraday.

🚄 MTR Corp (0066.HK)

• DBS → Maintains Buy, TP raised to HK$31.15.

📚 China Literature (0772.HK)

• Shenwan Hongyuan: Notes launch of “Lord of the Mysteries – Honor of Kings” collaboration, boosting licensing & derivative monetization opportunities.

📦 JD Logistics (2618.HK)

• Nomura → TP HK$15.3, citing 2Q earnings beat.

• UBS → TP HK$18, Buy rating unchanged.

💻 Lenovo Group (0992.HK)

• UBS → Expects 2FQ revenue +10% QoQ, raises TP to HK$11.

📡 China Telecom (0728.HK)

• Goldman Sachs → 2Q EBITDA & NP beat estimates; TP lifted to HK$7.2.

🔬 Lens Technology (LENS, 300433.SZ / ADRs)

• Stock surged 6%+ to all-time high.

• CLSA → Initiated coverage at Outperform, TP HK$28.2.

☁️ Kingdee Int’l (0268.HK)

• BofA Securities → TP cut to HK$20.7, maintains Buy.

🏦 Macro & Market

• HSI Midday: +156pts to 25,426; Tech & Autos led gains, JD Health +6%, NetEase-S +4%.

• Holidays: China’s National Day & Mid-Autumn combined into 8-day holiday in 2025.

• Rates: 1-Month HIBOR at 2.01%, a 1-month high.

  🏥 JD Health (6618.HK)

  • Broker Actions (Flood of Target Price Hikes):

    • HSBC Research → Upgraded to Buy, TP HK$65.

    • CLSA → TP HK$64, results in line.

    • HTSC → TP HK$67.1, citing active exploration of Medical AI.

    • Morgan Stanley → TP HK$52.5, Equalweight.

    • Macquarie (earlier) → Outperform, TP HK$62.14.

    • Nomura (earlier) → TP HK$72, driven by drug sales growth.

    • CICC (earlier) → TP HK$60.6, Outperform.

  📈 Momentum: Stock hit 6%+ gain midday → clear street-wide rerating cycle with AI/consultation growth theme.

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  💻 Lenovo Group (0992.HK)

  • UBS (earlier) → Sees +10% QoQ 2FQ revenue growth, TP HK$11.

  • Goldman Sachs (new) → Maintains Buy, cites AI PCs + generative AI as LT growth drivers.

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  🎰 Sands China (1928.HK)

  • Goldman Sachs → Adds TP to HK$21.6, highlights future dividend upside.

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  🚇 MTR Corp (0066.HK)

  • HTSC → Cuts TP to HK$29.9 after 1H25 recurring profit miss.

  • DBS (earlier) → Had raised TP to HK$31.15, kept Buy.

  ⚖️ Mixed signals: DBS constructive, HTSC cautious.

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  📱 China Literature (0772.HK)

  • Stock surged 18%+ after announcing Honor of Kings collaboration.

  • Shenwan Hongyuan (earlier) → flagged potential in licensing & derivative monetization.

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  🔋 BYD Electronic (0285.HK)

  • BofA Securities → Downgraded to Neutral, TP trimmed to HK$42, citing intensified competition from Lens Technology.

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  📡 ZTE (0763.HK)

  • H-shares rallied 8%+, A-shares touched limit-up intraday.

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  🔍 Other Movers & News

  • Alibaba + Ant Group: 22 brands reportedly launched “Urban Knight – Orange Initiative” (ESG/social impact angle).

  • JD-SW (9618.HK): 7Fresh Food MALL expanding nationwide; talks with 10+ cities for partnerships.

  • Sunny Optical (2382.HK): Fell 3% vs market uptrend; brokers concerned over weak 2H shipment outlook.

  • Shuangdeng IPO: Subscription opens today; entry fee ~HK$7,328.

  • Weather: Amber Rainstorm Warning issued at 10:20 AM (potential trading liquidity impact).

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  ⚖️ Market Take

  • Tech / Healthcare (JD Health, Lenovo, China Lit) → major upward revisions & strong stock reactions.

  • Transport & Components (MTR, Sunny Optical, BYDE) → more cautious/negative broker stance.

  • Gaming / Macau (Sands, NetEase earlier) → improving sentiment on earnings & dividends.

    ✈️ Airlines / Transport

    • Cathay Pacific (0293.HK)

      • HK TLB expressed concern over flight cancellations due to extreme weather.

      • May impact near-term passenger traffic + ops cost.

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    🔌 Semiconductors

    • Hua Hong Semi (1347.HK)

      • Stock slumped 6%+ early after plans to acquire controlling stake in Shanghai Huali Microelectronics.

      • A-shares trading halted pending acquisition details.

      • Market cautious on deal dilution + financing risk.

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    🎰 Macau Gaming

    • Sands China (1928.HK)

      • Opened 3.4% lower as 1H25 NP fell ~24%, though interim dividend resumed.

      • Mixed reaction: weaker profitability vs. return of shareholder payouts.

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    🛒 JD.com & Subsidiaries

    • JD Discount Supermarket (Zhuozhou, Hebei) → Over 100k+ visitors in first 2 days.

    • JD-SW (9618.HK) → Expanding direct-sourced agricultural / self-operated products to HK.

    • Kai Bo (local grocery) founder described partnership with JD-SW as “marrying off daughter”, but pledged localized ops continuity.

      • Strong offline + fresh food strategy narrative.

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    🏦 Financials

    • HSBC Holdings (0005.HK) → Repurchased ~4.17m shares last Fri (~HKD418m).

    • Tencent (0700.HK) → Further reduced CICC H-share stake, cashing HKD58.52m.

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    🚗 Autos / EV

    • Alibaba + SAIC → Jointly developed IM LS6 SUV, priced from RMB209,900 → positioned competitively in EV mid-range.

    • Wuhan → Suspending car replacement policy from tomorrow, but scrap renewal policy continues.

    • CPCA → China had 4.17m public charging piles as of June.

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    🏠 Consumer & Local Policy

    • Chow Tai Fook (1929.HK) ending 11-year Mong Kok lease; store to revert to Wing Wah Cake Shop.

    • Xi’an → Launching green appliance subsidy, max RMB2,000 per item.

    • Hainan → Marine tourism revenue target RMB40bn+ by 2027, aiming for 18m+ visitors.

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    🌐 Macro / Policy

    • China Banking Regulator: 2Q25 NPL ratio fell to 1.49%; insurance premium income +5.1% YoY.

    • Trump: No immediate action on China purchase of Russian oil.

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    💊 IPO Watch

    • Argo Biopharma reportedly considering HK IPO to raise ~$2.34B.

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    ⚖️ Quick Take

    • JD ecosystem (supermarket, HK fresh, Kai Bo tie-up) → clear expansion into offline + grocery verticals.

    • Hua Hong Semi deal = key negative drag on semis sentiment.

    • Sands China / gaming mixed with earnings dip but dividend restart.

    • Policy support (EV infra, green appliance subsidies, marine tourism) continues to shape consumer & industrial plays.

Thank you