Broker Name: CGS International
Date of Report: August 20, 2025
Apple’s India Expansion and iFAST Corp: Technical Buy Signals Ignite Market Trends
Apple Accelerates Shift to India: Strategic Production Expansion and Export Growth
Apple Inc. has made a bold move in the global smartphone manufacturing landscape by expanding its iPhone production in India. The company is now manufacturing all four iPhone 17 models at five factories in India, including two recently opened facilities. This marks the first time that every new iPhone model—standard and pro-level—will debut with initial shipments from India, a pivotal step in Apple’s ongoing strategy to reduce dependence on China for US-bound products.
- Key Facilities: Tata Group’s plant in Tamil Nadu’s Hosur and Foxconn Technology Group’s hub near Bangalore airport have started operations recently.
- Tata’s Growing Role: Tata-controlled factories are poised to contribute up to 50% of India’s total iPhone output over the next two years.
- Export Surge: In just four months starting April, India exported \$7.5 billion worth of iPhones, a factory gate value reflecting rapid acceleration compared to \$17 billion exported in the previous fiscal year.
- Geopolitical Strategy: Apple’s geographic shift responds to tariff pressures and aims to fortify supply chain resilience.
Malaysia’s Electricity Tariff Reform: Macro Implications and Consumer Impact
Malaysia’s economic landscape is witnessing a transformative shift with the introduction of the new AFA electricity tariff formulation. This new method incorporates forward-looking elements, replacing the previous ICPT system.
- Cost Curve Comparison: Most electricity users will experience cost savings, though some will encounter higher bills.
- Inflation Outlook: The impact on consumer inflation is expected to be muted, but fiscal risks remain due to elevated subsidy costs.
iFAST Corp Ltd: Technical Buy Recommendation Amidst Sustained Uptrend
iFAST Corporation Ltd., a leading funds and investments distribution platform in Asia Pacific, has shown strong momentum in its share price performance. The technical analysis signals a continued major uptrend, reinforcing a bullish outlook for investors.
| Metric |
Value |
| Last Price |
S\$8.94 |
| Entry Price(s) |
S\$8.94, S\$8.66 |
| Support 1 |
S\$8.75 |
| Support 2 |
S\$7.80 |
| Stop Loss |
S\$7.36 |
| Resistance 1 |
S\$10.01 |
| Resistance 2 |
S\$12.55 |
| Target Price 2 |
S\$10.02 |
| Target Price 3 |
S\$10.82 |
| Target Price 4 |
S\$11.60 |
| Target Price 5 |
S\$13.86 |
Technical Snapshot and Analyst Insights
- The stock has surpassed the previous target price of S\$8.55, yielding gains exceeding 32% since July 2, 2025.
- iFAST remains firmly within its uptrend channel established since October 2022.
- Wave analysis indicates the extended third impulse wave is ongoing, suggesting further upward potential.
- MACD indicators are strongly positive; the MACD line is above zero, supported by a positive histogram.
- Stochastic Oscillator has not reached overbought territory, indicating continued bullish sentiment.
- The 23-period Rate of Change (ROC) is positive, reinforcing momentum.
- Trading volume is robust, supporting price action.
Company Overview
- Name: iFAST Corporation Ltd.
- Business: Funds and investments distribution platform operating across Asia Pacific.
- Analyst: Chua Wei Ren, CMT
Stock Ratings and Sector/Country Recommendations
CGS International uses a clear recommendation framework for its covered stocks, sectors, and countries:
| Rating |
Definition |
| Add |
Total return expected to exceed 10% over 12 months |
| Hold |
Total return expected between 0% and +10% over 12 months |
| Reduce |
Total return expected below 0% over 12 months |
For sectors and countries, “Overweight,” “Neutral,” and “Underweight” ratings provide guidance on market positioning relative to benchmarks.
Distribution of Ratings and Investment Banking Clients
| Rating |
% of Coverage |
% Investment Banking Clients |
| Add |
70.6% |
1.1% |
| Hold |
20.5% |
0.5% |
| Reduce |
8.9% |
0.5% |
For the quarter ended June 30, 2025, 561 companies were under coverage, with a clear bias toward “Add” recommendations.
Global Distribution and Regulatory Disclosures
CGS International Securities operates across major global jurisdictions, with regulated entities in Hong Kong, Indonesia, Malaysia, Singapore, South Korea, and Thailand. The report covers compliance, confidentiality, and investor eligibility for each region, including special restrictions and exemptions for wholesale and institutional clients. All coverage is designed to ensure regulatory conformity and ethical standards.
Disclaimer and Investor Guidance
The report stresses the importance of investor due diligence and professional advice, highlighting that its content is general in nature, does not constitute an offer or solicitation to buy or sell securities, and may not be suitable for all investors. Investors are urged to consider their individual objectives and consult qualified advisors before making investment decisions.
Summary: Key Market Themes and Investment Implications
- Apple’s aggressive expansion in India signals a seismic shift in global supply chain strategies, with positive export momentum and deeper local partnerships.
- Malaysia’s new electricity tariff scheme is likely to deliver cost savings across the board, with minimal inflation impact but ongoing fiscal risks.
- iFAST Corp Ltd. stands out as a technical buy, supported by robust price action, healthy volume, and bullish indicators, with multiple target prices signaling further upside.
- CGS International’s recommendation framework and regional compliance offer clear guidance for institutional and sophisticated investors.
Investors, analysts, and market watchers should closely monitor these developments, as they offer substantial opportunities and risks in the rapidly evolving Asia-Pacific and global markets.
