CGS International Securities Singapore Pte. Ltd.
Date of Report: August 21, 2025
Singapore Retail Research: Bullish Trends & Strategic Moves in Retail, Marine, and Financial Sectors
Market Overview: Uncertainty in Global Retail Amid Tariff Pressures
Recent mixed sales and profit forecasts from U.S. retail giants like Target and Home Depot have triggered investor concern about the resilience of consumer spending heading into the critical year-end holiday season. Factors such as rising costs driven by U.S. President Donald Trump’s import tariffs and subdued consumer sentiment are weighing on expectations. Retailers are planning cautiously for the remainder of the year, anticipating slow economic growth and higher inflation, particularly after a spike in wholesale-level inflation. This trend has led economists to warn that consumers may face higher prices in the coming months, affecting both global and local retail outlooks.
MoneyMax Financial Services Ltd: Bullish Momentum Builds
MoneyMax Financial Services Ltd., a leading Singapore-based financial services provider and retailer, is demonstrating a steady and strengthening bullish trend.
Company Profile:
MoneyMax operates in Singapore and Malaysia across four key segments:
Pawnbroking
Retail and Trading of Gold and Luxury Items
Secured Lending
Others
The company specializes in gold jewelry, luxury watches, and designer bags.
Technical Analysis Summary:
Last Price: S$0.74
Uptrend Channel: Stock remains strongly intact within its major uptrend channel.
Bullish Breakout: A recent break above the falling wedge pattern signals further upward movement.
Indicators: All technical indicators, including Ichimoku and MACD, are sloping up, supporting the bullish outlook.
Momentum: The 23-period Rate of Change (ROC) is positive, and the directional movement index shows robust bullish strength.
Volume: Healthy expansion in trading volume supports the uptrend.
| Entry Price(s) |
Support 1 |
Support 2 |
Stop Loss |
Resistance 1 |
Resistance 2 |
Target Price 1 |
Target Price 2 |
Target Price 3 |
Target Price 4 |
| 0.74, 0.66, 0.58 |
0.66 |
0.56 |
0.45 |
0.80 |
1.32 |
0.92 |
1.08 |
1.13 |
1.28 |
Key Technical Observations:
Stock is confirming bullish continuation with all major indicators trending positively.
MACD’s signal and histogram are both above the zero line.
Volume expansion adds confidence to the momentum.
Entry prices are suggested at S$0.74, S$0.66, and S$0.58 with targets up to S$1.28.
Stop loss recommended at S$0.45.
Marco Polo Marine Ltd: Fleet Expansion and Industry Re-Rating
Marco Polo Marine, a marine services provider, is positioning itself for growth with ongoing fleet expansion and industry-wide upward re-rating.
Recent Developments:
The company’s first Commissioning Service Operation Vessel (CSOV) is performing well, with minimal setup issues reported.
Management hinted that a second CSOV announcement could be imminent, signaling confidence in this segment.
The Offshore Support Vessel (OSV) sector is benefiting from easing bank financing conditions, potentially enabling further fleet additions for Marco Polo Marine.
Shipyard activity is picking up, especially in repair enquiries, though revenue contribution from newbuilds is expected to remain subdued due to lack of order visibility.
Investment Call:
The broker reiterates an “Add” rating for Marco Polo Marine, with a higher target price of S$0.08 as the sector enjoys a positive re-rating.
Important Disclosures and Regulatory Notes
CGS International stresses that this report is confidential, intended for qualified recipients only, and must not be redistributed without permission. The report is based on data considered reliable at the time of publication, but CGS International disclaims responsibility for the accuracy, reliability, or completeness of its content. Investors are advised to conduct their own due diligence and consult financial advisors before making investment decisions.
Jurisdictional Disclosures:
The report details specific regulatory requirements and restrictions for distribution and use across major global markets, including Australia, Canada, China, France, Germany, Hong Kong, Indonesia, Ireland, Malaysia, New Zealand, Singapore, South Korea, Spain, Sweden, Switzerland, Thailand, the UAE, UK/EEA, and the United States.
Additional details are provided on analyst independence, potential conflicts of interest, and regulatory compliance.
Stock, Sector, and Country Rating Framework
CGS International uses a clear rating system to guide investors:
| Stock Rating |
Definition |
| Add |
Total expected return > 10% over the next 12 months |
| Hold |
Total expected return 0% to 10% over the next 12 months |
| Reduce |
Total expected return below 0% over the next 12 months |
Sector and country ratings are similarly defined (Overweight, Neutral, Underweight) based on market cap-weighted recommendations and benchmark weightings.
Rating Distribution as of June 30, 2025:
| Rating |
% of Companies |
Investment Banking Clients (%) |
| Add |
70.6% |
1.1% |
| Hold |
20.5% |
0.5% |
| Reduce |
8.9% |
0.5% |
Conclusion: Key Takeaways for Investors
MoneyMax Financial Services Ltd. is in a robust bullish phase, supported by strong technical indicators and volume expansion, making it a prime candidate for growth investors.
Marco Polo Marine Ltd. continues to expand and benefit from industry tailwinds, with fleet additions and strategic positioning driving positive sentiment.
Macroeconomic uncertainty, especially in U.S. retail, underscores the need for cautious optimism; rising inflation and tariffs remain key risks to watch.
CGS International provides a transparent, structured rating and regulatory framework to guide investor decisions in Singapore and across global markets.
Investors should remain vigilant, consult professional advice, and leverage detailed technical and fundamental research to navigate the evolving market landscape.
