CGS International
Date of Report: September 1, 2025
International Cement Group Ltd Shows Bullish Momentum: Technical Analysis and Singapore Market Trends

Market Overview: Key Economic and Market Recap

The global economic landscape remains in focus as U.S. labor markets signal a slowdown, with employers showing less enthusiasm for hiring in August. Economists expect only 75,000 jobs added, pushing the unemployment rate to a near four-year high of 4.3%. This follows a four-month streak of sub-100,000 payrolls growth, the weakest since the onset of the pandemic. Federal Reserve officials are closely watching these trends, with some advocating for the first interest-rate cut of the year in response to sluggish hiring. The upcoming release of the Fed’s Beige Book will offer further insights into the U.S. economy.

Singapore Market Strategy: Robust Performance Continues

The MSCI Singapore Free SGD Index (SIMSCI) closed August 2025 at 444 points, marking a 4.5% increase (up 19.8 points). The target remains at 463.8 points, anchored on a 15.5x forward P/E, reflecting continued optimism for the Singapore market.

International Cement Group Ltd: Bullish Technical Set-Up and Company Overview

Stock Symbol: SIN: International Cement Group Ltd
Last Price: S$0.041
International Cement Group Ltd, a key player in the construction supply sector, owns and operates multiple cement manufacturing plants in Tajikistan and Kazakhstan. Their core business spans cement production, sales, distribution, and the manufacturing/marketing of aluminum extrusion products targeted at the construction industry.

Technical Buy Signal: Bullish Bottoming Out

The technical outlook for International Cement Group Ltd is robust, showcasing a clear bullish continuation pattern. The recent breakout from a major downtrend line has ushered in a period of higher highs and higher lows, indicating the early stages of a new uptrend. A bullish gap up above S$0.030 has provided strong support, with momentum indicators confirming the positive trend.

Technical Highlights:

• Breakout from major downtrend has initiated a trend of higher highs/lows, suggesting an early bullish phase.
• A bullish gap above S\$0.030 remains well-supported, acting as a strong technical foundation.
• Ichimoku analysis confirms a strong bullish signal, with all five indicators trending upward.
• MACD (Moving Average Convergence Divergence) remains above zero with a steadily rising signal line; histogram is positive.
• The 23-period Rate of Change (ROC) is positive, reinforcing upward momentum.
• Trading volumes have shown healthy expansion, signaling growing investor interest.

Company Description

International Cement Group Ltd operates a cement plant and grinding station in Tajikistan, alongside two cement plants in Kazakhstan. The company is engaged in:

• Production, sale, and distribution of cement
• Manufacturing and marketing of aluminum extrusion products for construction

Stock Ratings and Target Definitions

To provide clarity on the recommendation framework:

Distribution of Ratings as of June 30, 2025

Coverage: 561 companies (as of June 30, 2025)

Conclusion: Outlook and Strategic Implications

International Cement Group Ltd stands out as a technical buy with a bullish reversal in play, supported by strong momentum indicators and healthy volume expansion. The Singapore market continues to show resilience, with the SIMSCI index maintaining an upward trajectory and a positive outlook based on robust fundamentals.
Investors are encouraged to monitor key technical levels and macroeconomic signals, particularly those emanating from the U.S. labor market and Fed policy deliberations, as these factors will continue to shape risk appetite and sector rotation in Singapore and beyond.

This report was prepared by CGS International and reflects data and analysis as of September 1, 2025.