🚨 Appeals Court Deals Blow to Trump Tariffs as Markets Enter Rough September
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
📉 Stock Futures Unsteady
U.S. stock futures were little changed Monday night. Dow Jones Industrial Average futures rose 41 points (0.09%), S&P 500 futures gained 0.12%, and Nasdaq 100 futures added 0.13%. Traders are bracing for September, historically the weakest month for equities, with the S&P 500 averaging a 4.2% drop over the past five years.
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
⚖️ Court Rules Most Trump Tariffs Illegal
The U.S. Court of Appeals for the Federal Circuit ruled 7-4 that most of President Donald Trump’s global tariffs were unlawful, saying Congress alone holds the power to impose taxes and tariffs. Trump denounced the ruling as “Highly Partisan” and pledged an appeal to the U.S. Supreme Court. Analysts at Jefferies noted that while a Supreme Court ruling against broad tariff powers could reduce long-term risks, short-term trade uncertainty could rise.
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
🏛️ Fed Independence in Question
Concerns are growing over the future of Federal Reserve independence. A case seeking to temporarily bar Trump from firing Fed Governor Lisa Cook ended Friday without resolution. Meanwhile, Trump nominee Stephen Miran faces a Senate Banking Committee hearing on Sept. 4, raising further scrutiny over political influence at the Fed.
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
📊 August Gains Cushion September Risks
Wall Street wrapped up August on a strong note. The Dow climbed more than 3%, the S&P 500 rose nearly 2%, and the Nasdaq gained 1.6%, marking the S&P 500’s fourth straight month of gains. Traders now await Friday’s August jobs report, a key input for the Fed’s mid-September interest rate decision.
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
🌙 Futures Open Slightly Higher
Stock futures ticked up Monday night with Dow futures rising 19 points, S&P 500 futures gaining 0.11%, and Nasdaq 100 futures up 0.14%.
📰 Deals, Ratings & Renewables: Singapore Market Movers You Need to Know
SGX:C09.SI:City Developments
KL:5249.KL:IOI Properties Group
CDL exits South Beach; IOI takes full control
City Developments’ unit Ascent View Holdings completed the sale of its 50.1% stake in South Beach owner Scottsdale Properties to IOI Properties Group for RM2.75 billion, giving the Malaysian developer 100% of the South Beach mixed-use development, including South Beach Tower, South Beach Avenue and JW Marriott Hotel Singapore South Beach. IOI paid $835.29 million in cash to CDL.
SGX:D05.SI:DBS Group Holdings
Morningstar trims uncertainty on Singapore banks; DBS fair value $48 unchanged
Morningstar’s Michael Makdad lowered uncertainty ratings for DBS back to “low,” keeping fair value at $48 and a two-star rating, citing easing tariff risks and recent share volatility consistent with “low” uncertainty.
City Developments Completes S$835.29 Million Disposal of Scottsdale Properties Joint Venture
Thakral Corporation Updates 1HFY25 Financials With Revised GemLife Profit Impact—No Change to Shareholder Profit or Dividend Details
NIO Achieves Record 31,305 Vehicle Deliveries in August 2025, Up 55% Year-Over-Year
Aspen Group Holdings FY2025 Financial Results: Strong Recovery, No Dividend Declared for the Year
AsiaPhos Limited Announces Proposed Reverse Takeover Acquisition of Exquisite Mode Sdn. Bhd. for S$61 Million
SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)
Morningstar lowers OCBC uncertainty; maintains $18.50 fair value, four stars
Makdad restored OCBC’s uncertainty to “low,” left fair value at $18.50 and rated the stock four stars, noting improved risk backdrop.
SGX:U11.SI:United Overseas Bank (UOB)
Morningstar restores UOB uncertainty to “low”; fair value $38 unchanged
UOB’s uncertainty rating returned to “low” with an unchanged $38 fair value and a four-star rating, after earlier tariff-related concerns eased.
HK:0005.HK:HSBC Holdings
Morningstar reverts HSBC uncertainty to “medium” after April hike
Makdad rolled back his April increase to “high,” placing HSBC at “medium” uncertainty as macro and policy risks moderated.
UK:STAN:Standard Chartered
Morningstar pares Standard Chartered uncertainty to “medium”
Following an April lift to “high,” Makdad reverted Standard Chartered to “medium” uncertainty at end-July.
SGX:C52.SI:ComfortDelGro
SGX:S63.SI:ST Engineering
CDG buys remaining CityCab stake from ST Engineering unit for $116.3m
ComfortDelGro acquired all CityCab shares it didn’t own from ST Engineering’s Land Systems arm, making CityCab a wholly owned subsidiary to strengthen CDG’s point-to-point business; ST Engineering guides to a one-off gain and plans to use proceeds to reduce debt.
SGX:S63.SI:ST Engineering
ST Engineering accelerates divestments to pare debt; books gains
Beyond the CityCab sale, ST Engineering and SP sold SPTel to Seraya Partners for an enterprise value of $290m and agreed to sell US-based LeeBoy for US$290m, with proceeds earmarked to trim borrowings and save interest costs.
SGX:U96.SI:Sembcorp Industries
Sembcorp wins 86MWp floating solar at Pandan; deepens SG solar lead
PUB awarded Sembcorp’s unit Sembcorp Solar Singapore an ~86MWp floating PV project at Pandan Reservoir, adding to its 60MWp Tengeh project and the 150MWp Kranji project for Meta’s subsidiary Malkoha; Sembcorp now exceeds 1GWp solar and 300MWh storage in Singapore, with 18.9GW renewables globally.
SGX:5WF.SI:ISOTeam
ISOTeam 2H FY2025 misses, but CGS International lifts TP to 10.2 cents, keeps “add”
Analysts Natalie Ong and Lim Siew Khee cited delayed revenue recognition and a softer order book of $181m but expect recovery driven by recurring works and new opportunities in dormitory upgrades.
SGX:S35.SI:Sing Investments & Finance
Aletheia flags SIF as deep-value on net-cash metrics
Aletheia’s Nirguan Tiruchelvam highlighted Sing Investments & Finance as standing out on net-cash-to-market-cap, suggesting room for re-rating as investors ascribe value beyond cash.
SGX:5IA.SI:Advanced Holdings
Advanced Holdings named among deep-value plays
Aletheia identified Advanced Holdings as screening attractively on at least two deep-value metrics.
SGX:5OC.SI:Koyo International
Koyo International also screens as deep-value
Koyo International appeared in multiple deep-value screens, alongside peers noted for strong balance-sheet support.
SGX:5AU.SI:AP Oil International
AP Oil cited for balance-sheet resilience on net-net basis
Aletheia indicated AP Oil as one of the counters with substantial liquid assets backing market cap.
SGX:5IC.SI:Sing Holdings
Sing Holdings highlighted on net-working-capital and net-net value
The analyst pointed to Sing Holdings’ asset backing and potential liquidation value support.
SGX:5AB.SI:Trek 2000 International
SGX:CFM.SI:CFM Holdings
SGX:P8A.SI:Cordlife Group
Cash-rich small caps under lens; Cordlife near net-cash parity
Aletheia compared Trek 2000, CFM Holdings and Cordlife, noting Cordlife’s net-cash ratio near parity with market cap while cautioning on legacy risks at some names.
US:JPM:JPMorgan Chase & Co.
US:GS:Goldman Sachs Group
HK:0005.HK:HSBC Holdings
US:MS:Morgan Stanley
US:BAC:Bank of America
Global houses turn more constructive on China equities liquidity
JPMorgan, Goldman Sachs, HSBC, Morgan Stanley and BofA were cited for views that excess savings could rotate into Chinese equities, supporting targets and near-term momentum, while warning on overheating signs.
HK:3958.HK:Sinolink Securities
Sinolink tightens margin rules amid hot A-share tape
Local broker Sinolink Securities raised margin requirements as onshore funds curbed new orders to help temper volatility.
SGX:Z74.SI:Singapore Telecommunications (Singtel)
PhillipCapital lifts Singtel TP to $4.86, keeps “accumulate”
Analyst Paul Chew cited industry price repair in India, Thailand and Australia, improving Optus margins, and accelerating data-centre growth via Nxera (GPU-as-a-Service in 2H FY2025; Tuas 58MW DC 50% pre-sold), alongside regional DC expansion.
SGX:F17.SI:GuocoLand
DBS raises GuocoLand TP to $2.50; eyes potential ‘stapled security’
DBS’s Tabitha Foo and Derek Tan kept “buy,” highlighting resilient presales, Grade-A office strength, and restructuring/monetisation optionality; stock trades around half of RNAV after a strong YTD run.
SGX:F17.SI:GuocoLand
KL:4677.KL:YTL Corporation
GuocoLand sells Thistle Johor Bahru hotel to YTL Hotels & Properties for RM150m
GuocoLand expects a net gain of RM35m (~$11m) from the sale and is open to divesting Thistle Port Dickson Resort.
SGX:S63.SI:ST Engineering
OCBC keeps ST Engineering “buy,” FV $8.90 after pullback
OCBC cited solid 1H FY2025 results (earnings up 19.7% y/y), a $31.2b order book with ~$5b to deliver this year, and durable aerospace/defence tailwinds despite recent profit-taking.
HK:0931.HK:Karin Technology Holdings
Karin posts FY2025 revenue decline but steady earnings; keeps dividend
Karin’s FY2025 revenue fell 12.4% to HK$1.93b, but earnings rose 1% to HK$19.2m on better margins and costs; total dividend maintained at 8.78 HK cents as cash edged up and gearing improved, with a strategic tilt to AI-driven IT solutions.
SGX:5UX.SI:Oxley Holdings
Oxley narrows FY2025 loss to $6.1m; pivots back to pure development
Higher revenue and lower costs reduced losses sharply; Oxley Towers KL City is complete with handovers from September, expected RM200m collections near term, and a plan to divest hotels and exit China, Cambodia and Malaysia to refocus on Singapore, UK and Ireland developments.
—
AsiaPhos Limited; Exquisite Mode; United Malayan Land; Musa Michael Lee Abdullah; Evolve Capital Advisory; PUB (Singapore’s national water agency); Sembcorp Solar Singapore; Malkoha (Meta subsidiary); CityCab; ST Engineering Land Systems; Seraya Partners; LeeBoy; CGS International; Design@Loft Architects; Aletheia Capital; Cuscaden Peak; Boustead Singapore; Boustead Projects; UOL Group; Yangzijiang Shipbuilding; Keppel Corporation; OKP Holdings; Ho Bee Land; Frencken Group; Valuetronics; Yangzijiang Financial; Frasers Logistics & Commercial Trust.
💎 ValueMax’s Record Run: Prudent Lending, Gold-Backed Book, and Deal-Making Fuel the Surge
SGX:T6I.SI:ValueMax Group
Shares hit an all-time high after a blistering rally
After a 33% jump in 2024, ValueMax has climbed another 94.2% so far this year to a record, prompting the question of luck versus macro tailwinds as investors pile in.
SGX:T6I.SI:ValueMax Group
CFO’s governance push credited for “trust premium”
Since 2012, CFO Carol Liew has embedded transparency and prudence across the group—earning Best CFO (mid-cap) in 2024—and stresses clear disclosures so shareholders back rights issues and creditors extend facilities.
SGX:T6I.SI:ValueMax Group
Loan book backed by hard assets; conservative leverage
Over 95% of loans are secured by tangible assets like gold, diamonds and property; the team closely tracks gold prices and applies prudent loan-to-value ratios. Debt-to-equity stands at 1.3, described as conservatively leveraged in FY2024.
SGX:T6I.SI:ValueMax Group
Broad-based H1 FY2025 growth
Group revenue rose 16.8% y/y to S$268.3m, led by retail/trading of jewellery and gold at S$204.8m (+17.5%). Pawnbroking revenue was S$28.1m (+20.2%) and money-lending S$35.4m (+10.7%).
SGX:T6I.SI:ValueMax Group
Pawnbroking rebranded for today’s customer
Liew says modern pawnshops are retail-oriented—not a last resort—with “every pawner an asset owner.” The finance team blends young talent and industry veterans, empowered to propose improvements.
SGX:T6I.SI:ValueMax Group
Expansion via deals and adjacencies
Alongside organic growth, ValueMax acquired Heng Heng Pawnshop and Ban Fook Pawnshop in March 2025, and is exploring complementary areas such as micro-financing while scaling its money-lending business.
🏨 CapitaLand Ascott Trust CEO Calls Shares Undervalued, Eyes Growth in Lodging Assets
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Clas trades below book, offers high yield
CEO Serena Teo says Clas is undervalued, trading at just under 0.8x book with a 6.9% distribution yield. At S$0.885 per stapled security, Clas trades at 79% of its S$1.12 NAV. Market cap of ~S$3.4b keeps it out of the STI, though inclusion may follow if price recovers closer to book value.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
CEO backs words with personal investment
Teo, who took the helm in June 2022, has invested heavily in Clas, taking 38% of her 2024 remuneration in stapled securities and purchasing 500,000 units in February 2025 for S$447,500.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Largest lodging trust in Asia-Pacific
Formed from Ascott Residence Trust’s 2006 IPO and a 2019 merger with Ascendas Hospitality Trust, Clas now holds 104 properties valued at S$8b across 45 cities in 16 countries. Hospitality assets account for 83% of value; the remainder is rental housing and student accommodation. Mid-term, Clas aims for 25–30% in the living sector.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Diversified income mix provides resilience
In H1 2025, Clas reported S$182.5m gross profit, with 66% from stable income streams (master leases, minimum guaranteed income contracts, rental housing and student accommodation). The remaining 34% came from management contracts that capture upside from strong travel demand.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Expansion and portfolio reconstitution strategy
Since 2024, Clas has divested over S$500m of assets and acquired ~S$560m of new ones, all distribution-per-security accretive. The trust relies on disciplined capital management, redeploying divestment proceeds into higher-yielding acquisitions and asset enhancement initiatives.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Scale and index inclusion drive liquidity
Clas gained entry into the FTSE EPRA Nareit Global Developed Index in 2020, boosting global investor access. In 2024, average daily trading volume reached 7m units. Teo highlights economies of scale, investor awareness, and lender support as key benefits.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Lodging sector competition seen as positive
Upcoming SGX listings of Centurion Accommodation Reit and Coliwoo are viewed by Teo as evidence of rising investor interest in lodging assets, supporting liquidity and sector growth.
SGX:HMN.SI:CapitaLand Ascott Trust (Clas)
Proven crisis playbook
During Covid, Clas used undistributed divestment gains to top up payouts in 2020 and 2021. Teo says reserves can also support distributions when properties are closed temporarily for asset enhancements.
📈 Smart Money Shifts, Insider Buys & Retail REIT Check-Up: The Week in SG Stocks
SGX:Z74.SI:Singapore Telecommunications (Singtel)
Among top net institutional inflows over five sessions, with funds rotating into large-cap defensives.
SGX:J36.SI:Jardine Matheson
Saw net institutional inflow, despite a marginal price dip over the week.
SGX:H78.SI:Hongkong Land
Booked net institutional inflow, alongside a weekly gain.
SGX:U14.SI:UOL Group
Recorded net institutional inflow, even as the counter eased on the week.
SGX:BN4.SI:Keppel
Registered net institutional inflow, reflecting continued interest in diversified infrastructure plays.
SGX:T82U.SI:Suntec Real Estate Investment Trust
Drew net institutional inflow, aided by improving retail metrics.
SGX:A17U.SI:CapitaLand Ascendas REIT
Notched net institutional inflow, tracking demand for industrial/logistics exposure.
SGX:BEI.SI:LHT
Attracted net institutional inflow, despite a modest weekly decline.
SGX:9CI.SI:CapitaLand Investment
Saw net institutional inflow, as investors leaned into asset-light fee income.
SGX:J69U.SI:Frasers Centrepoint Trust
Registered net institutional inflow, supported by steady suburban retail trends.
SGX:D05.SI:DBS Group
Led net institutional outflows, with profit-taking after prior strength.
SGX:O39.SI:Oversea-Chinese Banking Corporation (OCBC)
Posted net institutional outflows, despite a slight weekly uptick.
SGX:S63.SI:ST Engineering
Faced net institutional outflows, amid sector rotation.
SGX:C52.SI:ComfortDelGro
Saw net institutional outflows, even as shares rose.
SGX:U96.SI:Sembcorp Industries
Experienced net institutional outflows, alongside a modest gain.
SGX:G07.SI:Great Eastern
Booked net institutional outflows, with shares edging lower.
SGX:C38U.SI:CapitaLand Integrated Commercial Trust
Recorded net institutional outflows, despite a positive week.
SGX:Y92.SI:Thai Beverage
Registered net institutional outflows, while advancing on the week.
SGX:N2IU.SI:Mapletree Pan Asia Commercial Trust
Saw net institutional outflows, though prices improved.
SGX:E5H.SI:Golden Agri-Resources
Led net institutional outflows, with the counter flat for the week.
SGX:U11.SI:United Overseas Bank
Largest buyback spender, repurchasing 500,000 shares at an average S$35.30.
SGX:QC7.SI:Q & M Dental Group
Outside-STI buyback leader, with CEO Ng Chin Siau also topping director purchase value for the week.
SGX:1AZ.SI:Audience Analytics
Director purchase filed, as Chairman William Ng lifted his stake via open-market buys.
SGX:AIY.SI:iFast
Chairman/CEO Lim Chung Chun bought 60,000 shares, lifting interest to 19.78%; H1 FY2025 PBT rose 32.7%, with iFast Global Bank swinging to profit.
SGX:5OI.SI:Japan Foods
Director interest changes disclosed, among the week’s filings.
SGX:M01.SI:Metro
Director Ong Sek Hian kept accumulating, raising his stake with additional purchases.
SGX:N01.SI:Nera Telecommunications
Director transactions reported, within the week’s filings.
SGX:C9Q.SI:Sinostar PEC
Executive Chairman/CEO Li Xiang Ping acquired 100,000 shares, nudging deemed interest to 69.62%.
SGX:H07.SI:Stamford Land
Executive Chairman Ow Chio Kiat added shares, marginally increasing his stake.
SGX:AAJ.SI:SunMoon Food
Director transactions logged, as part of broad insider activity.
SGX:I06.SI:Intraco
Executive Chairman Mak Lye Mun bought 273,200 shares, raising direct interest to 3.46%; H1 FY2025 PAT rose to S$0.9m, with growing trade-finance activity.
oil:US:UCO
Brent settled up 1% to US$68.15; WTI up 1.1% to US$64.68, supported by Russia-Ukraine supply risks and a softer US dollar; markets eye OPEC+ meeting on Sep 7.
SGX:C38U.SI:CapitaLand Integrated Commercial Trust
H1 2025 revenue/NPI dipped ~0.5%/0.4% on asset sale; DPU up 3.5% to S$0.0562, rental reversions positive; raised ~S$600m via placement to acquire remaining 55% of CapitaSpring, expected DPU-accretive.
SGX:J69U.SI:Frasers Centrepoint Trust
Q3 2025 committed occupancy at 99.9%, shopper traffic +2.1%, tenant sales +4.4% y/y; Hougang Mall AEI ~74% pre-committed; leverage 40.4% (incl. perps), cost of debt 3.7%.
SGX:JYEU.SI:Lendlease Global Commercial REIT
H2 FY2025 revenue/NPI up 1.9%/2.7%; DPU +1.8% to S$0.0180, cost of debt 3.46%, ICR 1.6x; agreed to divest JEM office component for S$462m to strengthen capital structure.
SGX:N2IU.SI:Mapletree Pan Asia Commercial Trust
Q1 FY2026 revenue/NPI declined; DPU −3.8% to S$0.0201, occupancy 89.3% with positive rental reversion; proposed divestment of two Japan assets for ¥8.7b to sharpen portfolio.
SGX:TS0U.SI:OUE REIT
Mandarin Gallery at 99% committed occupancy with 34.3% rental reversion, passing rents rose 2.7%; new experiential partnerships boosted mall activation.
SGX:P40U.SI:Starhill Global REIT
H2 FY2025 revenue +0.7% y/y; DPU steady at S$0.0185, retail committed occupancy 97.3% (Singapore fully leased); leverage 36%, average debt maturity 3.1 years.
SGX:T82U.SI:Suntec REIT
H1 2025 revenue/NPI +3.3%/+5.6%; DPU +3.7% to S$0.03155, Suntec City mall rental reversion +18%; expects >95% occupancy amid tourism/MICE strength, with rent growth moderating on macro caution.
🚀 China Banks, EV Makers and Property Giants Drive Hong Kong Market Buzz
HK:01288.HK:Agricultural Bank of China (ABC)
Morgan Stanley kept “Overweight,” with dividend yields at 5.1% (2025) and 5.3% (2026). Net profit rose 3.2% YoY in Q2, PPOP up 0.3%.
HK:01398.HK:Industrial and Commercial Bank of China (ICBC)
Rated “Overweight” by Morgan Stanley with yields forecast at 6.1% (2025) and 6.2% (2026). Q2 net profit grew 1.4%, PPOP up 4.0%.
HK:00939.HK:China Construction Bank (CCB)
Morgan Stanley maintained “Overweight” with 2025/26 yields at 5.7% and 5.8%. Q2 net profit gained 1.6%, PPOP rose 6.8%.
HK:03988.HK:Bank of China
Reported Q2 net profit up 1.0%, PPOP up 0.8% as Morgan Stanley noted fee income recovery.
HK:03328.HK:Bank of Communications (BANKCOMM)
Q2 net profit slipped 1.5%, PPOP declined 4.1% per Morgan Stanley report.
SZ:002142:Bank of Ningbo
Highlighted by Morgan Stanley as a strong regional bank with continued outperformance potential.
SH:600926:Bank of Hangzhou
Cited by Morgan Stanley for fee-driven profit growth momentum.
SH:601838:Bank of Chengdu
Named by Morgan Stanley as a beneficiary of accelerating regional bank earnings.
HK:09866.HK:NIO-SW / US:NIO:NIO
Delivered 31,305 vehicles in August, +55.2% YoY. Premium EV brand NIO contributed 10,525 units, ONVO brand 16,434, and Firefly small EVs 4,346.
HK:03800.HK:GCL Tech
HSBC raised TP to HK$1.8, kept “Buy.” Despite H1 net loss of RMB1.776b, cost cuts maintained its polysilicon leadership.
HK:0285.HK:BYD Electronic
Citi upgraded to “Buy,” lifting target price to HK$51.
HK:0016.HK:Sun Hung Kai Properties (SHK PPT)
HSBC trimmed TP slightly to HK$112, retained “Buy,” citing clear earnings outlook.
HK:0020.HK:SenseTime-W
DBS maintained “Buy,” raised TP to HK$2.5, pointing to AI growth.
HK:0883.HK:CNOOC
DBS reiterated “Buy,” TP HK$21.5, supported by stable upstream outlook.
HK:0268.HK:China Resources Land
DBS cut TP to HK$33.1, retained “Buy” rating.
HK:017.HK:New World Development (NWD)
Shares closed up ~7% after reports Cheng family may inject HK$10b by year-end.
HK:09863.HK:Zeekr
August sales rose to 44,843 units, up both YoY and MoM.
HK:2333.HK:Great Wall Motor (GWMOTOR)
CLSA hiked TP to HK$21, reiterated “Outperform.”
HK:02388.HK:BOC Hong Kong
UBS lifted TP to HK$37, citing strong revenue and NPAT beat.
HK:02015.HK:Li Auto-W
BOCOMI slashed TP to HK$80.84, kept “Neutral.”
HK:09988.HK:Alibaba (BABA-W)
Soared over 18%, leading HSI rally that closed up 539 points.
HK:02269.HK:Wuxi Biologics (WUXI BIO)
Hit record high as pharma stocks surged.
HK:02899.HK:Zijin Mining
Also reached new peak during HSI surge.
HK:01177.HK:Sino Biopharmaceutical (Sino Biopharm)
Marked a new high alongside sector peers.
HK:00981.HK:Semiconductor Manufacturing International Corporation (SMIC)
Pushed to fresh high on strong chip demand.
HK:00288.HK:WH Group
Shares climbed to record, joining rally in staples.
🔥 Broker Downgrades Hit BYD, Silver Breaks Record, EV Makers Race Ahead in China
HK:01211.HK:BYD Company
Multiple brokers slashed targets after weak Q2 NP — CLSA to HK$140, JPM to HK$150 (Overweight), Nomura to HK$132 (Buy). Citi remained bullish, lifting TP to HK$233. Shares opened 8% lower.
HK:0285.HK:BYD Electronic
CLSA said 2Q NP stable with expanding AI products. HSBC raised TP to HK$45.5 (Neutral). Stock opened 11% higher.
Silver:US:SLV:Silver
Price crossed US$40 for the first time since 2011, sending China Silver Group (0815.HK) surging ~11%.
HK:02400.HK:XD Inc
HTSC raised TP to HK$93.09, upbeat on mid-to-long-term game pipeline.
HK:0390.HK:China Railway
HTSC cut earnings forecasts, set TP at HK$5.5.
HK:1658.HK:Postal Savings Bank of China (PSBC)
BofAS raised TP to HK$4.86, rating “Underperform.”
HK:03988.HK:Bank of China
BofAS cut TP to HK$4.42, Neutral rating, citing earnings pressure.
HK:00425.HK:Minth Group
HTSC raised TP to HK$40.28, kept “Buy” rating.
HK:03908.HK:CICC
HTSC lifted TP to HK$27.82, retained “Buy.”
HK:01516.HK:J&T Express-W
HTSC hiked TP to HK$12.4, reiterated “Buy.”
HK:01800.HK:China Communications Construction
HTSC cut TP to HK$6.96, but kept “Buy.”
HK:01288.HK:Agricultural Bank of China (ABC)
BofAS lifted TP to HK$5.7, citing stronger EPS growth vs peers.
HK:06655.HK:Huaxin Cement
Plans to spin off overseas unit for separate listing.
Ant Group
Estimated Q4 FY2024 profit to plunge 60%, highlighting fintech headwinds.
HK:02000.HK:Meitu
Shares tumbled 13% after Google launched a rival AI image-editing model.
HK:2282.HK:Macao Legend Development
Interim loss widened to HK$1.421b, with auditors disclaiming opinion.
HK:02388.HK:BOC Hong Kong
Shares spiked 7%+ on reports it applied for a stablecoin issuer license; also flagged higher allowances tied to CRE market pressures.
US:NIO:NIO / HK:09866.HK:NIO-SW
August deliveries reached 31,305 (+55.2% YoY), spanning premium NIO, ONVO and Firefly brands.
HK:09863.HK:Zeekr
Reported August sales of 44,843 units, rising both YoY and MoM.
HK:09863.HK:Leapmotor
Delivered 57,066 vehicles in August, a record high, surging 88% YoY.
HK:0020.HK:SenseTime-W
Said it aims to continue reducing losses in H2 2025.
HK:09988.HK:Alibaba (BABA-W)
Soared over 16% post-results, on in-line earnings and news of new AI chip development.
HK:00981.HK:SMIC / HK:01347.HK:Hua Hong Semiconductor
Both surged 5–6% at open as BABA chip news spurred semiconductor rally.
🌏 Hotels Steady, IPO Rush, and Banking Shake-Up Dominate Monday Headlines
HK:0005.HK:HSBC Holdings
Former Standard Chartered deputy chairman reportedly eyed as a candidate for HSBC’s next chairman.
HK:2888.HK:Standard Chartered (STANCHART)
Its former deputy chairman is in the frame for HSBC’s top board role, sources said.
HK:02388.HK:BOC Hong Kong
Plans to apply for a stablecoin issuer license, according to reports, underscoring its push into digital finance.
Hotels (Macau Operators – e.g., Galaxy, Sands, Wynn Macau)
Macau hotels averaged over 90% occupancy in summer, broadly in line with expectations; operators noted mild declines in room rates.
HK:09873.HK:Hesai Group
Leading LiDAR maker cleared HK listing hearing, paving way for market debut.
HK:DAHON TECH (Pending Listing)
Folding bike maker Dahon Tech launched its HK IPO with an entry fee of HK$4,999.92.
China Real Estate Sector
CIA data showed second-hand home prices across 100 cities continued to fall in August, extending housing market weakness.
Hangzhou & Ningbo Auto Market
Authorities rolled out new car consumption subsidies, aiming to boost vehicle sales in both cities.
CN:CFETS RMB Index
The RMB exchange rate index held steady at 96.57 last Friday, unchanged WoW.
Thank you
