Broker Name: CGS International
Date of Report: November 28, 2025
Excerpt from CGS International report.
Report Summary
- The MSCI Singapore Free SGD index (SIMSCI) closed November 2025 at 441.34 points, down 1.38% month-on-month, mainly due to declines in tech stocks like Sea Ltd and Grab.
- Despite this dip, CGS International maintains its 2025 SIMSCI target at 463.8 points, based on a 15.5x forward P/E, and keeps a long-term 8-month target of 482.00 points, though near-term technicals suggest further downside before recovery.
- Non-oil domestic exports (NODX) posted a strong 22.2% year-on-year gain in October, led by both electronics and non-electronics sectors, while inflation came in higher than expected, driven by rising services, food, retail, and transport costs.
- The 3Q25 earnings season saw more positive than negative surprises, with consumer-related sectors outperforming and institutional investors being net sellers while retail investors were net buyers in recent weeks.
- Corporate actions included the spin-off of 8YZ from YZJFH, a private placement by 8YZ, MSCI moving Genting Singapore to the small-cap index, and a planned SGX listing by medical tech firm UltraGreen.ai.
- Key sector outperformers for the month were consumer discretionary (retailing), consumer services, and staples, while utilities, transportation, and capital goods underperformed. Major movers included Singapore Telecommunications, OCBC, Sea Ltd, and Grab.
- CGS International issued new research coverage on EGUH, BAM, and FR, highlighting potential beneficiaries of Singapore’s construction upcycle and upgrading the Plantations sector to Overweight.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgsi.com/
