Stock Market Today
| 12 September 2025
Recent Podcasts:
Shopify Inc. – Growth momentum to continue, but stock overvalued
Grab Holdings – Super-app strategy delivering scale efficiently
Apple Inc. – Good results, but still cautious
Trade of The Day
Pan-United Corporation Ltd (SGX: P52)
Analyst: Zane Aw
(Current Price: S$1.25) – TECHNICAL BUY
Buy price: S$1.25 Stop loss: S$1.16 (-7.20%)
Take profit: S$1.51 (+20.80%)
Food Empire Holdings Ltd (SGX: F03)
Analyst: Zane Aw
(Current Price: S$2.45) – TECHNICAL BUY
Buy stop: S$2.47 Stop loss: S$2.29 (-7.28%)
Take profit 1: S$2.70 (+9.31%) Take profit 2: S$2.95 (+19.43%)
Trades Initiated in Past Week
Local stocks gained 0.2 per cent on Thursday (Sep 11). UOL was the top gainer, rising 3.9 per cent or S$0.29 to S$7.69. Thai Beverage was the biggest decliner, losing 1.1 per cent or S$0.005 to S$0.46.
Wall Street’s major indexes hit fresh records on Thursday as US inflation and jobless claims data added to conviction that the Federal Reserve would lower interest rates next week. The Dow Jones Industrial average climbed 1.4 per cent to 46,108.00, while the S&P 500 Index rose 0.9 per cent to 6,587.47. The tech-focused Nasdaq Composite Index added 0.7 per cent to 22,043.07.
Singapore Technical Highlights
* ^ denotes companies placed on SGX Watch-list
TOP 5 GAINERS & LOSERS
Events Of The Week
SG
Centurion Accommodation REIT will offer 262.16 million for subscription under its initial public offering (IPO). Each unit is priced at 88 cents. The offering comprises an international placement tranche of 248.96 million units and a public offering of 13.2 million units.
The cut-off yield on Singapore’s latest six-month Treasury bill (T-bill) fell to 1.38 per cent, based on auction results released by the Monetary Authority of Singapore on Thursday (Sep 11).
Frasers Hospitality Trust (FHT) has received the court’s sanction for its proposed privatisation by way of a trust scheme, paving the way for its expected delisting on or around Oct 6 at 9 am. Trading of FHT stapled securities is scheduled to be suspended at 9 am on Friday (Sep 12), the trust’s managers said on Thursday evening. The record date to determine securityholders’ entitlements for the scheme is set for 5 pm on Sep 22. The scheme is then expected to become effective on Sep 23, with payment of the scheme consideration to eligible securityholders to be made on or around Sep 30.
CapitaLand Commercial C-REIT (CLCR) has attracted overwhelming investor demand for its initial public offering (IPO), achieving 254.5 times subscription coverage from offline institutional investors in the bookbuilding tranche. The IPO also saw strong retail interest, with the public tranche closing ahead of schedule and being 535.2 times subscribed. With 400 million IPO units issued at a price of RMB5.718 per unit, CLCR has raised RMB2.29 billion (S$409 million), a 7% increase from the initial estimate of RMB2.14 billion (S$382 million). CLCR is expected to commence trading on the Shanghai Stock Exchange under the ticker code 508091 by end September 2025.
Healthcare provider TalkMed announced on Thursday (Sep 11) that it will be delisted from the Singapore Exchange from 9 am on Sep 15. This follows confirmation from TW Troy Limited, a special-purpose vehicle managed by healthcare group Tamarind Health, that it had completed payment of the scheme consideration to TalkMed shareholders on Thursday. TW Troy had earlier offered to privatise the mainboard-listed company via a scheme of arrangement at S$0.456 per share.
Subsidiaries of IReit Global have been served with a payment order filed by Deutsche Rentenversicherung Bund (DRV), the former main tenant of its Berlin Campus, in a move that escalates a potential legal dispute into a formal court proceeding. The dispute stems from a lump-sum payment of 15.5 million euros (S$23.2 million) that DRV had agreed to pay for dilapidation costs to reinstate the Berlin property to its original state.
Property developer Low Keng Huat has sunk into the red with a net loss of S$10.2 million for its first half ended Jul 31, compared with a net profit of S$5.8 million in the previous corresponding period.
Shareholders of SGX Catalist-listed Sincap Group Limited approved today the reverse takeover of homegrown commercial vehicle specialist Skylink APAC Pte. Ltd. Shares are expected to resume trading on 17 September 2025, 9:00 am under “Skylink”.
H2G Green Limited announced that the wholly-owned subsidiary of its Lifestyle Business, P5 Pte. Ltd., has entered into a binding memorandum of understanding (MOU) with Molteni Group S.p.A. today, to sell certain assets and inventory items of P5 at the Singapore flagship store of Molteni&C at 3 Killiney Road, Singapore.
US
The consumer price index posted a seasonally adjusted 0.4% increase for the month, double the prior month, putting the annual inflation rate at 2.9%, up 0.2 percentage point from the prior month and the highest reading since January. Economists surveyed had been looking for respective readings of 0.3% and 2.9%.
Adobe reported fiscal third-quarter results that topped estimates. Earnings per share was US$5.31 adjusted vs. US$5.18 expected on revenue of US$5.99 billion vs. US$5.91 billion expected. For the fourth quarter, the company says adjusted earnings per share will be US$5.35 to US$5.40, topping the average estimate of US$5.34. Adobe’s guidance for revenue for the quarter is US$6.08 billion to US$6.13 billion, compared to the estimate of US$6.08 billion.
The US Federal Trade Commission on Thursday said it is seeking information from several companies including Alphabet, Meta Platforms and OpenAI that provide consumer-facing AI-powered chatbots, on how these firms measure, test and monitor potentially negative impacts of the technology.
Microsoft and OpenAI said on Thursday they have signed a non-binding deal for new terms of their relationship that would allow OpenAI to move forward with its plan to restructure itself into a for-profit company.
Super Micro Computer Inc. said on late Thursday that it’s started shipping Nvidia Corp.’s Blackwell Ultra systems in volume.
Gemini Space Station raised US$425 million in an initial public offering, pricing its stock above a marketed range. The cryptocurrency firm led by the billionaire Winklevoss twins sold about 15.2 million shares for US$28 each after marketing them for US$24 to US$26.
The Department of Justice sued Uber on Thursday, alleging the ride-hailing giant discriminated against riders with disabilities, according to a filing.
Paramount Skydance is working with an investment bank as it prepares an offer for Warner Bros. Discovery, according to people familiar with the matter. Warner Bros. Discovery had yet to receive an offer as of Thursday, according to people familiar with the matter.
Boeing CEO Kelly Ortberg said on Thursday that the planemaker is falling behind schedule on certifying the 777-9, its newest widebody jet. The company expects to deliver the first 777X jet in 2026, six years later than anticipated when the program was launched in 2013.
Absci on Thursday announced a collaboration with Oracle Cloud Infrastructure and AMD to accelerate its AI-driven drug discovery efforts.
Centene reaffirmed its annual profit forecast and said quality ratings for its Medicare plans were in line with expectations.
Eastman Kodak’s latest product launch — a line of 1980s-inspired digital toy cameras called the “Kodak Charmera” — seems to have struck a nostalgic chord with consumers. The palm-sized point-and-shoot cameras, released Tuesday in collaboration with camera company Reto, are already sold out on Kodak’s website and are only available for pre-order at most affiliated retailers.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR
RESEARCH REPORTS
Apple Inc.- Thin on design, thinner on investor sentiment
Recommendation: REDUCE; TP US$200.00; Last close: US$230.03; Analyst Helena Wang
Apple hosted its “Awe-Dropping” launch event on 9 September, unveiling the iPhone 17 line up, including the ultra-thin iPhone Air (5.6 mm vs normal iPhone 16 7.8mm and 16 Pro 8.3mm)
- Upgrades include the new A19 Pro chip, C1X 5G modem, N1 networking chip, enhanced cameras, and tougher Ceramic Shield 2.
- Apple also introduced AirPods with on-device AI features, including real-time language translation and voice isolation, as well as the Apple Watch Series 11 with improved health tracking and a thinner design.
- Apple is absorbing the tariff impact by keeping prices unchanged or slightly lower (for same-series, same-storage iPhones), which adds pressure on margins
- Our valuations remain unchanged. Our DCF target price remains unchanged at US$200, with a WACC of 6.5% and a terminal growth rate of 3%. We downgrade our recommendation from NEUTRAL to REDUCE due to the recent share price rally. We maintain a cautious outlook on Apple, due to near-term headwinds from tariffs, elevated CAPEX, and no significant AI innovation to help with persistent weakness in products and the China market.
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