DAILY MORNING NOTE | 3 December 2025

***Dear Valued Clients, the last day of Phillip Morning Note issuance will be on 15 December 2025. Morning Note will resume on 2 January 2026***

Trade of The Day

ETF Monthly: November 2025 – Gold to outperform in December

Analyst: Zane Aw

• Review of asset classes performance in November – Most ETFs were in the green except that of tracking Bitcoin (BITO) which plunged 17.6% and Hang Seng Index (2828) which was down slightly by 0.3%. The top gainer was the ETF tracking Oil (XOP), which surged 5.6%.
• For their current trends, the S&P 500, US Treasury Bonds, Gold and Singapore Equities are in an uptrend. Meanwhile, Oil and the Hang Seng Index are in a range consolidation. On the other hand, Bitcoin is in a downtrend.
• Heading into December, we expect the ETF tracking Gold to extend its gains. On the other hand, ETFs tracking the S&P 500, US Treasury Bonds, Bitcoin, and the Hang Seng Index are likely to pull back in December. Meanwhile, the ETFs tracking Oil and Singapore Equities are likely to see price consolidation.

Singapore shares had a mixed showing on Tuesday. The benchmark index for blue-chip stocks closed higher, but that for the next 50 largest companies was lower. The local benchmark index rose 11.74 points or nearly 0.3% to 4,537.96 points, whereas the iEdge Singapore Next 50 Index slid 7.47 points or more than 0.5% to 1,441.16 points.

Stocks rose on Tuesday, boosted by gains in bitcoin and technology names, as traders recovered some of the ground lost in the previous session. The Dow Jones Industrial Average gained 185.13 points, or 0.39%, to end the day at 47,474.46. The S&P 500 climbed 0.25% to settle at 6,829.37, while the Nasdaq Composite advanced 0.59% to finish at 23,413.67.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

Value investor Chua Bock Eng has written to Low Keng Huat’s board of directors asking the independent directors to engage with the offeror, to seek an improvement in the offer price. A fair compromise should, at the very least, match the book value of 79 cents, he says.

Addvalue Technologies has been included in the FTSE ST All-share Index, having recorded the higher growth in trading activity among technology and industrial stocks in 2HFY2025.

Infinity Development Holdings has completed the placement of 35,100,000 new shares on the Catalist board of the SGX-ST, raising gross proceeds of $13.7 million.

UltraGreen.ai has received a total subscription and indications of interest of 13.6 times for the 112,068,200 offering shares offered for its IPO. The shares are offered at US$1.45 per share, or $1.892 per share for the Singapore Public Offer. This brings the amount raised in the public offering to US$162.5 million.

City Developments (CDL), through its wholly-owned subsidiary, Copthorne Hotel Holdings, has completed the acquisition of Holiday Inn London – Kensington High Street for GBP280 million ($480.2 million), or GBP396,600 per room for the hotel’s 706 rooms.

URA announced 9 Confirmed List sites and 12 Reserve List sites make up the 1H2026 Government Land Sales (GLS) programme, which can yield 9,185 private residential units, 209,150 sqm of gross floor area (GFA) of commercial space and 970 hotel rooms.

Singapore’s purchasing managers’ index (PMI) rose to 50.2 last month, up 0.2 point from October, based on data from the Singapore Institute of Purchasing and Materials Management on Tuesday. This is the highest level in eight months.

US

Amazon is cutting the fees it charges sellers in Europe as it responds to competition from marketplaces such as Shein and Temu that sell clothes, homeware and gadgets at rock-bottom prices.

Walt Disney Co’s Zootopia 2 pulled in US$272 million to claim China’s second-biggest opening ever for a foreign film, boosting the US studio in a key market.

Apple Inc’s App Store risks more class action-type damages claims in the European Union (EU) after the bloc’s top court said users of its Dutch App Store can collectively sue in the Netherlands regardless of where they are based.

Samsung Electronics Co unveiled its first so-called trifold smartphone, flaunting its engineering prowess in foldable devices, even as the broader category has yet to catch on with mainstream consumers.

Malaysian Prime Minister Anwar Ibrahim said U.S. chipmaker Intel has announced an additional investment of 860 million ringgit ($208 million) in the country for assembly and testing operations.

Nvidia’s agreement with ChatGPT parent OpenAI to invest up to $100 billion in the startup is still not finalized, the chipmaker’s chief financial officer Colette Kress said on Tuesday at the UBS Global Technology and AI Conference in Arizona.

Cloud-computing provider Vultr is building a 50-megawatt (MW) cluster of Advanced Micro Devices Inc (AMD) artificial intelligence (AI) processors at a data centre in Ohio, a move aimed at offering AI infrastructure at a lower cost.

Chipmaker Marvell Technology said on Tuesday it will buy semiconductor startup Celestial AI in a cash-and-stock deal worth $3.25 billion.

OpenAI CEO Sam Altman has declared a company-wide “code red” as its ChatGPT technology faces stiff competition from other big tech rivals, especially Google, US media reported.

A U.S. judge on Monday rejected Bristol Myers Squibb’s bid to dismiss a $6.7 billion lawsuit claiming it cheated shareholders of the former Celgene by delaying federal approval for three drugs, including the cancer treatment Breyanzi.

Exxon Mobil has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters.

The SEC is planning to make it easier for small companies to go public by cutting mandatory disclosures and scaling back requirements based on the size of the firm.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

RESEARCH REPORTS

Phillip Singapore Monthly: Feb25 – Not on the hit list so far

Analyst: Paul Chew

• Singapore equities rose 1.8% in January, registering its 3rd consecutive month of gains. Telcos led the gainers, followed by banks. Transportation services and REIT were the weakest.
• It has been a trifecta month of turbulence. The first was 14-month high US bond yields rattling investors over runaway interest rates. President Trump’s inauguration ignited fears of a global trade war as tariff threats mounted up. The DeepSeek-Stink-Sink sell-off of technology stocks worsened global sentiment.
• Markets are faced with daily unpredictability. Singapore equities have been resilient despite this onslaught of uncertainty or “executive orders”. Tariffs imposed on China have been muted, and SE Asia has not been mentioned. Trump’s focus has been on domestic issues and traditional allies. We believe sectors in Singapore with positive momentum and sheltered from these uncertainties include construction, capital markets, property and power.

PSR Stocks Coverage

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