Market Overview

Singapore

Straits Times Index (STI) is a market capitalisation weighted index that tracks the performance of the top 30 companies listed on SGX.

Singapore’s economy grew by 4.3% in Q2 2025, slightly higher than the 4.1% growth in Q1, according to preliminary figures from the Ministry of Trade and Industry (MTI).

Growth was mainly driven by stronger performance in manufacturing (especially electronics), wholesale trade, and transportation services, boosted temporarily by businesses rushing exports ahead of new tariffs.

Looking ahead, MTI remains cautious about the second half of 2025, citing risks from the introduction of US tariffs in August, ongoing geopolitical tensions, and weakening global demand. The government kept its full-year GDP forecast at 0–2%, noting that sectors tied to exports, shipping, and financial services could face renewed pressure.

The index has recently reached an all-time-high (ATH) around 4,274, with an attempt to breach the 4,300 resistance. Profit-taking returned and price are pulling back falling under the 4,200 support while the 4,000 psychological support continues to hold

Uptrend still remains intact with all 3 moving averages heading up, and price is still above trailing support. As long as price can maintain and hold above 4,000, may see more buying interest and strength returning to the market as prices stablize.

• Singapore dollar faces downward pressure from US tariffs, expected policy shift (The Straits Times)

• Gold prices rise to over one-month high on softer US dollar, bond yields (The Business Times)

United States

Dow Jones Industrial Average (DJIA) tracks the daily price movements of 30 large, public-owned blue-chip American companies.

DJIA is tested the immediate resistance around 45,000, where we saw profit-taking once again, similarly in Nov 2024 and Feb 2025. If this resistance is breached, looking at potential upside target towards 47,000.

S&P 500 Index is a market-capitalization weighted index of the 500 leading companies in the US which is widely considered as one of the best gauge of the US economy.

The latest US inflation report showed consumer prices rising by 2.7% year-on-year in June 2025, up from recent months but broadly in line with forecasts.

Monthly CPI increased 0.3%, while core inflation, which excludes food and energy, climbed 0.2% month-on-month, settling at 2.9% annually.

President Trump reiterated calls for interest rate cuts, claiming inflation remains “low,” while the Federal Reserve stays cautious, signaling no immediate rate cuts before September.

SPX is currently trading close to it's all-time-high (ATH) after it has broken above the 6,200 resistance previously, selling pressure came in close to the 6,500 psychological level. The supports appears to be around 6,150 for now. If price is able to maintain and hold above this support, potential strength and upside target towards 6,500 first.

Hot News (Click to read):

• Inflation picks up again in June, rising at 2.7% annual rate (CNBC)

• Inflation outlook tumbles to pre-tariff levels in latest University of Michigan survey (CNBC)

Singapore Stocks Spotlight

SINGAPORE EXCHANGE LTD (S68.SI)
Target Price: S$17.00

About SGX

• Singapore Exchange Limited (SGX) owns and operates Singapore's Securities and Derivatives Exchange and related clearing houses.

• The company also provides ancillary securities processing and information technology services to participants in the financial sector.

Fundamental

• FY25 revenue forecasted at S$1.35 billion, net profit at S$602 million, with profit growth of 23.5%

• 1H FY25 securities daily average value (SDAV) up 31% year-on-year to S$1.26 billion

• Derivatives trading volume grew 20% year-on-year, supported by heightened market volatility

• Strategic investments across asset classes including fixed income, FX, commodities, and logistics enhance diversification

• Multi-asset strategy helps mitigate market cyclicality and provides earnings stability

• Potential uplift from MAS market reinvigoration measures to boost equities trading activity

• Risks include slower-than-expected growth across key asset classes and trading segments

Technical

• Uptrend remains firmly intact with all 3 moving averages still heading upwards

• Price has broken and managed to hold above the 15,00 resistance, turning it to become the support

• Since mid-July, price has been tested the immediate psychological resistance around 16.00, where sellers are in control

• There 3 consecutive 1GT Bullish signals that are still playing out and price is still respecting the trailing support heading higher

• If price can break and hold above 16.00 would not rule out more upside towards 17.00

ST ENGINEERING (S63.SI)
Target Price: S$9.00

About ST Engineering

• Singapore Technologies Engineering Ltd. is an investment holding company, which engages providing solutions and services in the aerospace, electronics, land systems, and marine sectors

• It operates through the following business segments: Commercial Aerospace, Urban Solutions and Satcom, and Defence and Public Security

Fundamental

• FY25 revenue projected at S$12.35 billion, net profit at S$802 million, with earnings growth of 14.2%

• Record-high order backlog of S$29.8 billion as of Mar 2025, supporting strong earnings visibility

• Expected earnings CAGR of 15%-20% from FY24 to FY26 driven by capacity expansion and margin improvements

• Growth supported by rising demand in commercial aerospace, defence exports, and smart city solutions

• Strengthened by diversified businesses across aerospace, urban solutions, defence, and digitalisation

• Margins expected to improve from better pricing, operational efficiency, and productivity gains

Technical

• ST Eng has been in an uptrend since 2024 and it has consistently been breaking resistances, forming new higher supports along the way

• Immediate support remains at 8.50, while resistance appears to be around 9.00

• 2 consecutive 1GT Bullish signals still playing out

• Potential upside target towards 9.00 first, if price can maintain and hold firmly above 8.50

• Would be good to have some consolidation before breaking above 9.00, where targets could be revised higher

FOOD EMPIRE (F03.SI)
Target Price: S$2.50

About Food Empire

• Food Empire Holdings Ltd. operates as a global branding and manufacturing company in the food and beverage sector

• The firm's products include instant beverage products, frozen convenience food and snack food. Its proprietary brands are MacCoffee, Café PHO, Petrovskaya Sloboda, Klassno, Kracks and OrienBites

Fundamental

• Q1 2025 revenue grew 16.3% year-on-year to US$136.6 million

• Southeast Asia became the largest market for the first time, with revenue up 33.8% led by Vietnam

• South Asia posted strong growth of 31.7%, driven by high demand for soluble coffee with production at full capacity

• All major segments reported growth, supported by flexible pricing to offset inflation and rising coffee bean costs

• Company expects continued revenue growth through brand-building and expansion in high-growth Asian markets

• Remains cautious of risks including high raw material prices, geopolitical tensions, and potential tariff impacts

Technical

• Both short-term and long-term uptrend remains intact with all 3 moving averages heading up

• Price has recently hit the all-time-high (ATH) at 2.50, where profit-taking return

• Immediate support level appears to be around 2.20, where the trailing supported is located

• If price can break and hold above 2.50, initial upside target towards 2.60 first

• However, if bears take control and break below support, the next key support to note is around 2.00 psychological level

United States Stocks Spotlight

NVIDIA CORP (NVDA.NQ)
Target Price: US$180.00

About Nvidia

• NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software

• It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking

Fundamental

• U.S. export license allows Nvidia to resume older AI chip sales to China, unlocking a $50 billion annual market opportunity

• Chinese sales could add $20–30 billion in yearly revenue, reversing previous write-downs and boosting near-term earnings

• FQ3 and FQ4 2025 revenue could significantly exceed current forecasts as China orders return

• Nvidia guided $45 billion sales for FQ2 and expects ramp-up in FQ3 and FQ4, with potential for monster quarters ahead

• AI chip demand remains robust, with Citi projecting $563 billion in 2028 AI data center compute spend

Technical

• NVDA took 3 months from April, to rebound from the low of 90, to breaking above the resistance of 150, turning it become a new higher support

• Short-term uptrend remains intact as 20d MA has been heading up sharply, while 100d MA is attempting to cross above 200d MA

• Immediate support appears to be around 165.00 - 170.00, while resistance is around 180.00

• If price is able to break and hold firmly above 180, with 100d MA crossing above 200d MA, we would see more buying interest for this stock

Recent News (Click to Read)

• Nvidia: China Is Back (SeekingAlpha)

• Nvidia faces production hurdles in China H20 restart- The Information (Investing.com)

• Nvidia CEO's China charm offensive underscores rock star status in key market (Reuters)

ALPHABET INC (GOOGL.NQ)
Target Price: US$200.00

About Alphabet Inc

• Alphabet, Inc. is a holding company, which engages in software, health care, transportation, and other technologies

• It operates through the following segments: Google Services, Google Cloud, and Other Bets. The Google Services segment includes products and services, such as ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube

Fundamental

• Consolidated revenues rose 14% year-over-year to $96.4 billion, showing broad-based strength across all major segments

• Google Search & Other Ads: Continued to deliver double-digit revenue growth, outperforming consensus estimates

• YouTube Ads also posted double-digit gains, supported by improvements in content delivery and AI integration.

• Operating income exceeded expectations, with improved margins despite heavy AI investments

• Backlog rose 38% YoY and 18% QoQ, reaching $106 billion, driven by strong enterprise AI product demand

Technical

• Short-term uptrend remains intact as 20d MA is still heading up, and we are starting to see positive signs that the longer-term based on 100d and 200d MA are starting to slope upwards

• Immediate psychological resistance appears to be around 200.00, where selling pressure returned during Dec 24 - Feb 25

• Support appears to be around 180.00, which is also where the trailing support is at

• Target to be revised higher only if price can firmly break and hold above 200.00 first

Recent News (Click to Read)

• Alphabet (GOOGL) Sees 14% YoY Growth in Consolidated Revenues in Q2 2025 (Insider Monkey)

• Alphabet Boosted by AI, Cloud Demand as Spending Needs Jump (Bloomberg)

• Google Revenue Soars on AI Boom, and Investors Eye Spending Surge (Wall Street Journal)

GE AEROSPACE (GE.NY)
Target Price: US$290.00

About GE Aerospace

• GE Aerospace is an American aircraft company, which engages in the provision of jet and turboprop engines, as well as integrated systems for commercial, military, business, and general aviation aircraft. The firm's portfolio of brands includes Avio Aero, Unison, GE Additive, and Dowty Propellers

• It operates through the Commercial Engines & Services and Defense & Propulsion Technologies segments

Fundamental

• Q2 2025 revenue grew 23% year-on-year to $10.2 billion, $175 billion backlog provides strong multi-year revenue visibility

• Commercial engines and services revenue jumped 30% with strong demand for LEAP engines and spare parts

• Operating margins improved to 23%, driven by higher-margin services and better supply chain efficiency

• 70% of revenue comes from recurring services, offering earnings stability

• Growth outlook remains positive with expanding engine base, rising shop visits, and sustained pricing power

Technical

• Both short and long-term uptrend remains since 2024, whereby the uptrend seems pretty healthy due to periods of sideway consolidation before pushing higher

• Immediate support appears to be around 260.00, where it could be a potential zone to accumulate on dips

• Based on a projection upwards, the next upside target, if price is able to hold firmly above 260.00, would be towards 290.00

Recent News (Click to Read)

• GE Aerospace lifts profit outlook as engine deliveries soar (Reuters)

• GE Aerospace Raises Full-Year Guidance on Aviation Rebound (Bloomberg)

• GE Aerospace: Strong Multi-Year Growth And Compelling Valuation (SeekingAlpha)

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