To The Moon

🧩 U.S. markets face pullback under valuation pressure.

🔍 $Food Empire(F03.SI)$ / $Thakral(AWI.SI)$ / $PanUnited(P52.SI)$ : Strong performance and robust earnings have driven these stocks to lead Singapore's market rally this year.

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Under Pressure

🧠 On Tuesday and Wednesday, OYY, which is set to pay dividends soon, surged for two consecutive days. This stock was previously covered in the August 13 episode of Dividend Picks.

| SGX's S$1 Trillion Problem

Since 2025, Singapore's capital markets have gained notable traction, boosting total market capitalization closer to the S$1 trillion mark. As of the August 20 close, 43 stocks have more than doubled in value year-to-date, with the highest gainer being $OneApex(5SY.SI)$ , which surged by over 620%. According to SGX data, trading activity significantly increased in July, as the Securities Market Turnover Value grew 30% to S$33.812 billion, pushing the total market capitalization to S$946 billion.

$Straits Times Index(STI.SI)$ achieved record highs multiple times in July and continued its upward momentum in August. Among key players, $DBS(D05.SI)$ leads with a market cap exceeding S$140 billion, closely followed by giants $OCBC Bank(O39.SI)$ and $Singtel(Z74.SI)$ .

That being said, the macroeconomic outlook for the second half of 2025 faces potential headwinds. Singapore's economy is expected to face uncertainties stemming from global tariffs. Last week, Singapore revised its 2025 full-year GDP growth forecast upward, from the previous 0.0%-2.0% range to 1.5%-2.5%, reflecting stronger-than-expected economic performance in the first half of the year. Singapore's GDP grew 4.3% in H1 2025. However, challenges like tariff disputes could impact jobs and inflation. Concerns are mounting over Singapore’s export-oriented industries, particularly as exports remain under pressure.

Will a "technical recession" weigh on the broader market? How should investors respond? Reassessing the core competitiveness of businesses amidst new variables will be key to navigating uncertainties. Singapore's economy, deeply intertwined with global markets, is highly susceptible to external shocks. Successful companies consistently deliver resilient performances, operate with greater intelligence, and adapt their business models to remain agile. These firms extend their influence across global markets, maintaining leadership during periods of uncertainty.

With U.S. markets undergoing a significant pullback and Chinese assets gaining strength, opinions on market outlook remain divided. However, a return to company fundamentals has emerged as the prevailing consensus. Companies that have posted over 100% gains this year demonstrate strong appeal to investors. Among the top performers set to deliver dividends are $Food Empire(F03.SI)$ / $Thakral(AWI.SI)$ / $PanUnited(P52.SI)$ .

| Market recap

On Tuesday, in stark contrast to the prior week, U.S. markets opened lower. Both $NASDAQ(.IXIC)$ and $S&P 500(.SPX)$ fell sharply, with $NASDAQ(.IXIC)$ declining 1.4%, marking its largest single-day drop since August 1.

From a market sentiment perspective, an MIT report highlighted that despite the rapid advancements in AI, returns have been underwhelming. The report revealed that 95% of companies have experienced zero ROI from their investments in GAI (Generative AI).

On the geopolitical front, the impending U.S.-Russia-Ukraine talks have raised concerns. If expectations around a peace accord are fully priced in, the market may lack fresh growth catalysts.

Tech stocks took a hit, with $NVIDIA(NVDA)$ down 3.5% and $Palantir Technologies Inc.(PLTR)$ dropping 9.4%. However, some standout performances emerged. $Intel(INTC)$ surged nearly 7%, while $Palo Alto Networks(PANW)$ gained 3% (More details see below).

Boosted by news of a US$2 billion investment by SoftBank and discussions about government equity stakes, Intel's stock soared nearly 7% on Tuesday, briefly spiking 12% intraday, marking its best single-week performance since February.

Megacaps: Apple’s September Event

On Tuesday, $Apple(AAPL)$ dropped slightly by 0.14%, making it the best-performing stock among Mag 7. If this correction is AI-driven, Apple appears relatively insulated due to its minimal AI integration.

All jokes aside, the upcoming September iPhone launch remains highly anticipated. The 2025 event is scheduled for September 9, where iPhone 17 is expected to feature the most significant design overhaul in five years. Rumors suggest the launch of a new iPhone Air series, which has generated substantial excitement. Reports indicate that iPhone 17 has entered mass production, with manufacturing partner Foxconn ramping up seasonal hiring.

Asian markets

Despite the slightly lackluster performance of the Hang Seng Index, several equities delivered stellar results, supported by strong fundamentals.

$POP MART(09992)$ surged 12.5% on August 20. Pop Mart, a leader in designer collectible toys, broke the HK$300 psychological barrier, driving its market cap to HK$400 billion. In H1 2025, the company reported revenues of RMB 13.88 billion, a whopping 204.4% YoY increase, exceeding previous guidance.

Looking ahead, the company remains optimistic. Its founder expressed high expectations for the upcoming mini LABUBU product, stating, "It can be attached to phones, making it more versatile."

On the same day, $LAOPU GOLD(06181)$ gained nearly 9%, reporting H1 2025 revenues of RMB 12.354 billion, up 251% YoY, with profits surging 285.8%.

$XIAOMI-W(01810)$ rose 0.3%. In Q2, Xiaomi's smartphone shipments climbed to the top spot in Southeast Asia, with a market share of 18.9%. Its EV business also delivered impressive results, with Q2 deliveries reaching 81,302 vehicles and a gross margin of 26.4%, surpassing Tesla and Li Auto. Q2 revenue stood at RMB 20.6 billion, outpacing competitors Xpeng and Leapmotor.

Top movers

$Kyivstar Group Ltd(KYIV)$ : Gained 12.4%, driven by expectations of benefiting from "Ukraine infrastructure reconstruction" policies.

$Palo Alto Networks(PANW)$ : Rose 3% after reporting better-than-expected quarterly results and issuing strong annual guidance.

$Home Depot(HD)$ : Increased 3.2% on positive earnings, helping the Dow Jones hit an intraday high.

| Dividend Plays

Thanks to strong business performance, numerous Singapore-listed companies have doubled in value and offer attractive dividend payouts. These stocks, with their shareholder-friendly policies, present compelling opportunities before their ex-dividend dates. Among the top dividend plays are 🔍 $Food Empire(F03.SI)$ / $Thakral(AWI.SI)$ / $PanUnited(P52.SI)$.

F03 - Record Date: 2025-09-02 | Payout Date: 2025-09-10 | SGD 0.03

$Food Empire(F03.SI)$ is a global brand in the food and beverage sector, offering products ranging from ready-to-drink beverages to frozen convenience items.

On August 13, the company reported robust quarterly results and declared its first-ever interim dividend of 3 cents per share. Revenue rose 21.7% YoY to US$274.1 million, driven by double-digit growth across core segments.

AWI - Record Date: 2025-09-30 | Payout Date: 2025-10-15 | SGD 0.03

On August 13, $Thakral(AWI.SI)$ reported impressive quarterly results, with total revenue climbing 25% YoY to S$160.5 million, driven by a 26% surge in its Lifestyle segment.

Thakral, an investment holding company, generates most of its revenue from its Lifestyle division.

P52 - Record Date: 2025-08-28 | Payout Date: 2025-09-05 | SGD 0.01

$PanUnited(P52.SI)$ boasts strong fundamentals, including a 17% ROE and 13% EPS growth, outperforming sector averages. With a P/E ratio of 15.88x, it remains undervalued and has doubled its market cap this year.

PanUnited is Singapore’s largest ready-mix concrete supplier and a major logistics player regionally, leveraging an extensive network and efficient services.

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