·         Singapore equities posted their fourth consecutive quarter of gains with the 5.8% rise in 2Q26. It hit record highs on 25th June. The market is up 11.3% in 1H26.

·         We do not believe there is an AI bubble at this stage. The driving force behind data centre spending are the frontier AI models. It is undergoing a S curve rate of adoption and revenue growth. Valuations and price action remain far below the 2000 dot-com bubble. There is general absence of speculative froth in asset markets. The US economy is also picking up strength in consumer spending and job growth.

·         Sectors we favour are banks, semiconductors, building materials, power and higher yielding REITs.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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