To The Moon

Singapore FY25-26F to see 3.4% DPU growth rebound due to gradual rate cut as rates and refinancing costs are peaking; Following market volatility arising from Trump’s tariff war, it supports of defensive and resilient S-REIT exposures Retail •      Rebound in retail sales by 10-15% beyond pre-Covid levels •      Lack of supply will be a driver Office •      Limited new supply in CBD/fringe •      Limited demand for expansion •      Grade A offices see firms relocating there Industrials •      Factory rents show resilience with falling supply; data centres gain from net under-supply •      Warehouses face challe

East Asia  LCU WTD return: +0.81% LCU gained WTD in USD, as Asian equities remain resilient amidst the global trade war. There were some signs of progress in some trade talks which helped improve market sentiment.  Gains were led by $COMMONWEALTH BANK AUST(CBAPI.AU)$ , $XIAOMI-W(01810)$ and $HDFC Bank(HDB)$ .  SQU WTD return: +0.14% SQU rose WTD in USD, and gains were led by Infosys, Grab and Wipro.  JPM maintains overweight rating on Grab as Grab's business has the potential to be resilient amidst macroeconomic headwinds given that it serves a relatively affluent population. Grab has been growing its market share, and recent affordable pr

【SRT】 Last week, SRT gained amidst the revived risk sentiment, though uncertainties linger. Gains were led by industrial, office and retail by subsector and MLT, FLT and MINT by individual REITs. UBS notes Singapore’s recession risks have eased. UBS favors defensive S-REITs with stable leases and long-term rental income visibility, which buffer economic shocks. $CSOP S-REITs INDEX ETF(SRT.SI)$ WTD Total Return: +4.94% 【MMF】 Last week, after US Treasuries stabilized after the past volatile weeks as the pace of tariff announcements slowed. Short-term risks to yields will probably be double-sided given that a few FOMC members emphasized inflation expectations as a key input to short-term policy direction. Fed Governor Christopher Waller has highlig

East Asia $CSOP LOW CARBON US$(LCU.SI)$ WTD return: 3.84% • LCU gained 3.84% WTD in USD, after tariff pause which offered some short-term relief. Trump has temporarily suspended consumer electronics tariffs (smartphones, laptops, chips) and floated delaying auto tariffs. • Positive sentiment also drew support from S&P 500's last Friday's rally, fuelled by Fed assurances to stabilize markets if needed. • Gains were led by Alibaba Group, Tencent and Toyota Motor Corp. Toyota Motor gained after Trump floated delaying auto tariffs. $CSOP SEA TECH ETF US$(SQU.SI)$ $CSOP SEA TECH ETF S$(SQQ.SI)$ WTD return: 2.55% • SQU rose 2.55% WTD in USD, and gains were le

【SRT】 Last week, SRT fell amid market risk-off sentiment following Trump’s escalating trade war. The decline was led by industrial, office and retail by subsectors and MLT, FLT, and MPACT by individual REITs. Nevertheless, DBS notes that oversold S-REITs (~6.5% yields; ~4.0% yield spreads) has hit support levels. Trump’s 90-day pause on most tariffs could spur an S-REIT rebound amidst broad relief rally. 【MMF】 Last week, US Treasuries saw elevated volatility amidst the slew of tariff-headlines. Focus was on the trade-related news development and the FOMC minutes released was mostly ignored by the markets.  Meanwhile, the latest CPI report released showed both headline and core CPI were 0.2% lower than consensus estimates on MoM basis. We expect CSOPUMM to continue to deliver stable yi

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ After China retaliated with 34% tariffs on all imports from US over the extended weekend, US further retaliated and confirmed 104% tariffs on China (effective 9th April), which dampened risk appetite.   Asian markets surged alongside a global relief rally after the US paused reciprocal tariffs on most trade partners for 90 days, though China’s tariffs rose to 125%. The S&P 500 soared 9.5%  on Wednesday. $CSOP SEA TECH ETF S$(SQQ.SI)$ Global selloff fueled by recessionary fears following Trump's trade war. China  $CSOP DIV ETF S$(SHD.SI)$ $CSOP

【SRT】 Last week, SRT gained slightly. Gains were led by industrial, retail and office by subsectors and CICT, FCT and CLAR by individual REITs. Even though last week’s announcement of Trump’s reciprocal, “Liberation Day” tariffs (set at 10% on all US-bound exports) triggered stagflation fears, SRT gained as investors rush to defensive assets (gold, cash, government bonds, and REITs). The rise in Fed rate cut expectations on recessionary concerns, is a tailwind for S-REITs. Despite inflationary concerns, given that SRT is invested in large-cap S-REITs, they are better able to pass-through the higher costs via higher rents to tenants. This continues the trend we saw in March. In March, SRT’s NAV surged 5.07% in SGD as falling SORA rates and sector rotation boosted S-REITs.

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +2.40% Monday was a SG public holiday. LCU fell slightly in USD WTD, amidst uncertainty over Trump's impending tariffs (April 2), which had resulted in volatility and prompted economists to downgrade growth forecasts.  WTD losses are led by Xiaomi, Hitachi, and MUFJ. Xiaomi fell after one of its EV was involved in a deadly accident in China, which could trigger scrutiny of smart driving software in modern new-energy vehicles.  $CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -15.12% SQU fell slightly in USD WTD, with losses led by Delta Electronics, Astra International and Goto Gojek Tokopedia, amidst uncertainty over Trump's impendin

Weekly Performance Checkpoint 【SRT】 Last week, SRT traded relatively flat. Gains were led by data centre, industrial and office by subsectors and CICT, KDCREIT and MPACT by individual REITs. Losses were led by hotel by subsectors and FCT, DCREIT and FLT by individual REITs. According to Business Times, S-REITs outperformed as banking stocks weakened, signalling a potential sector rotation and S-REITs attracted institutional buying after weeks of net institutional outflows. Over the month of March, S-REITs outperformed Singapore’s major banks (DBS, UOB, OCBC). $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: +2.07% 【MMF】 Last week, equity markets saw a rise in risk-on sentiment amid easing tariff fears. Economic releases presented a mixed

 Takeaway §   Chinese equities are enjoying the best start of the year in history, even in the haze of tariff war. The continuing southbound funds and AI-related revaluation made HK stocks stand out, but a catch-up rally in A-shares is still possible. §   Uncertainties in US tariff policies remain one of the largest threats to the global risk appetite, making the safe-haven assets like gold, US Treasury bonds, and JPY in good demand. §  For the US stock market, the comparative advantage versus EM is narrowing, but it is correction rather than a bear market. The exaggerated drop in US stock market has created buying opportunities in the short term. $CSOP Star&Chinext50 S$(SCY.SI)$