FSM Global - Research Highlights

QNDX ETF – Now Available for ETF RSP! Looking to invest in the Nasdaq at the lowest cost? State Street's new low-cost ETF (QNDX) might be more attractive than QQQ or QQQM. FSM Global offers 0% processing fees for ETF RSP! https://fsm.global/sg/article/rcms378160

Funds: Q&A Series: Positioning for the next wave of biotech breakthroughs with Janus Henderson In the latest edition of our Q&A Series, we shine the spotlight on the Janus Henderson Horizon Biotechnology Fund. Read on to find out more! 📖: read more here

iFAST Daily Brew ☕️ - 17 Aug 2026 Wall Street fell as investors weighed on economy data 🇺🇸 S&P 500: 7,786 (-0.17%) 📉 🇺🇸 NASDAQ: 26,729 (-0.28%) 📉 🇪🇺 STOXX 600: 658 (-0.21%) 📉 🇯🇵 Nikkei 225: 68,714 (0.59%) 📈 🇭🇰 Hang Seng: 25,117 (-1.10%) 📉 🇨🇳 CSI 300: 4,666 (0.04%) 📈 🇸🇬 STI: 5,744 (0.41%) 📈 3 Things You Need To Know Today: 1. Anthropic’s preliminary 2Q26 revenue surged more than fourteenfold y/y to over USD 11.5 billion and turned adjusted operating profit positive, strengthening its IPO case as rapid enterprise adoption helps it challenge OpenAI. 2. Nvidia is reportedly cutting its initial OpenAI data centre guarantee from USD 250 billion to below USD 120 billion and limiting it to the project’s first phase, easing investor concerns over its financing exposure while leaving OpenAI’s ability to fund the full project as the key uncertainty. 3. Apple is shifting towards greater control of its China AI strategy by developing a local model with Alibaba’s support, potentially strengthening the iPhone’s competitiveness, although how it will operate alongside Qwen and Baidu remains unclear.

Macro Research: SG’s 2026 growth forecast upgraded to 4.5–5.5%: AI upcycle lifts outlook, positive view maintained Singapore’s stronger-than-expected 1H26 performance has prompted a second GDP forecast upgrade, with the AI upcycle now translating into broader economic momentum. We maintain our positive view on Singapore equities as stronger growth provides a firmer foundation for the broader market. 📖: read more here

Stocks: Alibaba: An AI opportunity hidden behind e-commerce headwinds For much of the past year, Alibaba's investment story has been overshadowed by the intense subsidy war in China's instant commerce market. Fierce competition with Meituan and JD.com has weighed on profitability, while heavy investment in AI infrastructure has pushed free cash flow into negative territory. These near-term headwinds have led many investors to question whether Alibaba's best days are behind it. We believe the market is focusing on the wrong part of the story. Behind the pressure on e-commerce margins, Alibaba is quietly building one of China's most comprehensive AI ecosystems. The financial inflection, although still in early stage, is already becoming visible. In our view, the market continues to overemphasise the short-term earnings drag from instant commerce while underappreciating the long-term earnings potential of Alibaba's Cloud and AI businesses. 📖: read more here

ETF: Beyond the US AI boom: Two ways to capture China’s opportunity China’s AI opportunity can be expressed through two complementary trades: a hardware ETF where earnings are already materialising, and a platform ETF trading at an underpriced valuation as AI monetisation gathers pace. • The GF CSI All-Share Information Technology ETF (SZSE: 159939) offers the clearest earnings visibility, with global AI capex and domestic substitution already translating into demand for the chips and hardware required to build data centres. • The iShares Hang Seng TECH ETF (HKEX: 3067) offers an attractive re-rating opportunity, trading well below its long-term valuation average as the food-delivery subsidy war eases and AI monetisation accelerates through Alibaba Cloud and Tencent advertising. • We favour an equal-weight core allocation to both — one already delivering confirmed earnings, the other a deep value play with an earnings recovery story still to play out — with a smaller, complementary allocation to the T. Rowe Price China Evolution Equity Fund for broader exposure. 📖: read more here

Stock Ideas: PropNex: The CCR-heavy, backloaded launch calendar is still ahead PropNex reported a steady 1H2026, with revenue broadly flat as resilient agency commissions offset softer project marketing income on a lighter launch calendar. We maintain our BUY rating on PropNex, anchored by five structural drivers: the HDB MOP pipeline, developers’ timely positioning to capture the MOP wave, record land bids, resilient CCR and landed demand and a newly emerging en bloc reform channel. 📖: read more here

Macro Research: South Korea AI: Is the AI story beyond memory compelling? Although market attention on South Korean equities remains largely focused on two memory chipmakers, the AI story beyond memory is equally compelling, given the country's advanced manufacturing base and technology infrastructure. 📖: read more here

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Stocks: UOB 1H26: Earnings stabilising, but a broader recovery is still needed UOB’s 1H26 results show early signs of earnings stabilisation as the rate drag eases and wealth income grows, but weaker core revenue and rising Greater China credit risks keep the recovery uneven. Capital strength and an attractive forward dividend yield provide support, but stronger fee growth and sustained credit discipline are needed for further share price gains. 📖: read more here

iFAST Daily Brew ☕️ - 14 Aug 2026 US market hit records as producer prices stalled 🇺🇸 S&P 500: 7,799 (0.65%) 📈 🇺🇸 NASDAQ: 26,803 (0.81%) 📈 🇪🇺 STOXX 600: 659 (-0.04%) 📉 🇯🇵 Nikkei 225: 68,309 (1.16%) 📈 🇭🇰 Hang Seng: 25,397 (-0.17%) 📉 🇨🇳 CSI 300: 4,664 (-0.57%) 📉 🇸🇬 STI: 5,720 (-0.01%) 📉 3 Things You Need To Know Today: 1. Iran is set to join the BRICS New Development Bank as Tehran seeks to strengthen its economic partnerships amid its ongoing conflict with the US and Israel. 2. Chinese AI startup DeepSeek officially launched its V4 Pro model, seeking to strengthen its competitive position against rapidly advancing domestic rivals. 3. Anthropic is reportedly in discussions to acquire Nvidia-backed startup Decart AI, as the Claude developer considers strategic acquisitions to bolster its capacity to meet rising demand ahead of a potential public listing.

Funds: Q&A Series: From EVs to AI – What's fueling the future of mobility? In the latest edition of our Q&A Series, we shine the spotlight on the Neuberger Berman Next Generation Mobility Fund. Where will the next chapter of mobility growth come from and which technologies and industries are best positioned to capture it? Read on to find out. 📖: Read the full article here

Bonds: New on Bondsupermart Live: 15 Income Opportunities from HSBC, SK Hynix, Petronas, and More! Secure yields from global names like HSBC, SK Hynix, Petronas, Standard Chartered, and NatWest with transparent, dynamic pricing and flexible $1,000 odd-lot minimums across SGD, USD, AUD, and GBP. 📖: Read the full article here

iFAST Daily Brew ☕️ - 13 Aug 2026 US market rose as inflation landed in line; Korea's KOSPI surged on potential Temasek inflows 🇺🇸 S&P 500: 7,749 (0.26%) 📈 🇺🇸 NASDAQ: 26,588 (0.54%) 📈 🇪🇺 STOXX 600: 659 (-0.16%) 📉 🇯🇵 Nikkei 225: 67,524 (0.83%) 📈 🇭🇰 Hang Seng: 25,440 (-0.83%) 📉 🇨🇳 CSI 300: 4,691 (0.58%) 📈 🇸🇬 STI: 5,721 (-0.58%) 📉 3 Things You Need To Know Today: 1. The US and Iran are reportedly nearing an agreement over the Strait of Hormuz, according to a senior Pakistani minister, raising hopes for a potential deal. 2. OPEC cut its forecast for global oil demand growth in 2026 to 580,000 barrels per day, marking the fourth consecutive downward revision. 3. Taiwan’s Foxconn reported a 35% increase in second-quarter profit, exceeding analyst expectations, as strong AI-related demand continued to drive growth.

Macro Research: Gold rallies to around USD 4,400, but the case against it hasn't moved The rebound is not a reversal of the structural case. It reflects two risk events, followed by a rate repricing on Hormuz reopening hopes that collapsed on 10 August, sending gold prices higher again on renewed safe-haven demand. Meanwhile, China’s physical gold demand is pulling ahead of India’s. Here is what has changed, and why our allocation has not. 📖: read more here

The Company Behind Singapore's Building Upgrades | Stock Picks #5 Ever wondered who keeps Singapore’s HDB blocks in good shape? We take a look at ISOTeam (SGX: 5WF), a leading building maintenance and estate upgrading specialist. In this video, Charmaine, Research Analyst at iFAST, explains how ISOTeam could benefit from Singapore’s ageing buildings, government upgrading programmes and its growing BuildTech capabilities - and why it could be worth keeping on your watchlist. Watch the full video here.

[Webinar] Semiconductor Sell-Off, Singapore Stand-Out: What Smart Money Is Watching Now Tech stocks just had a brutal month while the companies behind them posted record results — and Singapore quietly kept humming along. Join us on 19 August, 7pm, as two of our research analysts unpack the disconnect and where the opportunities lie next. Register here.

iFAST Daily Brew ☕️ - 12 Aug 2026 Global markets ended lower as investors shifted attention to US Iran deal and US inflation data S&P closes at record high as soft jobs report eases rate-hike concerns 🇺🇸 S&P 500: 7,728 (-0.32%) 📉 🇺🇸 NASDAQ: 26,445 (-0.60%) 📉 🇪🇺 STOXX 600: 661 (0.01%) 📈 🇯🇵 Nikkei 225: 66,970 (0.00%) Market Closed 🇭🇰 Hang Seng: 25,653 (-1.10%) 📉 🇨🇳 CSI 300: 4,664 (-0.81%) 📉 🇸🇬 STI: 5,754 (0.98%) 📈 3 Things You Need To Know Today: 1. Nvidia is set to release Nemotron 3.5 Lightning, a lightweight open-source AI model capable of running on a single GPU-equipped PC, marking Nvidia’s first open-source model. 2. US small-business sentiment rose to an 11-month high in July, driven by a sharp increase in the share of business owners planning to hire, suggesting the recent decline in nonfarm payrolls may have been temporary. 3. Britain’s medicines regulator has approved Eli Lilly’s Foundayo pill for weight management and type 2 diabetes, making the UK the first country in Europe to authorize the treatment for both indications.

Bonds: Idea of the Week: AI-memory boom fortifies SK Hynix’s 4.66% short-term USD bonds Record AI memory profits have transformed SK Hynix from a cyclical borrower into a net creditor 📖: Read the full article here

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