•      SRT’s NAV fell -3.63% in SGD in the month of November due to the “red wave” as well as the return of “higher-for-longer” rates story •      Healthcare was the only subsector that gained in November in SRT •      Meanwhile, industrial and office subsectors fell the most in November in SRT •      A notable development this month was MAS’ upward revision to SREIT’s aggregate leverage limit from 45% to 50% with all SREITs subject to minimum ICR of 1.5x; MAS has also added a requirement where REIT manager needs to take action to improve ICR and disclose information when its ICR falls under 1.8x Source: JPM, as of 2024/12/02 PERFORMACE •      Since inception, SRT

Performance King With a 31% price return, $CSOP SEA TECH ETF S$(SQQ.SI)$ / $CSOP SEA TECH ETF US$(SQU.SI)$ becomes the best ETF performer in 2024 YTD(NOV) at SGX[1]. SQQ/SQU has also garnered significant attention from investors in China. As of Decmber 4th, the total NAV of CSOP iEdge Southeast Asia + Technology Index ETF reached 240 million USD.[2] CSOP iEdge Southeast Asia + Technology Index ETF is the first ETF in Singapore to provide investment opportunities in the technology industry in Southeast Asia and India. By investing in this ETF, investors can take advantage of the huge growth potential of emerging markets in Asia and diversify their portfolios by investing in the dynamic technology sect

East Asia 【 $CSOP LOW CARBON US$(LCU.SI)$ 】YTD Return: +11.89% • Samsung Electronics' shares rose up to 3% on 2024/11/25, reaching a high since Nov. 8, after Nvidia's CEO confirmed that they are fast-tracking the certification of Samsung's AI memory chips. • The impending additional 10% tariffs on Chinese goods by the US could impact Chinese equities. 【 $CSOP SEA TECH ETF S$(SQQ.SI)$ 】YTD Return: +28.23% • Loop Capital has raised Sea Ltd's price target to $135, citing significant improvements in its e-commerce and gaming sectors. • Sea Ltd is to benefit from its strong year-on-year in-app purchase revenue growth in October, and the positive outlook following the Asia Internet Conference as mentioned b

Weekly Performance Checkpoint 【SRT】 SRT’s losses were led by industrial, office and retail subsectors, as well as CICT, FLT and CLINT by individual REITs. FLT fell after being cut to underweight at JPM. 【MMF】 Swap market pricing less than 50% chance of a Fed rate cut in December. We expect CSOPUMM to continue to deliver stable yield in the near term. As of 20241122, the fund has net yield at 4.69%. ^ Source: CSOP, Bloomberg, JP Morgan as of 20241122. ^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【CN】 Last week, CGB price was gained slightly in CNY but fell slightly in USD terms. YTD as of 20241121, the CYC/CYB rose +5.45% in CNY and gained +3.29% in USD*. Source: CSOP, FTSE Russell, Bloomberg as of 20241121. * CYC/CYB/CYX USD NAV is converted based on benchm

Southeast Asian tech giants $Grab Holdings (GRAB.US)$ and $Sea (SE.US)$ recently announced results that exceeded expectations and achieved the goal of turning losses into profits year-on-year. Grab and Sea's stock prices both rose by more than 10% after announcing exciting third-quarter results. Grab, known as the "Didi" of Southeast Asia, saw its revenue in the third quarter increase by 17% year-on-year to US$716 million, exceeding analysts' expectations of US$697 million. During this period, Grab turned losses into profits, with net profit in the third quarter reaching US$15 million, compared with a loss of US$99 million in the same period last year. In addition, Grab also raised its full-year performance expectations, with strong revenue growth and higher profitability as its key driver

•Last week, LCU (+2.66% in USD), SQU (+3.01% USD) and SCY (+4.89% in SGD) gained while SRT (-3.38% in SGD) and SHD (-0.66% in SGD) fell. This happened amidst the backdrop of Trump winning the US presidency election as well as a 25bps Fed rate cut. • $CSOP LOW CARBON US$(LCU.SI)$ ’s rise is attributable to financials, IT and consumer discretionary by sectors and Japan, China and Australia by region. By individual firms, gains were led by TSMC, $Toyota Motor (7203.JP)$ and $Mitsubishi UFJ Financial Group (MUFG.US)$ . $Taiwan Semiconductor (TSM.US)$ gained after a top executive from TSMC said the value of Taiwan’s semiconductor output is projected to rise 22% to >$164 billion this year, driven by AI and robust economic growth. Toyota gained afte

• Last week, SQU (+1.97% in USD) and SCY (+0.57% in SGD) gained, while LCU (-2.50% in USD), SRT (-2.97% in SGD), and SHD (-1.10% in SGD) fell. • $CSOP LOW CARBON US$(LCU.SI)$ ‘s fall was attributable to IT, financials and consumer discretionary by sectors, and Japan, China and Taiwan by geographies. By individual firms, the decline was led by TSMC, Alibaba and Samsung Electronics. TSMC fell following suspension of its 2nm plant in Hsinchu for investigation of a death likely caused by electrocution and discovery that chips for a specific customer were delivered to Huawei. • $CSOP SEA TECH ETF US$(SQU.SI)$ ’s gains were led by Grab and Astra. Grab’s target price was raised +4% by UBS ASEAN bank analyst

 Last week, the Beige Book released painted a picture that activity has been much softer than hard data have indicated, which may alleviate market’s concerns about a pause in rate cuts. For instance, Hurricane Helene destroyed crops and paused business activity and tourism, and most districts saw a fall in manufacturing activity.  As for data releases last week, US jobs report was the main focus, and data revealed more positive growth outlook, with initial jobless claims dropping to 227k from 242k the previous week, suggesting a normalization back to late September levels.  However, JPM estimates that hurricanes Helene and Milton, along with the Boeing machinist strike, could reduce next week's October employment report by 80k.  Nevertheless, we expect CSOPUMM to continue to deliver st

• Last week, LCU (+0.35% in USD), SQU (+1.89% in USD), SRT (+0.75% in SGD), SHD (+1.30% in SGD) and SCY (+5.62% in SGD) gained. • LCU’s rise was due to financials, real estate and utilities by sector, and Australia, Taiwan and Indonesia by country. By individual firms, gains were predominantly led by Commonwealth Bank of Australia, MUFG, and Hon Hai Precision Industry. Commonwealth Bank of Australia and MUFG gained after US financials profited. • SQU’s rise was attributable to Delta Electronics, Cal Comp Electronics and Com7 PCL. Delta Electronics was raised from fully valued to hold by DBS Bank. • SRT’s rise was due to industrial, retail and multi asset by subsector and MINT, FCT and CLAR by individual REITs. FCT rose as it could post mild sequential rise in NPI for 2H24 ended September d

· Last week, data reflected better-than-expected domestic consumption and labor market. · Retail sales in September rose by 0.4%, surpassing the 0.3% consensus, and the control group increased by 0.7%, also beating the 0.3% consensus. As such, economists believe these figures indicate a stronger consumption growth rate in 2H24. · Initial claims dropped by 19k to 241k, lower than the 259k consensus, partially reversing the manufacturing-related increase in Midwest states the previous week. · With that, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20241018, the fund has gross yield of 5.13% and net yield at 4.85%. ^ Source: CSOP, Bloomberg, JP Morgan as of 20241018. ^ Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculat

• September FOMC meeting minutes revealed a split decision on rate cuts, with the majority favoring a 50 bp reduction. However, as last week's data came out more robust than anticipated, it is forecasted that the pace of rate cuts will be slower moving forward. • Last Thursday saw the release of weak labor market data, with initial claims rising to 258k (consensus: 230k) amidst disruptions arising from Hurricane Helene and Michigan’s layoffs. • Inflation print came out robust, with core CPI rising 0.3% (consensus: 0.2%) in September. Core goods prices rose more than expected, supported by higher vehicle and apparel prices, while core services prices were slightly softer, except a notable 0.7% increase in medical care services prices. • Nevertheless, we expect CSOPUMM to continue to deliver

【The US】 🔸 US trade deficit narrows sharply in August. The US trade deficit narrowed sharply in August as exports increased and imports fell, suggesting that trade could be a small drag on economic growth in the third quarter. The trade gap contracted 10.8 per cent to US$70.4 billion from a revised US$78.9 billion in July, the Commerce Department’s Bureau of Economic Analysis said on Tuesday. Trade has subtracted from gross domestic product for two straight quarters. Growth estimates for the third quarter are currently as high as a 3.2 per cent annualised rate. 🔸 NVIDIA (NVDA.US) kicks off AI summit in D.C., with two more in Asia to follow. Chip giant working with U.S. government to bring AI to climate change and healthcare 【China】 🔸 China explores cross-border uses for digital yuan in new