To The Moon

Weekly Performance Checkpoint 【 $CSOP S-REITs INDEX ETF(SRT.SI)$ 】 SRT’s fall was primarily due to industrial and office REIT by subsectors as well as MINT, FLT and CLINT. CLINT fell after Temasek sold its shares.  【 $CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ 】 Last week, headline CPI and the core CPI both increased by 0.3% MoM in November, slightly below JPM's prediction. The core basket had unexpected variations, with owner's equivalent rent and tenant's rent lower than anticipated, while hotel prices surged beyond expectations. This has slightly shifted the odds in favor of Fed cutting rates at the December meeting despite sturdy core CPI might still cause

East Asia 【 $CSOP SEA TECH ETF S$(SQQ.SI)$ $CSOP SEA TECH ETF US$(SQU.SI)$ 】YTD Return: +30.60% • Sea Ltd's stock outperformed in 2H, rising 59% from mid-year to 29 Nov due to strong 3Q revenue and earnings, easing concerns over margin pressure from increased competition in Southeast Asia. • Amid potentially higher US tariffs on Chinese goods, this may benefit e-commerce in Southeast Asia. • JPM notes that since 2019, ASEAN's TMT sectors have consistently provided appealing trading opportunities, with at least one stock surpassing MSCI EM by 30pp annually, with Sea Ltd and Grab leading in 2024. Looking into 2025, the main catalysts for Sea and Grab's stock prices will be network effects contributing

•      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

Weekly Performance Checkpoint 【SRT】 •      $CSOP S-REITs INDEX ETF(SRT.SI)$ ’s rise was led by office and hotel by subsectors and Suntec REIT, MLT and CLINT by individual REITs. Suntec REIT jumped after property tycoon offered to buy out shares through their investment vehicle after their rise in stake prompted a mandatory takeover under Singapore listing rules, and will be keeping the listing status of the REIT. 【MMF】 Last week, President Donald Trump has cautioned BRICS countries against creating a new currency or favoring another to replace the US dollar in global trade, threatening to impose 100% tariffs on their goods if they do not comply. November’s ISM manufacturing PMI saw upside surprise as it rose to 48.4 (con

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 【$CSOP SEA TECH ETF S$(SQQ.SI)$ 】YTD Return: +27.82% Morgan Stanley predicts $Sea Ltd(SE)$ 's profitability to continue till 2025, driven by Shopee's ASEAN ecommerce dominance and potential for ~30% EBITDA CAGR over five years. In a monthly update, Goldman Sachs has added Delta Electronics to its APAC conviction list.  【 $CSOP LOW CARBON US$(LCU.SI)$ 】YTD Return: +16.04% Asian semiconductor stocks including TSMC rose after Biden administration impose newer, but less severe than anticipated restrictions on tech exports to China.  Yesterday night, South Korean President Yoon Suk Yeol's unexpected declaration and subsequent retraction of

Weekly Performance Checkpoint 【SRT】 $CSOP S-REITs INDEX ETF(SRT.SI)$ ’s gains last week were due to industrial, data center and retail by subsectors and KDCREIT, CLAR, and MINT by individual REITs. The 3 REITs gained after Macquarie resumed their coverage with an outperform rating. 【MMF】 Markets are pricing in fewer rate cuts since November’s FOMC meeting. Bloomberg Economics predicts a rate cut by the Fed in either December 2024 or January 2025, but not both. We expect $CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ to continue to deliver stable yield in the near term. As of 20241129, the fund has net yield at 4.59%. ^ Source: CSOP and Bloomberg as of 20241129. ^ 7-da

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

Weekly Performance Checkpoint 【SRT】 $CSOP S-REITs INDEX ETF(SRT.SI)$ ’s losses were led by hotel REITs by subsector and FLT and CLAR by individual REITs. UBS reported a mixed Q3 2024 for SREIT. Despite a narrowing difference between signing and passing rents, rent reversion in Singapore sectors remained robust overall. 【MMF】 Last week, core CPI rose 0.28% m/m in October, softer than JPM's prediction but matched consensus, driven by unexpected weakness in core goods excluding vehicle prices possibly due to weather distortions given hurricanes in Southeast and unusually warm temperatures in Northeast. Data supports a potential Fed cut in mid-December, and swaps traders raised the probability to ~80% from 56% earlier. Core PPI rose +0.3% m/m in Oc