To The Moon

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +5.31% LCU was relatively flat in USD WTD.  Markets are cautiously optimistic ahead of Trump tariffs (April 2) on hopes of narrower-than-expected trade sanctions as Trump hinted at tariff exemptions for key partners.  Despite that, China and Australia cautioned against broader global economic fallout from U.S. trade protectionism.  WTD gains are led by TSMC and Commonwealth Bank of Australia while WTD losses are led by Tencent, Meituan and Alibaba.  $CSOP SEA TECH ETF US$(SQU.SI)$ SQU YTD return: -14.46% SQU's gained +0.65% in USD WTD.  WTD gains are led by Sea Ltd, Wipro and Infosys.  Arete analyst initiated cover

Weekly Performance Checkpoint 【SRT】 Last week, SRT traded relatively flat. Losses were mainly attributable to retail, data centre and hotel by subsectors, as well as CICT, Suntec REIT and FCT by individual REITs. Despite that, according to CNBC, Singapore, while costlier than regional peers, is drawing tourists with premium attractions, conferences, and live events. Singapore tourism board backs interactive experiences to align with global experiential travel trends, projecting 17-18.5 million visitor arrivals this year, fuelled by new attractions like Minion Land, Rainforest Wild Asia and Disney’s cruise. Hotel RevPAR could rise 4% in 2025 if visits meet the state’s 3-12% growth forecast. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return:

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +6.70% LCU was up 2.45% in USD WTD as Asian equities rose on China stimulus optimism.  WTD gains are predominantly led by Alibaba, Tencent and Xiaomi.  $CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -14.79% SQU's 0.92% WTD gains in USD are primarily attributable to Grab, GoTo and Delta Electronics.  Grab and GoTo rallied after Grab it said it will be moving forward with its attempt to acquire rival GoTo (a deal that could fetch over $7 bn) and has begun due diligence. Grab-GoTo combination will effectively control 60%-70% of Southeast Asia's on-demand services market, so this acquisition could potentially face regulatory scrutiny.

Weekly Performance Checkpoint 【SRT】 SRT’s gains last week was led by industrial, retail and hotel by subsectors, as well as MLT, CICT and FLT by individual REITs. CICT gained amidst news that Singapore retail sales excluding vehicles gained 4.8% y/y in January, the highest growth since February 2024. This could lead to higher turnover rents and might lift 1Q revenue for mall landlords including CICT. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.42% 【MMF】 Last week, short-term US Treasury yields fell sharply while long-term rates held steady, though tariff news and frequent economic data kept long-end volatility elevated. This drove significant steepening in both Treasury and TIPS curves. Nevertheless, we expect CSOPUMM to continue

Weekly Performance Checkpoint 【SRT】 SRT’s decline last week was led by data centre and multi asset class by subsectors and KDCREIT, DCREIT, and CLINT by individual REITs. KDCREIT fell after issuing 5.8mn new units at average price of S$2.1487 each to pay management and acquisition fees. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.56% 【MMF】 Last week, US treasury curve bull flattened sharply with 10Y yields falling more than 11bp on 24th Feb. The tariff headlines resulted in more growth concerns than inflation concerns, with forwards pricing over 50bp of rate cuts in 2025. Trump proceeded with tariffs on Canada and Mexico. Trump has also announced additional 10% tariffs on Chinese goods effective 4th March.  Separately, the Co

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +5.39% Asian stocks were impacted by Trump's moves to curb Chinese investments into US technology, critical infrastructure, healthcare, agriculture, energy, raw materials.  Furthermore, weaker US consumer confidence stoked economic worries, which also further affected Asian stocks.     $CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -8.83% Deutsche Bank and Citi Research raised Grab's target price, while JPM upgraded it to overweight, boosting its shares after a post-earnings decline.  Macquarie sees Sime Darby's 1H25 adjusted net profit of RM657mn (39%/43% of their/Bloomberg consensus estimates) as in line with expectation

Weekly Performance Checkpoint 【SRT】 Last week, SRT’s decline can be attributable to retail, office and industrial by subsectors, and Suntec REIT, CICT and MINT by individual REITs. Suntec REIT fell amidst its subsidiaries refinancing by signing AU$399mn loan agreements.  Despite Suntec REIT and CICT’s decline this week, they alongside with other mall landlords, are expected to benefit from Singapore’s 2025 budget, which saw handouts to household to alleviate rising living costs as well as support consumption. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -1.86% 【MMF】 Last week, FOMC minutes confirmed the Fed's cautious stance on policy easing, due to high uncertainty, maintaining its easing bias. This reinforces the Fed’s preferen

East Asia $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +7.13% • The week began with China's tech-driven rally, fueled by DeepSeek's AI breakthrough and optimism about China's economic recovery, sparked by President Xi Jinping's meeting with business leaders, including Alibaba co-founder Jack Ma. • Goldman Sachs has increased its targets for Chinese equity benchmarks. • However, Trump's threats of a 25% tariffs on automobile, semiconductor and pharmaceutical imports has resulted in Asia stock market fluctuations. $CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -3.86% • Singapore's 2025 budget includes a 50% corporate tax rebate, capped at S$40,000, which could potentially benefit Sea and Grab, thereby boostin

Global Outlook: US Still Matters Inflation Crisis will End Soon? Beware of Reflation High inflation has been a common predicament for countries in the post-pandemic era, leading to an expansion of the wealth gap and an intensification of social conflicts. Many voters have sought new governments to solve the problem of inflation, which was also the reason for the failure of incumbent parties around the world in the past 2024 election year. However, Trump's policy advocacy seems to contradict his campaign promise to fight inflation: controlling inflation is a key goal, but trade and immigration policies are detrimental to controlling inflation: under the background of Trump's various policies, the US inflation rate in 2026 will be more than 4 percentage points^ higher than before. ^ ^ Peters

Weekly Performance Checkpoint 【SRT】 Last week, SRT’s decline was attributed to industrial, office and data centre by subsectors, and MINT, MPACT and KDCREIT by individual REITs. MINT fell after JPM cut it from overweight to underweight due to expectations of rising vacancies at US and SG data centres with upcoming non-renewals as well concerns over Deepseek. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -1.16% 【MMF】 Last week, US rates were up following higher oil prices, Fed Chair Powell’s remarks and higher-than-forecasted January CPI prints. Following last Wednesday’s CPI report release, Fed fund futures suggest the next full 25bp policy rate cut in 4Q25 (vs 3Q25 previously). As such, we expect CSOPUMM to continue to deliver stable