To The Moon

•Last week, LCU (-2.74% in USD), SQU (-0.64% in USD), SRT (-1.30% in SGD) and $CSOP DIV ETF S$(SHD.SI)$ (-1.43% in SGD) fell, while $CSOP Star&Chinext50 S$(SCY.SI)$ (+3.25% in SGD) rose.

• $CSOP LOW CARBON US$(LCU.SI)$ fall was driven by IT, consumer discretionary and communication services by sector. By country, the decline was led by China, Taiwan and Japan. By individual firms, the fall was led by TSMC, Tencent Holdings and Tokyo Electron. $Taiwan Semiconductor Manufacturing(TSM)$ and Tokyo Electron fell alongside Asia’s chip-related stocks due to worries regarding the possibility of the Biden administration imposing stricter restrictions on semiconductor sales to China. Despite that, TSMC saw improved revenue forecast on AI demand confidence. Tencent Holdings fell after it announced plans to terminate Synced, its free-to-play co-op shooter game, one year after launch.

• $CSOP SEA TECH ETF US$(SQU.SI)$ decline was predominantly due to Sea Ltd and Grab. $Sea Ltd(SE)$ fell despite Maribank poaching Natalie Goh from rival trust bank where she was the COO as its digital-lending business in Singapore was less than 5% of its 2023 e-commerce gross merchandise vs Indonesia’s 40%. Grab fell after its price target was lowered by Jefferies.

•SRT’s fall was mainly attributable to retail, data center and office REITs. Losses were mainly attributable to KDCREIT, CICT and MPACT. KDCREIT dropped despite its target price being raised by UOB Kay Hian.

Source: Bloomberg, as of 20240719. Past performance is not indicative of future performance.

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