To The Moon

🧩 The opening trading day of September witnessed US markets bloodbath.

🔍 $Kasikorn BK TH SDR1to1(TKKD.SI)$ / $SGX(S68.SI)$ / $Tat Seng Pkg(T12.SI)$ : High-yield stocks ready to distribute dividends – keep a close watch.

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Reservoir Dogs

| The Wind of Change

2025 is set to be a year of transformation. The US Dollar Index has declined approximately 9% this year due to market expectations that the Federal Reserve will cut rates by early September, further weakening the dollar. UBS predicts sustained depreciation of the dollar, which could benefit global equity markets.

Although the US dollar remains the dominant global reserve currency, the index has fallen by more than 9% this year. Meanwhile, trade-related concerns have clouded the outlook for the Japanese yen. The Singapore dollar is emerging as a “safe-haven” currency, maintaining or appreciating its value during periods of market instability.

The USD/SGD exchange rate is expected to remain stable at $1 to SGD 1.28 and could reach $1 to SGD 1.25 within six months. Some even speculate that parity with the US dollar could become a possibility.

Leveraging the strength of the Singapore dollar, global capital increasingly favors SGX as a prime destination for asset allocation. Dividend-paying stocks nearing their payout dates often experience strong upward momentum. These high-quality assets include 🔍 $Kasikorn BK TH SDR1to1(TKKD.SI)$ / $SGX(S68.SI)$ / $Tat Seng Pkg(T12.SI)$ .

| Market recap

On the first trading day in September, major indices opened sharply lower, but losses narrowed by the close. $NASDAQ(.IXIC)$ fell 0.82%, and $S&P 500(.SPX)$ dropped 0.69%, unable to recover their earlier loss.

Big techs saw widespread declines. $NVIDIA(NVDA)$ slid 1.95%, $Amazon.com(AMZN)$ dropped 1.60%, and $Tesla Motors(TSLA)$ fell 1.35%.

Driven by investor expectations for a Fed rate cut this month and persistent demand from foreign central banks, New York gold futures broke past $3,600, hitting a historic high. At the same time, foreign central banks’ gold holdings exceeded US Treasury holdings for the first time since 1996.

Megacaps - A glimmer of hope

$Alphabet(GOOGL)$ : A victory in the antitrust battle, pre-market up.

Alphabet has successfully avoided being forced to divest Chrome. Judge Amit Mehta dismissed the government’s most extreme proposals, which included spinning off Chrome and possibly Android and banning Google from paying for guaranteed distribution of its search engine.

This ruling is also seen as a significant win for $Apple(AAPL)$ , which rose in pre-market trading. Alphabet reportedly pays Apple $20 billion annually to ensure Google remains the default search engine on Safari.

$Tesla Motors(TSLA)$ : A murkier outlook

Yesterday, Elon Musk unveiled his Master Plan, but the market was unimpressed, leading to a 1.35% drop in TSLA shares.

In mid-July, Tesla began sales in India, but orders fell far below expectations, amounting to only 600. Compounding the problem, Tesla’s market share in established regions is being eroded by competitors. In August, Tesla’s sales in parts of Europe declined, with Chinese EV manufacturer BYD surpassing it. This marks the eighth consecutive month of declining Tesla sales.

As previously analyzed, markets are becoming more pragmatic, prioritizing tangible business outcomes over grand narratives. Musk will need his robotic armies to accelerate development and catch up.

Asian markets - Robot star goes public

Unitree Robotics has announced plans to pursue an IPO on China’s A-shares market. The Chinese tech star plans to file as early as next month. As of June 2025, Unitree Robotics’ latest valuation stands at RMB 12 billion, with backing from major investors such as China Mobile, Tencent, Alibaba, and Geely.

The company specializes in robotic dogs, with quadruped robots and humanoid robots accounting for 65% and 30% of 2024’s revenue, respectively. About 80% of its quadruped robots are used in research and education, while the remaining 20% serve industrial purposes like inspections and firefighting.

The company was founded in August 2016 by Wang Xingxing, born in 1990. He pioneered the retail sale of high-performance robotic dogs, aiming to make them accessible to everyday consumers and expanding their use across various scenarios.

Top movers

• $Opendoor Technologies Inc(OPEN)$ surged 14.4%, becoming a new meme stock sensation, maintaining high popularity on Reddit. Over three trading sessions, it has risen more than 20%. Contributing factors include sustained positive sentiment on social media from hedge fund EMJ Capital’s Eric Jackson, alongside insider buying and short-squeeze potential.

• $ulta beauty(ULTA)$ , a beauty retailer, jumped 8.1% due to strong Q2 results, prompting traders to accelerate buying.

• Following $Bullish(BLSH)$ and $Circle Internet Corp.(CRCL)$ , blockchain lender $Figure Technology Solutions (FT Intermediate)(FIGR)$ will go public on September 4. The IPO is priced at $18–20 per share, with the company’s valuation potentially reaching $3.37 billion. With a more relaxed regulatory environment in the US, FIGR joins the growing wave of IPOs in the crypto sector.

| Dividend Plays: More on the menu

Solid foundations underpin high-yield dividends. Top-performing dividend stocks year-to-date include 🔍 $Kasikorn BK TH SDR1to1(TKKD.SI)$ / $SGX(S68.SI)$ / $Tat Seng Pkg(T12.SI)$ .

TKKD | Ex-Date: 2025-09-10, Record Date: 2025-09-11, Payout Date: 2025-10-02, SGD 0.477

$Kasikorn BK TH SDR1to1(TKKD.SI)$ is a commercial bank in Thailand operating through a network of branches across the country and several cities abroad.

With total assets of 4.4 trillion baht ($130 billion), Kasikornbank is Thailand’s second-largest lender.

Kasikornbank offers services to retail clients, SMEs, and corporations. Its broad product range includes K-Cash Management solutions, international trade, supply chain financing, investments, securities services, ATMs, and K-Mobile Banking.

S68 | Ex-Date: 2025-10-16, Record Date: 2025-10-17, Payout Date: 2025-10-27, SGD 0.105

Established in 1999, $SGX(S68.SI)$ is a leading multi-asset exchange and a cornerstone of Singapore’s financial ecosystem. SGX is renowned for its liquidity, market diversity, and robust operations, making it the premier platform for investors and businesses alike.

On August 8, SGX reported record-breaking full-year revenue and net profit since its listing, achieving revenues of SGD 1.4 billion and statutory earnings per share of SGD 0.60, aligning with estimates.

This year has been a defining one for SGX, delivering its strongest performance on record. Since 2022, the STI has outperformed the S&P 500.

T12 | Ex-Date: 2025-10-30, Record Date: 2025-10-31, Payout Date: 2025-11-12, SGD 0.01

Founded in 1968, $Tat Seng Pkg(T12.SI)$ is a leader in corrugated packaging solutions for various industries. Beyond Singapore, the group operates in China, with plants located in Suzhou, Hefei, and Tianjin.

Tat Seng Packaging is one of the major players in the corrugated box industry. The global demand for corrugated boxes is expected to grow at a 4.43% CAGR between 2023 and 2033. The market is projected to expand from USD 154.75 billion in 2024 to USD 226.45 billion by 2033. Notably, the Asia-Pacific region is experiencing rapid growth.

Tat Seng Packaging’s leading position in Singapore and China’s corrugated paper and packaging markets reflects undervalued operational strength. The board declared an interim ordinary tax-exempt dividend (one-tier) of SGD 0.01 per share for the financial year ending December 31, 2025.

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