វិចារណកថា
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បន្ទប់ព័ត៌មាន
Banjaran AMC Joins the Annual Securities Conference 2025
Banjaran Asset Management (Cambodia) PLC. is honored to participate in the Annual Securities Conference 2025 held on October 7th! We were delighted to engage with participants who visited our booth throughout the event. The event was graced by the presence of H.E. Dr. AUN Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, Chairman of the Non-Bank Financial Services Authority, and H.E. Sou Socheat, Delegate of the Royal Government in charge as Director-General of the Securities and Exchange Regulator of Cambodia (SERC).
Banjaran Asset Management (Cambodia) Recognized for Its Contribution to Cambodia’s Financial Market
We’re truly honored to be one of the sponsors of the Annual Securities Conference 2025! Held on October 7th, 2025 in the Annual Securities Conference 2025 at Sokha Hotel, Mr. Eric Loo, CEO & Executive Director of Banjaran Asset Management (Cambodia) Plc. received a certificate of recognition from H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC in this remarkable event—organized by the SERC, brought together leaders and professionals across Cambodia’s securities sector to discuss Sustainability, Innovation, Inclusion, and Resilience. Banjaran Asset Management (Cambodia) PLC. is proud to support the continued growth and innovation of Cambodia’s financial market!
Mr. Aaron Ng Advocates Unit Trust Investment Strategies at the Annual Securities Conference 2025
Mr. Aaron Ng , CEO of Banjaran Asset Management Pte. Ltd. (Singapore), delivered an impactful presentation on “Investing in Unit Trust Funds in Cambodia: Diversity Your Investment And Minimize Your Risks” in the Annual Securities Conference 2025, organized by the Securities and Exchange Regulator of Cambodia (SERC), on October 7th, 2025, Sokha Hotel. Presided over by H.E. Dr. AUN Pornmoniroth , Deputy Prime Minister, Minister of Economy and Finance, and Chairman of the Non-Bank Financial Services Authority. Mr. Aaron session provided valuable perspectives on the growth potential of Cambodia’s capital market and the crucial role of unit trust funds in minimizing risks and diversifying investments
ទិវាអ្នកចម្បាំងផែនដី ឆ្នាំ២០២៥:កម្ពុជាស្អាត អនាគតស្អាត
នៅថ្ងៃអង្គារ ទី៣០ ខែកញ្ញា ឆ្នាំ២០២៥ ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក មានមោទនភាពជាថ្មីម្តងទៀតក្នុងការចូលរួមកម្មវិធី “ទិវាអ្នកចម្បាំងផែនដី ឆ្នាំ២០២៥” នៅក្រុងកោះរ៉ុង ខេត្តព្រះសីហនុ។ ក្នុងនាមជាអ្នកឧបត្ថម្ភដ៏មានន័យនេះ យើងខ្ញុំមានសេចក្តីសោមនស្សរីករាយក្នុងការប្តេជ្ញាចិត្តដើម្បីកម្ពុជាស្អាត អនាគតស្អាត និងដើម្បីធានាថាវាជាកំណប់ទ្រព្យសម្រាប់មនុស្សជំនាន់ក្រោយ។ រួមគ្នាជាមួយក្រុម Earth Warriors ក្រុមការងារយើងខ្ញុំបានជួយប្រមូលសំរាមសរុបចំនួន ២០០ គីឡូក្រាម ដែលជាការបង្កើតឥទ្ធិពលពិតប្រាកដក្នុងការអភិរក្សសោភ័ណភាពធម្មជាតិរបស់កោះនេះ។
Banjaran AMC's CEO, Mr. Eric Loo, joins LionTrust’s 20th Anniversary Celebration
Singapore – September 5, 2025 Banjaran Asset Management (Cambodia) Plc. was invited to attend LionTrust Group's 20th-anniversary celebration in Singapore. It was an honor for our CEO and Executive Director, Mr. Eric , to join founders, partners, and industry peers in celebrating this remarkable milestone. LionTrust's two-decade journey is a powerful testament to the impact of trust, culture, and consistency. In an industry often focused on short-term gains, they have proven that genuine relationships and long-term stewardship are what build enduring success. This commitment deeply resonates with Banjaran Asset Management's mission in Cambodia. The principles LionTrust embodies are the very same we strive for: Trust as the cornerstone of every partnership. A collaborative culture that fosters shared purpose. Longevity built through alignment and sustainable growth. We extend our warmest congratulations to the entire LionTrust team. Their legacy of values and dedication is an inspiration, and we look forward to continued collaboration as we both work to shape a stable and prosperous financial future for our respective communities.
ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បាន ចែករំលែកចំណេះដឹងស្តីពី "គម្រោងវិនិយោគរួម" សម្រាប់និស្សិតសាកលវិទ្យាល័យ
នាព្រឹកថ្ងៃទី២៦ ខែសីហា ឆ្នាំ២០២៥ តំណាងក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បានចូលរួមក្នុងវគ្គបណ្ដុះបណ្ដាលស្ដីពី "ការវិនិយោគឆ្លាតវៃ" រៀបចំឡើងដោយ ក្រុមហ៊ុនមូលបត្រ អេស៊ីលីដា ម.ក ដោយមានកិច្ចគាំទ្រពី និយ័តករមូលបត្រកម្ពុជា ផ្សារមូលបត្រកម្ពុជា និងសាកលវិទ្យាល័យអាស៊ី អឺរ៉ុប សម្រាប់និស្សិតនៃសាកលវិទ្យាល័យអាស៊ី អឺរ៉ុប។ នៅក្នុងវគ្គបណ្ដុះបណ្ដាលនេះ ដោយមានការអនុញ្ញាតពីថ្នាក់ដឹកនាំក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក លោក តាំង ហយ បុគ្គលិកផ្នែកច្បាប់និងអនុលោមភាព បានធ្វើបទបង្ហាញស្ដីពី "គម្រោងវិនិយោគរួម" ដែលចំណេះដឹងវិនិយោគថ្មីសម្រាប់វិស័យមូលបត្រនៅកម្ពុជា។ វគ្គបណ្ដុះបណ្ដាលនេះត្រូវបានរៀបចំឡើងក្នុងគោលបំណងលើកកម្ពស់ការយល់ដឹងផ្នែកហិរញ្ញវត្ថុ ការបង្កើតទម្លាប់សន្សំប្រកបដោយប្រសិទ្ធភាព និងលើកកម្ពស់ការវិនិយោគប្រកបដោយភាពឆ្លាតវៃ សម្រាប់និស្សិតនៃសាកលវិទ្យាល័យ។
Shaping Cambodia’s Financial Future: Insights from Industry Leaders
The recent session on 22nd of August 2025, brought together industry leaders to share their expertise on pivotal topics shaping Cambodia’s financial sector. Mr. Eric Loo opened with an impactful presentation on “The Profound Significance of Successfully Launching Cambodia’s First Public Fund for the National Economy and Financial System”. He highlighted Banjaran AMC’s footprint as a pioneer in the Cambodian market, discussing the challenges faced in introducing the country’s first public fund and the company high standards in setting to the industry to ensure transparency, security, and investor confidence. He also emphasizes how this succession brings economic advantages, one such as attracting new investment opportunities and how the CIS can support projects & SMEs in driving growth. His insights underscored the importance of innovation and diligence in building a financial system that strengthens both the economy and the investment landscape. Following this, Mr. Hans Chen from StrongHold Trustee introduced his company and elaborated on the importance of trustee services, underscoring their role in ensuring security, transparency, and trust in the management of collective investment schemes. Finally, Mr. Zhang Dazhi shared his expertise on corporate compliance in Cambodia, discussing practical strategies for businesses to manage risks effectively. He covered key areas including proper tax planning, sustainable growth through EIAs, accurate reporting, and overall adherence to regulatory requirements, providing guidance on how companies can navigate the evolving compliance landscape safely. Together, these discussions highlighted the collective efforts of industry experts in shaping a stronger, more resilient, and forward-looking financial ecosystem for Cambodia.
ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បានដើរតួនាទីយ៉ាងសំខាន់នៅក្នុងសិក្ខាសាលាថ្នាក់ជាតិស្តីពីឧបករណ៍វិនិយោគ
នៅថ្ងៃទី១៤ ខែសីហា ឆ្នាំ២០២៥ ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បានចូលរួមក្នុងសិក្ខាសាលាថ្នាក់ជាតិមួយ ដែលផ្តោតលើប្រធានបទ "ការឈ្វេងយល់អំពីឧបករណ៍វិនិយោគ និងហិរញ្ញប្បទានក្នុងវិស័យមូលបត្រ"។ ព្រឹត្តិការណ៍នេះ ត្រូវបានរៀបចំនៅស្នាក់ការកណ្តាល នៃបេឡាជាតិសន្តិសុខសង្គម (ប.ស.ស.) ដែលរៀបចំដោយ និយ័តករមូលបត្រកម្ពុជា (ន.ម.ក.) និងបេឡាជាតិសន្តិសុខសង្គម (ប.ស.ស.) និងមានការគាំទ្រពី ផ្សារមូលបត្រកម្ពុជា (ផមក) ក្រុមហ៊ុនមូលបត្រ អេស៊ីលីដា ម.ក ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក និងក្រុមហ៊ុន Gold Financial Global Investment Co., Ltd. (GFG)។ សិក្ខាសាលានេះមានសិក្ខាកាមចូលរួមប្រមាណជាង១៥០នាក់ ដែលរួមមានថ្នាក់ដឹកនាំ មន្រ្តីរាជការ និងអ្នកជំនាញវិជ្ជាជីវៈក្នុងវិស័យហិរញ្ញវត្ថុ។ ឯកឧត្តម គឹម កែវរស្មី អគ្គនាយករង នៃបេឡាជាតិសន្តិសុខសង្គម (ប.ស.ស.) បានថ្លែងកោតសរសើរចំពោះសារៈសំខាន់ជាវិជ្ជមានរបស់ប័ណ្ណសមាជិក ប.ស.ស. ក្នុងការជួយសម្រួលដល់ការចំណាយលើថ្លៃព្យាបាល និងថ្លៃពិនិត្យដល់ប្រជាពលរដ្ឋ។ ទន្ទឹមនឹងនេះ ឯកឧត្តមក៏បានលើកសរសើរពីការប្តេជ្ញាចិត្តរបស់ ប.ស.ស. ក្នុងការផ្តល់សេវាសន្តិសុខសង្គម និងសេវាហិរញ្ញវត្ថុសំខាន់ៗ ដើម្បីអត្ថប្រយោជន៍ដល់សមាជិកគ្រប់រូប។ ឯកឧត្តមក៏បានបញ្ជាក់អំពីសារៈសំខាន់នៃឱកាសវិនិយោគ ក្នុងការជួយបន្ថែមដល់ការការពារសង្គម និងធានានិរន្តរភាពរយៈពេលវែង។ សុន្ទរកថារបស់ឯកឧត្តម ឆ្លុះបញ្ចាំងពីការគាំទ្រនិងការទទួលស្គាល់ប្រកបដោយគុណតម្លៃពីថ្នាក់ដឹកនាំនៃរាជរដ្ឋាភិបាល ក៏ដូចជាការគូសបញ្ជាក់ពីសារៈសំខាន់ជាយុទ្ធសាស្ត្រនៃកិច្ចសហប្រតិបត្តិការរវាងក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក និងបេឡាជាតិសន្តិសុខសង្គម (ប.ស.ស.) ក្នុងការជំរុញសុខុមាលភាពជាតិ និងកំណើនសេដ្ឋកិច្ចរយៈពេលវែង។ វត្តមានរបស់ លោក Eric Loo នាយកប្រតិបត្តិនិងអភិបាលប្រតិបត្តិ នៃក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បានគូសរំលេចពីតួនាទីរបស់ក្រុមហ៊ុនក្នុងនាមជាអ្នកនាំមុខគេក្នុងការបង្កើតឱ្យមានទីផ្សារគ្រប់គ្រងមូលនិធិ ដែលកំពុងរីកចម្រើននៅកម្ពុជា។ ចក្ខុវិស័យនិងភាពដឹកនាំរបស់លោក មានឥទ្ធិពលយ៉ាងសំខាន់ក្នុងការជំរុញបង្កើតមូលនិធិថ្មីៗបន្ថែមទៀត និងធ្វើឱ្យក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក ក្លាយជាក្រុមហ៊ុននាំមុខដំបូងគេក្នុងទីផ្សារកម្ពុជា។ លោក Low Hon-Yu និង លោក Christopher Wong សមាជិកក្រុមប្រឹក្សាភិបាលដែលមានមូលដ្ឋាននៅប្រទេសសិង្ហបុរី ក៏បានចូលរួមដើម្បីបង្ហាញការគាំទ្រយ៉ាងពេញទំហឹងចំពោះសកម្មភាពថ្នាក់ជាតិដ៏សំខាន់នេះ។ ការរួមបញ្ចូលគ្នារវាងភាពដឹកនាំក្នុងស្រុកនិងភាពជំនាញអន្តរជាតិ គឺជាកត្តាសំខាន់មួយដែលធ្វើឱ្យក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក មានលក្ខណៈពិសេសផ្ទាល់ខ្លួន។ ការប្តេជ្ញាចិត្តរបស់ ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក ក្នុងការកសាងទីផ្សារដែលរឹងមាំ មិនត្រូវបានមើលរំលងឡើយ។ ឯកឧត្តម ស៊ូ សុជាតិ ប្រតិភូរាជរដ្ឋាភិបាលទទួលបន្ទុកជាអគ្គនាយកនៃនិយ័តករមូលបត្រកម្ពុជា (ន.ម.ក.) បានបង្ហាញការកោតសរសើរគួរឱ្យកត់សម្គាល់ ចំពោះភាពជាអ្នកគាំទ្រដែលរួមចំណែកសំខាន់ក្នុងភាពជោគជ័យនៃសិក្ខាសាលា និងការប្តេជ្ញារបស់ក្រុមហ៊ុនក្នុងការបណ្តុះបណ្តាលអ្នកវិនិយោគ និងអភិវឌ្ឍទីផ្សារ។ ការទទួលស្គាល់នៅកម្រិតខ្ពស់នេះ បញ្ជាក់យ៉ាងច្បាស់ពីតួនាទីដ៏សំខាន់របស់យើង ក្នុងការកសាងទំនុកចិត្ត និងការផ្សព្វផ្សាយចំណេះដឹង នៅក្នុងប្រព័ន្ធអេកូហិរញ្ញវត្ថុរបស់កម្ពុជា។ លោក ញ៉ែម សុប៉ុល ប្រធានផ្នែកគ្រប់គ្រងសាជីវកម្ម នៃក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បានធ្វើបទបង្ហាញអំពី "គម្រោងវិនិយោគរួម (CIS)" ដោយបានសម្រាយប្រធានបទហិរញ្ញវត្ថុដ៏ស្មុគស្មាញនេះឱ្យងាយយល់សម្រាប់មន្រ្តីរាជការនៃ ប.ស.ស.។ លោកបានបង្ហាញពីរបៀបដែលមូលនិធិទាំងនេះអាចបង្កើតឱកាសវិនិយោគដោយមានវិន័យ និងមានភាពចម្រុះសម្រាប់ប្រជាជនកម្ពុជាទូទៅ ដែលឆ្លុះបញ្ចាំងពីការប្តេជ្ញារបស់ក្រុមហ៊ុនក្នុងការផ្តល់សិទ្ធិសម្រេចដល់វិនិយោគិន។ ការអនុវត្តការងារប្រកបដោយទស្សនវិស័យ និងការយកចិត្តទុកដាក់លើការអប់រំរបស់ក្រុមហ៊ុន បានបង្កើនការចាប់អារម្មណ៍យ៉ាងខ្លាំងនៅក្នុងសិក្ខាសាលា។ សិក្ខាសាលានេះបានបង្កើតឱ្យមានទំនាក់ទំនង ពិភាក្សា និងសន្ទនាដ៏មានអត្ថន័យជាមួយនាយកប្រតិបត្តិនិងថ្នាក់ដឹកនាំជាច្រើន ដែលបានបង្ហាញពីការចាប់អារម្មណ៍ចំពោះមូលនិធិរបស់ក្រុមហ៊ុន។ នេះបញ្ជាក់ថា ការខិតខំប្រឹងប្រែងរបស់យើងក្នុងការដឹកនាំទីផ្សារវិនិយោគនៅកម្ពុជា កំពុងទទួលបានជោគជ័យ និងកំពុងបង្កើនកិត្តិនាមរបស់យើង ជាអ្នកនាំមុខគេក្នុងទីផ្សារ ដែលគួរឱ្យទុកចិត្ត។ ដោយមានភាពដឹកនាំដ៏រឹងមាំនិងភាពជំនាញអន្តរជាតិ ក្រុមហ៊ុនបេនចារ៉ាន អ៊ែសេត មេនេចម៉ិន (ខេមបូឌា) ម.ក បានប្តេជ្ញាចិត្តចំពោះបេសកកម្មរបស់ខ្លួន គឺ៖ ធ្វើឱ្យការវិនិយោគអាចដំណើរការបានយ៉ាងទូលំទូលាយ បង្កើនការយល់ដឹងពាក់ព័ន្ធនឹងហិរញ្ញវត្ថុ និងមានតួនាទីប្រែក្លាយអនាគតនៃវិស័យហិរញ្ញវត្ថុរបស់កម្ពុជា។
Cambodia Capital Markets Assessment Report
On July 11, 2025, Banjaran Asset Management (Cambodia) Plc. had the privilege of participating in the IFC Capital Markets Assessment & Fundraising Event, held at the Hyatt Regency Phnom Penh. This high-level session, hosted by the International Finance Corporation (IFC), brought together key stakeholders across Cambodia’s financial sector—including fund managers, insurance providers, regulators, and banks—to explore strategies for strengthening the country’s capital markets. The discussions centered on unlocking new capital-raising opportunities, with particular emphasis on the development of Cambodia’s bond market as a vehicle for long-term investment and sustainable economic growth. Representing Banjaran AMC were Mr. Aaron Ng , CEO of Banjaran Asset Management Pte Ltd (Singapore), and Mr. Jevin Loo , Business Manager of Banjaran Asset Management (Cambodia) Plc.. During the event, our senior representatives had the opportunity to engage directly with IFC officials, introduce Banjaran AMC’s core mission, and present the impactful work being done through initiatives such as the K-Fund —a Collective Investment Scheme focused on agriculture and empowering local farmers that support the workshop's vision. IFC representatives expressed strong recognition and interest in Banjaran’s vision and ongoing efforts. These interactions helped lay the groundwork for potential future collaboration and opened new doors for strategic engagement in Cambodia’s fast-evolving investment environment. This event marked an important milestone in Banjaran AMC’s ongoing efforts to connect global capital with local opportunity, and to support the development of Cambodia’s financial ecosystem through innovation, transparency, and inclusion.
ទស្សនៈទីផ្សារ
2026 April Market Outlook: From Conflict Shock to Market Strength — What’s Driving the Recovery
Major indices across the countries tumbled in March but abruptly spiked in April upon the announcement of US-Iran peace talks, though the US Navy continues its blockade of the Strait of Hormuz. Record highs in the tech-heavy S&P 500 and strong US corporate earnings reaffirm the market’s resilience throughout the conflict, particularly for demand in technology. Similarly, Asian markets tracked US gains and rallied in April; South Korea’s Kospi and Japan’s Nikkei were also driven by technology related optimism and de-escalation relief. Singapore’s central bank tightened monetary policy while the Bank of Japan cooled rate hike expectations. The situation in China remains mixed with continued weak domestic demand and an ongoing property sector drag, while local banks have outpaced broader market since the war broke out. As markets rebounded and risk sentiment improved in April, we remain highly selective in stock selection while diversifying across markets, maintaining our disciplined, bottom-up approach to portfolio construction.
2026 March Market Outlook: Markets Under Pressure as Geopolitical Tensions Rise
The US-Israel war with Iran has created a delicate balancing act between investing for resilient growth and managing geopolitical volatility. While a "soft landing" remains the baseline for many advanced economies, the landscape has grown more complex following the late-February shocks. On interest rate watch, the US Fed is expected to maintain a "higher-for-longer" stance to counter inflationary pressures from rising energy cost, and to a lesser extent the new 15% global tariffs. Markets are pricing in a sustained "war premium" in energy. With Brent crude hovering near $100, any further escalation in the Middle East could reignite global supply-side inflation, which may lead to extended high-interest-rate environment and hence leading to a sharp global economic slowdown. In China, it has largely stayed away from the Middle East war though it has urged US and Israel to de-escalate and stop its aggression against its ally, Iran. China is amongst the most affected countries by the closure of the Strait of Hormuz, though Iran has allowed some Chinese-flagged oil tankers to transit through. Meanwhile, all eyes are on the implementation of the 15th Five-Year Plan. Success hinges on whether Beijing’s "New Quality Productive Forces" can offset the structural drag of its property sector. After the February technology sector correction and in this current environment of heightened volatility, we remain highly selective in the technology sector while diversifying across markets, maintaining our disciplined, bottom-up approach to portfolio construction.
2026 February Market Outlook: From U.S. Policy Turmoil to Mixed Signals Across Asia
The geopolitical scene in the US has been uncertain and volatile. The January jobs report exceeded expectations, though employment gains were largely concentrated in the healthcare sector. Kevin Warsh, known for his hawkish stance, has been nominated as the next Federal Reserve Chair, though this remains to be confirmed by the Senate. In the past week, the Supreme Court has ruled against President Trump’s International Emergency Economic Powers Act (“IEEPA”) tariffs. In return, the Trump administration acted quickly to impose 10% global tariffs, and immediately raised to 15% that will remain effective for 150 days under a separate trade law. These developments have contributed to a weakening US dollar, which is further exacerbated by rising US-Iran military tensions. Gold extended its rally and reached new highs, while silver surrendered most of its gains. Investors remain cautious amid sharp swings in these traditional safe haven assets. In Asia, market performance has been mixed. Indonesia experienced its largest stock crash since 1998, whereas South Korea and Taiwan delivered strong returns. Markets have shown heightened sensitivity to the external macro environment, resulting in intermittent pullbacks. Most recently, Chinese stocks rose as IEEPA tariffs were removed as China is set to face lower duties on shipments to the US. The Shanghai Composite and Hang Seng indexes also experienced recent declines, as is expected due to thin trading volumes during the Lunar New Year holiday season. Overall sentiment towards Asian equity markets amid the uncertain global political climate remains positive. Against this backdrop, we continue to diversify across different markets and sectors while remaining selective to stock selection, particularly within the technology sector. We continue to maintain a disciplined, bottom-up approach in portfolio construction.
2026 January Market Outlook: A Month That Redirected Market Attention
The New Year began with subdued volatility, but the calm was subsequently shattered by geopolitical events, notably US’s desire to take over Greenland for its strategic Arctic Circle argument. Demand for gold and silver skyrocketed with prices hitting new fresh highs. However, these high precious metal prices can create a range of challenges for precious metal-dependent industries like solar panel makers and EV producers which use silver as part of their components in their production. This may further impact the profitability of the solar panel makers which are already facing an oversupply situation. Asian markets started the year mixed but with some positive moves. Several key themes are driving the markets, central amongst them is a strong Asian IPO pipeline especially in Hong Kong and India. Other country-specific themes that are driving the markets include the deployment of funds from the Equity Market Development Programme in Singapore. The Korean Kospi has exceeded their President’s target, with technology companies fueling the rally on accelerated semiconductor demand. China surprised with an export outperformance with a record 2025 trade surplus, plus resurgent interests in AI-related tech names. While in Japan, performance is mixed where there are concerns with the volatility and soaring yields in the Japanese Government Bonds market. In 2025, US technology stocks dominated investor attention for much of the year, later turning to precious metals commodities. This period also underscored the importance of diversification and currency exposure beyond the US. With growth now amplifying across global markets, moderate softening of the US dollar may act as a drag on returns from US assets. Against this backdrop, we retain our emphasis on broadening exposure to other markets and sectors while being mindful of our stock selection, particularly in the technology sector. We continue to maintain a disciplined, bottom-up fundamental approach in portfolio construction.
2025 December Market Outlook: Protecting Value as Risks Reprice.
The hawkish rate cut signaled the Fed’s caution, even as tariff-related inflation pressures appeared to be fading. November’s jobs report suggested a subdued consumer environment. Unemployment had risen to its highest level since 2021, and retail sales remained unchanged despite Black Friday sales. Though the Trump administration has softened its language on China, recent developments highlight the delicate truce in their trade war. The U.S. has restricted China’s access to technology, such as permitting limited Nvidia chip exports, and formed an international partnership to counter China’s rare earth dominance. Across Asia, the picture remains mixed. The weaker U.S. dollar alleviates pressure on currency weakness in countries like Indonesia, South Korea, India, and the Philippines. The Bank of Japan have responded to the Fed’s rate cut by raising interest rates by a quarter point in a widely expected decision. In China, the economy continues to be supported by sustained capital inflows and the boom in exports while pivoting away from dependence on U.S. consumers. This was in spite of the property sector slump, missed industrial production expectations, weak retail sales, and unchanging unemployment rates. Measures to drive consumption appear ineffective, and rising trade frictions with countries beyond the U.S are weighing on sentiment. Investors are increasingly watchful for signs of an AI-driven bubble, including circular financing risks inflating valuations, where such dynamics could unwind abruptly. Against this backdrop, investors face a strategic dilemma - rein in AI exposure ahead of a potential bubble popping, or double down to capitalize on game-changing technology breakthroughs. In response, we are positioning portfolios defensively and broadening exposure to other sectors. This includes increasing allocations to commodities such as silver and gold, which can serve as stores of value, and consumer staples, that tends to offer more resilient demand. We continue to maintain a disciplined, bottom-up fundamental approach in portfolio construction.
2025 November Market Outlook: AI Bubble Alert
Mega-cap chip making company Nvidia Corp (“Nvidia”) became the first company to hit $5 trillion market capitalisation, likely due to U.S. President Trump’s comments ahead of the trade talk with Chinese President Xi Jinping at the end of October. The talk resulted in a consensus on cooperation in expanding agricultural trade and pausing the rare-earths licensing regime for a year. Mid-November saw the conclusion of the record U.S. government shutdown, which lasted 43 days, and put an end to unpaid furlough and other government operations. Consequently, the October jobs report was cancelled due to insufficient data. The ambiguity around unemployment rates raised uncertainty about the state of the U.S. economy. Compounding concerns were exacerbated by growing anxieties about stretched valuations of an “AI bubble”, which led to a selloff towards the end of November. Similarly, the Asian equity market, primarily due to technology companies in the AI landscape, slumped after an initial rally in the previous month’s end. In the semiconductor space, South Korean company Samsung Electronics Co., Ltd. reported an 80% surge in profit and SK Hynix Inc. continued to lead in chip memory. In China, different industries continue to diverge as technology companies grow while consumption and property remain a drag. In response, China’s policymakers are evaluating various measures to support the housing market. The MSCI Emerging Markets Index fell sharply, and losses were led by the tech heavy Korean Kospi index where the aforementioned Korean companies posted steep declines. Looking ahead, we remain cautious of the volatility in the markets. Due to concerns about inflated valuations for technology companies, the pullback observed in late November may have been a profit taking move or a price correction. Investors remain watchful for indicators of the widely discussed AI bubble, and signals for a potential burst. Against this landscape, we maintain a disciplined and balanced approach, grounded in bottom-up fundamental analysis in our portfolio construction.