Group 1 - The company will terminate its cooperation with Dahua Bank (China) in fund sales business effective from July 29, 2025, which includes subscription, purchase, regular investment, and conversion services [1] - Investors who purchased and held the company's funds through Dahua Bank (China) must complete the transfer or redemption of their fund shares by 15:00 on July 28, 2025, or their holdings will be transferred to the company's direct sales platform [1] - The company will resume normal subscription (including conversion and regular investment) services for individual investors in its bond fund starting from July 30, 2025, to meet investor demand [4] Group 2 - The company has signed an open-end fund sales agreement with several securities firms, including GF Securities, Huatai Securities, and CITIC Securities, allowing these institutions to handle cash subscription and account opening for the company's Hang Seng Technology Theme Index Fund starting from July 28, 2025 [4]

Core Viewpoint - The Bank of Singapore indicates that the Bank of Japan may continue to raise interest rates but will do so with increased caution due to political and economic factors affecting the country [1] Group 1: Economic Factors - The focus in the short term will shift to the political vulnerability of Prime Minister Shinzo Abe following consecutive electoral defeats [1] - Ongoing trade negotiations between Japan and the United States add uncertainty, particularly regarding U.S. tariff policies [1] Group 2: Monetary Policy Outlook - The Bank of Singapore expects the Bank of Japan to maintain its stance on normalizing monetary policy, potentially keeping interest rates unchanged in the July meeting [1] - A forecasted increase of 25 basis points to 0.75% is anticipated in the September meeting, with a further increase to 1.00% expected in the first quarter of 2026 [1]

Core Insights - The external environment's uncertainty has significantly tested the resilience of domestic enterprises, particularly in foreign trade, prompting a reassessment of their overseas strategies [1][2] - Despite challenges posed by tariffs and geopolitical risks, over 70% of surveyed companies have already implemented measures to mitigate these impacts, with 86% expressing a continued desire to expand internationally within the next three years [1][2] - The report highlights a shift in supply chain strategies from "China + 1" to a more robust "China + N" approach, with ASEAN emerging as a key hub for many companies [3][4] Tariff Impact and Business Confidence - The recent U.S. tariffs have affected business confidence and market expectations across various surveyed markets, yet the majority of companies remain committed to their international expansion plans [1][2] - In 2024, 78% of surveyed Chinese enterprises reported improved performance compared to the previous year, although rising operational costs (44%), labor costs (35%), and economic fluctuations (32%) have impacted their confidence [2] Supply Chain and Market Strategy - Companies are increasingly focusing on localizing, diversifying, and digitizing their supply chains to enhance resilience, with one-third of respondents already diversifying their supplier sources [3] - ASEAN is viewed as a critical overseas market, with 40% of companies identifying it as the most important procurement market and 37% as a key terminal market for future investments [3][4] Future Outlook and Regional Dynamics - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to benefit more enterprises, as China continues to be ASEAN's largest trading partner [3] - The shift in Chinese enterprises towards ASEAN is seen as a strategic move to establish a global presence, with Singapore emerging as a preferred base for international expansion [4][5] - The competitive landscape in ASEAN is evolving, driven by the entry of Chinese companies and the pressures from U.S. tariffs, which may enhance the region's economic integration and development [5]

Core Viewpoint - Grupo Supervielle (SUPV) is currently viewed as a more attractive investment option compared to United Overseas Bank Ltd. (UOVEY) for value investors, based on various financial metrics and earnings outlook [1][3][6] Valuation Metrics - SUPV has a forward P/E ratio of 8.08, while UOVEY's forward P/E is 10.36, indicating that SUPV is potentially undervalued [5] - The PEG ratio for SUPV is 2.41, compared to UOVEY's PEG ratio of 3.15, suggesting that SUPV offers better value when considering expected earnings growth [5] - SUPV's P/B ratio stands at 1.09, whereas UOVEY has a P/B ratio of 1.29, further supporting the notion that SUPV is a more favorable investment [6] Earnings Outlook - SUPV has experienced a stronger improvement in its earnings outlook compared to UOVEY, contributing to its higher Zacks Rank of 2 (Buy) versus UOVEY's 4 (Sell) [3][6] - The solid earnings outlook for SUPV is a key factor in its superior value grade of A, while UOVEY holds a value grade of C [6]

Group 1 - The third China International Supply Chain Promotion Expo was held in Beijing from July 16 to 20, where UOB released the "UOB Business Outlook Survey 2025 (Mainland China Edition)" [1] - The report identifies three main challenges faced by domestic enterprises: rising supply costs, procurement challenges, and difficulties in working capital management [1] - Geopolitical fluctuations have impacted supply chains to varying degrees, prompting a shift in supply chain strategies from "China+1" to a more robust "China+N" approach [1] Group 2 - ASEAN is viewed as the most important overseas procurement market, terminal market, and future investment destination by domestic enterprises, with Malaysia being the most favored [2] - The digitalization of supply chains is accelerating, with one-third of surveyed enterprises utilizing digital platforms for inventory management and a rise in digital applications in logistics and supply chain management from 35% to 42% [2] - Enterprises are seeking support through collaborations with industry associations, state-owned enterprises, or large companies, as well as connections to suitable technology and solution providers [2]

Group 1 - The core viewpoint of the report is that the majority of Chinese enterprises are optimistic about their business prospects, expecting market improvements starting in 2026, and plan to integrate supply chain restructuring, overseas expansion, digital transformation, sustainability, and workforce management into their core strategies over the next three years [1] - Over 50% of surveyed enterprises believe in a positive business outlook, and more than 80% intend to expand their overseas operations within the next three years [1] - The main challenges identified by enterprises regarding supply chains include rising supply costs, procurement challenges, and difficulties in working capital management. Companies aim to enhance supply chain resilience through localization, diversification, and digitalization [1] Group 2 - Over 90% of surveyed enterprises have implemented digital solutions, with medium-sized enterprises particularly excelling in cost reduction and efficiency improvement [1] - Advanced technologies such as artificial intelligence, automation, cloud computing, and generative AI are widely adopted, with nearly 80% of enterprises planning to increase digital investment by over 10% by 2025 [1] - The digitalization of supply chains is accelerating, especially in inventory management, with one-third of surveyed enterprises using digital platforms for inventory information or cross-border e-commerce platforms to source materials and suppliers [1] Group 3 - 57% of surveyed enterprises indicate they will accelerate the implementation of sustainable development practices, with over half already starting to apply sustainable practices in one or more areas [2] - In the specific sectors of sustainable practices, oil and gas, healthcare, and manufacturing are leading the way [2]

Group 1 - The core viewpoint of the report indicates that despite multiple challenges, Chinese enterprises demonstrate strong resilience and adaptability in the face of economic pressures [1] - 78% of surveyed Chinese enterprises expect their performance to improve in 2024 compared to the previous year, although high operating costs and labor costs are impacting current confidence [1] - Most enterprises anticipate market improvements starting in 2026, integrating supply chain restructuring, overseas expansion, digital transformation, sustainability, and labor management into their core business strategies for the next three years [1] Group 2 - The report identifies three main challenges for domestic enterprises regarding supply chains: rising supply costs, procurement challenges, and difficulties in working capital management [1] - Geopolitical fluctuations have also impacted supply chains to varying degrees, prompting enterprises to enhance supply chain resilience through localization, diversification, and digitalization [1] - ASEAN is viewed as the most important overseas procurement market by domestic enterprises, with Malaysia being the most favored destination, followed by Thailand, Singapore, and Indonesia [2] Group 3 - 90% of surveyed domestic enterprises have implemented digital solutions, with significant progress in digital application, particularly among medium-sized enterprises in cost reduction and efficiency improvement [2] - Despite 54% of enterprises perceiving high costs associated with digital implementation, nearly 80% plan to increase their digital investment by over 10% this year [2] - Over half of the surveyed domestic enterprises have begun implementing sustainable practices, with the oil and gas, healthcare, and manufacturing sectors leading in this area [3]

Group 1 - The Monetary Authority of Singapore announced regulatory actions against nine financial institutions and several individuals for anti-money laundering violations [1] - A total fine of 27.45 million Singapore dollars was imposed on the nine financial institutions, which include Credit Suisse Singapore, UBS Singapore, and UOB [1]

Group 1 - Singapore has fined multiple companies a total of 27.5 million SGD (approximately 155 million RMB) due to negligence in the largest money laundering case in the region [1] - The fined companies include Credit Suisse's Singapore branch and United Overseas Bank [1]

Core Viewpoint - Grupo Supervielle (SUPV) is currently viewed as a better value opportunity compared to United Overseas Bank Ltd. (UOVEY) based on various financial metrics and earnings outlook [1]. Valuation Metrics - SUPV has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while UOVEY has a Zacks Rank of 4 (Sell) [3]. - The forward P/E ratio for SUPV is 8.64, whereas UOVEY has a forward P/E of 10.20 [5]. - SUPV's PEG ratio is 2.58, compared to UOVEY's PEG ratio of 3.10, suggesting that SUPV may offer better value relative to its expected earnings growth [5]. - SUPV has a P/B ratio of 1.16, while UOVEY's P/B ratio is 1.27, indicating that SUPV is more favorably valued in terms of market value versus book value [6]. - Based on these metrics, SUPV holds a Value grade of A, while UOVEY has a Value grade of D [6]. Earnings Outlook - SUPV is noted for its solid earnings outlook, which contributes to its superior valuation compared to UOVEY [7].