Big news from Monetary Authority of Singapore (MAS).

It has announced that it has appointed its third batch of fund managers with a fund of SG$1.45 billion for the Equity Market Development Program (EQDP).

We have read Temasek’s latest investment strategy on how they will allocate 15% of their portfolio for AI.

And we view this as a playbook that many EQDP fund managers might follow.

This week, we will look at three Singapore AI-related companies that could see investment interest from EQDP fund managers.

Before we proceed, we have some interesting content this week that might change how you think about your portfolio!

Anthropic IPO : Anthropic is going to market. And it’s doing so with an estimated valuation of US$2 trillion according to the prospectus seen by Reuters. The bad news? It is running at a US$42 billion in losses for 2025, and plans to spend more in its AI infrastructure. [Read More]

Nvidia $NVDA ( ▲ 1.34% ) : Well, Nvidia just announced its biggest share buyback program of about US$150 billion. Investors are cheering for sure, but it leaves the question of why is it spending so much cash on share buybacks when the global AI industry is booming. [Read More]

SpaceX $SPCX ( ▲ 7.36% ) : SpaceX rocket is going brrr. And its latest 14th rocket dropped off some Google’s tensor processing units in space. Data centres in space is becoming a reality. [Read More]

Nike $NKE ( ▼ 3.64% ) : Nike’s right tick is becoming a cross. Revenue declined by 4%, with net profit only up by 2%, as Nike struggles on the Chinese front. Its turnaround is not yet bearing fruit yet as it looks to cut its workforce also. [Read More]

Micron $MU ( ▼ 2.05% ) : Micron beats on earnings in its latest financial results. Revenue quadrupled on the back of soaring demand for AI infrastructure, while net profit grew by ten-fold. [Read More]

Moutai : Duan Yongping, called China’s Warren Buffett increased his stake in Kweichou Moutai for the third time this year as the Moutai has declined amid weak consumer sentiment and a crackdown on corruption that leads to lower to gift-giving. [Read More]

UMS Integration: UMS wants to raise money for expansion. It is seeking RM450 million through a share placement to fund projects in Malaysia, Singapore and Vietnam [Read More]

Sunright: Sunright’s revenue grew by 18%, driven by higher equipment deliveries and services with increased demand in computing and data centres. Profits also returned to the black for the quarter. [Read More]

MAS: MAS has just appointed its third batch of fund managers for its EQDP program, with SG$1.45 billion allocated to Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers. [Read More]

DFI Retail: DFI Retail is taking over Maxim’s existing interest in the Starbucks-licensed business across Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos. [Read More]

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👆️ EQDP Play: Two major EQDP player now hold stakes in the company - Amova Asset (2.4%) and Lion Global Investors (2.2%). And we think that the other players would want a piece of CSE Global through the latest EQDP funding round.

💪 Investment Case: EQDP fund managers would like the prospects that CSE Global is presenting. It is a major player providing design and build services for AI players to build their data centres. Its recent win of US$150 million in contracts for two major electrification contracts is a sign of more such contracts in the future.

Discounted Cash Flow (DCF) valuation indicates that the company is potentially 55.8% undervalued.

❓  Market Analysts: Average target price is at SG$1.84 with an implied upside of +48.1%

👆️ EQDP Play: Frencken has been the center of EQDP fund managers in recent months. Its private placement have attracted their interest. Amova has increased its stake to 8.9% in the company.

💪 Investment Case: Frencken’s latest financial results was disappointing. But most investors are not looking at that now. They expect some type of rebound in European semiconductor demand in 2H 2026, but most importantly, they are waiting to see what Frencken intends to do with its SG$100 million war chest that it has raised.

❓ Market Analysts: Average target price of SG$3.31 with an implied upside of +23.2%

👆️ EQDP Play: Amova Asset once again holds about 3.8% of the company, with Blackrock having a 1% stake also. We think that the new EQDP fund managers are eyeing UMS Integration due to its role in the AI chip supply chain.

💪 Investment Case: Financial results have been strong for 1H 2026 and signs are that demand for AI-related semiconductors and chips are projected to still be strong.

Just this week, it is raising RM450 million to expand its manufacturing capabilities in its Penang factory. We view this as an anticipation of increased contract wins from major chipmaker clients.

❓  Market Analysts: Average target price of SG$3.36 with implied upside of +16.4%