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Moving on, here are the news that shocked the world…

AWS Outage $AMZN ( ▲ 1.41% ) : Did we go Flintstones? Well, Amazon Web Services went down for 15 hours due to a botched update and affected 30% of the internet [Read More]

Netflix $NFLX ( ▼ 1.7% )  : Netflix is chilling after its 3Q 2025 results were in line with expectations. Revenue grew by 17% but the company was affected by a Brazilian tax dispute [Read More]

General Motors $GM ( ▲ 4.2% )  : General Motors 3Q results exceeded expectations as its revenue did not decline as much. It has also lowered tariff impact to $3.5 billion for the year [Read More]

U.S.-Australia Rare Earth $SPX ( ▲ 0.79% )  : The United States and Australia has signed a deal to invest in rare earth projects in Australia [Read More]

Coca Cola $COKE ( ▲ 0.16% )  : Warren Buffett’s favourite drink is back? Coca-Cola’s 3Q earnings results beat expectations as it rolls out more healthy drinks [Read More]

Here are the news covering the Asia market…

CATL $CTATF ( ▲ 2.45% )  : CATL’s battery is still going strong. 3Q earnings is up by 41% boosted by its local and overseas market as it holds half of the Chinese battery market [Read More]

First REIT: First REIT just sold its Imperial Aryaduta Hotel & Country Club to the Riady family for $25.9 million as it seeks to recycle capital for future purchases [Read More]

Sanli Environmental: Sanli Environmental’s subsidiary with China Railway, just won a contract worth $281 million from the Land Transport Authority [Read More]

Digital CORE REIT: Digital CORE REIT’s distributable income is up by 1.9% for 9 months of 2025 boosted by higher net property income [Read More]

Mapletree Pan Asia: Mapletree Pan Asia recorded a higher distribution per unit driven by VivoCity despite a loss of revenue from TS Ikebukuro Building and ABAS Shin-Yokohama Building [Read More]

See below for our handpicked analyst reports:

Wall Street Isn’t Warning You, But This Chart Might

Vanguard just projected public markets may return only 5% annually over the next decade. In a 2024 report, Goldman Sachs forecasted the S&P 500 may return just 3% annually for the same time frame—stats that put current valuations in the 7th percentile of history.

Translation? The gains we’ve seen over the past few years might not continue for quite a while.

Meanwhile, another asset class—almost entirely uncorrelated to the S&P 500 historically—has overall outpaced it for decades (1995-2024), according to Masterworks data.

Masterworks lets everyday investors invest in shares of multimillion-dollar artworks by legends like Banksy, Basquiat, and Picasso.

And they’re not just buying. They’re exiting—with net annualized returns like 17.6%, 17.8%, and 21.5% among their 23 sales.*

Wall Street won’t talk about this. But the wealthy already are. Shares in new offerings can sell quickly but…

👉 My subscribers skip the waitlist

_{*Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

As the REIT season gets underway again in Singapore, let’s explore what does this term means.

Net property income / Net operating income

You have seen it, smelt it, and hopefully did not eat it in analyst reports.

So, what is it?

Put simply, it is the income of a property or a property portfolio after deducting for maintenance, property taxes, and other operating expenses.

Net property income = Gross Revenue - (Maintenance + Property Taxes + Other Operating Expenses)

It is similar to gross profit that you see on the income statement of a normal company.

Take note that this does not take into account non-operating, interest, income tax, depreciation, and capital expenditure expenses.

Net property income is a great way of evaluating the operating performances of REITs in the market, and see who is the most efficient at doing so.

I was this close to putting CSE Global on my previous article here on the Singapore winners from MAS’ EQDP.

But there was only 5 spots.

So, CSE Global is going on the unofficial 6th member on that article in this week’s newsletter.

Why are we talking about CSE Global?

Firstly, Maybank has updated its report on the company and it’s looking good

• A large order is expected by end 2025, especially from the data centre side.

• Tendering for contracts with 1 to 2 hyperscalers

• Capacity to triple by 2027

CSE Global provides industrial automation, information technology and intelligent transport solutions.

• 63% of its revenue is derived from the Americas, followed by Asia (33%).

Temasek has become its biggest shareholder, and the company is poised to benefit from the AI boom in America as it provides data centre solutions.

It has ridden the AI wave, with share price increasing by 88% since the beginning of the year.

Target price is set at SG$0.86 with an upside of +10%.

Hope the above is fruitful for you all..

Cheers,
James Yeo