Singapore shares rose this week, with the STI up 0.6%.

In terms of individual stocks, TJ DaRenTang USD, POP MART HK SDR 20to1 up 12%; SingaporeLandGrp rose 10%; while AvePoint fell 13%, and SMIC HK SDR 5to1, Tencent HK SDR 10to1 fell 9%.

Market News

Morgan Stanley Rates POP MART as Overweight; Upsides Still Possible in Mar, Apr

POP MART's stock buyback is an effective catalyst, and the widespread popularity of its new IP products, Twinkle Twinkle and Skullpanda, will continue to drive its IP product operations, Morgan Stanley commented in its research report.

Considering investors' holdings, Morgan Stanley believes POP MART's stock price may still have upside potential in March to April. It has given this stock a target price of HKD325 and an Overweight rating.

Tencent, Other Chinese Tech Stocks Drop After VAT Hike Rumor

Chinese technology stocks retreated in Hong Kong, with Tencent Holdings among the biggest decliners, following speculation of an increase in value-added tax on internet firms. Tax experts said the rumor is unfounded and VAT rates are unchanged.

China’s new VAT Law came into effect on Jan. 1, aiming to clarify the tax and keeping key rates unchanged. The Ministry of Finance and the State Taxation Administration have since rolled out a series of supplementary rules, with the VAT rate for services including internet broadband access rising from 6 percent to 9 percent.

This triggered speculation that the rate applicable to the core businesses of internet companies, including Tencent, might also be raised. 

AvePoint Unifies Enterprise Data with SaaS Platform, Providing Security and Resilience

AvePoint is a global leader in data security, governance and resilience. Led by CEO Jiang Tianyi, AvePoint’s global channel partner programme provides over 3,500 managed service providers, value-added resellers and system integrators with solutions available in more than 100 cloud marketplaces.

The Week Ahead

DBS, IFAST are set to release their earnings reports next week.