SGX
SGX: News Release: SGX Group reports market statistics for October 2023
Phillip Capital Market Reports:
Phillip Daily Morning Note :
US Market (By Phillip Global Markets Night Desk)
10 November 2023
Technical Factors Shift Yield Curve
The Fed's decisions, actions, and signals about its balance sheet are having an
impact primarily at the long end of the yield curve, while the actions and
signals from the U.S. Treasury are having an impact across the curve. At the
long end, the Fed is acting to keep rates higher by continuing to reduce its
balance sheet (quantitative tightening) as opposed to buying fixed-income
securities in the open market (quantitative easing). Last week, the Fed's
balance sheet decline by $25 billion to $7.83 trillion. At this point, the
balance sheet is lighter by more than $1 billion from the highs of 2022. We
look for the balance sheet asset level to decline to 7.0 trillion over the next
few quarters. At the front end of the curve (0-2 years), we expect rates to
remain elevated until the Fed says that it sees inflation coming back down to
at least a 2% handle. That's when the central bank may ease. Traders have
started to anticipate this move, pushing the odds of a rate cut in May to 50%
last week. The U.S. Treasury is also impacting the yield curve, as it steps up
its pace of new issuance. It will need to borrow $776 billion in 4Q23 and
$816 billion in 1Q24. Over the next few months, they will increase the sizes
of the two-year and five-year auctions by $3 billion per month, the three-year
by $2 billion, and the seven-year by $1 billion. Treasury plans to increase the
auctions of longer-dated securities by a lower amount, focusing on the
increases in the short/intermediate portion of the curve. The yield curve has
been inverted for more than a year, but the inversion has lessened of late. We
forecast a more-normal upward-sloping yield curve by year-end 2024.
Market Wrap
US equity futures edged higher as investors waited to see if more Federal Reserve speakers today echo the hawkish message from Chair Jerome Powell.
Futures for the S&P 500 rose about 0.3%. Treasuries also recovered from the previous day’s declines that were sparked by Powell’s speech pledging more policy tightening if necessary.
Today's Big News
Israel Latest: Reports of Strike on Gaza City’s Main Hospital
Hedge Fund Eisler Capital to Lock Up Investor Money for Longer
Biden, Xi Set to Meet Nov. 15 on Sidelines of APEC Summit
Emerging Markets Veteran Mobius to Step Back From His Firm (2)
Wall Street Managers Pile Into Closed-End Funds on Big Discounts
US Hedge Fund Tells Swedish Landlord SBB to Pay Back Bonds (1)
OCBC
OIR HK/US: KE Holdings Inc (2423 HK / BEKE US) - Strong results but near-term outlook still uncertain
DBS
Market News
Powell reiterates 2% inflation rate commitment
SoftBank reported US$6.2b quarterly loss on WeWork bankruptcy and weakening Japanese Yen
Netflix, Warner Bros and Verizon to start offering discounted streaming bundle
Grab Holdings Ltd (GRAB US)
3Q23 results beat expectations, street FY24F adj EBITDA set to rise
3Q23 group adj EBITDA at US$29m beat consensus expectations of US$16m, on better-than-expected performance in all the four segments
Grab raised FY23 revenue guidance by 3% to US$2.32bn while lowered adjusted EBITDA loss by 32% to (US$22m) approximately
Expect consensus to raise FY24F adj EBITDA by 9% to meet our projections on expected improvements in Deliveries & Fintech segment
Do we see greater incentive reductions to drive income growth next year?
CapitaLand Investment Ltd (CLI SP) Multiple avenues to remain veste
Group remains a net investor; taking advantage of market dislocations to grow AUM
Divestment target could be missed, but unlikely to be a dampener given sub-optimal returns for now
Lodging portfolio remains robust with a firm uptrend
How do we see capital recycling initiatives for CLI to optimise returns?
DFI Retail Group Holdings Ltd (DFI SP) Impressive turnaround with more growth headroom ahead
Underlying profit increased >80% y-o-y on strength in Health & Beauty, Convenience Stores and Restaurants, offset by softer Grocery Retail and Home Furnishing results
Management guided for substantially lower growth rate in 4Q23 given base effect of Health & Beauty segment
What growth catalysts do we see going into FY24?
Link REIT (823 HK)
Unit buyback to enhance distribution yield
1HFY24 distribution income rose 1.7% to HK$3.33bn, slightly beating our expectations, mainly due to lower-than-expected finance cost
Hong Kong retail reversionary growth accelerated to 8.7% in 1HFY24
Potential unit buyback to lend support to unit price
Is Link REIT offering compelling dividend yields at current levels?
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Country Dailies: Friday, November 10, 2023
Click on the link for Greater China Daily.
Click on the link for Indonesia Daily.
Click on the link for Malaysia Daily.
Click on the link for Singapore Daily.
Click on the link for Thailand Daily.
UOBKH: Retail Market Monitor: Friday, November 10, 2023
REG: Monthly Technical Regional Indices Watch
UOBKH: Regional Morning Meeting Notes: Friday, November 10, 2023 [GC Economics, 27 HK, 2015 HK, ACES IJ, WPRTS MK, BAUTO MK, FEH SP, ST SP, UHU SP, CLI SP, MINT TB, MTC TB, OR TB]
KGI
Technical Analysis: 10 November 2023
🇸🇬 SG
SBS Transit Ltd (SBUS SP)
Delfi Ltd (DELFI SP)
🇭🇰 HK
Kunlun Energy Company Ltd (135 HK)
China Resources Gas Group Ltd (1193 HK)
Read More: https://www.kgieworld.sg/research/nov10ta23
--------------------------------------------------
TRADING IDEAS: 🇸🇬 SINGAPORE
10 November 2023
🏙 Sembcorp Industries Ltd. (SCI SP): The green transition
BUY Entry 5.08 – Target – 5.48 Stop Loss – 4.88
🏢 UMS Holdings (UMSH SP): Expect better 3Q23 earnings
BUY Entry 1.26 – Target – 1.36 Stop Loss –1.21
➡️ Read More: https://www.kgieworld.sg/research/nov10sg23
Top Stories, 10 Nov 2023
1. Stock futures are flat Thursday night after higher bond yields spur sell-off: Live updates
2. VN30 Index is the price index of the Top 30 companies listed on the Ho Chi Minh City Stock Exchange (HOSE), having the highest market capitalization and liquidity on HOSE.
Find out more about VN30 Index Futures:
3. Powell calls Fed policy 'restrictive,' but keeping options open
4. Brent oil finishes over $80 after this week's sell-off
5. Bitcoin Price Bolts To $37,000 On ETF News; Ethereum Rallies On BlackRock Filing; Crypto Stocks Jump
6. USD/JPY extends its upside above 151.30 ahead of US UoM data
CIMB
Please refer to below for the technical charts of the day.
SIN
Near-term upside rebound
HKG
Bullish rebound
MAL
Ripe for a push to new highs
Waiting for a double breakout?
Lim&Tan
MayBank
FEATURED CALLS
Regional | China Economics
Regional | China Economics
Philippines | Philippines 3Q 2023 GDP
Singapore | CapitaLand Investment Ltd
Singapore | Singapore Telecommunications
Singapore | Food Empire Holdings
RN: CHINA ECONOMICS
RN: CHINA ECONOMICS
MY: TRADERS’ ALMANAC
MACRO RESEARCH
Indonesia
Malaysia
RM265 mil allocated for two price standardisation programmes for next yearMalaysia: Finding the right policy mix to balance inflation and growth
Philippines
Singapore
Thailand
Vietnam
China
India
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