SGX
STI ETFs record highest monthly inflows in 2 years; Nov spotlight on Tech and REITs
Phillip Capital Market Reports:
Phillip Daily Morning Note :
US Market (By Phillip Global Markets Night Desk)
OCBC
DBS
UOB
UOBKH: Country Dailies: Tuesday, December 12, 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.
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UOBKH: Retail Market Monitor: Tuesday, December 12, 2023
KGI
Top Stories, 12 Dec 2023
1. Stock futures are little changed ahead of key inflation report: Live updates
2. Bursa Malaysia East Malaysia Crude Palm Oil Futures (FEPO). FEPO is a Ringgit Malaysia ("MYR") denominated Crude Palm Oil Futures Contract traded on Bursa Malaysia, complementing the existing FCPO contract with specifications designed to meet the needs of market participants with exposure to the East Malaysia palm oil market.
Find out more: https://www.kgieworld.sg/futures/bursa-malaysia-fepo
3. Oil prices settle slightly higher but supply glut concerns keep lid on gains
4. To stabilise China’s economy, Beijing corrects course on policy, from carbon cuts to common prosperity
5. Bitcoin's 4% Drop Cools Overheated Funding Rates, Data Show
6. EUR/USD oscillates in a narrow range around 1.0760 ahead of the US CPI data
CIMB
SIN: Strategy Note - Navigating Singapore
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MAL: CGS-CIMB Daybreak - 12 December 2023
MAL: Affin Bank Berhad (ADD, tp:MYR2.26) - Regional Financial Conference takeaways - 11/12
Affin Bank aims to achieve the following targets in FY25F (1) ROE of 10%, (2) CIR of <53%, (3) GIL ratio of 1.5%, and (4) CASA ratio of 30%. The emergence of the Sarawak government as the key shareholder of Affin in Apr 2023 could catalyse the bank’s business growth in Sarawak, in our view. Reiterate Add given the bank’s robust loan growth and our expectation of a resumption of qoq growth in its net interest income in 4Q23F.
MAL: Public Bank Bhd (ADD, tp:MYR5.25) - Regional Financial Conference takeaways - 11/12
PBB sees a brighter outlook for loan growth and better trends in net interest margin (NIM) in 2024F. For its overseas businesses, PBB sees better growth prospects in Cambodia and Vietnam, compared to its operations in Hong Kong. Reiterate Add given the potential re-rating catalysts of a write-back in management overlay and increase in dividend payout ratio.
MAL: Navigator-Strategy - Multiple tailwinds support comeback in 2024 - 11/12
We see policy, currency, and domestic demand (aided by normalising tourism) as key catalysts for the equity market in 2024F. At the risk of sounding like a broken record, we see earnings delivery improving next year. Recent trends in adjusted profits have been strong. We are constructive on equities coming off a historically cheap currency and low valuations. Our end-2024F KLCI target is 1,755 pts. Our top 5 liquid picks are Tenaga, Telekom, Gamuda, Sunway and Hong Leong Bank. Exciting mid-caps are Muhibah, Dayang, Bermaz, Berjaya Food and Genetec
▍ News of the Day....
Trendspotter – MY- KUB Malaysia (6874) (Technical Buy, 0.605): Uptrend channel
• DOSM: Msia’s IPI rose 2.7% in Oct-23 after contracting 0.5% in Sep-23
• DOSM: Msia’s mfg. sector sales value fell 1.4% yoy to RM156.7bn in Oct-23
• Sime Darby’s unit issues RM3bn from Tranche 1 of its Islamic MTN programme
• DRB-Hicom forms JV with Geely to manage of Automotive Hi-Tech Valley project
• Moody’s affirms Axiata’s baa2 issuer rating and baa3 baseline credit assessment
• Hong Leong Industries disposes stake in HLI Trading Ltd for US$7.8m
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APAC: ASIA Pacific Daily - 12 December 2023
▍IDEA OF THE DAY (IOD)...
MAL: Navigator-Strategy - Multiple tailwinds support comeback in 2024 (11/12)
We see policy, currency, and domestic demand (aided by normalising tourism) as key catalysts for the equity market in 2024F. At the risk of sounding like a broken record, we see earnings delivery improving next year. Recent trends in adjusted profits have been strong. We are constructive on equities coming off a historically cheap currency and low valuations. Our end-2024F KLCI target is 1,755 pts. Our top 5 liquid picks are Tenaga, Telekom, Gamuda, Sunway and Hong Leong Bank. Exciting mid-caps are Muhibah, Dayang, Bermaz, Berjaya Food and Genetec
▌ TARGET PRICE CHANGES...
KR: Hyundai Mipo Dockyard (REDUCE, tp:KRW69,000.00▼) - Limited OPM upside in FY24-26F (11/12)
▌ STRATEGY & ECONOMIC NOTES...
SIN: Strategy Note - Navigating Singapore (11/12)
▌ SECTOR & COMPANY NOTES...
ASEAN: Internet Services (NEUTRAL) - TikTok Shop resuming Indonesia operations (11/12)
IND: AKR Corporindo (ADD, tp:IDR1,650.00) - Unveiling its 2024F guidance (11/12)
IND: Consumer Staples - Overall (NEUTRAL) - What is wrong with consumption in Indonesia? (11/12)
IND: Telco - Integrated (OVERWEIGHT) - 2024F outlook: A tale of two halves (11/12)
MAL: Affin Bank Berhad (ADD, tp:MYR2.26) - Regional Financial Conference takeaways (11/12)
MAL: Public Bank Bhd (ADD, tp:MYR5.25) - Regional Financial Conference takeaways (11/12)
THB: Financial Services - Overall (OVERWEIGHT) - Regional financial conference takeaways (11/12)
▌ RECENT 'IDEAs OF THE DAY'...
ASEAN: Economic Focus - Not a time to convalesce (6/12)
THB: Strategy Note - Navigating Thailand (1/12)
KR: Hugel Inc (ADD, tp:KRW181,000.00▲) - Riding on China’s BTX market expansion (24/11)
MAL: Banks (OVERWEIGHT) - Don’t lose sleep over asset quality (16/11)
MAL: Utilities - Overall (OVERWEIGHT) - Malaysia, ASEAN’s renewable battery (6/11)
Lim&Tan
MORNING UPDATE 12 DEC 2023: FINANCIAL MARKETS, CSE GLOBAL, CIVMEC, BCA RESEARCH / BLOOMBERG MACRO FINANCIAL NEWS
MayBank
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