17 Nov2023 Reports

Updated: Nov 28, 2023

SGX

Retail investors net bought S$275.2m of S-REITs in October 2023

Phillip Capital Market Reports:

Stock Research

Phillip Daily Morning Note :

US Market (By Phillip Global Markets Night Desk)

OCBC

DBS

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US weekly jobless claims rise to three-month high of 231k, showing signs of a cooling labour market
Walmart slips 7% after guiding for cautious outlook on consumer spending; Burberry sinks 9% on softer demand for luxury goods
Alibaba falls 9% after scrapping spinoff plans for its cloud group due to US chip export restrictions

Singapore REITs

High (not higher) for longer

S-REITs to gain momentum as global yields retreat
Operational metrics demonstrate strength while financial position is stable
Our forecast of flattish FY24-25F DPU already adequately accounts for risks associated with elevated interest rates
Which sub-sectors do we prefer?
Click here to read our views

UMS Holdings (UMSH SP)

Positive read-through from key customer’s AMAT earnings/outlook

We think that the positives from key customer AMAT’s 4Q23 results beat and upbeat forecast should allay concerns over ongoing US probe
Moreover, any knee jerk reaction to UMS’ share prices arising from the ongoing US probe may be an opportunity to add the stock, in view of improving fundamentals
What datapoints support our view on this stock?
Click here to read our views

Grand Venture Technology (GVTL SP)

Merit in diversification

9M23 revenue in line but earnings missed expectations on continued margin pressure
Pronounced uptick for GVT likely delayed till 2H24; diversification a good counterbalance
FY23/FY24F earnings estimates reduced by 13%/17%
Do we see GVT’s foray into the front-end as a positive?
Click here to read our views

JD.com Inc (9618 HK)

3Q23 core earnings beat consensus by 13%, expect JD retail growth to steadily pick up ahead

3Q23 revenue rose 1.7 % y-o-y to Rmb248bn, with revenue flat at JD retail
Non-GAAP net profit beat consensus by 13% to Rmb10.6bn on higher JD retail margin
Raised FY23F/FY24F/FY25F non-GAAP earnings by 9%/8%/3% on higher operating margin
Do we expect its growth momentum to pick up?
Click here to read our views

Tai Cheung (88 HK)

A safe bet with growth catalyst