Ada Tam Ying Ying

Sep 18, 20237 min read

18Sep2023 Reports

SGX

https://www.sgx.com/research-education/analyst-research?category=26&asset-classes=502

Phillip OCBC DBS UOB KGI CIMB Lim&Tan MayBank

Phillip Capital Market Reports:

Stock Research

Phillip Daily Morning Note https://mailchi.mp/phillip/phillip-morning-note-256239?e=ffecca3682

US Market (By Phillip Global Markets Night Desk)

Healthcare In a Decade of Slowing Employment Over the next decade, healthcare may be a place to both invest money and

find a job. New employment projections from the Bureau of Labor Statistics

(BLS) point to shifts in the population and the labor market. The U.S.

economy is projected to add nearly 4.7 million jobs by 2032. Healthcare and

social assistance is projected to be the fastest-growing sector, adding 2.1

million of those jobs, or 45% of the total. The prospective employment shift

is being driven by both the aging population and the need to treat a higher

prevalence of chronic conditions, including heart disease, cancer, and

diabetes. The projected pace of 0.3% total employment growth from 2022 to

2032 is slower than 1.2% annual growth from the 2012-2022 decade.

Employment growth is driven by growth in the labor force, which is likely to

ease to a 0.4% annual rate in the 2022-2032 decade, compared with 0.6% in

the 2012-2022 decade, constrained by slower projected population growth.

The fastest population growth is projected to come from individuals 75 and

older. Baby Boomers are getting older and likely working longer, but older

groups still have lower labor-force participation rates than those aged 25-54.

The BLS expects real GDP to grow about 1.9% over the 2022-2032 period --

which is similar to the decades that ended in 2022 and 2012, but considerably

slower than in the 1980s and 1990s (when population and labor force growth

were faster). Job seekers should be aware that pay varies widely even in

high-growth sectors. Home health care aides currently earn about $30,000 a

year, according to the Occupational Outlook Handbook from the BLS, while

nurse practitioners earn $122,000. Doctors occupy 18 of the 20

highest-paying occupations. Nurse anesthetists, who require a master's degree

but not an MD, rank impressively at number 20, with median pay of

$203,000.

OCBC

DBS

Singapore NODX fell 20.1% y-o-y in August, worse than economists’ expectations for a 15.8% contraction
US one-year inflation expectation fell to 3.1%, lowest since Mar-21
Changi passenger traffic to and from China for Aug-23 has rebounded back to 72% of pre-pandemic level

Singapore Stocks with China Exposure

Taking a second look as economy shows signs of stabilization

China economy may be showing early signs of stabilization, with August industrial production and retail sales coming above estimates
DBS Chief China Economist turns more sanguine on China’s consumption outlook from (1) positive spillover effect from latest mortgage rate cut (2) improving consumption in coming quarters on support measures such as RMB3k tax allowance, and (3) external headwinds are moderating.
What are the stocks to watch?
Click here to read our views

Singapore REITs

Shifting gears

Our estimates have already taken into account an extended period of “red hot” interest rates
Investors should be comforted that FY24F DPU estimates show signs of “bottoming out” despite pricing in higher-for-longer interest rates
Now at -0.5SD, yields attractive for opportunities to reposition for eventual “pause” in interest rates
Which sub-sectors do you like in the Singapore REIT space?
Click here to read our views

China Property Sector

Reaching a near term bottom?

National sales in Aug saw early signs of stabilisation upon the gradual pick-up in developers' project launches
Recent policy easing needs time to take effect; more signs of stabilisation expected to emerge in 4Q23
What are our top picks in the sector?
Click here to read our views

Singapore Telecommunications (ST SP)

KKR invests in data centres business at a rich valuation - boost for valuation and dividends

Singtel receives S$1.1bn commitment for a 20% stake in its regional data centre (RDC) business from KKR.
RDC valuation is 60% higher than our estimate and could benefit the stock price by 4-5% in our estimates
What other assets do we think are ripe for divestment?
Click here to read our views

DBS Group Research | Equity Picks

Singapore Equity Picks: Read more

Hong Kong Equity Picks: Read more

UOB

UOBKH: Retail Market Monitor: Monday, September 18, 2023

Click on the link for details.

https://research.uobkayhian.com/content_download.jsp?id=75200&h=60f67dd2cecc499d4983a6712cac7818

UOBKH: Country Dailies: Monday, September 18, 2023

Click on the link for Greater China Daily.

https://research.uobkayhian.com/content_download.jsp?id=75206&h=b31f08f9c822673645a21ce8c61e489b

Click on the link for Indonesia Daily.

https://research.uobkayhian.com/content_download.jsp?id=75208&h=767e132d8aeb5517c337deb2f2709ad1

Click on the link for Malaysia Daily.

https://research.uobkayhian.com/content_download.jsp?id=75219&h=61406225d576bcdee5d0e259b093d93f

Click on the link for Singapore Daily.

https://research.uobkayhian.com/content_download.jsp?id=75201&h=fea093d2bbeb15e6b4f40d6b4e99f7f2

Click on the link for Thailand Daily.

https://research.uobkayhian.com/content_download.jsp?id=75221&h=d34093d2d8a8d2753e13adc4ee3e1b6d

UOBKH: Regional Morning Meeting Notes: Monday, September 18, 2023

Click on the link for details.

https://research.uobkayhian.com/content_download.jsp?id=75199&h=eb95b4b88523266de0c38de296035840

KGI

Top Stories, 18 Sep 2023

1. Asia markets poised to fall as central bank decisions closely watched this week

https://www.kgieworld.sg/research/axqs

2. Introducing ICE Micro MSCI Index Futures.Calculated by MSCI, a leading provider of index solutions serving the world’s institutional investors, the MSCI USA and MSCI Europe Indices are designed to capture the full opportunity set in their respective regions.

Find out more: https://www.kgieworld.sg/futures/ice-micro-msci-index-futures

3. A 1.37t yuan exodus shows China’s heft fading in world markets

https://www.kgieworld.sg/research/md4x

4. Strong upward momentum for oil seen amid volatile market

https://www.kgieworld.sg/research/ioh7

5. US auto union chief warns ready to 'amp up' strike if no deal

https://www.kgieworld.sg/research/jdua

6. EUR/USD recovers some lost ground near 1.0660, eyes on FOMC meeting

https://www.kgieworld.sg/research/cojl

Technical Analysis: 18 September 2023

🇸🇬 SG

Frasers Property Ltd. (FPL SP)