Economic Calendar :
SGX
Phillip Capital Market Reports:
Phillip Daily Morning Note
US Market (By Phillip Global Markets Night Desk)
September 21, 2023 Market Wrap
Stock futures fell, while bond yields rose alongside the dollar after the latest reading on jobless claims did little to alter bets on the Federal Reserve’s higher-for-longer stance. S&P 500 contracts signaled the gauge was set to drop below 4,400. Nasdaq 100 futures fell over 1%. Cisco Systems Inc. slipped after agreeing to buy cybersecurity company Splunk Inc. in a $28 billion deal. Broadcom Inc. sank on a report that Alphabet Inc.’s Google is considering dropping the company as a supplier for artificial intelligence chips as soon as 2027. FedEx Corp., a proxy for global growth, rose after a bullish outlook.
OCBC
DBS
US Fed keeps rates unchanged, signals another hike this year
UK Consumer Price Index (CPI) fell to 6.7% in Aug, below expectation of 7%
FedEx reported 1Q EPS of US$4.55, blowing past estimates of US$3.73
Regional Tourism & Hospitality
Welcome back the visa-free way
Policies to boost Chinese visitor arrivals should benefit Thailand, Singapore, and Hong Kong
Recent data points to recovering tourism and aviation, with positive trend expected to continue in the coming year
Who are our top picks with relaxation of visa requirement in Thailand?
Click here to read our views
Singapore Market View Update
Higher-for-longer interest rates playbook to continue
FOMC meeting takeaways: (1) Rates held steady at 5.5% as expected, (2) FED Chair Powell sees 1 final hike later this year, (3) Dot plot shows fewer cuts next year, (4) Soft-landing a possible scenario
Higher-for-longer interest rates playbook continues, with impact on more rates sensitive sectors
What are the sectors to watch?
Click here to read our views
Hong Kong Property Sector
Embracing challenges and seizing opportunities
Flexible pricing strategies needed to move sales, talent inflow to provide potential demand boost
Anticipate home prices to fall 5% in the next 6-9 months
Developers are trading at an average discount of 60% to NAV, >2SD below the mean
Who are our top picks in the Hong Kong residential property sector?
Click here to read our views
Singapore REITs
How are we positioned as FED signals for lesser rate cuts in 2024
FED paused interest rates in Sept’23 but now signal tighter monetary conditions in 2024
Strong economic conditions have prompted FED to shift rate expectations from 3 to 2 cuts
Unlikely to negatively surprise S-REITs as investors have moved on to focus on “duration” of “red hot” interest rates
Which sub-sectors in the Singapore REIT space do we prefer?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Country Dailies: Thursday, September 21, 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: Thursday, September 21, 2023
Click on the link for details.
UOBKH: Regional Morning Meeting Notes: Thursday, September 21, 2023
KGI
Top Stories, 21 Sep 2023
1. Asia markets largely set to fall after Fed holds rates, but signals higher rates for longer
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.
3. US Federal Reserve leaves interest rates unchanged, sees tighter policy through next year
4. China ex-PBOC head calls for policy boost to hit 5% growth goal
5. Oil prices ease 1% after US Fed warns of higher rates for longer
6. EUR/USD falls into 1.0660 as Greenback bolstered by Fed
Technical Analysis: 21 September 2023
🇸🇬 SG
DFI Retail Group Holdings Ltd. (DFI SP)
Singapore Post Ltd. (SPOST SP)
🇭🇰 HK
Zoomlion Heavy Industry Science and Technology Co Ltd (1157 HK)
SITC International Holdings Co Ltd (1308 HK)
Read More: https://www.kgieworld.sg/research/sep21ta23
CIMB
ASEAN: CGS-CIMB ASEAN Daily - 21 September 2023
Equity Research Reports....
▌ TARGET PRICE CHANGES
SIN: Yangzijiang Shipbuilding (ADD, tp:SGD1.96▲) - Inverse direction between ASP and cost driving margin upcycle (21/9)
▌ SECTOR & COMPANY NOTES
THB: Mega Lifesciences (ADD, tp:THB55.00) - Well positioned for growth beyond Covid-19 (20/9)
▌ RECENT 'IDEAs OF THE DAY'...
SIN: Singapore Post Ltd (ADD▲, tp:SGD0.60▲) - What’s next? (18/9)
THB: Retail (OVERWEIGHT) (ESG) - Stronger after the storm (15/9)
MAL: Malaysia Airports Holdings (ADD▲, tp:MYR7.76▲) - Exciting times to return (13/9)
THB: Oil & Gas Refinery (UNDERWEIGHT) - Diesel-led GRM recovery in 2H23F (12/9)
THB: Hospitals (OVERWEIGHT) - A race for medical tourism in Thailand (8/9)
APAC: ASIA Pacific Daily - 21 September 2023
Equity Research Reports....
▌ RECOMMENDATION CHANGES & INITIATIONS...
KR: Sung Kwang Bend (HOLD▼, tp:KRW16,000.00▼) - Shrinking order backlog limits re-rating (20/9)
▌ TARGET PRICE CHANGES...
SIN: Yangzijiang Shipbuilding (ADD, tp:SGD1.96▲) - Inverse direction between ASP and cost driving margin upcycle (21/9)
▌ SECTOR & COMPANY NOTES...
HKG: Want Want China (ADD, tp:HKD6.30) - Good margin expansion (20/9)
THB: Mega Lifesciences (ADD, tp:THB55.00) - Well positioned for growth beyond Covid-19 (20/9)
▌ RECENT 'IDEAs OF THE DAY'...
SIN: Singapore Post Ltd (ADD▲, tp:SGD0.60▲) - What’s next? (18/9)
THB: Retail (OVERWEIGHT) (ESG) - Stronger after the storm (15/9)
MAL: Malaysia Airports Holdings (ADD▲, tp:MYR7.76▲) - Exciting times to return (13/9)
THB: Oil & Gas Refinery (UNDERWEIGHT) - Diesel-led GRM recovery in 2H23F (12/9)
THB: Hospitals (OVERWEIGHT) - A race for medical tourism in Thailand (8/9)
Lim&Tan
MayBank
HK: DIM SUM DAILY
Ta Ann (TAH MK) Advanced Info Service (ADVANC TB)
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