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Writer's pictureAda Tam Ying Ying
Sep 25, 20236 min read

22Sep2023 Reports


Economic Calendar :



SGX












 

Phillip Capital Market Reports:


Phillip Daily Morning Note



US Market (By Phillip Global Markets Night Desk)

September 22, 2023

Market Wrap

US equity futures signaled a pause in a three-day selloff on Wall Street at the end of a bruising week for investors forced to accept the idea of higher-for-longer interest rates. Contracts for the S&P 500 added 0.4%, a modest rebound after the index fell the most since March on Thursday. Those on the tech-heavy Nasdaq 100 climbed 0.7%. Activision Blizzard Inc. gained in premarket trading as Microsoft Corp.’s $69 billion acquisition of the gaming company looked set to clear its final regulatory hurdle. European stocks erased their losses.





 

OCBC







 

DBS


  1. Bank of England keeps interest rates unchanged at 5.25%

  2. Cisco announces deal to acquire cybersecurity firm Splunk for US$28bn, shifting focus from hardware to software

  3. Japan August CPI rises 3.2% y-o-y


ETF in Focus

Semiconductor: On recovery path

  1. Tailwinds for further semiconductor upside remain strong, expecting a strong recovery of +20.4% y-o-y, after an estimated 12.5% drop in revenue this year

  2. Green shoots in recent macro data; industry data showing further signs of stabilization

  3. Formidable AI force, hardware a beneficiary of gen-AI growth

  4. What’s our preferred ETFs to play the recovery in semiconductor sector?

  5. Click here to read our views

Singapore Technology

Stay selective on tech as anticipated recovery could be bumpy

  1. August’s print marks the 13th consecutive month of electronics NODX’s y-o-y decline; While still at sub-50 levels for 13th consecutive months, the electronics PMI, a leading indicator improved to 49.5 in August, the highest in the year

  2. Our economist believes that forward looking indicators point to a gradual and fragile exports recovery which reinforces the need to stay selective on Singapore technology names

  3. Which are the tech stocks to be selective on?

  4. Click here to read our views

Seatrium Limited (STM SP)

All stars are aligned

  1. We remain convicted in the turnaround prospects of STM following recent rounds of NDR meetings

  2. We believe STM is well positioned to benefit from rising demand for both FPSOs and offshore wind assets

  3. Better risk-sharing mechanisms with milestone payments bode well for margin recovery and cash management

  4. What’s behind our high conviction on this counter?

  5. Click here to read our views

Grab Holdings Ltd (GRAB US)

Delivery and mobility market share gains

  1. GRAB is gaining market share in (i) Mobility from Gojek in Singapore & Indonesia (ii) Deliveries from Foodpanda who might even exit few markets in due course

  2. Our revised FY24F/25F adj EBITDA is 8%/5% above consensus mainly due to Deliveries & ad-revenue; not factoring any potential acquisition

  3. What are the key re-rating catalysts for the company?

  4. Click here to read our views

DBS Group Research | Equity Picks

Singapore Equity Picks: Read more

Hong Kong Equity Picks: Read more




 

UOB


UOBKH: Regional Morning Meeting Notes: Friday, September 22, 2023

Click on the link for details.



UOBKH: Country Dailies: Friday, September 22, 2023

Click on the link for Greater China Daily.




UOBKH: Retail Market Monitor: Friday, September 22, 2023

Click on the link for details.


 

KGI


Technical Analysis: 22 September 2023

🇸🇬 SG

Food Empire Holdings Ltd. (FEH SP)

Yangzhijiang Shipbuilding. (YZJSGD SP)

🇭🇰 HK

China Mobile Ltd. (941 HK)

China Telecom Corp. (728 HK)



Top Stories, 22 Sep 2023


1. Asia markets slide ahead of Bank of Japan rate decision

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. US soft landing is unlikely, former Federal Reserve officials Kohn, Warsh say

4. Oil settles lower as Russia fuel export ban boosts, rate hikes weigh

5. China vice president says country committed to opening itself wider to the world


6. EUR/USD ends Thursday where it starts, recovering into 1.0660 after Fed-inspired backslide



 

CIMB



Trendspotter of the day (SIN/HKG/MAL): 22nd September 2023

Please refer to below for the technical charts of the day.

SIN

  • Bullish trend is in an early stage

HKG

  • Uptrend remain intact

  • Return of the uptrend

MAL

  • Close the gap?

  • Positive bias



ASEAN: CGS-CIMB ASEAN Daily - 22 September 2023

Equity Research Reports....


▌ RECOMMENDATION CHANGES & INITIATIONS

SIN: China Sunsine Chemical Holdings (ADD▲, tp:SGD0.47▲) - Strong ASPs could point to a better 2H23F (21/9)

THB: Sino-Thai Eng & Construction (HOLD▲, tp:THB10.20) - STEC clarifies on deadline extensions for new parliament project (21/9)

▌ TARGET PRICE CHANGES

THB: Siam Wellness Group (ADD, tp:THB16.10▲) - Accelerating revenue growth in 2H23F (21/9)

▌ ECONOMIC & STRATEGY NOTES

IND: Economic Update - Longer Bank Indonesia pause likely (21/9)

▌ SECTOR & COMPANY NOTES

SIN: Grab Holdings (ADD, tp:USD4.50) - foodpanda up for sale? (21/9)

▌ 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)




TRADING IDEAS: 🇸🇬 SINGAPORE

22 September 2023

🏙 Banyan Tree Holdings Ltd. (BTH SP): Fear not, tourism is here to stay

BUY Entry 0.390 – Target – 0.415 Stop Loss – 0.378

🏢 ThaiBev (THBEV SP): Expecting a tourism boost in Thailand during China’s upcoming golden week

BUY Entry 0.58 – Target – 0.62 Stop Loss – 0.56



 

Lim&Tan












 

MayBank






Indonesia

Malaysia

Philippines

Singapore

Thailand

China

India

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