Ada Tam Ying Ying

Nov 27, 20234 min read

23 Nov2023 Reports

Updated: Nov 27, 2023

SGX

Phillip OCBC DBS UOB KGI CIMB Lim&Tan MayBank

https://www.zawya.com/en/mena

Phillip Capital Market Reports:

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Phillip Daily Morning Note :

US Market (By Phillip Global Markets Night Desk)

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US weekly jobless claims fell to 209k vs expectations of 226k
Singapore economy grew 1.1% in 3Q23, outperforming the advanced estimate of 0.7%
Following Binance’s CEO stepdown, users withdraw more than $1b in the past 24 hours

ASEAN Internet Sector

Should growing but loss-making business trade below zero value?

E-commerce has attracted more entrants despite similar growth rate as on-demand sector
E-commerce competition to remain high in the near-term: potential recovery in 6-12 months
We argue that growing but loss-making business should not be priced below zero value.
Which are our top ASEAN Internet Sector picks?
Click here to read our views

Frencken Group Ltd (FRKN SP)

Improving margins and outlook

3Q23 revenue in line but net profit above expectations, as margins stabilized. Semiconductor saw strong recovery q-o-q
Expect continued recovery in net margin from trough of 3% in 1Q23
Raised FY23F/24F earnings by 15%/43%, mainly on higher margin assumption
What is our target price for the company?
Click here to read our views

Thai Beverage PCL (THBEV SP)

Spirits saw higher brand investment

FY23 revenue and earnings slightly below expectations by 1.6% and 5.3% respectively
Miss was largely a result of underestimation of brand investment in spirits segment, possibly due to higher mix of brown spirits
Net gearing at 0.65x and Net Debt to EBITDA at 3.08x within expectations; should continue to improve
What is our outlook for the company?
Click here to read our views

Baidu Inc (9888 HK)

China’s “ChatGPT” to start the journey

3Q23 revenue increased by 6% y-o-y, with online marketing revenue rising by 5%; earnings increased by 23%; in line
Recent launch of Ernie 4.0 will support cloud and ad growth in longer term, on top of the monetisation from Ernie BOT
Do we expect ad growth momentum to pick up?
Click here to read our views

Tongcheng Travel Holdings Ltd (780 HK)

Small cities, big opportunities

3Q23 revenue grew by 61% y-o-y to Rmb3.3bn; adjusted net profit beat market expectations by 7%
Revised down adjusted earnings by 4% for FY23 to reflect higher investments on international business
Tongcheng remains key beneficiary of higher travel spending from lower-tier cities.
Do we expect revenue growth to sustain?
Click here to read our views

Singapore Equity Picks: Read more

Hong Kong Equity Picks: Read more

UOB

UOBKH: Country Dailies: Thursday, November 23, 2023

Click on the link for Greater China Daily.

https://research.uobkayhian.com/content_download.jsp?id=76276&h=ff7c3e03e04ccc3a0c09225df6fe4548

Click on the link for Indonesia Daily.

https://research.uobkayhian.com/content_download.jsp?id=76274&h=14b460af83c597eb8ae8e6ff487993c5

Click on the link for Malaysia Daily.

https://research.uobkayhian.com/content_download.jsp?id=76289&h=a07e69cd4ba3338ab591593b16b3d7f0

Click on the link for Singapore Daily.

https://research.uobkayhian.com/content_download.jsp?id=76272&h=e214786a5ff033e8ad5d57501bf82a16

Click on the link for Thailand Daily.

https://research.uobkayhian.com/content_download.jsp?id=76294&h=380e1ef927d7ec86fc806a0f79bfb515

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UOBKH: Retail Market Monitor: Thursday, November 23, 2023

https://research.uobkayhian.com/content_download.jsp?id=76271&h=6f5b37376322e7e1b2871c7f40b182f7

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UOBKH: Regional Morning Meeting Notes: Thursday, November 23, 2023 [3888 HK, 780 HK, 3692 HK, MDKA IJ, INRI MK, KLK MK, MAY MK, MISC MK, FRKN SP, TH Property]

https://research.uobkayhian.com/content_download.jsp?id=76270&h=ab0215dc7adc1c6f07bcb83e8962b61e

KGI

Top Stories, 23 Nov 2023

1. Asia markets poised to fall even as Wall Street goes into Thanksgiving with a rally

https://www.kgieworld.sg/research/ps07

2. Introducing HKEX Options on Futures Contracts (OOF) on on Hang Seng Index Futures and Hang Seng China Enterprises Index Futures. The new OOF will offer investors the opportunity to take a futures position on HKEX’s markets prior to the settlement of the underlying futures contract.

Find out more: https://www.kgieworld.sg/research/hkex-oof

3. US consumer year-ahead inflation expectations increase further

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

4. Oil edges lower in choppy trade as OPEC+ delays meeting

https://www.kgieworld.sg/research/0fv1

5. China’s FDI withdrawal wave could ‘slow’ as outlook improves, analysts say

https://www.kgieworld.sg/research/uy2x

6. Gold Price Forecast: XAU/USD attracts some sellers below $2,000 on the renewed USD demand

https://www.kgieworld.sg/research/f51m

Technical Analysis: 23 November 2023

🇸🇬 SG

Top Glove Corp. (TOPG SP)