Ada Tam Ying Ying

Oct 24, 20238 min read

24 Oct2023 Reports

SGX

STI Returns to Below 3,100, as Gold ETF Unit Price Edges Higher

https://www.sgx.com/securities/data-reports

CapitaLand Investment, Venture, Yangzijiang Financial lead share buyback consideration Institutions were net sellers of Singapore stocks over the five trading sessions through to October 19, with S$158 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$11.7 million. Click here to read more.

REIT Watch - Focus on S-REITs’ resilience against rising rates Sabana Industrial REIT, one of the four S-REITs that have reported business updates for the latest quarter, noted positive rental reversions despite a dip in portfolio occupancy. Check out the performance of the Keppel Group of REITs that have reported earnings as well. Click here to read more.

5 in 5 with EuroSports Global - Revving Up Sustainable Urban Mobility EuroSports Global specialises in the distribution of ultra-luxury and luxury automobiles, which includes being the sole authorised dealer for Lamborghini in Singapore and Indonesia. The Group has a strong commitment to environmentally sustainable transportation, exemplified through Scorpio Electric, a fully electric next-generation motorcycle. Click here to read more.

Phillip OCBC DBS UOB KGI CIMB Lim&Tan MayBank

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

Phillip Capital Market Reports:

Stock Research

Phillip Daily Morning Note :

US Market (By Phillip Global Markets Night Desk)

24 October 2023

Demand Shifts for U.S. Debt

Several factors have conspired in recent weeks to send U.S. Treasury rates sharply higher. These include the Fed's program to reduce Treasury holdings by allowing them to mature; soaring fiscal deficits in Washington and a missing-in-action Congress; the downgrade of U.S. Treasury debt by Fitch Investor Services; and high-profile buys and sells by foreign owners of Treasury debt. Total Public Debt owed by the U.S. federal government was $32.3 trillion at the end of 2Q23. Outside the U.S., the two largest holders of U.S. Public Debt are Japan, which owns 3.5%, and China, which owns 2.5%. Other nations among the top 10 holders own 9.0% of the debt, so the top 10 holders collectively own about 15%. The grand total of U.S. debt owned by foreign holders is $7.7 trillion, or about 24% of the total. While the absolute holdings level is up about 3.0% over the past year, we have seen pronounced shifts among the major holders. Japan's bondholders historically have been long-term in nature, attracted to Treasuries while their local sovereign bond yields have been near zero for years. A recent rate hike in Japan, though, has led to the repatriation of approximately $80 billion out of Treasuries and into local sovereign securities in the past year. China has also been selling, in part for political reasons. China's current Treasury holdings are lower by about $135 billion over the past year. But while some nations have reduced exposure, others have increased it. Canada has increased its holdings by 17% and the U.K.'s holdings are up 8% in the past year. We think this type of global demand for U.S. Treasuries should help keep a lid on long-term rates in 2024.

Market Wrap

Stocks rose ahead of earnings from Microsoft Corp. and Alphabet Inc. Treasuries stabilized amid growing speculation that the recent selloff was excessive.

Treasury 10-year yields slipped as much as five basis points to a one-week low of 4.80% before paring the move. Europe’s Stoxx 600 index edged higher, while US futures pointed to shares snapping a five-day losing streak. Bitcoin topped $35,000 and the euro swung to a loss against the dollar as data showed the French and German economies struggling.

Today's Big News

- Israel Latest: Macron Warns Militants as Gaza Hospitals on Brink

- Xi Steps Up Economic Support With New Debt Issuance, PBOC Visit

- Bitcoin Hits $35,000 for First Time Since 2022 on ETF Optimism

- China Removes Li Shangfu as Defense Minister, CCTV Reports

- US Lawmaker Arrested in Hong Kong Airport Over Unloaded Gun (2)

- Jamie Dimon Criticizes Central Banks for ‘Dead Wrong’ Forecasts

OCBC

DBS

Market News

Singapore’s Sep inflation ticked higher at 4.1% on higher private transport inflation
Chevron to buy Hess Corp for US$53bn in an all stock deal
Nvidia to sell Arm-based PC chips as soon as 2025 in challenge to Intel

Latest changes: DBS Equity Picks

DBS Equity Picks have consistently outperformed market benchmarks since inception.

NEW ADDITION(S)

Add Seatrium to Growth category (Singapore)

Global Airline Sector

From turbulence to triumph: which airlines to bet on in the post-pandemic era?

Covid-19 reshaped global airline market share dynamics
Staff and aircraft shortages are unlikely to be alleviated over the medium term
Airlines that bolstered workforces/fleets during the pandemic now have a strategic edge
Who are our top picks in the global airline sector?
Click here to read our views

Digital Core REIT (DCREIT SP)

Attractive opportunity to add with abating uncertainty over Cyxtera assets

Recent share price pullback to US$0.48 (5-day price loss of 12.7%) may present as an attractive opportunity to add, with the overhang on Cyxtera progressively improving
Stable operations, attractive forward yields of close to 8% and low gearing puts DCREIT favorably, even amidst a higher-for-longer environment
What data points support our view on this stock?
Click here to read our views

AEM Holdings (AEM SP)

Key customer Intel could face intensifying competitive pressures as Nvidia enters PC CPU space

Nvidia and AMD are reportedly venturing into Arm-based processors for PCs which could see sales as early as 2025
While Arm-based processors cannot fully replace their X86 counterparts, they could continually chip away at X86’s market share which is Intel’s home turf
How would AEM be affected by this development?
Click here to read our views

Keppel Corporation Ltd (KEP SP)

Government introduces centralised gas procurement

EMA introduces centralised gas procurement for gencos, which will likely come into effect from 2024
While heightened policy risks, the new government measures introduced since July-2023, if implemented well, could promote a steadier and healthier development of Singapore power market ahead
What’s the impact to gas importers like Keppel?
Click here to read our views

China Mobile Ltd (941 HK)

9M23 net profits in line with market expectations

Net profit increased by 7.1% y-o-y to Rmb105.5bn, in line with market expectations
DICT (data, information and communications technology) revenue growth remained robust at 26.4% y-o-y, continuing to bolster earnings growth
Do we believe the company can continue to grow its dividend?
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: Tuesday, October 24, 2023

Click on the link for details.

https://research.uobkayhian.com/content_download.jsp?id=75711&h=f001b27c9bf6561b8ab916d3ce511dab

UOBKH: Country Dailies: Tuesday, October 24, 2023

Click on the link for Greater China Daily.

https://research.uobkayhian.com/content_download.jsp?id=75704&h=ab5266a567015c1fa88e4cb37ae91f51

Click on the link for Indonesia Daily.

https://research.uobkayhian.com/content_download.jsp?id=75715&h=d086bd7c0dbfd8071940ba06f90f1796

Click on the link for Malaysia Daily.

https://research.uobkayhian.com/content_download.jsp?id=75735&h=ae802f2d6e6df33a9e03c6aa0dd72032

Click on the link for Singapore Daily.

https://research.uobkayhian.com/content_download.jsp?id=75712&h=e04646980dec26b7038ef934251be09f

Click on the link for Thailand Daily.

https://research.uobkayhian.com/content_download.jsp?id=75734&h=cc463024307a61f12b64ca4b9200e4c0

KGI

Technical Analysis: 24 October 2023

🇸🇬 SG

ComfortDelgro Corp. (CD SP)

Singapore Post Ltd. (SPOST SP)

🇭🇰 HK

Shandong Gold Mining Co Ltd (1787 HK)

CGN Mining Co Ltd (1164 HK)

24 Oct2023 Reports

Latest changes: DBS Equity Picks

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Srettha brushes off digital wallet critics 4am closing for nightspots wins backing Tourist figures soar over long weekend Vietnam

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