Economic Calendar :
SGX
Phillip Capital Market Reports:
Phillip Daily Morning Note
US Market (By Phillip Global Markets Night Desk)
25 September 2023
Market Wrap
Government bonds and stocks fell as traders speculated central banks will keep interest rates elevated to quell inflation. The dollar hit its highest level since March as investors sought safety.
Contracts for the S&P 500 and tech-heavy Nasdaq 100 pointed to extended losses as traders returned to their desks following the worst weekly selloff on Wall Street since March. The US Treasury 10-year yield climbed seven basis points to a fresh 2007 high of 4.5089%. Mining shares dragged down the Stoxx Europe 600 as China’s property problems weighed on the outlook for natural resources.
Today's Big News
-SEC Collects Private Messages in WhatsApp Probe, Reuters Says -Ex-Bankers Help Divvy Up $100 Billion to Boost US Chipmaking -Hollywood Screenwriters Reach Tentative Deal to End Strike -OpenAI Gives ChatGPT Ability to Speak in Five Different Voices -Short Sellers Mount Attack on ESG Stocks Bloated From Green Hype
-Ukraine Advances on Russian Defenses as US Battle Tanks Arrive
OCBC
DBS
Bank of Japan maintained interest rate at -0.1%
S&P Global US Services PMI was down to 50.2, lower than estimates of 50.6
China’s state asset manager plans to raise US$13.7bn fund to invest in emerging industries
Mapletree Group of REITs
The great place to be in
Mapletree Group of REITs well positioned to deliver resilient returns even in an extended period of high interest rates
Overall operational statistics to see improvement in coming quarters; financial metrics offer comfort with good buffers to regulatory limits
Investors’ stance appear conservative although a sustained improved in China’s macros could push investors to add
What’s our preferred pick among Mapletree REITs?
Click here to read our views
Genting Singapore (GENS SP)
Time for a relook as downside looks limited and risk-reward looks favorable
Robust recovery in Chinese travelers’ arrivals seen in July and August hints of a strong 3Q report card
Combined Jul-Aug visitor arrivals rebounded to c.57% of 2019 levels, which is more than double of the c.23% seen in 1H’23
Start of Thailand’s temporary VISA waiver could see positive spillover effect for this region
What are our thoughts on the risk to reward ratio?
Click here to read our views
Frasers Centrepoint Trust (FCT SP)
Making the right strategic moves
Streamlines portfolio with the sale of stake in Hektar REIT, netting the REIT c.S$37.1m
Highlights management commitment in owning and management of dominant suburban retail malls in Singapore
Gearing could head <37% level post sale, strengthening the REIT’s balance sheet in the face of extended period of high interest rates
What we believe the company will do with the proceeds from the sale?
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: Monday, September 25, 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: Monday, September 25, 2023
Click on the link for details.
UOBKH: Regional Morning Meeting Notes: Monday, September 25, 2023
Click on the link for details.
KGI
Top Stories, 25 Sep 2023
1. Stock futures inch up as the market enters last week of September with losses: Live updates
2. Bursa Malaysia East Malaysia Crude Palm Oil Futures (FEPO). FEPO is a Ringgit Malaysia ("MYR") denominated Crude Palm Oil Futures Contract traded on Bursa Malaysia, complementing the existing FCPO contract with specifications designed to meet the needs of market participants with exposure to the East Malaysia palm oil market.
Find out more: https://www.kgieworld.sg/futures/bursa-malaysia-fepo
3. JPMorgan Analyst Sees Energy Supercycle With Oil As High As $150
4. BTC price tracks $26.5K as Bitcoin speculator supply hits 12-year low
5. Investors in China scramble to sell overseas properties amid shaky economic conditions
6. EUR/USD snaps its four-day losing streak, hovers around 1.0650, focus on German IFO data
Technical Analysis: 25 September 2023
🇸🇬 SG
Starhub Ltd. (STH SP)
Marco Polo Marine Ltd. (MPM SP)
🇭🇰 HK
Cowell E Holdings. (1415 HK)
ZTE Corp. (763 HK)
Read More: https://www.kgieworld.sg/research/sep25ta23
TRADING IDEAS: 🇸🇬 SINGAPORE
25 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
➡️ Read More: https://www.kgieworld.sg/research/sep25sg23
CIMB
ASEAN: CGS-CIMB ASEAN Daily - 25 September 2023
Equity Research Reports....
▌ TARGET PRICE CHANGES
THB: Global Power Synergy (ADD, tp:THB62.00▼) - Populist policies to hurt earnings (22/9)
▌ ECONOMIC & STRATEGY NOTES
MAL: Economic Update - Concerns over high rice prices should abate (22/9)
▌ SECTOR & COMPANY NOTES
MAL: Eco World Development Group Bhd (ADD, tp:MYR1.34) - Balancing land bank growth and payout (22/9)
THB: Oil & Gas - Integrated (UNDERWEIGHT) - Gas cost likely to fall in 2024F (22/9)
▌ 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 - 25 September 2023
Equity Research Reports....
▌ TARGET PRICE CHANGES...
HKG: Sun Art Retail Group (HOLD, tp:HKD1.80▼) - Slower revenue growth due to lower ASP (22/9)
KR: Hana Tour Service (ADD, tp:KRW63,000.00▼) - Expectations for the outbound peak season (22/9)
THB: Global Power Synergy (ADD, tp:THB62.00▼) - Populist policies to hurt earnings (22/9)
▌ STRATEGY & ECONOMIC NOTES...
MAL: Economic Update - Concerns over high rice prices should abate (22/9)
▌ SECTOR & COMPANY NOTES...
CHN: Environmental (NEUTRAL) - Carbon Neutrality Research: Policy and News Update (22/9)
MAL: Eco World Development Group Bhd (ADD, tp:MYR1.34) - Balancing land bank growth and payout (22/9)
THB: Oil & Gas - Integrated (UNDERWEIGHT) - Gas cost likely to fall in 2024F (22/9)
▌ 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
PH: PHILIPPINES BSP MONETARY POLICY MY: MALAYSIA CPI, AUG 2023 RN: REGIONAL TRADERS’ ALMANAC RN: PORTFOLIO SEASONS RN: ASEAN+ FORTNIGHTLY SG: SG TOP OF THE WEEK
HK: DIM SUM DAILY
ITMAX System Bhd (ITMAX MK) MNRB Holdings (MNRB MK)
CK Power (CKP TB)
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