Economic Calendar :
SGX
My interview with ZaoBao
本地通胀放缓和银行股上涨带动 海指起0.33%
https://www.zaobao.com.sg/finance/singapore/story20230925-1436812
Phillip Capital Market Reports:
Phillip Daily Morning Note :
US Market (By Phillip Global Markets Night Desk)
26 September 2023
Market Wrap
Stock markets retreated Tuesday as investors priced in a protracted period of high interest rates. A selloff in government bonds paused and the dollar steadied.
US equity futures slipped, poised to give back Monday’s modest gains. Shares in Europe retreated for a fourth day, putting the MSCI All Country World Index, one of the broadest measures of global equities, on track to match its longest losing streak in the past decade.
Today's Big News
-Andurand Adds to Oil Wagers as Hedge Fund Losses Shrink to 15%
-Tesla’s Chinese Exports in Crosshairs of EU Anti-Subsidy Probe
-Bond Traders Roiled by Fed See US Shutdown as Next Big Wild Card
-Moody’s Cuts Vedanta Deeper Into Junk on Debt Restructuring Woes
-CVC Said to Explore Sale of Controlling Stake in Indian Hospital
-Rob Arnott Says ‘Perfect’ Time to Buy Value on Sticky Inflation
OCBC
DBS
Singapore’s core inflation fell to 3.4% in Aug, lowest since Apr-22
Amazon to invest up to US$4bn in AI startup, Anthropic
Writers Guild of America reached tentative deal with studios to end writers’ strike
Regional Leasing
Time to revisit
Lessors set to benefit from the likely peaking out of interest rate by 2H24 due to their intermediary positioning
BOCA’s (2588 HK) favourable sector dynamics and CSSC’s (3877 HK) defensive asset/liability structure could support the counters to outperfrom ahead of US rates turning point
FEH (3360 HK) and HCD (9930 HK) on the other hand already benefitting from domestic rate cuts, with potential macro recovery in China to further support lease demand
What’s our preferred picks in this sector?
Click here to read our views
Tourism related
Golden week casts shine on regional beneficiaries
Bloomberg reported that China could see 21million air travelers during the extended golden week holiday from 29 Sept to 6 October
Outbound tourism could also take off as popular destinations for Chinese tourists during the golden week include Japan, Korea, Singapore, and Thailand
Which counters could benefit from domestic or outbound tourism during China’s golden week?
Click here to read our views
SEA Ltd (SE US)
President Jokowi talks about upcoming regulation on social media companies
President Jokowi has said that regulations regarding social media-based e-commerce or e-commerce activities would soon be completed.
Currently, the regulations are in the finalization stage at the Ministry of Trade.
According to Jokowi, social media is not at the same time an economic medium
Who are the beneficiaries on pending regulations in Indonesia?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
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: Tuesday, September 26, 2023
Click on the link for details.
UOBKH: Regional Morning Meeting Notes: Tuesday, September 26, 2023
Click on the link for details.
UOBKH: Regional Morning Meeting Notes: Friday, September 01, 2023
Click on the link for details.
KGI
Top Stories, 26 Sep 2023
1. Oil prices settle near flat in choppy trade; Russia eases fuel export ban
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. EU, China rein in trade angst, set agenda for further dialogue
4. Stock futures are little changed after S&P 500, Nasdaq end four-day string of losses: Live updates
5. Uranium is the new gold as the world goes nuclear once again
6. USD/JPY consolidates its gains below 149.00 amid the cautious mood, fear of intervention
CIMB
APAC: ASIA Pacific Daily - 26 September 2023
Equity Research Reports....
▍IDEA OF THE DAY (IOD)...
CHN: Navigator-Strategy - Ride out of the bottom (25/9)
We believe investors’ pessimism over China’s economic outlook was irrational. This led to depressed valuations and record outflows. The upcoming pro-growth measures could serve as a positive catalyst, in our view. We have a constructive view on the HK market, and project 20% upside potential. We are OW on consumer discretionary, communication services and insurance sectors; UW on health care and diversified financials.
▌ RECOMMENDATION CHANGES & INITIATIONS...
MAL: Axiata Group (ADD▲, tp:MYR3.07▲) - Monetisation not earnings (25/9)
MAL: NTPM Holdings (ADD▲, tp:MYR0.75▲) - Wiping the worst away with margin recovery (25/9)
▌ TARGET PRICE CHANGES...
KR: BH Co. (ADD, tp:KRW27,000.00▼) - Weak 3Q23F sales, but better 4Q23F ahead (25/9)
MAL: HSS Engineers (ADD, tp:MYR1.21▲) - More visible contract flows in 2024F (25/9)
PH: Puregold Price Club Inc (ADD, tp:PHP46.38▼) - Divimart acquisition ramps up expansion (25/9)
▌ STRATEGY & ECONOMIC NOTES...
IND: Strategy Note - First peek into 2024 presidential candidates’ visions (25/9)
▌ SECTOR & COMPANY NOTES...
MAL: Banks (OVERWEIGHT) - What to expect for 3Q23F (25/9)
SIN: Grand Venture Technology Ltd (REDUCE, tp:SGD0.51) - Waiting for a recovery (25/9)
SIN: Keppel REIT (ADD, tp:SGD1.14) - Resilient portfolio (25/9)
THB: Central Pattana (ADD, tp:THB83.50) (ESG) - Visit to its Ubon mixed-use development (25/9)
THB: Oil & Gas Refinery (UNDERWEIGHT) - Russia temporarily restricts diesel export (25/9)
▌ 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)
ASEAN: CGS-CIMB ASEAN Daily - 26 September 2023
Equity Research Reports....
▌ RECOMMENDATION CHANGES & INITIATIONS
MAL: Axiata Group (ADD▲, tp:MYR3.07▲) - Monetisation not earnings (25/9)
MAL: NTPM Holdings (ADD▲, tp:MYR0.75▲) - Wiping the worst away with margin recovery (25/9)
▌ TARGET PRICE CHANGES
MAL: HSS Engineers (ADD, tp:MYR1.21▲) - More visible contract flows in 2024F (25/9)
PH: Puregold Price Club Inc (ADD, tp:PHP46.38▼) - Divimart acquisition ramps up expansion (25/9)
▌ ECONOMIC & STRATEGY NOTES
IND: Strategy Note - First peek into 2024 presidential candidates’ visions (25/9)
▌ SECTOR & COMPANY NOTES
MAL: Banks (OVERWEIGHT) - What to expect for 3Q23F (25/9)
SIN: Grand Venture Technology Ltd (REDUCE, tp:SGD0.51) - Waiting for a recovery (25/9)
SIN: Keppel REIT (ADD, tp:SGD1.14) - Resilient portfolio (25/9)
THB: Central Pattana (ADD, tp:THB83.50) (ESG) - Visit to its Ubon mixed-use development (25/9)
THB: Oil & Gas Refinery (UNDERWEIGHT) - Russia temporarily restricts diesel export (25/9)
▌ 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 RN: FIXED INCOME WEEKLY TH: THAI MARKET COMPASS SG: SG DAILY NEWSLETTER
UMS Holdings (UMSH SP) Grab Holdings (GRAB US)
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