My interview with ZaoBao on 30th Nov :
SGX
Inside Commodities - Thursday, November 30, 2023
Phillip Capital Market Reports:
Phillip Daily Morning Note :
US Market (By Phillip Global Markets Night Desk)
OCBC
DBS
Your daily newsletter
US 3Q23 GDP growth revised up from 4.9% to 5.2%, higher than expected
OECD sees global growth to slow to 2.7% in 2024 but believes that a hard landing can be avoided
US major health insurers Humana and Cigna in talks to merge, a deal that could worth US$140bn in value
Regional Metal
2024 outlook – limited selection amid lingering uncertainties
Uncertainty on global and Chinese economies signals potentially weak demand for materials; copper prices to be more resilient among industrial metals in our opinion
For battery metals (lithium and nickel), strong supply growth to put pressure on prices
We expect precious metals to outperform amid interest rate peaking and US dollar weakening
Which regional companies will benefit from strong precious metal prices?
Click here to read our views
Regional Oil and Gas
Oil prices – what to expect ahead of crucial OPEC+ policy meeting?
Oil prices have been under pressure over last few weeks as demand concerns return, geopolitical risks fade
While a continuation of Saudi’s voluntary cuts seem almost certain, market is also expecting additional production cuts for other members at upcoming OPEC+ meeting
What is our forecast for brent in 2024?
Click here to read our views
Thai Beverage (THBEV SP)
Sawasdee to higher alcohol consumption
Thailand’s 3Q GDP print shows growth at 1.5%, representing the slowest pace this year
Weak positive correlation to beer and negative correlation to white liquor vs Thailand GDP implies that a weakened economy could have less impact on alcohol demand than initially feared
Our analysts see continued strength in spirits and Thailand beer offsetting weakness in Vietnam beer
What datapoints support our view for alcohol consumption in Thailand to increase?
Click here to read our views
Manulife US Real Estate Investment Trust (MUST SP)
No respite for MUST despite lower bond yield
Our analyst downgrades MUST to HOLD as the REIT starts a 3-step debt restructuring plan over the next 2 years to resolve gearing concerns
We think that the stock is likely to fall today, ignoring the further drop in US 10-year yield to 4.255% overnight
What is the technical downside we see for MUST?
Click here to read our views
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Country Dailies: Thursday, November 30, 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.
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UOBKH: Regional Morning Meeting Notes: Thursday, November 30, 2023 [241 HK, ID Telecommunications, AXIATA MK, MSGB MK, MAHB MK, PBK MK, KEP SP, MUST SP, EA TB]
KGI
kgi: Technical Analysis: 30 November 2023
Technical Analysis: 30 November 2023
🇸🇬 SG
Sembcorp Industries Ltd (SCI SP)
Oversea-Chinese Banking Corp Ltd (OCBC SP)
🇭🇰 HK
Zijin Mining Group Co Ltd (2899 HK)
Zhaojin Mining Industry Co Ltd (1818 HK)
Read More: https://www.kgieworld.sg/research/nov30ta23
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Top Stories, 30 Nov 2023
1. Dow futures rise as benchmark nears new 2023 high: Live updates
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.
3. Crypto boom! Bitcoin at annual highs: Going for $40,000
4. Oil prices gain near 2% on expectations of deeper OPEC+ cuts
5. US bills targeting China AI and Hong Kong offices clear key House panel amid call for ‘bold new ideas’
6. USD/JPY trading into 147.00 ahead of Japan Retail Trade, China PMIs loom over Asia markets
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CIMB
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SIN: Sasseur REIT - Riding on growth tailwinds (ADD - Maintained)
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APAC: ASIA Pacific Daily - 30 November 2023
▌ RECOMMENDATION CHANGES & INITIATIONS...
KR: LG Display (HOLD▼, tp:KRW13,000.00▼) - Operating loss expected in FY24F (29/11)
KR: SKC (HOLD▼, tp:KRW100,000.00▼) - Slow elecfoil operations on soft EV demand (29/11)
▌ TARGET PRICE CHANGES...
CHN: PDD Holdings (ADD, tp:USD177.00▲) - Strong growth momentum to continue in 4Q23F (29/11)
HKG: Meituan (ADD, tp:HKD276.00▲) - Order volume growth may slow down in 4Q23F (29/11)
HKG: Want Want China (ADD, tp:HKD6.10▼) - Further margin expansion is expected in 2H (29/11)
KR: SK D&D (ADD, tp:KRW33,000.00▲) - Split-off supports share price (29/11)
MAL: Bank Islam Malaysia Bhd (ADD, tp:MYR2.55▲) - One of the best defenders of NFM (29/11)
MAL: Malayan Cement Bhd (ADD, tp:MYR6.00▲) - Gaining market share in Singapore (29/11)
MAL: Public Bank Bhd (ADD, tp:MYR5.25▲) - Net interest margin recovered qoq in 3Q23 (29/11)
PH: Jollibee Foods Corp (ADD, tp:PHP286.60▼) - Global expansion to drive FY24F earnings (29/11)
PH: Puregold Price Club Inc (ADD, tp:PHP45.77▼) - Upbeat outlook, but opex could cap growth (29/11)
THB: Amata Corporation (ADD, tp:THB30.25▲) (ESG) - Solid land demand set to sustain in 2024F
▌ STRATEGY & ECONOMIC NOTES...
THB: Economic Update - Thailand’s fiscal outlook and proposed digital wallet handout (29/11)
THB: Economic Update - End of the rate hike cycle (29/11)
THB: Economic Update - Digital Wallet journey (29/11)
▌ SECTOR & COMPANY NOTES...
IND: Bank Neo Commerce (ADD, tp:IDR420.00) - One step in a better direction (29/11)
KR: Amorepacific Corp (ADD, tp:KRW190,000.00) - Key takeaways from 2023 Analyst Day (29/11)
MAL: Axiata Group (ADD, tp:MYR3.07) - 3Q23 results - NCell for sale (29/11)
MAL: KLCCP Stapled Group (HOLD, tp:MYR7.47) - Mandarin Oriental back in black (29/11)
MAL: Mah Sing Group (ADD, tp:MYR1.10) - More M-Series launches in the pipeline (29/11)
SIN: Keppel Corporation (ADD, tp:SGD8.70) (ESG) - Making headway into Europe (29/11)
SIN: Manulife US REIT (ADD, tp:USD0.25) - Recapitalise and revitalise (30/11)
SIN: Sasseur REIT (ADD, tp:SGD0.95) - Riding on growth tailwinds (29/11)
▌ RECENT 'IDEAs OF THE DAY'...
KR: Hugel Inc (ADD, tp:KRW181,000.00▲) - Riding on China’s BTX market expansion (24/11)
MAL: Banks (OVERWEIGHT) - Don’t lose sleep over asset quality (16/11)
MAL: Utilities - Overall (OVERWEIGHT) - Malaysia, ASEAN’s renewable battery (6/11)
MAL: Strategy Note - Budget 2024: policy continuity (14/10)
MAL: Economic Focus - Budget 2024: Raise revenue, cut spending (14/10)
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ASEAN: CGS-CIMB ASEAN Daily - 30 November 2023
▌ TARGET PRICE CHANGES
MAL: Bank Islam Malaysia Bhd (ADD, tp:MYR2.55▲) - One of the best defenders of NFM (29/11)
MAL: Malayan Cement Bhd (ADD, tp:MYR6.00▲) - Gaining market share in Singapore (29/11)
MAL: Public Bank Bhd (ADD, tp:MYR5.25▲) - Net interest margin recovered qoq in 3Q23 (29/11)
PH: Jollibee Foods Corp (ADD, tp:PHP286.60▼) - Global expansion to drive FY24F earnings (29/11)
PH: Puregold Price Club Inc (ADD, tp:PHP45.77▼) - Upbeat outlook, but opex could cap growth (29/11)
THB: Amata Corporation (ADD, tp:THB30.25▲) (ESG) - Solid land demand set to sustain in 2024F (29/11)
▌ ECONOMIC & STRATEGY NOTES
THB: Economic Update - Thailand’s fiscal outlook and proposed digital wallet handout (29/11)
THB: Economic Update - End of the rate hike cycle (29/11)
THB: Economic Update - Digital Wallet journey (29/11)
▌ SECTOR & COMPANY NOTES
IND: Bank Neo Commerce (ADD, tp:IDR420.00) - One step in a better direction (29/11)
MAL: Axiata Group (ADD, tp:MYR3.07) - 3Q23 results - NCell for sale (29/11)
MAL: KLCCP Stapled Group (HOLD, tp:MYR7.47) - Mandarin Oriental back in black (29/11)
MAL: Mah Sing Group (ADD, tp:MYR1.10) - More M-Series launches in the pipeline (29/11)
SIN: Keppel Corporation (ADD, tp:SGD8.70) (ESG) - Making headway into Europe (29/11)
SIN: Manulife US REIT (ADD, tp:USD0.25) - Recapitalise and revitalise (30/11)
SIN: Sasseur REIT (ADD, tp:SGD0.95) - Riding on growth tailwinds (29/11)
▌ RECENT 'IDEAs OF THE DAY'...
MAL: Banks (OVERWEIGHT) - Don’t lose sleep over asset quality (16/11)
MAL: Utilities - Overall (OVERWEIGHT) - Malaysia, ASEAN’s renewable battery (6/11)
MAL: Strategy Note - Budget 2024: policy continuity (14/10)
MAL: Economic Focus - Budget 2024: Raise revenue, cut spending (14/10)
THB: Hana Microelectronics (ADD▲, tp:THB80.00▲) (ESG) - Multiple tailwinds to drive OP growth (10/10)
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Trendspotter of the day (SIN/HKG/MAL): 30th November 2023
Please refer to below for the technical charts of the day.
SIN
Bottom rebound at key support
Bullish accumulative phase
Bullish accumulative phase at key support
HKG
Corrective phase over
Bullish break above
MAL
More upside ?
New highs ahead?
Lim&Tan
MORNING UPDATE 30 NOV 2023: FINANCIAL MARKETS, KEPPEL CORP, INNOTEK, BCA RESEARCH / BLOOMBERG MACRO FINANCIAL NEWS
MayBank
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