DAILY MORNING NOTE | 1 December 2023

**Do note that the last day of Morning Note Issuance will be on 14 December 2023. Morning Note will resume in January 2024**

Summary of Trades Initiated in Past Week


Singapore shares closed lower on Thursday (Nov 30), bucking gains in the region. Singapore stocks fell 0.4 per cent or 11.71 points to 3,072.99. Across the broader market, losers outnumbered gainers 300 to 280, after 1.4 billion securities worth S$1.9 billion changed hands. The Nikkei 225 rose 0.5 per cent, the Hang Seng Index gained 0.3 per cent, the Kospi Composite Index was up 0.6 per cent, while the FTSE Bursa Malaysia KLCI closed 0.5 per cent higher.

Wall Street indexes saw a mixed performance on the last day of November. The Dow Jones Industrial Average hit a new high for the year and finished up 1.5 per cent at 35,950.89, while the broad-based S&P 500 rose by 0.4 per cent to 4,567.80. The tech-rich Nasdaq Composite Index dropped 0.2 per cent to 14,226.22.

Top gainers & losers





Starhill Global Reit has renewed its current master lease with Takashimaya manager Toshin Development Singapore due to expire in June 2025 for an initial term of 12 years. The Reit manager announced this in a bourse filing on Thursday (Nov 30). Beyond its expiry on Jun 7, 2037, the master lease may be further renewed by either party for an additional six years, and for a further three years thereafter, at the option of Toshin. Under the current master lease, Toshin is the master tenant occupying all the retail areas of the Ngee Ann City property owned by the real estate investment trust (Reit), except Level 5. The current lease contributed about 23.6 per cent of Starhill’s portfolio gross rent as at Sep 30, 2023.

Venture Corporation said on Thursday (Nov 30) that its board of directors has established a share buyback plan to purchase up to 10 million ordinary shares of the company. This plan was authorised by the board on Nov 29, following the approval of Venture’s shareholders of the share purchase mandate at the annual general meeting on Apr 27, the company said in a bourse filing. Under the mandate, the company can buy up to about 14.5 million shares, which translates to 5 per cent of the total number of issued shares of the company as at the date of the mandate. Shares of Venture lost 1.4 per cent, or S$0.18, on Thursday to close at S$12.53.

IHH Healthcare on Thursday (Nov 30) reported earnings of RM532.1 million (S$152.7 million) for the third fiscal quarter ended September, more than double the earnings of RM251.8 million in the corresponding year-ago period. For the nine-month period, IHH’s net profit was up 64 per cent year on year to RM2.2 billion, against RM1.4 billion. The stronger Q3 bottomline figures came in part on the back of a 27 per cent increase in revenue to RM5.8 billion from RM4.6 billion. The company said that it saw more patients, and benefited from higher revenue intensity across all its markets. There was also an improved case mix, the group added. Shares of IHH gained 0.6 per cent, or S$0.01, on Thursday to close at S$1.68.


Oil prices fell by more than 2 per cent on Thursday after Opec+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. Brent crude futures for January settled 27 cents, or 0.3 per cent, lower to expire at US$82.83 a barrel, and a 5.2 per cent loss for the month. The February contract, which begins trading as the front month on Friday, fell US$2.00, or 2.4 per cent, to US$80.86. US West Texas Intermediate crude futures settled down US$1.90, or 2.4 per cent, to US$75.96, and down 6.2 per cent in November.

Inflation as measured by personal spending increased in line with expectations in October, possibly giving the Federal Reserve more incentive to hold rates steady and perhaps start cutting in 2024, according to a data release Thursday. The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Both numbers aligned with the Dow Jones consensus and were down from respective readings of 0.3% and 3.7% in September. Headline inflation was flat on the month and at a 3% rate for the 12-month period, the release also showed. Energy prices fell 2.6% on the month, helping keep overall inflation in check, even as food prices increased 0.2%. Goods prices saw a 0.3% decrease while services rose 0.2%.

Shares of Ulta Beauty rose 10% in after-hours trading Thursday, as the company said its third-quarter sales rose while shoppers showed once again they’re willing to spend on fragrances, skin care and more even when the budget is tight. In the fiscal third quarter, net income rose to $249.5 million, or $5.07 per share, from $274.6 million, or $5.34 per share, in the year-ago period. Revenue increased from $2.34 billion in the year-ago period. Comparable sales, a metric that tracks Ulta stores open at least 14 months along with online sales, increased 4.5% year over year. Ulta Beauty expects net sales for the fiscal year to be between $11.10 billion and $11.15 billion, and comparable sales to range from 5.0% to 5.5%. It said adjusted earnings per share for the year will range from $25.20 to $25.60.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, PSR


Semiconductor – Industry looks to have bottomed; optimistic outlook

Analyst: Jonathan Woo

– Total revenue was roughly flat YoY, with NVDA and ASML the bright sparks. NVDA’s 3x spike in revenue helped to offset weakness in Memory and Foundry.

– Processor and Memory companies expecting growth to accelerate on AI demand, while Equipment manufacturers still seeing low utilisation rates.

– Outlook for 4Q23e generally more optimistic, with expectations of a bottoming in the semiconductor industry as demand slowly returns, and inventory levels normalise. Growth is expected to come from increasing AI-related spending on GPUs and Memory.

PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Corporate Insights by Cromwell European REIT [NEW]

Date & Time: 6 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/4wfed25c

Corporate Insights by Uni-Asia Group Limited[NEW]

Date & Time: 7 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/mehp9mv3

Corporate Insights by iWOW Technology [NEW]

Date & Time: 8 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/ykjatm6e

Corporate Insights by Marco Polo Marine [NEW]

Date & Time: 12 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/ywj6sp6n

POEMS Podcast:

Research Videos

Weekly Market Outlook: TDCX, Nvidia, Silverlake Axis, Tech Analysis, SGREITS Monthly & More!
Date: 27 November 2023
Click here for more on Market Outlook.
Sign up for our webinars here, and be among the first to receive economy and market updates.


Phillip Research in 3 minutes: #29 Keppel Corporation; Initiation
Click here for more on Phillip in 3 mins.

Follow our Socials

Facebook Social Icon Instagram Icon Twitter Social Icon Youtube Social Icon Linkedin Social Icon TikTok Social Icon Spotify Social Icon

Join our Singapore Equity Research Community on POEMS Mobile 3 App for the latest research reports, market updates, insights and more

Click to join!


The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided 揳s is?without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.

Confidentiality Note

This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.

Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you


This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  


Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com