Daily Morning Note – 1 October 2021


Asian stocks looked set to start October on the back foot, after their U.S. peers capped their biggest monthly selloff since March 2020 with further losses. Futures pointed lower in Japan and Australia and steadied in the U.S. in early Asia trading. China begins a week-long holiday and Hong Kong’s market is shut Friday. U.S. shares fell Thursday even after confirmation that the House passed a nine-week spending bill to avert a U.S. government shutdown. The S&P 500 closed at the lowest level since July, extending its September losses to almost 5%. Economically sensitive companies like industrials and financials were among the worst performers. Treasuries rallied with the 10-year yield closing below 1.50%. The dollar gave up some of this week’s gains. Crude oil edged higher after a tumultuous session during which China was said to order its top energy companies to secure energy supplies at all costs amid shortages, prompting the White House to reiterate its own concerns over rising prices.



Mainboard-listed logistics management service provider Cosco Shipping International on Thursday announced the proposed disposal of a 60 per cent stake in Cosco Shipping Singapore for US$42.4 million in an interested party transaction.

Publisher and awards organiser, Audience Analytics, debuted on the Catalist board on Thursday following its fully-subscribed initial public offering (IPO) which closed on Tuesday, through which the company raised S$5.5 million. Shares of Audience Analytics opened at S$0.315, up S$0.015 or 5 per cent from its IPO share price of S$0.30. Its shares later closed flat at S$0.30.

Pharmaceutical company iX Biopharma, through its wholly-owned subsidiary, has struck an agreement with CRPCG for the licensing, supply and distribution of Wafesil, a sublingual sildenafil wafer for the treatment of male erectile dysfunction, in China. In a bourse filing on Thursday, the company said the new licensing agreement runs for an initial term of 10 years.

Building contractor Lian Beng Group said its key executives were paid more for FY2021 ended May due to the group’s overall improvement in profitability. The company attributed this improvement to better performance at its property development and other business segments.

Capitaland China Trust (CLCT) has obtained its maiden S$150 million sustainability-linked loan from UOB, its manager said on Thursday.

The Urban Redevelopment Authority (URA) has released for sale three residential sites at Lentor Hills Road (Parcels A & B) and Jalan Tembusu, it said in a statement on Thursday.


A federal judge on Thursday rejected Wells Fargo & Co’s bid to dismiss a lawsuit claiming it defrauded shareholders about its ability to rebound from five years of scandals over its treatment of customers. The fourth-largest US bank has operated since 2018 under consent orders from the Federal Reserve and two other US financial regulators to improve governance and oversight, with the Fed also capping Wells Fargo’s assets. Shareholders said bank officials falsely claimed in TV interviews, analyst calls and congressional testimony that the bank was mending its ways, when regulators actually viewed its progress as “deficient” and “unacceptable.”

Cloud-based call centre operator Five9 Inc said on Thursday that its merger with Zoom Video Communications Inc has been terminated by mutual agreement. The development comes a week after a US Justice Department-led committee was reviewing Zoom’s proposed US$15 billion all-stock deal to buy Five9, according to a letter filed with US regulators.

YouTube announced on Wednesday it would remove videos and some high-profile users that falsely claim approved vaccines are dangerous, as social networks seek to crack down on health misinformation around Covid-19 and other diseases.

Meesho, an Indian “social commerce” platform backed by Facebook and SoftBank Group, said on Thursday it had raised US$570 million in a funding round led by Fidelity Management & Research Company and B Capital Group.

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

Amazon.com Inc – Much more growth ahead

Recommendation: BUY (Initiation); TP: US$4,329.00

Last Done: US$3,285.04; Analyst: Timothy Ang

– Cloud services and advertising to spearhead secular tailwinds with expected revenue growth of 33% and 54% respectively in FY21e.

– Core e-commerce business rapidly scaling up in fulfilment and logistics to further widen its moat. Fulfilment centre square footage is expected to jump 44%.

– Initiate coverage with BUY recommendation and DCF target price (WACC 6.2%) of US$4,329.

>> Read more research reports

Technical Pulse: JD Logistic Inc.

Recommended: Technical BUY; Analyst: Chua Wei Ren

JD Logistic Inc (HKEX: 2618) has broken out of the downtrend line and although prices has not made another significant high to confirm the uptrend, technical is pointing out a potential upside.

Buy limit: 30.35 Stop loss: 27.50 Take profit 1: 37.96 Take profit 2: 40.46

>>>Read more Technical reports

POEMS Podcast: Let the Money Talk

Recent Podcasts:

City Developments – SGX Company Insights Ep 27

Koufu Group – SGX Company Insights – Ep 26

UG Healthcare Corp – SGX Company Insights – Ep 25

Visit www.stocksbnb.com to learn more!

Join our Phillip Securities Research Telegram channel for the latest update on our stock coverage!

Click here to join: https://t.me/stocksbnb

Webinar Of The Week

Weekly Market Outlook: Facebook, Starhub, ComfortDelgro, APTV, Qian Hu, Technicals & SG Weekly

Date: 27 September 2021

For more on Market Outlook

Updates summarised in 3 minutes

Phillip Research in 3 minutes: #29 Keppel Corporation; Initiation

For more videos on Phillip in 3 Mins

Read the research report(s), available through the link(s) above, for complete information including important disclosures Important Information

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