Daily Morning Note – 10 December 2021

Welcome to our Daily Morning Note from our Research team!

Dear Valued Investors, Please note that our last Morning Note for 2021 will be on 13 December 2021.

PHILLIP SUMMARY

US stocks took a breather from this week’s stretch of gains on Thursday, with two of the three main indices closing with solid losses and the Dow ending flat. The declines ended a three-day rally that took Wall Street back near record territory, amid positive data on the jobs markets but a day before a key inflation report. The Dow Jones Industrial Average ended at 35,754.69, less than a point below Wednesday’s close. The broad-based S&P 500 lost 0.7 per cent to finish at 4,667.45, while the tech-rich Nasdaq Composite Index was the biggest loser, dropping 1.7 per cent to 15,517.37.


BREAKING NEWS

SG

Hiap Seng Engineering which has been under judicial management since late last year may have found a white knight, the judicial managers said in a bourse filing on Thursday (Dec 9). The company could get a cash injection of S$16 million from investors led by an associate of Mainboard-listed logistics player Vibrant Group, as part of a debt restructuring under the non-binding term sheet inked earlier on Thursday. The deal with the investors is dependent on unsecured creditors approving a debt-for-equity swap in a scheme of arrangement.

Power plant operator owned by coal shipper Manhattan Resources is selling 2 plots of land in East Kalimantan for close to 271.3 billion rupiahs in an interested person transaction, the board disclosed after a conditional land sale and purchase agreement on Thursday (Dec 9). Manhattan Resources’ 86.1 per cent-owned Kariangau Power subsidiary plans to sell the land, which has a combined size of more than 271,270 square metres, to a company linked to controlling shareholder Low Tuck Kwong and his family.

Shareholders of Keppel Corporation have voted in favour of the proposal to acquire Singapore Press Holdings (SPH) Its final offer for SPH is S$2.351 per share, consisting of S$0.868 per share in cash, 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit. In an extraordinary general meeting (EGM) held on Dec 9, some 98.2 per cent of shareholder votes signalled their approval for the acquisition of SPH, while 1.8 per cent voted against it.


US

Gold prices were flat on Thursday (Dec 9), as the US dollar and Treasury yields firmed ahead of key inflation data that could provide clues on the Federal Reserve’s next policy move. Spot gold was flat at US$1,782.65 per ounce, as of 2.36 am GMT. US gold futures fell 0.1 per cent to US$1,784.50. Benchmark 10-year Treasury yields were hovering close to their highest level since Nov 29 scaled on Wednesday (Dec 8).

Oil prices settled lower on Thursday on fears about the economic outlook in the world’s biggest oil importer following rating downgrades to two Chinese property developers, and after some governments took measures to fight the Omicron variant of the coronavirus. Brent crude futures settled down US$1.40, or 1.9 per cent, to US$74.42 a barrel, backing off a session high of US$76.70. US West Texas Intermediate (WTI) crude futures were down US$1.42, or 2 per cent, at US$70.94 after hitting a peak of US$73.34.

New filings for US unemployment aid dropped sharply last week, bringing them to levels not seen since 1969 for the second time this year, the government said on Thursday (Dec 9). The Labor Department said 184,000 new seasonally adjusted claims for jobless aid were made last week – much less than expected, and 43,000 less than the previous week’s level. That brought the closely watched metric of lay-offs in the world’s largest economy to a level not seen since the week of Sep 6, 1969, the second time in 3 weeks it has hit a low from that year.


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

POEMS Podcast: Let the Money Talk

Recent Podcasts:

Daily Morning Note – December 3, 2021

Daily Morning Note – December 2, 2021

LHN limited – SGX Company Insights Ep 44

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: MUST, Digital Core REIT, LHN, Marco Polo Marine, Marathon Digital, SG Weekly.

Date: 6 December 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





Disclaimer
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.