DAILY MORNING NOTE | 12 April 2023

Trade of the Day

Uber Technologies, Inc. (NYSE: UBER)

Analyst: Zane Aw

(Current Price: US$31.74) – TECHNICAL BUY
Buy price: US$31.74 Stop loss: US$30.00
Take profit 1: US$33.00 Take profit 2: US$37.40

Singapore shares rose 3.4 points or 0.1 per cent to close at 3,297.83 points on Tuesday (Apr 11), as most key Asian markets registered gains. In the wider Singapore market, gainers outnumbered losers 305 to 256, with 1.4 billion securities worth S$800 million traded. Ground handler and in-flight caterer Sats was the top performer on the benchmark index. The counter continued its recent rally, closing 1.8 per cent or S$0.05 higher at S$2.83 on Tuesday. At the bottom of the table was DFI Retail Group, which lost 1.3 per cent or US$0.04 to finish at US$3.05.

Wall Street stocks ended mixed on Tuesday as investors tried to look past downturn worries ahead of this week’s inflation data, which will be closely watched for its impact on central bank decisions. The movements came as the International Monetary Fund trimmed its global growth forecast while a Federal Reserve official urged caution about raising interest rates too aggressively. The Dow Jones Industrial Average ended 0.3 per cent higher at 33,684.79, while the broad-based S&P 500 was flat at 4,108.94. The tech-rich Nasdaq Composite Index slipped 0.4 per cent to 12,031.88.

Top gainers & losers





Mainboard-listed Lian Beng’s controlling Ong family, through investment holding company OSC Capital, has made a voluntary unconditional cash offer to buy out minority shareholders at 62 Singapore cents a share. This is less than half of Lian Beng group’s net asset value (NAV), which was about S$1.54 per share as at end-November 2022. After the offer is completed, the company will be a wholly-owned subsidiary and delisted from the Singapore Exchange (SGX), according to a Tuesday (Apr 11) bourse filing.

Home-grown cancer diagnostics company Mirxes has made its first submission of documents to the Singapore Exchange (SGX) for an initial public offering (IPO) that could raise between US$100 million and US$200 million, according to people familiar with the matter. Mirxes would be one of the rare biotech startups to go public on the Singapore bourse, amid a broader push by the government to have tech startups listed locally. The offering, which might value the company at up to US$700 million, could mark Singapore’s biggest IPO in over a year.

Mainboard-listed Seroja Investments has received a notification of delisting, now that its appeal for more time to sign a definitive agreement to acquire a new business has been rejected. In a regulatory statement on Tuesday (Apr 11), the company disclosed that Singapore Exchange Securities Trading (SGX-ST) had notified it of its failure to meet listing rules, given that talks with a new target company for a potential reverse takeover were still ongoing.


Oil prices rose about 2 per cent on Tuesday on hopes that the Federal Reserve might ease up on its policy tightening after a key US inflation report this week, though concerns remain over Chinese demand. Brent crude futures settled up US$1.43, or 1.7 per cent, to US$85.61 a barrel. US West Texas Intermediate futures rose US$1.79, or 2.2 per cent, to US$81.53 a barrel. Investors were more optimistic that the US Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil cheaper for buyers holding other currencies.

Boeing on Tuesday (Apr 11) announced 130 airplane deliveries over the first quarter of 2023, inching past rival Airbus, which delivered 127 jets. Boeing’s deliveries were up almost 27 per cent from a year earlier, when it delivered 95 jets. The US planemaker delivered 64 aircraft in March, 36 per cent more than the 41 jets transferred to customers in the same month last year.

CarMax shares jumped 10% after it announced a beat on its earnings for the fourth quarter. The car retailer posted earnings of 44 cents per share, while analysts polled by Refinitiv had anticipated 24 cents per share. Meanwhile, the company’s revenue of $5.72 billion missed analysts’ estimates of $6.04 billion.

Moderna said on Tuesday its experimental flu vaccine did not meet the criteria for “early success” in a late-stage trial, and its shares fell 3%. The U.S. biotech company also said it expects to have six major vaccines on the market in the next few years. Its COVID-19 shot is currently the company’s lone marketed product. The company is banking on its respiratory vaccine candidates to help offset the expected steep fall in revenue from its hugely successful COVID-19 vaccine. Analysts have forecast 2023 Moderna COVID vaccine sales of around $7 billion, far less than the $18.4 billion windfall in 2022, due to decreasing demand.

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


PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Guest Presentation by MindChamp PreSchool Limited [NEW]

Date: 18 April 2023

Time: 1pm – 2pm

Register: https://bit.ly/3Kc5bJl

Guest Presentation by Sabana Industrial REIT [NEW]

Date: 19 April 2023

Time: 12pm – 1pm

Register: https://bit.ly/3Gm29kD

Guest Presentation by KTMG Limited [NEW]

Date: 25 April 2023

Time: 12pm – 1pm

Register: https://bit.ly/3U87u4P

Guest Presentation by OUE Commercial REIT [NEW]

Date: 10 May 2023

Time: 12pm – 1pm

Register: https://bit.ly/3GzrdF3

POEMS Podcast:

Research Videos

Weekly Market Outlook: Technical Analysis, US 2Q 2023 Equity Strategy
Date: 10 April 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