DAILY MORNING NOTE | 14 April 2023

Trade of the Day

Ping An Insurance (Group) Company of China, Ltd (HKEX: 2318)

Analyst: Zane Aw

(Current Price: HKD$51.55) – TECHNICAL BUY
Buy price: HKD$51.55 Stop loss: HKD$48.50
Take profit 1: HKD$56.00 Take profit 2: HKD$59.00

Singapore shares climbed 0.3 per cent or 8.42 points to close at 3,294.54 points on Thursday (Apr 13), as Singapore-listed real estate investment trusts (S-Reits) led the charge in a market saddled with fears of a potential recession in the US. Across the wider Singapore market, gainers outnumbered losers 298 to 264, with 1.3 billion securities worth S$851.9 million traded.

Wall Street’s main indexes opened higher on Thursday (Apr 13) as moderating producer prices in March and a jump in weekly jobless claims brought relief to investors worried about how far the Federal Reserve will hike interest rates to tame inflation. The Dow Jones Industrial Average rose 22.47 points, or 0.07 per cent, at the open to 33,668.97. The S&P 500 opened higher by 8.09 points, or 0.20 per cent, at 4,100.04, while the Nasdaq Composite gained 68.09 points, or 0.57 per cent, to 11,997.42 at the opening bell.

Top gainers & losers





The latest six-month Singapore Treasury bill (T-bill) closed its auction on Thursday (Apr 13) with a lower cut-off yield of 3.75 per cent. While the yield is down from the last auction’s cut-off yield of 3.85 per cent, there was a higher demand for the S$4.8 billion on offer in this round’s auction. The total value of applications in this auction was S$12.3 billion, representing a bid-to-cover ratio of 2.6, and up from the S$9.6 billion in applications in the previous six-month T-bill auction.

AsiaPhos says it is exploring “potential transactions” that may involve investing in or acquiring a renewable energy business. The potential transaction will allow it to diversify into new businesses or growth areas as well as supplement the group’s existing businesses, says the company in its April 13 statement. At present, the transactions have not materialised, with the company currently in discussions and negotiations with a third party. More updates will be made in due course, says AsiaPhos.

The joint venture between GuocoLand and Hong Leong Holdings’ wholly-owned subsidiary, Intrepid Investments, has been awarded the Lentor Gardens land parcel. The interest holdings of GuocoLand and Intrepid are 60% and 40% respectively. The JV partners’ bid price of $486.8 million was accepted by the Urban Redevelopment Authority. The bid price translates to a price of $2,068.23 psf over the site area of 21.866.7 sqm or 235,371 sq ft. The bid price also translates to a price of $984.85 psf over the maximum permissible gross floor area (GFA) of 494,289 sq ft.


US producer prices fell in March by the most since the start of the pandemic, driven by a decline in gasoline costs that has helped slow inflationary pressures. The producer price index for final demand decreased 0.5 per cent from a month earlier, according to data out on Thursday (Apr 13) from the Bureau of Labor Statistics. The PPI slowed on an annual basis, rising 2.7 per cent from a year ago, the smallest gain in more than two years. Excluding the volatile food and energy components, the so-called core PPI fell 0.1 per cent from February and increased 3.4 per cent from a year ago.

The number of Americans filing new claims for unemployment benefits increased more than expected last week, a further sign that labour market conditions were loosening up as higher borrowing costs dampen demand in the economy. Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 239,000 for the week ended April 8. Economists polled by Reuters had forecast 232,000 claims for the latest week.

Oil prices fell a dollar a barrel on Thursday, as an Opec report stoked summer demand worries and traders took profits after benchmarks scaled multi-month highs in the previous session. Brent crude fell US$1.24, or 1.4 per cent, to settle at US$86.09 a barrel, only the second time this month that the global benchmark has finished lower. The US West Texas Intermediate (WTI) slipped US$1.10, or 1.3 per cent, to close at US$82.16 a barrel.

Walmart has sold menswear brand Bonobos to brand management firm WHP Global and Express in a $75 million deal announced Thursday. It’s the second time this year Walmart has offloaded a direct to consumer brand that it bought under former e-commerce President Marc Lore after it sold Moosejaw to Dick’s Sporting Goods in February.

Luxury electric vehicle maker Lucid Group said late Thursday that it produced 2,314 of its Air sedans in the first quarter. But it delivered just 1,406 Airs to customers during the period, another sign that the company is seeing weaker-than-expected demand. Wall Street analysts polled by FactSet had expected Lucid to deliver about 2,000 Airs in the first quarter. Lucid’s shares were down over 3% in after-hours trading following the news.

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


FAANGM Monthly Mar 23 – Demand still weak

Recommendation: NEUTRAL (Maintained); Analysts: Jonathan Woo, Maximilian Koeswoyo, Zane Aw, Phillip Research Team

– FAANGM was up 13.6% in March, beating the S&P 500’s gain of only 3.5%. Nasdaq also performed well, gaining 9.5%. FAANGM ended 1Q23 up 24.5%, beating both the Nasdaq (20.5%) and S&P 500 (7.0%) as investors piled back into Big Tech.

– META was the top gainer, up 21% due to some follow through positive sentiment on improving efficiency, and news of a potential ban on TikTok in the US – META is up 74% YTD. NFLX was the main laggard, but still gained 7.2% for the month.

– Even with FAANGM forward earnings revised up due to increasing cost-cutting measures (forward P/E -1 std dev below its long-term average), near-term revenue headwinds still linger. 2Q23 demand for PC and other electronic hardware remains weak, with digital advertising headwinds persisting. Layoffs seem to be the only positive, with growth catalysts yet to be seen. We remain NEUTRAL on FAANGM.

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