Singapore stocks surged higher on Wednesday (Jun 14) amid mixed regional trading as investors awaited the latest monetary policy decision from the US Federal Reserve. It rose 0.9 per cent or 28.74 points to close at 3,218.14. SIA has been on an 11-day winning streak, and it was also the most actively traded counter by value on Wednesday, with 19.4 million shares worth S$146.5 million changing hands. Across the broader market, gainers outnumbered losers 347 to 214 after 1.8 billion securities worth S$1.3 billion were traded.

Wall Street stocks finished mixed on Wednesday, after the Federal Reserve maintained current interest rates but signalled plans for additional rate increases. The Dow Jones Industrial Average dropped 0.7 per cent to 33,979.33. The broad-based S&P 500 added 0.1 per cent at 4,372.59, while the tech-rich Nasdaq Composite Index climbed 0.4 per cent to 13,626.48. The US central bank, as expected, opted to hold its benchmark lending rate between 5.0 per cent and 5.25 per cent. But forecasts from policymakers indicated strong support for two more hikes in 2023. Major indices tumbled just after the policy statement was released but recovered somewhat later during Fed Chair Jerome Powell’s press conference. Powell described inflation as still too high, but added that the central bank had made no decisions yet about its July meeting or subsequent gatherings.

Top gainers & losers





The application for the second fortnightly June tranche of MAS 6-month T-bills will be open today for investors to apply. The Auction Date, where the cut-off yield for this tranche will be announced, is on 22nd June 2023.
Latest Singapore 6-Month Treasury Bill result:
Cut-Off Yield: 3.84%
% of Non-Competitive Application Allotted: 100%

No Signboard Holdings has received a letter of demand from its landlord at the Orchard Gateway shopping mall for an outstanding payment of two months’ security deposit, the restaurant operator disclosed in a Wednesday (Jun 14) bourse filing. In the letter of demand, No Signboard was asked to pay the deposit of S$98,738.40 by Jun 16, to maintain a security deposit of S$147,735 and to reopen its Orchard Gateway outlet for business by the same date. If it fails to reopen the outlet and keep it open for business, No Signboard will have to pay damages of S$200 per day, the letter said. Failing this, the landlord may exercise its right to re-enter the premises or commence legal proceedings. No Signboard said that it is “seeking legal advice” on the matter. The development comes after the operator of hotpot chain Little Sheep terminated its franchise agreement with No Signboard, due to the failure to set up the required number of new restaurants under the agreement.

Keppel Corp has secured two contracts to provide what it dubs “energy-as-a-service” (EaaS) in Bangkok’s Sam Yan Smart City, through its joint venture (JV) with Decarb Corp. Keppel’s EaaS service enables businesses and building owners to enter a supply-and-service contract for energy usage and management without making significant upfront capital investments. The Thai EaaS contracts are with Centara Watergate and Watergate Pavilion, a hotel and a shopping mall, Keppel announced in a Wednesday (June 14) bourse filing. The company will design and retrofit the buildings’ existing chilled-water systems to improve their energy efficiency and asset performance. The projects are expected to be completed by 2024 and will have a combined design capacity of 1,350 Refrigeration Tonnes (RT).

OUB Centre, an indirect subsidiary of OUE Commercial Reit, has obtained an unsecured sustainability-linked loan (SLL) of S$430 million, its manager announced in a Wednesday (June 14) bourse filing. This is OUE C-Reit’s third SLL. It was obtained from new and existing lenders – OCBC Bank, Maybank Singapore, the Industrial and Commercial Bank of China, The Bank of East Asia and Qatar National Bank. OCBC was the sustainability coordinator for the transaction. The proceeds will be used for refinancing existing borrowings and general corporate purposes. With this facility, the Reit has no further refinancing requirements until 2025.

Singapore Paincare Holdings is eyeing an entry into the China market, with its 51 per cent-owned subsidiary agreeing to invest 40 million yuan (S$7.6 million) in community hospital operator PuXiang Healthcare Holding. The subsidiary, Singapore Paincare Capital (SGPC), has entered a share subscription agreement for 2.8 million new Series A+ preferred shares in PuXiang. This translates to a 2.26 per cent stake, Singapore Paincare announced on Wednesday (June 14). Founded in 2019, PuXiang owns and operates 15 community hospitals in Beijing, Hebei and Tianjin. It provides specialised services such as chronic disease treatment, aesthetics and dentistry.

Class A-1 private equity (PE) bonds issued by Astrea IV were fully redeemed on Wednesday (Jun 14), five years from their issue date in 2018. Known as the Astrea IV PE bonds, the class A-1 bonds had a fixed interest rate of 4.35 per cent per annum, paid every six months. The issue size was S$242 million. Bondholders who subscribed to the 2018 tranche also received a bonus 0.5 per cent redemption premium on the principal amount, as the performance threshold was met before the time of redemption. “The performance of the bonds bears testament to the strong fundamentals of the Astrea transactions and quality of the Astrea portfolios,” said Margaret Lui, chief executive officer of Azalea Asset Management. Within the same series, class A-2 bonds were also fully redeemed, while class B bonds were partially redeemed.


The Federal Reserve kept interest rates unchanged on Wednesday but signalled in new economic projections that borrowing costs will likely rise by another half of a percentage point by the end of this year as the US central bank reacted to a stronger-than-expected economy and a slower decline in inflation. In an effort to balance risks to the economy with a still unresolved fight to control inflation, “holding the target (interest rate) range steady at this meeting allows the committee to assess additional information and its implications for monetary policy,” the rate-setting Federal Open Market Committee (FOMC) said in a unanimous policy statement issued at the end of its latest two-day meeting. Further rate increases would “take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” it said. Speaking after the release of the Fed statement, Fed Chairman Jerome Powell noted that as the Fed has paused rates, “we’ve covered a lot of ground and the full effects of our tightening have yet to be felt.” Powell added nearly all Fed officials expect more rate rises this year, and he noted that even as officials have not decided what they will do with rates at coming meetings, the July FOMC gathering is a “live meeting” which could bring another rate increase. The Fed’s new projections, adding a hawkish tilt to Wednesday’s interest rate decision, show policymakers at the median see the benchmark overnight interest rate rising from the current 5.00 to 5.25 per cent range to a 5.50 to 5.75 per cent range by the end of the year.

US Treasury officials on Wednesday (Jun 14) unveiled rules for how non-profits, tribes and governments can take advantage of subsidies in President Joe Biden’s new climate change law, expanding the incentives beyond big corporations. The Inflation Reduction Act (IRA) offers billions of US dollars in tax credits to speed decarbonisation of the US economy. To encourage project development, the law also allows tax-exempt entities to receive a direct payment in lieu of tax credits and enables project owners to sell credits to a third party. The Treasury Department’s guidance on Wednesday allows non-profits, tribes, local governments and other tax-exempt entities to receive 12 of the IRA’s tax credits as cash payments, a provision known as elective or direct pay. The IRA includes a 30 per cent credit for renewable energy facilities like solar and wind farms, as well as credits for clean vehicles and fuels, hydrogen, carbon capture and storage and clean energy equipment manufacturing.

Federal Reserve Chairman Jerome Powell said on Wednesday that financial conditions are likely to allow the central bank to press forward with the drawdown of its massive balance sheet through the remainder of the year. As the Treasury moves toward selling massive amounts of debt to rebuild its financial position after the resolution of the debt ceiling battle, Powell noted there is a “very high” level of reserves in the banking system and stashed away at the Fed’s reverse repo facility. Because the system is so flush with cash, it gives the Fed ample room to press forward with letting Treasury and mortgage bonds run off its balance sheet. “We don’t think reserves are likely to become scarce in the near term or even over the course of the year,” Powell said. That observation implied the Fed can continue to move just under US$100 billion per month from its balance sheet, as it has been doing since last summer, possibly into 2024. The balance sheet drawdown has complemented the central bank’s more high- profile campaign of rate rises, which has seen its interest rate target go from near zero in March of last year to its current 5 per cent to 5.25 per cent range.

Prices in the cryptocurrency market slumped across the board after the Federal Reserve signalled the possibility of resuming its interest-rate hikes after pausing its tightening cycle. Bitcoin, which accounts for almost half the US$1 trillion crypto market’s value, tested the US$25,000 price level as it declined for a third day. Ether dropped around 4.6 per cent, while so-called altcoins such as XRP and Litecoin dropped around 8 per cent and 6 per cent, respectively.

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 Uni-Asia Group Limited [NEW]

Date: 23 June 2023

Time: 12pm – 1pm

Register: https://tinyurl.com/22nv3kyj

Guest Presentation by United Hampshire US REIT [NEW]

Date: 28 June 2023

Time: 7pm – 8pm

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

POEMS Podcast:

Research Videos

Weekly Market Outlook: TDCX, FAANGM, SG Banking, SG Weekly & More…
Date: 12 June 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