SINGAPORE shares closed slightly lower on Tuesday (May 16), amid choppy trading in the wake of underwhelming April macro data out of China, which refreshed concerns that the reopening optimism from the world’s second-largest economy is fading. Singapore shares fell 0.68 point or 0.02 per cent to 3,214.04, snubbing overnight modest gains on Wall Street. Key gauges across the region were mixed, with gains in Japan, Hong Kong, Taiwan, Malaysia and South Korea; China and Australia finished lower.

WALL Street’s main indexes opened lower on Tuesday (May 16) after a dour forecast from Home Depot and April retail sales data that pointed to consumers feeling the pinch from rising prices and interest rates.The Dow Jones Industrial Average fell 73.23 points, or 0.22 per cent, at the open to 33,275.37.The S&P 500 opened lower by 8.33 points, or 0.20 per cent, at 4,127.95, while the Nasdaq Composite dropped 38.16 points, or 0.31 per cent, to 12,327.05 at the opening bell.

Top gainers & losers





Singapore Technologies Engineering (ST Engineering) has priced US$500 million in three-year notes with a 4.125 per cent fixed-rate coupon. The notes are expected to be issued on May 23 by STE TransCore, and will mature on May 23, 2026, ST Engineering said in a statement on Tuesday (May 16).These notes will be issued in denominations of US$200,000 and integral multiples of US$1,000 in excess thereof. The notes are expected to be listed on the SGX on May 24. They will be issued under the S$5 billion global medium term note programme, which is unconditionally and irrevocably guaranteed by ST Engineering.

Ever Glory United Holdings on Tuesday (May 16) announced that it had raised about S$3.1 million from the full subscription of 14 million placement shares, after the public offer for its Catalist listing closed at noon. Four parties had applied for and were allotted 5 per cent or more of the placement shares – namely Chen Jizhu with 3.5 million shares, Dong Zhaoyan with 3.1 million shares, Hexacon Construction with 1 million shares and Lin Zhiwei with 0.9 million shares.

Sea posted its second profitable quarter in a row, with US$87.3 million in net profit for Q1 ended March 31, a reversal of the US$580.1 million net loss in the year-ago period. But jittery investors sent Sea shares down 13.1 per cent to US$76.58 as of 9.43 pm (Singapore time) on Tuesday (May 16). This came amid a weaker showing in gaming division Garena, which dragged on the New York-listed company’s topline. Sea’s revenue for the quarter was up 4.9 per cent to US$3 billion. This growth was thanks to its e-commerce arm Shopee and other services, for which revenue surged 50.7 per cent to US$2.3 billion. Sea’s latest performance comes after the company posted a surprise US$422.8 million net profit in Q4 last year – its first-ever quarterly profit following aggressive cost cuts and layoffs.

MORGAN Stanley is now a substantial shareholder of Vertex Technology Acquisition Corporation, Singapore’s first special purpose acquisition company (Spac).In a bourse filing on Tuesday (May 16), VTAC announced that Morgan Stanley had acquired another 1.2 million VTAC shares on May 12. This took Morgan Stanley’s deemed interest in VTAC to some 3.3 million shares or a stake of about 7.9 per cent from a stake of 2.1 million shares or 4.989 per cent prior to the acquisition.

CITIGROUP has appointed Sharad Mohan as its head of international personal bank in Singapore, the banking group said on Tuesday (May 16). Mohan, who was most recently head of retail banking for Citi India, will be responsible for the strategic direction and performance of Citi’s offshore wealth management business serving affluent and high-net-worth individuals primarily domiciled across the region, Citi said.


US HOMEBUILDER sentiment rose to a 10-month high in May as tight housing supply boosted demand for new construction, according to a survey on Tuesday (May 16) that also showed tightening credit conditions were becoming a challenge. The National Association of Home Builders (NAHB)/Wells Fargo housing market index increased five points to a reading of 50 this month. The fifth straight monthly increase lifted the index to the midpoint mark of 50 for the first time since July 2022.

US business inventories unexpectedly fell in March, pulled down by a decline in stocks at manufacturers. Business inventories dipped 0.1 per cent after being unchanged in February, the Commerce Department said on Tuesday (May 16). Inventories increased 6.5 per cent on a year-on-year basis in March. Stronger consumer spending early in the first quarter also contributed to the inventory rundown. Leaner inventories are potentially good news in the calculation of GDP for the second quarter. There had been fears that a correction of the inventory bloat would result in a sharper economic downturn. But the first-quarter decline led some economists to believe that much of the inventory liquidation was probably over.

PRODUCTION at US factories surged in April, driven by an increase in output at motor vehicle plants, but manufacturing continues to be constrained by higher interest rates. Manufacturing output accelerated 1.0 per cent last month, the Federal Reserve said on Tuesday (May 16). Data for March was revised down to show production at factories declining 0.8 per cent instead of 0.5 per cent as previously reported. Motor vehicle production surged 9.3 per cent last month after declining 1.9 per cent in March. Excluding motor vehicles, manufacturing output rebounded 0.4 per cent after dropping 0.7 per cent in March.

US retail sales increased less than expected in April, but the underlying trend was solid, suggesting that consumer spending got off to a strong start in the second quarter, defying expectations of a recession this year.

OIL futures dipped on Tuesday (May 16) as weaker-than-expected economic data in China and the United States offset a forecast of higher global demand from the International Energy Agency (IEA). Brent crude futures settled 32 US cents lower to US$74.91 a barrel. US West Texas Intermediate crude edged down 25 US cents to US$70.86. Weighing on prices on Tuesday was Chinese data showing industrial output and retail sales growth undershot forecasts in April, suggesting the world’s second-largest economy lost momentum at the start of the second quarter.

OPENAI Chief executive officer Sam Altman plans to tell Congress that artificial intelligence (AI) technology is becoming so powerful that the US and other governments should consider imposing regulation on products “above a crucial threshold of capabilities”. Retail sales rose 0.4 per cent last month. Data for March was revised slightly lower to show sales dropping 0.7 per cent instead of 0.6 per cent as previously reported.

PFIZER sold US$31 billion of debt in the fourth-largest US bond sale ever, according to a person with knowledge of the matter. Pfizer’s mega bond sale comes as the Federal Trade Commission (FTC) sued to block Amgen’s US$27.8 billion deal to buy Horizon Therapeutics on Tuesday, arguing the tie-up would stifle competition for the development of treatments for serious illnesses.

META Platforms is hoping to revive interest in the metaverse by pitching it as a tool to help train workforces, showing the social media giant isn’t backing down on its virtual reality ambitions even as artificial intelligence (AI) takes centre stage. Nick Clegg, president of global affairs, touted the “transformative” role augmented (AR) and virtual reality (VR) can play in job training and education, speaking at the company’s “Future of Work Summit” in Washington on Tuesday (May 16). The event was hosted by companies like Interplay Learning, Talespin and Embodied Labs.

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 LHN Limited [NEW]

Date: 26 May 2023

Time: 12pm – 1pm

Register: https://bit.ly/44XPNdk

Guest Presentation by Sunview Group Berhad [NEW]

Date: 1 June 2023

Time: 12pm – 1pm

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

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: OCBC, Block Inc., PayPal, Alphabet, META, SG Banking, SG Weekly & More!
Date: 15 May 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