Daily Morning Note – 17 November 2020

PHILLIP SUMMARY

Asian stocks looked set for gains Tuesday after a positive vaccine update sent U.S. equities tied to an economic reopening higher while defensive tech shares lagged. The dollar fell.

S&P 500 futures edged up at the open. The benchmark closed at an all-time high after Moderna Inc.’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial.

Stocks poised to benefit from a reopening, such as cruise lines and air carriers, were among the day’s best performers. Futures gained in Japan and Hong Kong. Benchmark Treasury yields ticked back above 0.90%. Oil held gains.

BREAKING NEWS

Seafood restaurant group Jumbo Group on Monday said that it expects to report a net loss for FY20, following a preliminary review of its financial results for the fiscal year ended Sept 30, 2020. This is because the Covid-19 pandemic has severely impacted the global economy; and correspondingly, the group’s business operations across its key markets in Singapore and China.

CapitaLand has targeted to grow its China exposure in the “new economy” sector to S$5 billion over the next few years, from S$1.5 billion. This will be done by redeploying part of the capital from asset recycling to new economy assets such as business parks, logistics and data centres, the property giant said on Monday.

Shares of Starburst Holdings, which designs and installs anti-ricochet ballistic protection systems, slid on Monday after it disclosed that its co-founders are out on bail amid a probe by Singapore’s anti-corruption watchdog. The Corrupt Practices Investigation Bureau (CPIB) last Thursday interviewed executive chairman Edward Lim Chin Wah, managing director Yap Tin Foo, chief financial officer (CFO) Wu Guangyi, and senior project manager Josiah Lawrence Ng Eng Long.

Construction player Lum Chang Holdings on Monday said it has secured a tender for an industrial project at Kallang Way, which is part of the Geylang planning area. The contract, valued at about S$127.1 million, is to be executed with DBS Trustee as trustee of Mapletree Industrial Trust (MIT). The project is scheduled to be completed over 21 months. Its scope of works includes the construction of two multi-user general industrial buildings.

Sembcorp Industries on Monday said a 25-year concession which allows its partially-owned company to supply potable water to residential and non-residential customers in Batam has lapsed. The concession granted to private water company Adhya Tirta Batam (ATB) by the Batam local government in 1995 expired on Nov 14, 2020. Sembcorp Utilities Netherlands NV has a 50 per cent stake in ATB.

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

TECHNICAL REPORTS

iFast Corp Ltd

Analyst: Chua Wei Ren

Recommended Action: Technical BUY

iFast Corp (SGX: AIY) has been on a strong uptrend since the start of June 2020. September saw the steepest upside ever seen. Technicals indicate a further continuation of the upside:

DBS Group Holdings Ltd

Analyst: Chua Wei Ren

Recommended Action: Technical BUY

DBS Group Holdings (SGX: D05) has successfully engaged a strong bullish run based on our report on 3rd November. Technicals suggest that the bull run has room to continue.

>> Read more Technical reports

RESEARCH VIDEOS

Webinar Of The Week

Market Outlook: (PSR) StarHub, Banks & REIT Results, Banking Monthly, Credit Commentary, SG Weekly & more

Date: 09 November 2020

For more on Market Outlook

Updates summarised in 3 minutes

Phillip Research in 3 minutes: #26 – iX Biopharma Ltd; 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.

 

Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you

IMPORTANT INFORMATION

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