Daily Morning Note – 19 January 2021


Asian equities looked set for modest gains Tuesday as investors awaited President Donald Trump’s last full day in office and mulled stimulus plans from President-elect Joe Biden. The dollar pared an earlier advance. Futures pointed higher in Japan, Hong Kong and Australia. S&P 500 contracts fluctuated with U.S. markets closed for the Martin Luther King holiday Monday. Treasury futures were little changed. Investors will watch out for comments from Treasury Secretary nominee Janet Yellen, who has a Senate confirmation hearing Tuesday. Elsewhere, oil edged lower, gold climbed and Bitcoin fluctuated around the $36,000 level.


A subsidiary of Nutryfarm International is selling 180 containers of fresh durians to a China-based company for RMB117 million (S$24 million). The subsidiary, Global Agricapital Holdings, has entered into a binding import-purchase agreement with Shanghai Yuqu Trading Co, said Nutryfarm in a bourse filing on Monday. Yuqu principally engages in the businesses of import, trading and distribution fruits and vegetables.

New Silkroutes Group has inked an agreement with Huawei International to develop an artificial intelligence (AI) platform that can be used in genomics-driven healthcare, the mainboard-listed investment holding company said on Monday. Under a memorandum of understanding, New Silkroutes and Huawei will extensively explore a collaboration to use AI to establish “breakthrough analyses” of genomic data and develop predictive models for diagnoses, therapeutics and prognoses in oncology and genomics, New Silkroutes said in an exchange filing.

Catalist-listed nickel-ore producer Silkroad Nickel has entered into an exclusive term sheet with lithium-compound producer Ganfeng Lithium to tap the growing electric vehicle (EV) industry. In a bourse filing on Monday, the firm said it will stand to benefit from the booming EV trends around the region by building a strong and synergistic partnership with Ganfeng Lithium.

BRC Asia on Monday announced that it has proposed to place up to 10 million shares at S$1.42 apiece to raise a total sum of about S$13.7 million. The placement price represents a discount of about 9.4 per cent to the volume-weighted average price of S$1.5680 for trades done on the Singapore Exchange on Jan 13, 2021. BRC Asia said in its regulatory update that it decided to undertake the placement to “increase resources available to the company”. The net proceeds of around S$13.7 million from the placement will further strengthen and supplement the group’s financial position and capital base, it said.

Oil prices fell slightly on Monday as a stronger dollar, fears over soaring Covid-19 cases around the world and the slow pace of vaccination against the coronavirus outweighed a better-than-expected quarterly rebound for China’s economy. Brent crude was down 23 cents, or 0.4 per cent, at US$54.87 per barrel at 1720 GMT, and West Texas Intermediate US crude fell 19 cents, or 0.4 per cent, to US$52.17.

Grab is reportedly mulling an Initial Public Offering (IPO) in the US this year , in an exercise that could raise at least US$2 billion. It joins a handful of other prominent regional startups aiming for the public markets. Most recently valued at a reported US$14 billion, Grab is present in eight South-east Asian markets, with verticals including ride-hailing, food delivery and financial services under Grab Financial Group. The firm also clinched a full digital banking licence in Singapore in partnership with Singtel.

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


Mapletree North Asia Commercial Trust

Analyst: Chua Wei Ren

Recommended Action: Technical BUY

Mapletree North Asia Commercial Trust (SGX: RW0U) recovery remain weak after a rebound on March 2020. Despite the trust broken out of the rising wedge in June and July period, Mapletree NAC managed to stay higher each time above the major support zone at $0.793-$0.825.

>> Read more Technical reports

Webinar Of The Week

Market Outlook: (PSR) Fortress & Lendlease (Initiations), Phillip on The Ground updates, SG Weekly

Date: 14 December 2020

For more on Market Outlook

Updates summarised in 3 minutes

Phillip Research in 3 minutes: #29 – Keppel Corporation; 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

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