Daily Morning Note – 21 January 2022

Welcome to our Daily Morning Note from our Research team!


Singapore stocks rose along with other major regional indices on Thursday (Jan 20), with the Straits Times Index (STI) climbing 0.3 per cent, or 10.88 points to 3,294.82. Across the Singapore market, advancers beat decliners 251 to 210 after 1.03 billion worth S$1.03 billion changed hands.

Wall Street’s main indexes ended sharply lower on Thursday (Jan 20) and a rally in US stocks evaporated late in the session as investors considered whether equities were bargains after a sell-off to start the year that has seen the Nasdaq fall into correction territory. The Dow Jones Industrial Average fell 313.26 points, or 0.89 per cent, to 34,715.39, the S&P 500 lost 50.03 points, or 1.10 per cent to 4,482.73 and the Nasdaq Composite dropped 186.24 points, or 1.3 per cent, to 14,154.02. Of 11 major S&P 500 sectors, 10 finished lower, with the consumer discretionary sector falling 1.9 per cent. Utilities eked out a 0.1 per cent gain.

Stocks to watch: Joyas International Holdings



Catalist-listed Joyas International Holdings plans to enter the non-fungible token (NFT) market through a tie-up with a company that already deals in NFTs and cryptocurrency. Joyas’ wholly owned subsidiary will hold 60 per cent of a new company that digitises artwork as NFTs with blockchain technology, its board said in a bourse filing on Thursday (Jan 20). The unit, Asiapac Growth Holdings, has entered into a joint cooperation agreement to set up the new company, Meta Technology International, with partner, Splendid Powerful. The deal is “a strategic opportunity for the group to venture into the fintech and NFT industry, in line with the group’s strategy of diversifying revenue streams, said the Joyas board.

Mainboard-listed Yangzijiang Shipbuilding (Holdings) is putting 900 million yuan (S$190.9 million) into an upcoming venture capital investment fund focused on sectors such as healthcare, technology and the green economy, the board announced on Thursday (Jan 20). Its subsidiary has entered into a limited partnership agreement with Tibet Gold Investment Management for a 90 per cent stake in the fund, which Tibet Gold manages as sole general partner. The fund, Wuxi Jinyu Yangchuan Venture Capital Investment Partnership (Limited Partnership), will extend seed capital in China’s Jiangsu province, with an operational term of 7 years. Jinyu Yangchuan, which is not yet operational, aims to invest in the healthcare, new materials, information technology services, smart manufacturing, new energy and ecological environment industries, said the bourse filing by Yangzijiang.

Units of Vertex Technology Acquisition Corporation (VTAC) closed at S$5.05, up 1.0 per cent, or S$0.05, above its initial public offering price of S$5 on its trading debut. The special purpose acquisition company (SPAC) saw some 1.69 million units changing hands on Thursday. This brings VTAC’s market capitalisation to about S$202 million. VTAC’s IPO of 11.8 million units consisted of a retail tranche of 600,000 units and an international placement of 11.2 million units. The retail tranche was 36 times subscribed, while the international placement was 8.8 times subscribed according to a press statement by VTAC on Jan 19. In addition, 13 cornerstone investors subscribed for 22.2 million cornerstone units separate from the offering. These cornerstone investors include Temasek-backed entities, Venezio Investments and Fullerton Fund Management.


Netflix dashed hopes for a quick rebound after forecasting weak first-quarter subscriber growth on Thursday (Jan 20), sending shares sinking nearly 20 per cent and wiping away most of its remaining pandemic-fuelled gains from 2020. Netflix projected it would add 2.5 million customers from January through March, less than half of the 5.9 million analysts had forecast. Netflix tempered its growth expectations, citing the late arrival of anticipated content, such as the second season of Bridgerton, and the film The Adam Project. The world’s largest streaming service added 8.3 million customers from October to December, when it released a heavy lineup of new programming including the star-studded movies Red Notice and Don’t Look Up and a new season of The Witcher. Industry analysts had projected Netflix would add 8.4 million, according to Refinitiv IBES data. The company’s global subscriber total reached 221.8 million at the end of 2021.

Alphabet‘s Google reported 27 per cent higher US lobbying expenditures for 2021 compared to 2020, spending US$9.6 million for the year, according to the Senate lobbying disclosure database. That’s far below the more than US$20 million it spent in 2018 but more than the US$7.53 million that went to lobbying in 2020. Google spent US$2.2 million on lobbying in the fourth quarter of 2021. Google’s lobbying spend dipped in 2020 as it restructured its government relations teams. The biggest technology companies, including Amazon.com, Meta Platforms’ Facebook and Apple, have been under pressure in Congress over allegations they abused their outsized market power. A long list of bills have been introduced aimed at reining them in, but none have become law. One of the bills, which would stop the platforms from giving preference to their own businesses, passed the Senate Judiciary Committee on Thursday (Jan 20).

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, likely as a winter wave of Covid-19 infections disrupted business activity, which could constrain job growth this month. Initial claims for state unemployment benefits increased to a seasonally adjusted 286,000 for the week ended Jan 15 from 231,000 in the prior week, the Labor Department said on Thursday (Jan 20). Economists polled by Reuters had forecast 220,000 applications for the latest week. The United States is reporting an average of 732,245 new coronavirus infections a day, according to a Reuters analysis of official data, in a winter surge driven by the Omicron variant.

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

POEMS Podcast: Let the Money Talk

Recent Podcasts:

Daily Morning Note – January 20, 2022
Daily Morning Note. 19 January, 2022

Daily Morning Note – January 18, 2022

Visit www.stocksbnb.com to learn more!

Join our Phillip Securities Research Telegram channel for the latest update on our stock coverage!

Click here to join: https://t.me/stocksbnb

Webinar Of The Week

Weekly Market Outlook: DBS, UOB, Ascott, Frasers, City Development, LHN, Del Monte & More

Date: 17 January 2022

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