Daily Morning Note – 24 November 2021


The Straits Times Index (STI) fell 0.3 per cent or 9.55 points to close at 3,227.53 points on Tuesday (Nov 23), as sentiment wavered due to a faster-than-expected rise in Singapore’s headline inflation. The consumer price index (CPI) jumped 3.2 per cent year on year in October – crossing the 3 per cent mark for the first time since March 2013. This was higher than the Bloomberg median forecast of a 2.9 per cent increase.

The Nasdaq ended lower for a second straight session on Tuesday, while the S&P 500 rose, as rising Treasury yields prompted investors to sell Tesla and other Big Tech names and buy stocks with lower valuations. The S&P 500 growth index dipped 0.3 per cent and the value index climbed 0.8 per cent. Treasury yields extended gains as investors ramped up expectations of interest rate hikes next year after Jerome Powell was nominated by President Joe Biden as fed chair for a second term. The Dow Jones Industrial Average rose 0.55 per cent to end at 35,813.8 points, while the S&P 500 gained 0.17 per cent to 4,690.7. The Nasdaq Composite dropped 0.5 per cent to 15,775.14.



Singapore’s Housing and Development Board (HDB) has issued S$1 billion worth of 5-year notes carrying a fixed coupon rate of 1.645 per cent per annum. The notes, rated “AAA” by Fitch Ratings, were issued on Nov 23 and will mature on Nov 23, 2026. They are in denominations of S$250,000 and offered by way of placement to investors. Coupon payments are payable semi-annually in arrears. The notes are issued under HDB’s S$32 billion multicurrency medium term note programme, which allows the statutory board to issue notes to finance development programmes and working capital requirements, as well as to refinance the existing borrowings.

Temasek’s 5-year Singapore dollar bond issue has been upsized to S$500 million from the S$350 million initially proposed, in view of demand from retail investors. The offer received S$1.54 billion in bids from institutional, accredited and other specified investors – amounting to a subscription rate of about 6.2 times its placement tranche. The public offer, which closed on Nov 22, received valid applications totalling about S$649 million, representing a subscription rate of 2.6 times the final public offer size. The upsized offering for the T2026-S$ Temasek Bond will comprise a placement of S$250 million of bonds to institutional, accredited and other specified investors, and another S$250 million of bonds to retail investors, Temasek said in a bourse filing on Tuesday (Nov 23). The bond is expected to be issued on Nov 24, with trading expected to begin on Nov 25 at 9 am.

Mooring solutions provider Mooreast Holdings’ shares for its initial public offering (IPO) were subscribed by 1.3 times, the company said in a bourse filing on Tuesday (Nov 23). Total gross proceeds of about S$8.5 million were raised from some 39 million invitation shares at S$0.22 each. These include a public offer of 800,000 shares and 38.1 million shares by way of placement. Placees include Lion Global Investors, Pheim Asset Management and ICH Capital. At the close of the public offer at noon on Tuesday, there were 268 valid applications amounting to 13.8 million shares worth S$3 million, resulting in the public tranche being about 17.3 times subscribed. Mooreast has also received pre-IPO funding from Singapore-based global investor EDBI.


Delivery company DoorDash is paying more than US$5 million to settle an investigation by San Francisco into alleged labour law violations, with the bulk of the money going to delivery workers, the city attorney said on Monday (Nov 22). DoorDash will pay more than US$5.3 million under the agreement, San Francisco City Attorney David Chiu said in a statement. About US$5.1 million will go to the nearly 4,500 DoorDash workers who completed deliveries in San Francisco between 2016 and 2020. DoorDash did not admit any wrongdoing as part of the settlement and in a statement said it was proud of the flexible earning opportunities it offered. “While we deny any wrongdoing, we feel that this settlement represents a fair compromise that will allow us to focus on continuing to provide the best experience for Dashers,” the company said. The city opened a formal investigation into DoorDash in 2019 after media reports said the company was using customer tips to subsidise workers’ base pay.

US business activity slowed moderately in November amid labour shortages and raw material delays, contributing to prices continuing to soar halfway through the fourth quarter. Data firm IHS Markit said on Tuesday its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to a reading of 56.5 in mid-November from 57.6 in October. A reading above 50 indicates growth in the private sector. The rate of growth remains above the survey’s long-run pre-pandemic average and is consistent with an economy that is regaining steam after a brief lull in the summer. The services sector accounted for the pull back in activity, with IHS Market noting “some resistance to higher prices.” Though many firms reported business was strong because of increased travel both domestic and international as well as the further easing of Covid-19 restrictions, the pace of growth slowed relative to previous months.

Apple sued spyware maker NSO on Tuesday for targeting the users of its devices, saying the Israeli firm at the centre of the Pegasus surveillance scandal needs to be held to account. The suit from the Silicon Valley giant adds new trouble for NSO, which was engulfed in controversy over reports that tens of thousands of activists, journalists and politicians were listed as potential targets of its Pegasus spyware. US authorities just weeks ago restricted relations between NSO and American groups over allegations the Israel firm “enabled foreign governments to conduct transnational repression.”

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

POEMS Podcast: Let the Money Talk

Recent Podcasts:

Daily Morning Note – November 23, 2021

Daily Morning Note – November 22,2021

Daily Morning Note – November 19, 2021

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: Keppel Corp, UMS Holdings, UG Healthcare, Hyphens Pharma, Q&M Dental Group…

Date: 22 November 2021

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