DAILY MORNING NOTE | 26 March 2024

Trades Initiated in the past week


Singapore stocks closed lower on Monday (Mar 25), after official data showed that the country’s headline and core inflation rose more than expected in February. Stocks shed 0.6 per cent or 19.87 points to close at 3,198.10. Across the broader market, decliners outnumbered advancers 279 to 255, with 1.7 billion securities worth S$1 billion having changed hands. The biggest gainer on the STI was Yangzijiang Shipbuilding +1.08%, which gained 1.1 per cent or S$0.02 to close at S$1.88. The biggest loser on the index was property developer City Developments -1.52%, which fell by 1.5 per cent or S$0.09 to close at S$5.82. Shares of Seatrium -1.27% were the most actively traded by volume for the day.

Wall Street’s main indexes kicked off the holiday-shortened week lower on Monday (Mar 25), as investors looked ahead to commentary from US Federal Reserve officials and key inflation data. The Dow Jones Industrial Average fell 65.36 points, or 0.2 per cent, at the open, to 39,410.54. The S&P 500 opened lower by 14.66 points, or 0.3 per cent, at 5,219.52, while the Nasdaq Composite dropped 93.52 points, or 0.6 per cent, to 16,335.30 at the opening bell.

Top gainers & losers


Events Of The Week



Singapore’s inflation heated up more than expected in February, with both headline and core inflation rising at a faster pace than the month before, data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) showed on Monday (Mar 25). Headline inflation for the month rose to 3.4 per cent year on year, higher than the 2.9 per cent recorded in January, as well as the 3.2 per cent median forecast by private-sector economists polled by Bloomberg. The higher inflation is a reflection of a pickup in accommodation inflation, in addition to higher core prices.

Eng Lam Contractors Co, a wholly-owned subsidiary of OKP Holdings , has been awarded a contract worth approximately $17.7 million from the Public Utilities Board (PUB) for the improvement of old roadside drains under the Estate Upgrading Programme (EUP). Under the contract, Eng Lam will be involved in the reconstruction of box drains, entrance culverts, open drains, box culverts and sumps along with its associated works at the Sunrise and Cactus Estates in Cheng San. The work will also include the replacement, reconstruction and installation of drop inlet chambers, kerb re-alignment, diversion of water mains and pipelines as well as other ancillary works.

CSE Global has raised a total gross proceeds of $24 million from its share placement of 60 million new ordinary shares, attracting strong demand from institutional and accredited investors. The issue price per share for the placement shares was 40 cents, representing a discount of approximately 6.6% to the volume weighted average price of 42.81 cents per share on March 13, the last full market day preceding the date the placement agreement for the share placement was signed. Including the placement shares, CSE Global’s share base has been enlarged by 9.71% to approximately 678.11 million shares.

Shareholders of A2B Australia have given their go-ahead for ComfortDelGro to acquire their company, with 97.73% of eligible votes cast in favour. The deal, first announced last December, will be completed next month. ComfortDelGro already owns 9.25% of the ASX listed and is offering A$165.1 million to acquire the rest of the shares.


Boeing CEO Dave Calhoun will step down by year-end in a broad management shakeup brought on by the planemaker’s sprawling safety crisis exacerbated by a January mid-air panel blowout on a 737 MAX plane. In addition, board chair Larry Kellner and Stan Deal, head of the company’s commercial planes business, are also leaving as Boeing’s board tries to get control of the myriad issues that have shaken confidence in the iconic planemaker over the last several weeks. Boeing shares have lost roughly a quarter of their value since the incident.

Lucid is raising US$1 billion in capital from an affiliate of Saudi Arabia’s Public Investment Fund (PIF), it said on Monday, sending the shares of the luxury electric carmaker up nearly 20 per cent. The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups. The Saudi government, which has a 60 per cent stake, has invested billions in Lucid’s success as part of a strategy to diversify the Kingdom’s economy beyond oil. The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure among other things. Lucid is one of several EV startups hit hard by the slowdown in demand growth and a price war sparked by Tesla.

Apple, Alphabet’s Google and Meta Platforms will be investigated for potential breaches of the EU’s new Digital Markets Act, potentially leading to hefty fines for the companies. The European Union law, effective from Mar 7, aims to challenge the power of the tech giants by making it easier for people to move between competing online services like social media platforms, Internet browsers and app stores. That should in turn open up space for smaller companies to compete. Violations could result in fines of as much as 10 per cent of the companies’ global annual turnover.

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


PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Global Growth Leaders: Basics of the Semiconductor Industry Part 1

Date & Time: 26 March 2024 | 12:30pm

Register: https://tinyurl.com/d2u2sjtx

Corporate Insights by Memiontec Holdings Ltd

Date & Time: 27 March 2024 | 12pm – 1pm

Register: https://tinyurl.com/bajx576m

POEMS Podcast:

Research Videos

Weekly Market Outlook: OUE REIT, Seatrium, Thakral, Tech Analysis, SGReitsMonthly, SG Weekly & More!
Date: 18 March 2024
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