DAILY MORNING NOTE | 27 March 2024

Trade of The Day

Mapletree Logistics Trust (SGX: M44U)

Analyst: Zane Aw

(Current Price: S$1.46) – TECHNICAL BUY
Buy price: S$1.46 Stop loss: S$1.41 (-3.42%)
Take profit 1: S$1.55 (+6.16%) Take profit 2: S$1.60 (+9.59%)

Factsheets


Trades Initiated in the past week

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Singapore stocks closed higher on Tuesday (Mar 26), amid mixed trading in the region. Stocks rose 1.1 per cent or 35.23 points to close at 3,233.33. Across the broader market, advancers outnumbered decliners 333 to 210, with 1.9 billion securities worth S$1.3 billion having changed hands. The biggest gainer on the STI was Seatrium, which gained 3.9 per cent or S$0.003 to close at S$0.081. It was also the most actively traded counter by volume on Tuesday; 953.4 million shares worth S$77.4 million were traded. Another top gainer was Keppel, which rose 1.9 per cent or S$0.14 to close at S$7.44. The biggest decliner on the index was DFI Retail Group, which fell by 1.9 per cent or US$0.04 to close at US$2.07.

Wall Street stocks fell again on Tuesday, weakening in the final hour of trading following lackluster US consumer data. US consumer confidence dipped slightly in March, underperforming analyst expectations. The Dow Jones Industrial Average ended down 0.1 per cent at 39,282.33. The broad-based S&P 500 declined 0.3 per cent to 5,203.58, while the tech-rich Nasdaq Composite Index dropped 0.4 per cent to 16,315.70.

Top gainers & losers

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Events Of The Week

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SG

On March 26, Quarz Capital Asia along with the internalisation committee which largely comprises Quarz, requisitioned for a third EGM for Sabana Industrial REIT, this time with seven resolutions focused on the Trust Deed “amendment issue”. Separately or coincidentally, Quarz and its committee appear to have declined to sign up to the terms of reference including not making certain ad-hoc announcements without notifying the Trustee, and curbs in trading in Sabana REIT units.

A Consortium comprising CapitaLand Development, City Developments, Frasers Property, Mitsubishi Estate and Mitsui Fudosan (Asia) has submitted two bids, with different concept proposals, for the master-developer site in Jurong Lake District (JLD). The first three parties are taking a 25 per cent stake each in the consortium, with the two Japanese companies holding a 12.5 per cent stake each. There was no other contender for the site at a state tender that closed on Tuesday (Mar 26).

The Monetary Authority of Singapore’s initiative, Gprnt, will collaborate with Ant International to provide micro, small and medium enterprises (MSMEs) with a technology-enabled sustainability reporting solution. This will allow MSMEs to simplify sustainability disclosures against basic environmental, social and governance (ESG) metrics. The collaboration was announced on Tuesday (Mar 26) as part of the inaugural launch of Programme Sirius, a partnership between 13 Asia-Pacific fintechs. Sirius stands for Sustainability Innovation for Regenerative and Inclusive Purpose.


US

Apple plans to kick off its annual Worldwide Developers Conference on Jun 10, when the company is expected to unveil its long-anticipated artificial intelligence (AI) strategy. The iPhone maker announced the timing on Tuesday (Mar 26), saying the event will run till Jun 14. Apple is expected to unveil its next major software updates for the iPhone, iPad, Mac, Vision Pro headset and smartwatch – and its new AI strategy will be front and centre for the planned iOS 18 upgrade.

US Oil refiner Phillips 66 is exploring a sale of its 25 per cent stake in the Rockies Express Pipeline that it hopes could be worth more than US$1 billion, including debt. The Rockies Express Pipeline (REX) is a 2730 km interstate natural gas pipeline, stretching from Wyoming and Colorado in the US West to Eastern Ohio. Phillips 66 is working with its advisers on talks with potential buyers, which include private equity firms and infrastructure funds.

Krispy Kreme shares had their biggest gain ever after McDonald’s agreed to bring the chain’s doughnuts to its restaurants across the United States. In the burger giant’s latest effort to attract diners for breakfast and all-day snacking, Krispy Kreme’s sugary pastries will first become available at some McDonald’s later this year, the companies said on Tuesday (Mar 26). A nationwide rollout is expected by the end of 2026. Krispy Kreme shares jumped 39 per cent in New York trading, the biggest one-day rise since the company’s July 2021 initial public offering. McDonald’s stock was unchanged for the day.

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


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