DAILY MORNING NOTE | 29 November 2023

**Do note that the last day of Morning Note Issuance will be on 14 December 2023. Morning Note will resume in January 2024**

Summary of Trades Initiated in Past Week


Singapore shares fell on Tuesday (Nov 28) amid mixed trading in the region. Singapore stocks fell 0.7 per cent or 20.48 points to 3,065.94. Across the broader market, losers outnumbered gainers 335 to 244, after 881.1 million securities worth S$840.7 million changed hands. The Nikkei 225 lost 0.1 per cent, the Hang Seng Index fell 1 per cent, and the FTSE Bursa Malaysia KLCI closed flat. Meanwhile, the Kospi Composite Index gained 1.1 per cent.

Wall Street stocks climbed modestly on Tuesday following solid consumer data and Federal Reserve comments seen as fairly dovish. Data from the Conference Board showed US consumer confidence rose more than expected in November, while the National Retail Federation reported higher sales over the critical five-day shopping weekend that includes “Black Friday.” The Dow Jones Industrial Average ended 0.2 per cent up at 35,416.98. The broad-based S&P 500 gained 0.1 per cent to 4,554.89, while the tech-rich Nasdaq Composite advanced 0.3 per cent to 14,281.76.

Top gainers & losers





Restaurant operator Jumbo Group on Tuesday (Nov 28) reported earnings of S$6.7 million for the second half of the fiscal year ended September, up 52 per cent from its net profit of S$4.4 million in the year-ago period. The stronger showing in H2 pushed the group’s full-year earnings to S$14.6 million, a turnaround from its net loss of S$91,000 in the previous year. The board of directors has recommended a final dividend of S$0.01 per share, subject to shareholder approval at the upcoming annual general meeting. No final dividend was paid out in FY2022. The pay-out date for the dividend will be announced later. Revenue for H2 was up 40.7 per cent to S$92.8 million, from S$66 million. The group attributed its stronger top line figures for the six-month and full-year periods chiefly to the increase in revenue from its local operations on the back of the easing of pandemic-related measures.

Restaurant operator No Signboard on Tuesday (Nov 28) posted a net loss of S$423,205 for the third fiscal quarter ended June, significantly narrower than the net loss of about S$1.3 million in the corresponding year-ago period. This took the company’s losses for the nine-month period to about S$1.2 million, versus S$2.2 million in the year ago. The latest financial update comes just days after the group announced its financial results for the first half of the year on Nov 23. Revenue for the quarter was down 36.9 per cent to S$625,308 from S$991,106. For the nine months so far this fiscal year, the group said it had no sales contributions from certain seafood restaurants due to the closure of its Vivocity and Esplanade outlets in November 2021 and March 2022.

Demand for the latest tranche of Singapore Savings Bonds (SSBs) has hit a year-to-date high, allotment results released on Tuesday (Nov 28) indicated. The December issuance received a total of S$1.9 billion in applications, exceeding the S$1 billion on offer. A total of S$1.8 billion was applied within individual allotment limits. This comes as the 10-year average return for the December issuance is the highest offered for issuances in 2023. The latest tranche is offering a first-year interest rate of 3.3 per cent and a 10-year average return of 3.4 per cent. The rise in demand tracks the climb in yields offered by the SSBs.

Nanofilm Technologies International has partnered Nanyang Technological University (NTU) to launch a corporate laboratory to develop nanotechnology products. The S$66 million joint investment lab hopes to develop non-toxic coatings for medical implants; and protecting coatings to make hydrogen fuel cells more efficient, reliable and affordable. Singapore-listed Nanofilm sells nanotechnology solutions such as special coatings for engine parts and consumer electronics. The new 19,000 square foot lab will allow Nanofilm to combine its expertise with that of NTU’s faculty in smart electronics, clean energy and materials science.


Oil prices jumped on Tuesday, settling up about 2 per cent on the possibility Opec+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker US dollar. Brent crude futures settled up US$1.70, or 2.1 per cent, at US$81.68 a barrel. US West Texas Intermediate (WTI) crude gained US$1.55, or 2.1 per cent, to settle at US$76.41. Opec+, the Organization of the Petroleum Exporting Countries (Opec) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets.

Amazon on Tuesday released its own AI chatbot intended for businesses, about one year after ChatGPT took the world by storm. “Q” will be available only to Amazon’s AWS cloud computing customers and will be in direct competition with OpenAI’s ChatGPT as well as Google’s Bard and Microsoft’s copilots that also run on OpenAI’s technology. Costing US$20 monthly per user, Amazon Q will perform a variety of tasks including summarising uploaded documents and answering questions about specific data sitting on a company’s servers.

Workday stock gained more than 6% after third-quarter results surpassed Wall Street estimates. Workday notched adjusted earnings of $1.53 per share on $1.87 billion in revenue, while analysts surveyed by LSEG, formerly known as Refinitiv, expected $1.41 in earnings per share and $1.85 billion in revenue.

NetApp stock climbed nearly 10% after a beat on the top and bottom lines in the fiscal second quarter. The company reported adjusted earnings of $1.58 per share on $1.56 billion in revenue, while analysts polled by LSEG forecast earnings of $1.39 per share and $1.53 billion in revenue. NetApp also issued higher-than-expected third-quarter earnings guidance.

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


City Developments Limited – Business as usual

Recommendation: BUY (Maintained), Last Done: S$6.15

Target price: S$8.22, Analyst: Darren Chan

– No financials were provided for the 3Q23 operational update. The group’s net gearing ratio (after factoring fair value on investment properties) now stands at 58% following the completion of various acquisitions in 2023.

– In Nov 2023, the group announced a proposal to buy back up to 10% of its preference shares through an off-market equal access scheme at S$0.78 in cash for each preference share.

– We maintain BUY with an unchanged TP of $8.22, a 45% discount to RNAV of S$14.94. No change in our forecasts. We view CDL as a proxy for the Singapore residential market and hospitality recovery. Asset monetisation, unlocking value through AEIs and redevelopments, establishing a fund management franchise, and faster-than-expected recovery in the hospitality portfolio are potential catalysts for CDL, which could help narrow the discount between CDL’s share price and RNAV.

PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Corporate Insights by Cromwell European REIT [NEW]

Date & Time: 6 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/4wfed25c

Corporate Insights by Uni-Asia Group Limited[NEW]

Date & Time: 7 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/mehp9mv3

Corporate Insights by iWOW Technology [NEW]

Date & Time: 8 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/ykjatm6e

Corporate Insights by Marco Polo Marine [NEW]

Date & Time: 12 Dec 2023 | 12pm – 1pm

Register: https://tinyurl.com/ywj6sp6n

POEMS Podcast:

Research Videos

Weekly Market Outlook: TDCX, Nvidia, Silverlake Axis, Tech Analysis, SGREITS Monthly & More!
Date: 27 November 2023
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