Daily Morning Note – 3 January 2022

Welcome to our Daily Morning Note from our Research team!

PHILLIP SUMMARY

U.S. stock futures rose on Sunday evening as Wall Street looked to start off 2022 on solid footing. Futures tied to the Dow Jones Industrial Average rose 80 points. Those for the S&P 500 added 0.3%, while Nasdaq 100 futures gained 0.4%. The move in futures comes after markets closed out a strong 2021 last week. The S&P 500 rose nearly 27% for the year, with the Nasdaq Composite and Dow also posting large returns. Stocks fell slightly on Friday, but the S&P 500 and Dow were positive for the final week of the year.


BREAKING NEWS

SG

Singtel has appointed 2 new non-executive and independent directors, Yong Hsin Yue and John Arthur, the company announced in 2 bourse filings on Saturday (Jan 1). Their appointments are effective Jan 1.

AEM Holdings on Jan 1 (Saturday) announced that it has recommended the redesignation of non-executive and non-independent director James Toh, 57, to lead independent director with effect from Jan 1, as his stake in the company has been diluted to below 5 per cent, as well as his “independence”.

Timothy Lim, the executive director of mainboard-listed Dragon Group International has handed in his resignation from his role effective Dec 31, 2021, the company said in a bourse filing on Sunday evening. The company said Lim had resigned to focus on his “other commitments”. He has been an executive director of Dragon Group since Aug 12, 2009.

US

Tesla Inc reported record quarterly deliveries that far exceeded Wall Street estimates, riding out global chip shortages as it ramped up China production. It was the sixth consecutive quarter that the world’s most valuable automaker posted record deliveries. Tesla, led by billionaire CEO Elon Musk, delivered 308,600 vehicles in the fourth quarter, far higher than analysts’ forecasts of 263,026 vehicles.

Companies that bought and held Bitcoin did well for investors in 2021 – though not as well as the digital coin itself. A market cap-weighted index of corporations including MicroStrategy, Tesla and Coinbase Global that have Bitcoin on their balance sheets or are exposed to the crypto ecosystem returned about 25 per cent this year. (The custom index is modelled on the Valkyrie Balance Sheet Opportunities exchange-traded fund (ETF), ticker VBB, which launched in mid-December.) That is in line with the gains of the benchmark S&P 500 stock index but lags behind those of Bitcoin itself, which surged nearly 60 per cent for the year.

The chief executives of AT&T and Verizon Communications rejected a request to delay the planned Jan. 5 introduction of new 5G wireless service over aviation safety concerns but offered to temporarily adopt new safeguards. U.S. Transportation Secretary Pete Buttigieg and Federal Aviation Administration chief Steve Dickson had asked AT&T CEO John Stankey and Verizon CEO Hans Vestberg late Friday for a commercial deployment delay of no more than two weeks.


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

Technical Pulse: Costco Shipping Holdings Co Ltd

Recommended: Technical BUY; Analyst: Chua Wei Ren
Costco Shipping Holdings (HKEX: 1919) Upside has met our target price 1 based on our report dated 26th October 2021. Wave and technicals indicate that there will be another upside rally

Buy stop: 15.37 Stop loss: 13.12 Take profit 1: 17.50 Take profit: 19.50


Technical Pulse: Haier Smart Home Co Ltd

Recommended: Technical BUY; Analyst: Chua Wei Ren
Haier Smart Home (HKEX: 6690) Upside is returning since the 2nd break out of the falling wedge in October 2021. Technicals show that the stock is poised to break to a new high

Buy stop: 33.37 Stop loss: 30.12 Take profit 1: 36.60 Take profit: 39.50

POEMS Podcast: Let the Money Talk

Recent Podcasts:

Who Wants To Be A Millionaire – Money Never Sleeps Ep 2

Microsoft Corporation – SGX Company Insights Ep 46

Daily Morning Note – December 13, 2021

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