Singapore stocks fell 0.6 per cent on Wednesday (May 3), led by Genting Singapore with the counter falling 3.6 per cent to close at S$1.08. The local banks were also among the losers, with UOB falling 0.7 per cent, OCBC slipping 0.2 per cent and DBS slid 2.3 per cent. Meanwhile Sembcorp Industries shares surged 5.5 per cent to close at S$4.57, ending the day as the top performer.

Wall Street stocks declined after the Federal Reserve’s latest interest rate hike on Wednesday (May 3). All three major indices retreated with the Dow Jones Industrial Average finishing down 0.8 per cent at 33,414.24, the broad-based S&P 500 shed 0.7 per cent to 4,090.75, while the tech-rich Nasdaq Composite Index lost 0.5 per cent at 12,025.33.

Top gainers & losers





Manufacturing activity in Singapore eased for a second straight month in April, caused in large part by the lengthy downturn that continues to hit the electronics sector amid a global slowdown. The Singapore Purchasing Managers’ Index (PMI), a key gauge of the manufacturing sector’s health, fell 0.2 point to 49.7 and followed a 0.1 point decline in March, said the Singapore Institute of Purchasing and Materials Management (SIPMM) on Wednesday. The electronics PMI dropped 0.2 point to 49.2, continuing its nine-month run in contraction mode. April’s decline comes after the sector’s PMI rose in the first three months of 2023 above the 2½-year low of 48.9 last December, but remained below the 50 level.

Lian Beng Group’s controlling Ong family, through its investment holding company OSC Capital, has made a final offer consideration to take the company private at S$0.68 per share. OSC Capital does not intend to revise its final offer, it said on Wednesday (May 3). The holding company is 51 per cent owned by Ong Pang Aik, who is also the chairperson of Lian Beng. This came after OSC Capital made a privatisation offer of S$0.62 per share in April, which was less than half the group’s net asset value of S$1.54 per share as at the end of November last year.

Consumer electronics giant Dyson Ltd. will open a new plant in Singapore to manufacture next-generation batteries for new products as it ramps up software, artificial intelligence and product development globally. The new facility, spanning the size of 53 basketball courts, is expected to be fully operational by 2025. It is part of Dyson’s ongoing £2.75 billion ($3.4 billion) five-year investment plan, the Singapore-headquartered company said in a statement Wednesday.


The Federal Reserve raised its benchmark overnight interest rate by a quarter of a percentage point to the 5.00-5.25 per cent range, as expected by financial markets, but in doing so dropped from its policy statement language saying that it “anticipates” further rate increases would be needed. The change doesn’t foreclose the central bank’s policy-setting committee from hiking rates again when it meets in June, but Fed chair Jerome Powell said it was now an open question whether further increases will be warranted in an economy still facing high inflation, but also showing signs of a slowdown and with risks of a tough credit crackdown by banks on the horizon. “We’re closer, or maybe even there,” Powell said of the end-point of rate increases that have boosted the Fed’s policy rate by a full 5 percentage points in the 10 meetings since March 2022.

Qualcomm reported second-quarter earnings on Wednesday that were in line with analyst expectations, but sales from handset chips, a core business for the company, declined 17% from a year earlier. EPS of US$2.15 per share adjusted matched consensus while revenue of US$9.28 billion beat US$9.1 billion expected. The company said it expected around US$8.5 billion in sales in the current quarter, short of Wall Street expectations of US$9.14 billion. Analysts were expecting current-quarter earnings guidance of US$2.16 per share, but the company said it would be around US$1.80. CEO Cristiano Amon in a statement blamed the results on a challenging environment, and the company said it had not seen evidence that smartphone sales are recovering in China. The smartphone market is looking at a tough 2023, with shipments for the global market declining over 14% in the first quarter, according to IDC.

CVS Health on Wednesday reported first-quarter results that beat earnings and revenue expectations, but the company lowered its full-year profit guidance due to costs related to recent acquisitions. Earnings per share came in at US$2.20 adjusted vs. US$2.09 expected while revenue was US$85.28 billion vs. US$80.81 billion expected. The company lowered its 2023 adjusted earnings guidance to a range of US$8.50 to US$8.70 per share, which is 20 cents lower than its previous projection of US$8.70 to US$8.90 per share due to costs associated with its US$8 billion acquisition of Signify Health and its US$10.6 billion purchase of Oak Street Health, among other items.

Barrick Gold Corporation announced that its first-quarter 2023 revenue fell to US$2.64 billion from US$2.85 billion a year earlier, while its adjusted earnings per share for the period of US$0.14 was down from the US$0.26 it recorded in the same quarter of 2022. Analysts on average had expected an adjusted profit of US$0.11 per share on US$2.5 billion in revenue. Barrick, one of the world’s biggest gold miners, cited a decrease in production and a 16% increase in the cost of sales, which was offset by a higher realized gold price, as reasons for its lower financial figures.

US drugmaker Eli Lilly on Wednesday (May 3) announced its experimental Alzheimer’s drug significantly slowed cognitive and functional decline, results hailed as “remarkable” by experts. In a placebo controlled trial of nearly 1,200 people with early forms of the disease, donanemab slowed the progression of symptoms by 35 per cent over a period of 18 months, as measured by their ability to carry out daily tasks like managing finances, driving, engaging in hobbies and conversing about current events. Lilly said it would rapidly submit its results to the US Food and Drug Administration as well as other global regulators.

Taiwan Semiconductor Manufacturing Co (TSMC) is in talks with partners to spend as much as 10 billion euros (S$14.7 billion) to build a chip fabrication plant in Saxony, Germany, according to people familiar with the matter. The planned venture between TSMC, NXP Semiconductors, Robert Bosch and Infineon Technologies will include state subsidies and would have a budget of at least 7 billion euros, with the total investment likely closer to 10 billion euros, the people said, asking not to be identified because the information is private. A final decision has not been made and the plans could still change, they said.

Ford Motor is hitting the brakes in China, the world’s largest auto market, with new plans to scale back investment in order to improve profitability. Ford has struggled to gain traction in China, where it had market share last year of 2.1 per cent and losses of US$572 million before interest and taxes. The new plan includes increasing focus on commercial vehicles, a business that is profitable in China for Ford, according to CEO Farley. The automaker also plans to use its Chinese factories as an “export hub for affordable EVs” and gasoline-fuelled commercial vehicles.

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


PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Guest Presentation by AIMS APAC REIT [NEW]

Date: 5 May 2023

Time: 12pm – 1pm

Register: https://bit.ly/3LyAiRa

Guest Presentation by OUE Commercial REIT [NEW]

Date: 10 May 2023

Time: 12pm – 1pm

Register: https://bit.ly/3GzrdF3

Guest Presentation by ITT [NEW]

Date: 11 May 2023

Time: 8:30pm – 9:30pm

Register: https://bit.ly/3V0utPH

POEMS Podcast:

Research Videos

Weekly Market Outlook: Netflix, Keppel Corp, Keppel DC Reit, Silverlake Axis, Tech Analysis & More!
Date: 24 April 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