Trade of the Day

The Walt Disney Company (NYSE: DIS)

Analyst: Zane Aw

(Current Price: US$113.69) – TECHNICAL BUY
Buy price: US$113.69 Stop loss: US$110.00 (-3.25%)
Take profit: US$126.00 (+10.83%)


Trades Initiated in the past week


Singapore shares ended lower on Tuesday (Mar 5), tracking losses on Wall Street. Singapore stocks fell 0.5 per cent or 15.11 points to 3,107.1. Across the broader market, losers outnumbered gainers 356 to 194, after 1.4 billion securities worth S$959.6 million were transacted. The Nikkei 225 lost 0.03 per cent, the Hang Seng Index fell 2.6 per cent, the Kospi Composite Index was down 0.9 per cent, and the FTSE Bursa Malaysia KLCI declined 0.2 per cent.

Major US indices ended on Tuesday (Mar 5) in a slump, as key tech names lost ground and traders looked ahead to remarks by the central bank chair later in the week. The tech-heavy Nasdaq Composite Index lost 1.7 per cent to 15,939.59, with Apple, Microsoft and Tesla all retreating. The Dow Jones Industrial Average slipped 1.0 per cent to 38,585.19, and the broad-based S&P 500 stumbled 1.0 per cent as well, to 5,078.65.

Top gainers & losers


Events Of The Week



17Live Group and mm2 Asia will be exploring joint entertainment offerings across South-east Asia, the former announced in a press statement on Tuesday (Mar 5). A memorandum of understanding has been signed by livestreaming platform 17Live and media and entertainment company mm2 Asia to collaborate on entertainment marketing and production-related activities. Such activities would include marketing of movies, collaboration between live streamers and mm2 movie projects, as well as the production of long-form animation content. The agreement will see parties possibly forming a joint venture of a business unit focused on delivering livestream content via a platform co-owned by both companies. 17Live shares closed 2.4 per cent lower at S$1.20 while mm2 shares ended unchanged at S$0.02 on Tuesday, before the announcement.

Singapore’s Temasek Holdings is holding talks about investing in OpenAI, a deal that would mark the first time a state-backed group has funded the ChatGPT maker. Senior executives at Temasek, one of the world’s biggest and most active investors, have met OpenAI’s chief executive Sam Altman multiple times over recent months, according to two people with knowledge of the talks. Another person familiar with the discussions said that the Singaporean group had initially been interested in investing in Altman’s venture capital fund Hydrazine Capital, but more recent talks had included OpenAI itself. This person added that the talks were preliminary but ongoing, with no agreement on the size of any investment. OpenAI and Temasek declined to comment on the discussions.

AcroMeta Group has announced the proposed disposal of its wholly-owned subsidiary Acromec Engineers for an aggregate consideration of $3.3 million. On March 5, the company announced that it had entered into a sale and purchase agreement (SPA) with AESM Holdings for 100% of the issued and paid-up share capital of Acromec. The subsidiary provides specialist engineering services in the field of controlled environments, and has an issued and paid-up share capital of $8 million comprising 8 million ordinary shares. Acromec recorded an FY2023 revenue of $66 million. Meanwhile, AESM is 80% owned by Ingenieur Holdings shareholder Chew Chee Keong, with Lim Chee Leong and Anton Setiawan each holding 10% of the share capital.


Oil prices fell nearly 1 per cent on Tuesday (Mar 5) as scepticism around China achieving its economic growth target and investors’ declining risk appetite countered a weaker US dollar. Brent crude futures settled 76 US cents, or 0.9 per cent, lower at US$82.04 a barrel, while US West Texas Intermediate crude futures fell 59 US cents, or 0.8 per cent, to US$78.15 a barrel. Both benchmarks had dropped by more than a US dollar during the session. Weighing on prices, China, the world’s biggest oil importer, set an economic growth target for 2024 of around 5 per cent. While the target is similar to last year’s goal and in line with analysts’ expectations, the lack of big-ticket stimulus plans to prop up the country’s struggling economy disappointed investors.

Amazon’s cloud services division is halting fees it has long charged customers that switch to a rival provider – following in the steps of Google, which recently announced it was ending the practice. Amazon Web Services (AWS) will no longer charge customers who want to extract all of their data from the company’s servers and move them to another service, AWS vice-president Robert Kennedy said on Tuesday (Mar 5). The move follows intensifying scrutiny of cloud services by regulators and lawmakers. UK antitrust authorities launched a probe into such penalties, and the fees emerged as a key issue when the US Federal Trade Commission asked for public comments on a variety of cloud concerns. Amazon has said the fees help cover the costs of networking and other infrastructure.

CrowdStrike shares surged as much as 21% in after-hours trading Tuesday after the cybersecurity company reported a beat on the top and bottom lines, plus issued stronger-than-expected guidance for the upcoming quarter and full year. For the period that ended Jan. 31, CrowdStrike saw net income of $54 million, or 22 cents per share, from a $48 million loss, or a 20 cent loss per share, in the year-ago period. CrowdStrike’s revenue for the fourth quarter ended Jan. 31 rose 32.6% to $845.3 million, beating Street expectations of $839.1 million. The company also guided to fiscal first-quarter revenue between $902 million and $906 million, better than a consensus estimate of $899 million. CrowdStrike also expects earnings per share for the period between 89 cents and 90 cents, better than the consensus estimate of 82 cents.

Nio Inc’s annual loss widened last year as the Chinese electric-vehicle maker faced fierce competition in the world’s biggest EV market. The Shanghai-based company’s net loss of 5.4 billion yuan in the fourth quarter brought its annual deficit to 20.7 billion yuan (US$2.9 billion), according to a statement Tuesday. Nio posted better-than-expected sales for the final three months of 2023. Gross margins for the fourth quarter came in at 7.5% compared to the 10.2% the market was looking for. Nio now sees revenue of as much as 11.1 billion yuan for the current quarter, significantly below analyst expectations. Nio now expects to ship as many as 33,000 cars in the first quarter, down from 50,045 vehicles in the previous three-month period.

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


City Developments Limited – Record revenue driven by property development

Recommendation: BUY (Maintained); TP: S$6.87

Last Done: S$5.62; Analyst: Darren Chan

– FY23 PATMI of S$317.3mn (-75.3% YoY) missed our estimate by 15% due to higher-than-expected finance costs (+73% YoY). The YoY decline in PATMI was largely attributable to the absence of outsized divestment gains from the divestment of Millennium Hilton Seoul (S$926mn) in FY22.

– Excluding divestment gains and impairment losses, FY23 PATMI quadrupled YoY to S$188.6mn (FY22: S$47mn); PBT grew 90% YoY to S$352.7mn (FY22: S$186mn). This was mainly due to the contribution of Piermont Grand EC in its entirety in Jan-23 and the sale of land at Shirokane in Jul-23 under the property development segment.

Maintain BUY with a lower TP of S$6.87 from S$8.22, a 45% discount to RNAV of S$12.50. We raise our FY24e PATMI estimate by 15%, factoring in higher contributions from hotel operations. 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 the continuous recovery in the hospitality portfolio are potential catalysts for CDL, which could help narrow the discount between CDL’s share price and RNAV.



For more information, please visit:


Upcoming Webinars

Corporate Insights by OxPay [NEW]

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

Register: http://tinyurl.com/yter7kjb

Corporate Insights by Thakral Corporation Ltd [NEW]

Date & Time: 14 March 2024 | 12pm – 1pm

Register: http://tinyurl.com/mutmjwb5

Corporate Insights by Uni-Asia Group Limited

Date & Time: 15 March 2024 | 12pm – 1pm

Register: http://tinyurl.com/mrx6e659

POEMS Podcast:

Research Videos

Weekly Market Outlook: Nvidia, Airbnb, UOB, Singtel, SIA, SembCorp, Tech Analysis, SG Weekly & More!
Date: 26 February 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