Trade of the Day


Analyst: Zane Aw

(Current Price: S$2.01) – TECHNICAL BUY
Buy price: S$2.01 Stop loss: S$1.96 Take profit: S$2.12

Singapore shares were marginally higher on Tuesday (Mar 7), as investors focused their attention on an upcoming speech by Federal Reserve chair Jerome Powell on the monetary policy of the United States. Decliners beat gainers 267 to 251 in the broader market, with two billion securities worth a total S$1.1 billion transacted. Investors are waiting to find out interest-rate forward movements from Powell’s testimony before the US Senate on Tuesday and Wednesday.

Wall Street stocks tumbled on Tuesday (Mar 7) after Federal Reserve chair Jerome Powell said the US central bank could hike rates more than expected to quash inflation. The Dow Jones Industrial Average shed around 575 points, or 1.7 per cent, to finish at 32,856.46. The broad-based S&P 500 shed 1.5 per cent to 3,986.37, while the tech-rich Nasdaq Composite Index dropped 1.3 per cent to 11,530.33.

Top gainers & losers





Lian Beng Group has won a new construction project which brings its total order book in Singapore to $2.1 billion. These contracts will provide a “sustainable” flow of activity through FY2021 ending May 2027. In the company’s most recent update on Feb 2, its total order book was $1.9 billion. For its 1HFY2023 ended Nov 30 2022, the company announced earnings of $22 million, up 48% y-o-y. Revenue in the same period was up 11.6% to $421 million, as construction activities resuming with the pandemic easing.

Mainboard-listed Cosco Shipping International has entered into a joint-venture (JV) agreement with Supply Fortune to invest in logistics infrastructure assets. Through these investments, they seek to grow the logistics supply chain value in South-east Asia, and plan to also lease the assets for rental income. Under the agreement, Cosco Shipping will subscribe for 49 per cent of the issued and paid-up share capital of the JV company, while Supply Fortune will subscribe for the remaining 51 per cent. The agreement is not expected to have any material impact on the net tangible assets and earnings per share of the company for the financial year ending Dec 31, 2023.


The Federal Reserve (Fed) will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Fed chair Jerome Powell told US lawmakers on Tuesday (Mar 7).

The US dollar climbed on Tuesday (Mar 7) ahead of testimony before Congress by Federal Reserve (Fed) chair Jerome Powell, and gaining most dramatically against the Aussie after the Reserve Bank of Australia (RBA) hinted the end is near to its monetary tightening. The US dollar index, which measures the unit against six major rivals, was up 0.25 per cent at 104.52, having slipped 0.26 per cent a day earlier. Its gains were broad based with the euro down 0.22 per cent to US$1.0655, sterling down 0.32 per cent at US$1.19885 and the US dollar up 0.1 per cent against the Japanese yen to 136.05.

Sea reported its first-ever profit, a milestone in the Southeast Asian gaming and e-commerce giant’s turnaround effort to convince investors of its money-making potential. The stock gained as much as 19% in US trading to its highest intraday level since August after the Singapore-based company said net income was US$426.8 million in the fourth quarter, helped by drastic cost reductions. Sea’s net income performance was clouded by a series of gains from adjustments in accounting for debt and expenses. Fourth-quarter revenue from Shopee, Sea’s e-commerce unit, gained 32% to about US$2.1 billion.

Apple is returning to a frequent trick it uses to keep buyers interested in its current iPhone line until the new model arrives: adding a new colour. The company announced a yellow version of the iPhone 14 and 14 Plus on Tuesday (Mar 7), adding to the existing midnight, blue, purple, red and starlight options. The new model – which doesn’t add any additional enhancements – becomes available for preorder on Mar 10 and will go on sale in retail stores on Mar 14.

Quotient Technology, the parent of Coupons.com, is exploring options that include a sale of the company as it grapples with a collapse in advertising revenue, according to people familiar with the matter. Quotient benefited from the Covid-19 pandemic lockdowns that drove many consumers to online grocery shopping. But the company’s fortunes have reversed as its clients slashed advertising spending amid fears of an economic slowdown. Its shares have lost 80 per cent of their value since April 2021.

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


Salesforce Inc – Cost-cutting efforts boost earnings

Recommendation: BUY (Maintained); TP: US$219.00

Analyst: Ambrish Shah

– FY23 revenue was in line with expectations at 101% of our forecasts, but Adj. PATMI was higher than expected at 106% of our FY23 forecasts due to higher operating leverage. 4Q23 revenue grew 17% YoY in constant currency to US$8.4bn driven by reignited MuleSoft and Tableau licenses sales.

– Adj. operating margin was a record high 29.2% in part due to recent job cuts. Future contracted revenue or remaining performance obligations (RPO) grew by 11% YoY to US$48.6bn.

– We maintain a BUY recommendation with a higher DCF target price of US$219 (WACC 7%, g 4%), up from US$205. Our FY24e revenue is nudged lower by 2% as many corporations continue to scrutinize their IT spending; while we have increased our Adj. PATMI by 24% due to lower expenses. Salesforce enjoys tailwinds from digital transformation trends as companies seek to have a single view of their customer data.

PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Guest Presentation by Enviro-Hub Holdings Ltd [NEW]

Date: 14 March 2023

Time: 12pm – 1pm

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

Guest Presentation by Luminor Financial Holdings Ltd [NEW]

Date: 15 March 2023

Time: 12pm – 1pm

Register: https://bit.ly/3kj6LjP

Guest Presentation by Meta Health Limited [NEW]

Date: 16 March 2023

Time: 3pm – 4pm

Register: https://bit.ly/41oikGX

Guest Presentation by Keppel Pacific Oak US REIT (KORE) [NEW]

Date: 23 March 2023

Time: 12pm – 1pm

Register: https://bit.ly/3XY2n7v

POEMS Podcast:

Research Videos

Weekly Market Outlook: Block Inc, PropertyGuru, Sheng Siong, PropNex, Raffles Medical, Tech Analysis
Date: 6 March 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