Daily Morning Note – 9 Febraury 2021


The global equity rally looks set to take a breather in Asia Tuesday as investors mull stimulus prospects and virus trends with stocks at record highs. Futures were little changed in Japan and Hong Kong, and dipped in Australia. U.S. stocks rose for the sixth straight session, with the S&P 500 Index closing at an all-time high spurred by fresh signs the Biden administration is committed to passing a sizable aid bill to address unemployment. An increase in vaccination numbers boosted optimism that the economy will take off later this year. Treasuries were little changed and the dollar retreated. Commodities prices pointed to renewed optimism in the global economic recovery. Oil climbed to a near two-year high.


Manulife US Real Estate Investment Trust (Manulife US Reit) saw its distribution per unit (DPU) decline 11.3 per cent to 2.59 US cents for the half year ended Dec 31, from 2.92 US cents a year ago. In a bourse filing on Monday morning, its manager said the drop was mainly due to lower property income as well as a provision for expected credit losses, and comes after factoring in the enlarged unit base from equity fundraising in H2 2019.

Yangzijiang Shipbuilding on Monday announced that it had recently secured agreements to build and deliver 29 vessels with a total contract value of US$1.3 billion. This includes orders from the group’s joint venture arm, Yangzi-Mitsui Shipbuilding Co (YAMIC). Of the 29 vessels, 22 are containerships worth a total of US$1.3 billion, and are expected to be delivered progressively from the third quarter next year.

Consumer electronics retailer Challenger Technologies posted a net profit of S$23.2 million for its financial year ended Dec 31, 2020, in results announced Monday. This indicates a 32 per cent increase from the year-ago period. Meanwhile, its revenue fell 18 per cent year on year to S$270.8 million, on the back of a decline in IT products and services business segment.

Thomson Medical Group on Monday posted a net profit of S$8.1 million for its first half ended Dec 31, 2020 – a reversal from its loss of S$1.9 million in the year-ago period. While revenue for the mainboard-listed group declined 1.3 per cent year on year (yoy) to S$116.6 million, its earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 32.6 per cent yoy to S$31.8 million.

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



Analyst: Chua Wei Ren

Recommended Action: Technical BUY

SATS Ltd (SGX: S58) initial sell call on 14th Jan 2021 had a strong bullish rebound at the support level at $3.79. Further technical indicate that SATS will have another round of upside after the corrective sell down.

Singapore Airlines Ltd

Analyst: Chua Wei Ren

Recommended Action: Technical BUY

Singapore Airlines Ltd (SGX: C6L) has finally sees the light at the end of the tunnel after it broke off the larger wedge formation on November 2020. Subsequent upside is considered a strong bullish rally. Further technical indicate a possible upside of SIA.

>> Read more Technical reports

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