Daily Morning Note – 9 November 2021
PHILLIP SUMMARY
Asian stocks looked set to rise Tuesday after U.S. equities extended a winning streak on optimism that the economic recovery can weather inflation risks. The dollar and Treasuries declined. Futures for Japan and Hong Kong climbed. Australia inched higher at the open. U.S. futures were steady in early Asian trading. The S&P 500 edged higher for an eighth session, the longest winning streak since 2017. A drop in Tesla Inc. weighed on the Nasdaq 100 after Elon Musk’s Twitter followers in a poll he set up voted in favour of the billionaire selling 10% of his stake in the firm. Treasury yields advanced amid a weak three-year auction. Meanwhile, the yield on 30-year Treasury inflation-protected securities slid to a record low, a sign of ongoing concerns about price pressures shadowing the global economy.
BREAKING NEWS
SG
Mainboard-listed SIIC Environment Holdings said that its revenue increased by 10.7 per cent to RMB181.1 million (S$38.2 million) for the quarter ended Sep 30, 2021, up from RMB163.5 million from a year earlier. Revenue for Q3 also increased by 17.6 per cent to RMB1.77 billion, up from RMB1.51 billion a year ago. Earnings per share stood at RMB7.03 cents for the quarter, up from RMB6.28 cents from the previous year.
Mainboard-listed infrastructure and civil engineering company OKP Holdings on Monday (Nov 8) announced that it has secured a contract worth S$39.9 million from the Public Utilities Board (PUB). The contract is for drainage improvement works at the Benoi Road outlet drain. OKP’s subsidiary, Eng Lam Contractors Co, will be involved in the construction of reinforced U-drains and an outfall structure with riprap scour protection connecting to Benoi Basin.
Unusual Limited, the events-production unit of mm2 Asia, narrowed its net loss by 54.1 per cent to S$1.6 million in the half-year ended Sep 30, 2021, from S$3.4 million a year ago. Loss per share stood at 0.15 Singapore cents , down from 0.33 Singapore cents from the previous year. Revenue for the half year declined by 60.8 per cent to S$426,346, down from S$1.1 million the year before.
Ban Leong Technologies posted a 64.9 per cent rise in net profit to S$3.9 million for the half year ended Sep 30, 2021, from S$2.3 million a year ago. This was mainly due to a 29.8 per cent increase in revenue to S$51.5 million from its information technology (IT) accessories segment, while the multimedia segment and storage segments grew 19.2 per cent and 177.6 per cent to S$56.0 million and S$1.3 million respectively. The tech distributor’s gross profit increased by 40.9 per cent to S$11.1 million and attributed this to consumers’ willingness to pay more for better quality products to be more productive or have a better experience both at work and at home.
US
An investor group led by buyout firms Advent International Corp, Permira Advisers and others have agreed to take McAfee Corp private in a deal that values the cybersecurity software maker at more than US$14 billion including debt. The private equity consortium will pay US$26 a share in cash, said a statement on Monday. Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC and a wholly owned subsidiary of the Abu Dhabi Investment Authority are also part of the group of buyers.
Tesla Inc shares fell 5.4 per cent in pre-market trading on Monday as investors prepared for its chief Elon Musk’s proposed sale of about a 10th of his holdings in the electric-car maker following his Twitter poll. Musk, the world’s richest person, tweeted on Saturday that he would offload 10 per cent of his stock if users of the social media network approved the proposal.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, CNBC, PSR
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