Market Update for 14 - 28 Feb 2023
Market forecast for 1st Week of Mar
Due to the passing of my husband, I had stopped publishing Market Update for the past 2 weeks in the mourning of his departure... and I beg your pardon for this.
đ
Past Events to note last 2 Weeks:
âĄď¸Singapore's headline inflation at 6.6% y-o-y while MAS core inflation at 5.5% in January
âĄď¸Singapore's January NODX falls by 25.0% from high base as electronics and non-electronics see declines
âĄď¸[link] Singapore Budget 2023; Investors must-know
First-time families to receive more support to purchase flats
More support for innovation and training activities for SMEs
Higher stamp duty rates for higher valued residential and non-residential properties
Singapore revs up Additional Registration Fees on higher-end luxury cars
âĄď¸Sats to launch rights issue priced at $2.20 to fund acquisition of WFS
âĄď¸Singaporeâs fintech funding hits three-year high of US$4.1 bil in 2022: KPMG
Other Events:
âĄď¸[link] US's January CPI inflation rate slows to 6.4% but monthly inflation rose by 0.5%3
Future Events to note next Week:
âĄď¸2 Mar; SGD : Manufacturing PMI
âĄď¸3 Mar; SGD : Retail Sales
âĄď¸Manufacturing PMI from SG, US, China...
Week after Next:
âĄď¸8 Mar; China's CPI and PPI
âĄď¸8 Mar; US's JOLTs Job Openings
âĄď¸10 Mar; US's Nonfarm Payrolls, Unemployment Rate, Federal Budget Balance
Market Forecast:
In fortnightly summary, STI had been trending down from the support-turn-resistant level of 3320 points, till now hovering around 3260 points ith selling pressure remain strong from the lower-than-expected economic data on Non-Oil Domestic Exports, as well as ever-high CPI. And I expect this situation will remain unchanged for the month of March.
With the 4Q earning reporting season came to an end, I would like to summarize the followings in a few key pointers to prepare investors for the oncoming investment trends.
1. AI chatbot : Chat GPT is definitely the talk of the town now, and many global tech companies are in the race to be the first of bringing the AI chatbot to the world. As a matter of fact Chat GPT is owned and developed by the OpenAI [link], its popularity had induced a spill-over effect on the share prices of many global tech companies to rebound, as fund managers are expecting the revenues received from China alone, will be undoubtfully handsome. But investors should not run into these counters as they are no longer at good bargain now, and most of all, this technologies are still yet to be proven for profitability.
Related Article: Apple, Microsoft, Nvidia among 15 companies that stand to benefit from AI: BofA [link]
2. Food Shortages : The rising energy prices, had made the global agriculture companies to face high cost in producing and transporting their products into the consumers' hands. And this situation will continue as long as the climate change and wars continue. And the 4Q earning results from agricultural sector, had shown satisfactory earnings and revenues are expecting to be better for the next quarter.
3. Global Chip Makers : The US-China competition for human capital, technologies, business alliances.. had already impacted the global supply chains in many ways. Especially with U.S. government, wanting to bring jobs back to American by giving out incentives to companies to re-shore (or return to U.S.), had impact the demand of office spaces in Asia as companies shrieking its operations as shifting part of it back to America. Therefore, investors need to be aware of the situation when diversifying the portfolio.
With G20 Summit kick start in New Delhi, India on 1 Mar today, working out the differences among countries, is definitely not a easy matter with the current sour relationships between Russia and the European countries, as well as the ongoing competition between China-U.S., we shall discuss again next week.
My latest Market View published in ZaoBao in the month of February 2023:
Market Summary dated on 22 Feb 23:
Market Summary on 14 Feb 23:
đSG Earning Announcementđ
Watch out for the First Quarter Earning reporting season in Apr-May 2023...
FUTURE
đ Highlights of Economic Calendar: 27 Feb - 4 Mar 23 đ
Mon, 27 Feb 23 SGD : Bank Lending : 813.5B to 807.1B
HKD : Exports mom Jan : -28.9% to -36.7%
HKD : Imports mom Jan : -23.5% to -30.2%
USD : Core Durable Goods Orders mom Jan : -0.4% to 0.7%
USD : Pending Home Sales mom Jan : 1.1% to 8.1%
JPY : Industrial Production mom Jan : 0.3% to -4.6%
Tues, 28 Feb 23 USD : Goods Trade Balance Jan : -89.67B to ? USD : CB Consumer Confidence Feb : 107.1 to ?
USD : API Weekly Crude Oil Stock : -9.895M to ?
AUD : CPI yoy : 8.4% to ?
CNY : Manufacturing PMI (Feb) : 50.1 to ?
CNY : Caixin Manufacturing PMI (Feb) : 49.2 to ?
Wed, 01 Mar 23 GBP : Manufacturing PMI (Feb) : 49.2 to ?
USD : Manufacturing PMI (Feb) : 47.8 to ?
USD : ISM Manufacturing PMI (Feb) : 47.4 to ?
USD : Crude Oil Inventories : 7.648M to ?
Thu, 02 Mar 23 SGD : Manufacturing PMI : 49.8 to ?
HKD : Retail Sales yoy Jan : 1.1% to ?
HKD : Manufacturing PMI Feb : 51.2 to ?
USD : Initial Jobless Claims : 192K to ?
USD : Nonfarm Productivity qoq Q4 : 3.0% to ?
Fri, 03 Mar 23 SGD : Retail Sales yoy Jan : 7.4% to ?
SGD : Retail Sales mom Jan : 1.3% to ?
USD : S&P Global Composite PMI Feb : 50.2 to ?
USD : ISM Non-Manufacturing PMI Feb : 55.2 to ?
PAST
đ Things to note of past Economic Calendar: 13 - 25 Feb 23 đ
Sun, 12 Feb 23 SGD : GDP yoy Q4 : 4.0% to 2.1% [MTI]
SGD : GDP qoq Q4 : 0.8% to 0.3%
Mon, 13 Feb 23 USD : Consumer Inflation Expectations : 5.0% to 5.0%
JPY : GDP qoq Q4 : -0.3% to 0.2%
Tues, 14 Feb 23 USD : Core CPI yoy Jan : 5.7% to 5.6% USD : CPI yoy Jan : 6.5% to 6.4%
USD : CPI mom Jan : 0.1% to 0.5%
USD : API Weekly Crude Oil Stock : -2.184M to 10.507M
Wed, 15 Feb 23 GBP : CPI yoy Jan : 10.5% to 10.1%
USD : Core Retail Sales mom Jan : -0.9% to 2.3%
USD : NY Empire State Manufacturing Index Feb : -32.90 to -5.80
USD : Retail Sales mom Jan : -1.1% to 3.0%
USD : Industrial Production yoy Jan : 1.15% to 0.79%
USD : Crude Oil Inventories : 2.423M to 16.283M
AUD : Employment Change Jan : -19.9K to -11.5K
Thu, 16 Feb 23 USD : Building Permits Jan : 1.337M to 1.339M
USD : Housing Starts mom Jan : -3.4% to -4.5%
USD : Initial Jobless Claims : 195K to 194K
USD : Philadelphia Fed Manufacturing Index Feb : -8.9 to -24.3
USD : PPI mom Jan : -0.2% to 0.7%
SGD : Non-Oil Exports yoy Jan : -20.6% to -25.00%
SGD : Non-Oil Exports mom Jan : -2.90% to 0.90%
SGD : Trade Balance : 5.510B to 6.303B
Fri, 17 Feb 23 GBP : Core Retail Sales yoy Jan : -6.5% to -5.3%
USD : Export Price Index mom Jan : -3.2% to 0.8%
USD : Import Price Index mom Jan : -0.1% to -0.2%
Sun, 19 Feb 23 CNY : PBoC Loan Prime Rate : 3.65% to 3.65%
Mon, 20 Feb 23 USD : Holiday
Tues, 21 Feb 23 USD : S&P Global Composite PMI Feb : 46.8 to 50.2 USD : Existing Home Sales mom Jan : -2.2% to -0.7%
Wed, 22 Feb 23 HKD : GDP yoy Q4 : -4.2% to -4.2%
USD : FOMC Meeting Minutes [link]
USD : API Weekly Crude Oil Stock: 10.507M to 9.895M
Thu, 23 Feb 23 SGD : Core CPI yoy Jan : 5.10% to 5.50%
SGD : CPI yoy Jan : 6.5% to 6.6%
HKD : CPI yoy Jan : 2.00% to 2.40%
EUR : CPI yoy Jan : 9.2% to 8.6%
USD : GDP qoq Q4 : 3.2% to 2.7%
USD : GDP Price Index qoq Q4 : 4.4% to 3.9%
USD : Initial Jobless Claims : 195K to 192K
USD : Crude Oil Inventories : 16.283M to 7.648M
USD : Reserve Balances with Federal Reserve Bank : 3.107T to 2.984T
Fri, 24 Feb 23 SGD : Industrial Production yoy Jan : -2.6% to -2.7%
SGD : Industrial Production mom Jan : 2.9% to -1.1%
USD : Core PCE Price Index mom Jan : 0.4% to 0.6%
USD : Personal Spending mom Jan : -0.1% to 1.8%
USD : New Home Sales Jan : 625K to 670K
đ
Other Focus (Highlights of Results / Corporate Actions):
â
Other extracted news:
Twitter cuts more engineering, product jobs to curb costs
Chevron to work with SembMarine on lower carbon LNG fleet modification project
Nokia redesigns logo because people think it still makes mobile phones
Grab brings forward profit goal after quarterly loss narrows
Intel slashes dividend 66% to lowest payout in 16 years
Local News
DBS plans to apply for license to offer crypto in Hong Kong
Sembcorp Industries secures 18-year power purchase agreement with Micron
LHN launches largest co-living residence in Orchard under Coliwoo brand
Credit Suisse, Mizuho join banks on US$1 bil Olam Agri listing
Hiap Hoe rebrands two hotels to Aloft Singapore Novena
Boustead Singapore revises privatisation offer for subsidiary Boustead Projects to 95 cents
Frasers Property secures five-year A$340 mil and US$75 mil sustainability-linked loan for Australia business
CapitaLand Investment establishes China data centre development fund with $1 bil in investments
Rex International issues profit warning, citing lower revenue due to production stoppages
SunMoon Food to raise around $2.8 million via placing out new shares at 2.3 cents each
Starhill Global REIT enters into $75 mil loan facility
Chip Eng Seng enters into agreements with its JV partners to redevelop Peace Centre and Peace Mansion
OKP Holdings' wholly-owned subsidiary secures $95.9 mil contract from LTA
ESR LOGOS REIT's private placement three times subscribed at 33 cents per unit, preferential offering to follow
SembMarine shareholders approve merger with Keppel O&M by 95.3%
LMIRT awarded green building certification for Lippo Mall Puri and Sun Plaza
Earning Results
Mewah International reports earnings of US$99.5 mil for the 2HFY2022, 78.6% higher y-o-y
UMS posts record performance in FY2022, earnings up 85% to $98.2 mil
Wilmar posts record earnings of US$2.4 bil in FY2022, declares record dividends of 17 cents
OCBC reports record FY2022 earnings of $5.75 billion, up 18%
Genting Singapore FY2022 net profit up 85%, final dividend double that of previous year
CAO (China Aviation Oil) reports lower earnings for FY2022 but sees recovery ahead
GK Goh Holdings directors make $1.26 per share privatisation offer
Samudera Shipping Line reports 2HFY2022 earnings of US$150.3 mil, 63.6% higher y-o-y
Golden Agri-Resources reports 2HFY2022 earnings of US$392.4 mil, 21.5% higher y-o-y
PropNex's earnings for 4QFY2022 up by 24.5% y-o-y to $17.8 mil; FY2022 revenue hits record high
Delfi reports 2HFY2022 earnings of US$24.5 mil, 44.4% higher y-o-y
Food Empire reports 4.2 times surge in 2HFY2022 earnings of US$33.0 mil
Golden Energy FY2022 earnings surge by 522.4%; maintains cautious outlook pending privatisation offer
Far East Orchard reports FY2022 earnings of $21.9 mil, 22.1% lower y-o-y
SembMarine reports reduced loss of $261.1 mil for FY2022
MoneyMax posts 11.3% growth in FY2022 earnings to $22.1 mil
Sheng Siong posts $133.3 mil in earnings for FY2022, slight 0.4% increase
JB Foods reports higher earnings for FY2022, sees long demand for cocoa growing
OUE Lippo Healthcare reports FY2022 earnings of $32.5 million
Geo Energy reports 2HFY2022 earnings of US$56.6 mil, 56% lower y-o-y
CSE Global posts 68.2% decline in earnings to $4.77 mil for FY2022
Ho Bee Land posts 50% decline in FY2022 earnings to $165.9 mil
Sinarmas Land reports record earnings of $343.6 mil for the FY2022 as full-year revenue hits all-time high
Baker Technology's FY2022 earnings more than double to $13.4 million
UOL Group reports earnings of $120.8 mil for 2HFY2022, 44% lower y-o-y
Frencken Group posts 11.7% declined in FY2022 earnings to $51.9 mil
Raffles Medical Group sees 2HFY2022 earnings increase by 87.5% y-o-y to $83.8 mil as foreign patients return
Olam Group reports 2HFY2022 earnings of $200.0 mil, 24.5% lower y-o-y
A-Sonic proposes bonus share issue; FY2022 earnings drop
ISDN reports lower FY2022 earnings; eyes meaningful contribution onwards from hydropower
HPL back in the black for FY2022 with earnings of $76.4 million
AEM records highest annual revenue at $870.5 mil, provides conservative outlook for 2023
Sing Investments & Finance posts record profit for second consecutive year
Hong Leong Finance reports record earnings of $130.9 mil for FY2022, up 54.3% y-o-y
ComfortDelGro reports 2HFY2022 earnings of $57.8 million, 63.3% higher y-o-y
UOB-Kay Hian earnings down on 'reduced retail participation'
Singapore Land Group reports 60% lower earnings of $95.3 mil for the 2HFY2022
Kim Heng back in the black with FY2022 earnings of $7.4 million
PSC maintains FY2022 earnings, raises full year dividend to 1.25 cents
Venture Corp posts 2HFY2022 earnings of $195.3 mil, up 13.8% y-o-y
Cromwell European REIT reports 2HFY2022 DPU of 8.494 Euro cents, up 0.4% y-o-y
ST Engineering reports 2HFY2022 earnings of $255.0 mil, down 7.1% y-o-y
Riverstone Holdings reports FY2022 earnings of RM314.4 mil, 77.8% lower y-o-y due to the normalisation of ASPs
Credit Bureau Asia reports 7.2% higher FY2022 earnings of $8.4 mil on higher revenue
HRnetGroup posts 3.1% growth in FY2022 earnings to $67.5 mil
Haw Par posts 34.7% growth in FY2022 earnings to $148.3 mil
Apac Realty sees 25% decline in FY2022 earnings to $26.6 mil
Daiwa House Logistics Trust reports FP2022 DPU of 5.70 cents, in line with forecast
ARA US Hospitality Trust reports 4.6 times surge in 2HFY2022 DPS of 1.627 US cents
UOB reports record-high FY2022 earnings of $4.57 bil with final dividend of 75 cents per share
CLI reports FY2022 earnings of $861 mil, plans distribution of Clas units
Yangzijiang Shipbuilding reports 2HFY2022 earnings of RMB1.44 bil, 30% lower y-o-y after spin-off of financial unit
Sing Holdings reports earnings of $5.3 mil for the 2HFY2022, 20.1% lower y-o-y
United Hampshire US REIT reports higher distributable income for 2HFY2022
Great Eastern Holdings reports 4QFY2022 earnings of $3.3 million, down 99%
Dyna-Mac reports earnings of $10.1 mil for the 2HFY2022, up four times y-o-y
Nanofilm Technologies reports 2HFY2022 earnings of $25.0 mil, 43.6% lower y-o-y
Parkson Retail posts 88.1% increase in FY2022 earnings to $28.8 mil
Vicom reports higher earnings of $26.2 million, led by non-vehicle testing
SIA reports 3QFY2023 earnings of $628 million, up 12.7% q-o-q
iFast's disappointing FY2022 to give way to UK, Hong Kong profitability
Wilmar posts record earnings of US$2.4 bil in FY2022, declares record dividends of 17 cents
SIA Engineering 3QFY2023 results miss UOBKH's expectations
Sembcorp Industries reports 2HFY2022 earnings of $358 mil, 54% higher y-o-y
SingPost reports group operating profit of $33.9 mil for the 3QFY2022/2023, down 9.7% y-o-y
Grand Venture Technology records higher revenue for FY2022 but lower earnings from acquisition expenses
First Sponsor Group reports 2HFY2022 earnings of $59.9 mil, 14.1% higher y-o-y
Hong Lai Huat guides for net loss in FY2022
Hafary's 2HFY202 earnings up 192.6%, plans special dividend
Singapura Finance reports 2HFY2022 profit after tax of $4.1 mil, 13.2% lower y-o-y
Singtel reports 3QFY2023 net profit of $532 mil, down 27.6% y-o-y
COSCO Shipping expects to report net loss with 'significant deterioration' in profit for FY2022
Marco Polo Marine reports gross profit of $6.6 mil for the 1QFY2023, up by 153.8% y-o-y
Creative expects reduced losses for 2HFY2023 following restructuring
CFM Holdings reports earnings of $9.4 mil for 1HFY2023, a 31.7 times surge y-o-y
Listing costs aside, NoonTalk posts 14% deeper net loss y-o-y of $0.6 mil in 1HFY2023
UG Healthcare reports loss of $4.78 million on lower selling prices and higher costs
Far East Hospitality Trust reports DPS of 1.73 cents for 2HFY2022, 13.1% higher y-o-y
Elite Commercial REIT reports 2HFY2022 DPU of 2.25 pence, down by 19.6% y-o-y
Alliance Healthcare reports higher earnings of 14.1%
Paragon REIT reports DPU of 1.72 cents for 4MFY2022
Netlink NBN Trust reports 9MFY2023 profit after tax of $81.8 mil, 24.2% higher y-o-y
đ
SGX & Other Newsfeed
đĄ SGX <Analyst Research>
CASH PLUS Promotion:
Low-commission trading account is available... and check out for Promotion Details
(Waived for US and HK Foreign Custody fee until 31 December 2022.)
Important Disclaimer
A. Reminders: 1. Phillip Securities Pte Ltd ("PSPL") will generally provide you "execution only" services - see Guide and Cautionary Notes for Trading Accounts on www.poems.com.sg. You are therefore personally responsible to make your own decisions on the suitability of every securities transaction you do through PSPL. One exception is if you specifically apply and pay for advice from PSPL. The other is referred to in reminder 2. 2. Execution-Related Advice ("ERA") on listed Excluded Investment Products may be given to you, but only subject to strict conditions. These include (a) you accepting personal responsibility to ensure any such advice is suitable before you act on it, and (b) you ensuring that you both receive and understand the rationale for every ERA given to you. 3. Materials (including market and analyst reports) are provided to you as information on an execution only basis for you to make your own suitability decisions. Materials which are not ERA are provided strictly as you asked. These reminders apply to the contents of this e-mail as well as any and all accompanying materials sent under its cover. B. General Disclaimer: The information/materials provided (whether as attachments to this e-mail or in its body), where they are not ERA on listed Excluded Investment Products in compliance with the second reminder above, are provided for general information/circulation only and not intended and therefore should not be taken as any offer or solicitation to do any investment or trade. No assessment has been made by PSPL as to the suitability for you of any materials in or under this e-mail. As always, the decision to trade and/or invest remains solely with you. Information/materials in or under this e-mail are provided as is without warranty of any kind, either express or implied. Such information/materials provided have been procured from sources which are believed to be reliable and accurate (but whose reliability and accuracy cannot be and are not warranted); and may have been acted on by PSPL or members of the PhillipCapital group of entities before being made available to you. All investments are subject to investment risks. Ideally you should and you may wish to seek advice from an independent financial adviser before making a commitment to purchase or invest in the investment product(s) mentioned either in this e-mail or its attachment(s). If you choose not to do so, you are then choosing to make your own decision on whether any of the said investment product(s) are suitable for you. Neither PSPL nor any fellow member of the PhillipCapital group of entities shall, 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. C. General Confidentiality Note: This e-mail and its attachment(s) are 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.
Confidentiality Note
This e-mail and its attachment(s) are 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.
Kommentare