Singapore Retail Research Report

Broker: CGS-CIMB Research

Date: November 8, 2024

Trendspotter: Oversea-Chinese Banking Corp Ltd – Uptrend Strongly Intact

Oversea-Chinese Banking Corporation Limited (OCBC) continues to display a robust uptrend in the financial markets. The stock has shown significant resilience and growth potential, making it a prime candidate for investment. Key technical indicators suggest a sustained upward momentum.

• Last Price: S\$15.88
• Entry Price(s): S\$15.88, S\$14.56, S\$14.10
• Support Levels: S\$14.89, S\$14.03
• Stop Loss: S\$13.44
• Resistance Levels: S\$16.00, S\$16.20
• Target Prices: S\$16.22, S\$16.68, S\$17.20, S\$18.10

OCBC has rebounded at the S\$15.00 psychological level and formed a higher low, indicating strong buying interest and momentum. The long-term uptrend remains intact, and the stock is nearing a breakout of the S\$16.00 psychological level with strong volume. Additionally, the stock is trending above all Ichimoku indicators, with the MACD/signal line elevated above the zero line and the Stochastic Oscillator continuing to rise. Furthermore, the 23-period ROC rose sharply above the zero line, and the 14-period DM+ increased its bullish strength signal. Volume also rose above the 20-period average, indicating renewed buying interest.

OCBC offers a comprehensive range of financial services, including deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management, and other financial and related services.

Industrial & Commercial Bank of China Ltd (1398) – Technical Buy

The Industrial & Commercial Bank of China Ltd (ICBC) shows technical buy signals with promising entry points and target prices.

• Entry Price(s): HK\$4.90, HK\$4.58, HK\$4.28
• Stop Loss: HK\$3.97
• Target Prices: HK\$5.21, HK\$6.12, HK\$7.00, HK\$8.12

Haidilao International Holding Ltd (6862) – Technical Buy

Haidilao International Holding Ltd presents a compelling technical buy opportunity with well-defined entry prices and target levels.

• Entry Price(s): HK\$17.92, HK\$16.30, HK\$13.78
• Stop Loss: HK\$10.90
• Target Prices: HK\$19.81, HK\$21.90, HK\$27.00, HK\$38.45

Genting Singapore – VIPs Failed to Show Up

Genting Singapore experienced a decline in its financial performance due to a significant drop in gaming revenue, primarily driven by weaker VIP rolling volume and win rates.

• 9M24 adj. EBITDA: S\$734.7 million (-7.9% YoY), missing expectations at 64.3%/64.8% of CGS/Bloomberg consensus FY24F estimates
• 3Q24 adj. EBITDA: S\$163.9 million, down 52.5% YoY
• Gaming Revenue: -28.2% YoY

Due to near-term earnings weakness, the FY24F-26F adjusted EBITDA estimates have been reduced by 6.7-18.4%, with a reiterated ‘Add’ rating and a lower target price of S\$1.05.

DBS Group – Focus on Capital Management

DBS Group remains focused on capital management, ensuring robust financial health and strategic growth. Detailed analysis on this front was not provided, but investors can expect continued emphasis on maintaining a strong capital base.

Foshan Haitian Flavouring – Good Recovery Trend Continuing in 4Q24F

Foshan Haitian Flavouring is witnessing a positive recovery trend continuing into the fourth quarter of 2024. This trend is expected to bolster the company’s financial performance and market position.

PTT Oil and Retail Business – Plunged into the Red on Hefty Stock Loss

PTT Oil and Retail Business has faced significant challenges, plunging into the red due to hefty stock losses. The company’s financial performance has been adversely impacted, necessitating strategic reviews to mitigate further losses.

Global Commodities and Indices Performance

The performance of global commodities and indices has been varied, with notable movements in key markets:

Indices Performance

• Dow Jones: 43,729.34 (-0.0% YTD +16.0%)
• S&P 500 Index: 5,973.10 (+0.7% YTD +25.2%)
• Nasdaq Index: 19,269.46 (+1.5% YTD +28.4%)
• Euro Stoxx 50: 4,851.96 (+1.1% YTD +7.3%)
• Germany’s DAX: 19,362.52 (+1.7% YTD +15.6%)
• UK’s FTSE 100: 8,140.74 (-0.3% YTD +5.3%)
• Japan’s Nikkei-225: 39,381.41 (-0.3% YTD +17.7%)
• Shanghai SE Composite Index: 3,470.66 (+2.6% YTD +16.7%)
• Hong Kong’s Hang Seng Index: 20,953.34 (+2.0% YTD +22.9%)
• Australia’s ASX 200 Index: 8,226.30 (+0.3% YTD +8.4%)
• India’s BSE Sensex 30: 79,541.79 (-1.0% YTD +10.1%)
• Singapore’s Straits Times Index: 3,673.49 (+2.0% YTD +13.4%)
• Taiwan TAIEX: 23,408.82 (+0.8% YTD +30.6%)
• Korea’s KOSPI: 2,564.63 (+0.0% YTD -3.4%)
• Malaysia’s FBMKLCI: 1,623.28 (-0.7% YTD +11.6%)
• Indonesia’s JCI: 7,243.86 (-1.9% YTD -0.4%)
• Thailand’s SET: 1,469.72 (+0.2% YTD +3.8%)
• Philippines’ PCOMP: 7,014.44 (-2.1% YTD +8.8%)

Currencies Performance

• US Dollar Index: 104.33 (-0.7% YTD +3.0%)
• Australian Dollar: 1.4968 (-0.1% YTD +2.0%)
• Canadian Dollar: 1.3863 (+0.0% YTD +4.7%)
• Euro: 0.9255 (-0.0% YTD +2.2%)
• Japanese Yen: 152.93 (-0.0% YTD +8.4%)
• Danish Krone: 6.9017 (-0.0% YTD +2.2%)
• British Pound: 0.7698 (-0.0% YTD -2.0%)
• Swiss Franc: 0.8721 (-0.1% YTD +3.6%)
• Singapore Dollar: 1.3203 (-0.0% YTD +0.0%)
• South Korean Won: 1.385.09 (-0.0% YTD +7.3%)
• Taiwan Dollar: 32.25 (-0.0% YTD +5.5%)
• Hong Kong Dollar: 7.7709 (+0.0% YTD -0.5%)
• Malaysian Ringgit: 4.4043 (-0.0% YTD -4.1%)
• Indonesian Rupiah: 15,740.00 (-0.0% YTD +2.2%)
• Thai Baht: 33.94 (-0.4% YTD -0.9%)
• Indian Rupee: 84.38 (-0.0% YTD +1.4%)
• Philippines Peso: 58.73 (-0.0% YTD +6.0%)
• China Renminbi: 7.1424 (-0.0% YTD +0.6%)

Global Commodities Performance

• ThomReuters/Jefferies CRB: 286.20 (+1.7% YTD +8.5%)
• Gold Spot (US\$/oz): 2,706.64 (-0.0% YTD +31.2%)
• Silver Spot (US\$/oz): 32.03 (+2.7% YTD +34.6%)
• WTI Crude Oil (US\$/barrel): 72.36 (+0.9% YTD -9.8%)
• Brent Crude Oil: 75.58 (+0.9% YTD -12.0%)
• Natural Gas Futures: 2.69 (-2.0% YTD -39.8%)
• Copper Futures: 443.15 (+4.4% YTD +16.3%)
• Soybeans Futures: 1,026.25 (+2.2% YTD -20.7%)
• Soybean Oil Futures: 48.32 (+4.3% YTD +1.0%)
• Soymeal Futures: 298.50 (+0.0% YTD -22.7%)
• Sugar Futures: 22.20 (+0.8% YTD +10.8%)
• Cocoa Futures: 7,360.00 (+6.3% YTD +183.1%)
• Coffee Futures: 260.40 (+4.7% YTD +55.6%)
• Corn Futures: 427.50 (+0.3% YTD -37.0%)
• Wheat Futures: 571.50 (-0.3% YTD -27.8%)
• Live Cattle Futures: 185.83 (+0.2% YTD +17.7%)
• Cotton Futures: 71.05 (+2.0% YTD -14.8%)
• Palm Oil Futures (3rd month): 4,940.00 (+0.9% YTD +32.8%)
• Orange Juice Futures: 460.25 (+0.5% YTD +43.7%)

Most Active Stocks in Malaysia

• 3REN SDN BHD: 0.46 (+16.5% YTD +64%)
• GENETEC TECH BHD: 0.93 (-2.6% YTD -60%)
• EKOVEST BHD: 0.39 (+5.4% YTD -20%)
• TOP GLOVE CORP B: 1.12 (-3.4% YTD +24%)
• INARI AMERTRON B: 3.19 (+6.7% YTD +8%)

Most Active Stocks in Singapore

• YANGZIJIANG SHIP: 2.580 (+1.2% YTD +80%)
• SINGAPORE TELECO: 3.200 (-0.3% YTD +33%)
• SEATRIUM LTD: 1.960 (-0.5% YTD -17%)
• CAPITALAND INVES: 2.800 (-3.8% YTD -7%)
• GENTING SINGAPOR: 0.840 (-1.2% YTD -12%)

Most Active Stocks in S&P 500

• NVIDIA CORP: 148.88 (+2.2% YTD +201%)
• INTEL CORP: 26.23 (+4.7% YTD -47%)
• TESLA INC: 296.91 (+2.9% YTD +19%)
• WARNER BROS DISC: 9.37 (+11.8% YTD -18%)
• SUPER MICRO COMP: 25.48 (+12.2% YTD -10%)

Conclusion

The Singapore Retail Research report for November 8, 2024, provides a comprehensive analysis of key stocks and market trends. With a detailed examination of companies like OCBC, ICBC, Haidilao International, Genting Singapore, DBS Group, Foshan Haitian Flavouring, and PTT Oil and Retail Business, investors are well-equipped with the necessary insights to make informed decisions. The report also highlights significant movements in global commodities and indices, offering a holistic view of the financial landscape.