Trendspotter: Singapore Retail Research – November 7, 2024
Trendspotter: Singapore Retail Research
Date: November 7, 2024
Broker Name: CGS International Securities
Market Overview
Donald Trump’s victory in Tuesday’s presidential contest threatens to upend the US economic outlook and alter the Federal Reserve’s policy calculus in the months ahead. Trump’s aggressive tariff policies against US trading partners, plans to deport millions of undocumented immigrants, and the extension of his 2017 tax cuts could put upward pressure on prices, wages, and the federal deficit. This scenario complicates the Fed’s job of lowering inflation to their 2% objective while protecting the labor market. The Fed is expected to lower the benchmark interest rate by a quarter percentage point this Thursday, following a half-point cut in September. However, the Fed may approach future cuts more cautiously as they assess the impact of Trump’s economic proposals.
Company Analysis
DBS Group Holdings Ltd – Long-term Uptrend Remains Intact
Last Price: 39.15
DBS Group Holdings Ltd continues to show signs of a long-term uptrend. The stock has rebounded at the resistance-turned-support level at S\$37.90 and has formed an ascending triangle, indicating potential for further price increases. The bullish flag pattern suggests higher prices moving forward, and the stock is trending above all Ichimoku indicators. The MACD and its signal line remain steady above the zero line with a positive histogram, while the 23-period ROC stays elevated above the zero line. The Stochastic Oscillator shows a potential overbought condition, but the chart reflects strong buying signals. Volume expansion is healthy, suggesting robust market interest. In the event of a correction, DBS is likely to find support at S\$37.00 or S\$36.00.
Entry Prices:
Support Levels:
- Support 1: 37.90
- Support 2: 36.20
Stop Loss:
Resistance Levels:
- Resistance 1: 39.67
- Resistance 2: 44.52
Target Prices:
- Target price 1: 41.30
- Target price 2: 42.14
- Target price 3: 43.32
- Target price 4: 46.35
OSL Group Ltd (863) – Technical Buy
Entry Prices: 8.16, 6.38, 5.20
Stop Loss: 4.15
Target Prices: 10.15, 12.12, 15.00, 18.82
Capitaland Investment (CLI) – Building Momentum Towards 4Q24
Capitaland Investment’s (CLI) 9M24 revenue of S\$2.1bn was broadly in line with expectations, achieving 72% of the FY24F forecast. The commercial management and private funds segment lifted FRB revenue in 9M24. We maintain our Add rating with an unchanged target price of S\$4.30.
Singapore Post Ltd – Awaiting Value Unlocking Initiatives
Singapore Post Ltd is currently in a phase where value unlocking initiatives are being anticipated. Investors are keenly watching the company’s strategic moves to enhance shareholder value.
SIA Engineering – Fundamentals Trending in the Right Direction
SIA Engineering continues to show positive trends in its fundamentals. The company is on track to capitalize on the improving aviation sector, with strong operational efficiencies and strategic initiatives.
PTT Global Chemical – Kitchen Sinking with Impairment Items
PTT Global Chemical is currently dealing with impairment items, which have impacted its financial performance. The company is focusing on restructuring and strategic realignments to mitigate these setbacks.
Global Commodities and Indices
The report also covers a detailed analysis of global commodities and indices, highlighting significant movements and trends in various markets.
Indices
- Dow Jones: 43,729.93 (+3.6% YTD +16.0%)
- S&P 500 Index: 5,929.04 (+2.5% YTD +24.3%)
- Nasdaq Index: 18,983.46 (+3.0% YTD +26.5%)
- Euro Stoxx 50: 4,800.63 (-1.4% YTD +6.2%)
- Germany’s DAX: 19,039.31 (-1.1% YTD +13.7%)
- UK’s FTSE 100: 8,166.68 (-0.1% YTD +5.6%)
- Japan’s Nikkei-225: 39,480.67 (+2.6% YTD +18.0%)
- Shanghai SE Composite Index: 3,383.81 (-0.1% YTD +13.7%)
- Hong Kong’s Hang Seng Index: 20,538.38 (-2.2% YTD +20.5%)
- Australia’s ASX 200 Index: 8,199.55 (+0.8% YTD +8.0%)
- India’s BSE Sensex 30: 80,378.13 (+1.1% YTD +11.3%)
- Singapore’s Straits Times Index: 3,602.99 (+0.6% YTD +11.2%)
- Taiwan TAIEX: 23,217.38 (+0.5% YTD +29.5%)
- Korea’s KOSPI: 2,563.51 (-0.5% YTD -3.5%)
- Malaysia’s FBMKLCI: 1,634.17 (+0.8% YTD +12.3%)
- Indonesia’s JCI: 7,383.87 (-1.4% YTD +1.5%)
- Thailand’s SET: 1,467.42 (-1.0% YTD +3.6%)
- Philippines’ PCOMP: 7,165.42 (-1.3% YTD +11.1%)
Currencies
- US Dollar Index: 105.15 (+1.7% YTD +3.8%)
- Australian Dollar: 1.5225 (-0.0% YTD +3.7%)
- Canadian Dollar: 1.3942 (+0.0% YTD +5.3%)
- Euro: 0.9319 (-0.0% YTD +2.9%)
- Japanese Yen: 154.57 (-0.1% YTD +9.6%)
- Danish Krone: 6.9504 (-0.0% YTD +2.9%)
- British Pound: 0.7763 (-0.0% YTD -1.2%)
- Swiss Franc: 0.8762 (-0.1% YTD +4.1%)
- Singapore Dollar: 1.3328 (-0.1% YTD +0.9%)
- South Korean Won: 1,400.85 (-0.0% YTD +8.5%)
- Taiwan Dollar: 32.20 (-0.0% YTD +5.3%)
- Hong Kong Dollar: 7.7758 (-0.0% YTD -0.5%)
- Malaysian Ringgit: 4.4035 (-0.1% YTD -4.1%)
- Indonesian Rupiah: 15,833.00 (-0.0% YTD +2.8%)
- Thai Baht: 34.35 (-0.2% YTD +0.3%)
- Indian Rupee: 84.28 (-0.0% YTD +1.3%)
- Philippines Peso: 58.68 (-0.0% YTD +6.0%)
- China Renminbi: 7.1753 (-0.1% YTD +1.1%)
Global Commodities
- ThomReuters/JefferiesCRB: 281.44 (-0.8% YTD +6.7%)
- Gold Spot (US\$/oz): 2,659.07 (-3.1% YTD +28.9%)
- Silver Spot (US\$/oz): 31.18 (+0.0% YTD +31.0%)
- WTI Crude Oil (US\$/barrel): 71.69 (-0.4% YTD -10.7%)
- Brent Crude Oil (US\$/barrel): 75.16 (-0.5% YTD -12.5%)
- Natural Gas Futures: 2.75 (+2.9% YTD -38.6%)
- Copper Futures: 424.60 (-5.1% YTD +11.4%)
- Soybeans Futures: 1,003.75 (+0.2% YTD -22.4%)
- Soybean Oil Futures: 46.34 (+3.0% YTD -3.1%)
- Soymeal Futures: 298.40 (-0.4% YTD -22.7%)
- Sugar Futures: 22.03 (+0.6% YTD +9.9%)
- Cocoa Futures: 6,924.00 (-4.5% YTD +166.3%)
- Coffee Futures: 248.75 (-0.6% YTD +48.7%)
- Corn Futures: 426.25 (+1.9% YTD -37.2%)
- Wheat Futures: 573.25 (+0.1% YTD -27.6%)
- Live Cattle Futures: 185.40 (+0.3% YTD +17.4%)
- Cotton Futures: 69.69 (-0.4% YTD -16.4%)
- Palm Oil Futures (3rd month): 4,869.00 (+0.1% YTD +30.9%)
- Orange Juice Futures: 457.80 (+0.2% YTD +43.0%)
Most Active Stocks
Malaysia
- 3REN SDN BHD: 0.40 (+41.1% YTD +41%)
- GENETEC TECH BHD: 0.95 (+37.7% YTD -59%)
- CAPE EMS BHD: 0.37 (+1.4% YTD -65%)
- TOP GLOVE CORP B: 1.16 (+7.4% YTD +29%)
- MY EG SERVICES: 0.89 (+4.7% YTD +11%)
Singapore
- SINGAPORE TELECO: 3.210 (+1.6% YTD +33%)
- SEATRIUM LTD: 1.970 (+2.1% YTD -17%)
- SINGAPORE POST: 0.520 (-6.3% YTD +11%)
- GENTING SINGAPOR: 0.850 (+1.2% YTD -11%)
- THAI BEVERAGE: 0.510 (+1.0% YTD +2%)
S&P 500
- NVIDIA CORP: 145.61 (+4.1% YTD +194%)
- TESLA INC: 288.53 (+14.8% YTD +16%)
- INTEL CORP: 25.05 (+7.4% YTD -49%)
- SUPER MICRO COMP: 22.70 (-18.1% YTD -20%)
- BANK OF AMERICA: 45.41 (+8.4% YTD +38%)
Conclusion
The analysis provided in this report offers a comprehensive view of the market trends and the performance of various companies. The strategic insights and technical analysis of DBS Group Holdings Ltd, OSL Group Ltd, Capitaland Investment, Singapore Post Ltd, SIA Engineering, and PTT Global Chemical provide valuable information for investors. Additionally, the detailed overview of global commodities and indices further enhances the understanding of the current market landscape.