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WHAT HAPPENED LAST NIGHT

US markets headed higher on Monday, led by continued gains in the materials and energy sectors. At the close of the NYSE, the DJIA rose 0.29%, while the S&P 500 index inched up 0.09%, and the NASDAQ Composite index was up 0.07%. Stocks that advanced outnumbered declining ones on the NYSE by 1,839 to 1,498 and 170 ended unchanged; on the Nasdaq Stock Exchange, 2,527 stocks advanced and 2,089 declined, while 238 ended unchanged. (Source: WSJ, CNBC)

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WHAT’S IN THE PACK

Singapore Company Update:

Lendlease Global 1QFY22 business update: Unique positioning along Orchard Road drives positive reversion.
(LREIT SP/BUY/S$0.88/Target: S$1.03)

313@Somerset achieved high single-digit positive rental reversion driven by new and renewed leases for F&B outlets. Retailers are attracted to 313@Somerset due to the potential of a multifunctional event space at Grange Road car park, attracting more shopper traffic. LREIT provides attractive distribution yield of 5.3% for FY22 and 6.0% for FY23. Inclusion in the FTSE EPRA Nareit Developed Asia Index will put LREIT on the radar of many institutional funds. Maintain BUY. Target Price: S$1.03…

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HK/ China Company Update:

Haidilao International – Poised for incremental improvement.
(6862 HK/HOLD/HK$22.05/Target: HK24.10)

Haidilao stated that it would shut down or suspend the operations of about 300 restaurants by end-21. It started the “Woodpecker” plan to improve stores’ operational results, and decided not to expand the store network on a large scale unless the table turnover rate is >4.0x. We reckon the company’s fundamental would likely bottom out but it still does not see any near-term catalyst. Cut the target price to HK$24.10. Maintain HOLD…

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Singapore Technical Analysis:

DBS Group Holding (DBS SP) – Trading BUY

The bullish trend continues with price moving higher. The conversion and base lines have had a bullish crossover, which hints at a bullish price trend. The MACD remains bullish…

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Venture Corp Ltd (VMS SP) – Trading BUY

The price correction is coming down to the Fibonacci 50% correction point as well as the base line. The conversion and base lines had a bullish crossover, which hints at a bullish price trend…