US markets ended in the red on Tuesday, led by continued gains in the materials and energy sectors. At the close of the NYSE, the DJIA slipped 0.31%, the S&P 500 index lost 0.35%, and the NASDAQ Composite index was down 0.60%. Stocks that declined
outnumbered advancing ones on the NYSE by 1,746 to 1,566 and 171 ended unchanged; on the Nasdaq Stock Exchange, 1,912 stocks advanced and 2,686 declined, while 242 ended unchanged. (Source: WSJ, CNBC)
During the last trading session, the FSSTI index slipped 20.48pt to 3,243.42. Among the top active stocks were Sembcorp Marine (flat), HGH Holdings (+113%), Oceanus (flat) and Yangzijiang Shipbuilding (-5.3%). Both the FTSE ST Mid Cap Index and FTSE ST Small Cap Index slid 0.51% and 0.42% respectively. The broader market saw 192 gainers and 271 losers with total trading value of S$1.38b.
WHAT’S IN THE PACK
Singapore Company Update:
Genting Singapore – 3Q21: Future brightening up.
(GENS SP/BUY/S$0.82/Target: S$1.08)
GENS’ 3Q21 results came in below our expectation as EBITDA fell 30% qoq amid the declining revenue, but still outperforming rival MBS (EBITDA -86% qoq). Nevertheless, GENS remains a compelling economic reopening beneficiary as the COVID-19 pandemic eases, and could eventually look to enhance its capital management following the recent scrapping of its
Yokohama IR bid. Target price: S$1.08…
Manulife US REIT: 3Q21: Proxy to US office recovery.
For 3Q21, MUST’s overall portfolio occupancy dipped slightly to 90.9% even as leasing sentiment improved. New leases formed 32% of total leases signed while about 453,000sf of leases were executed at +1.3% positive rental reversion. MUST continues to highlight its plans to capture demand from high growth trade sectors such as tech and healthcare tenants. Maintain BUY with a
same target price of US$0.84…
HK/ China Company Update:
EVE Energy – An up-and-coming EV battery maker.
(300014 CH/BUY/Rmb134.62/Target: Rmb210.00)
We initiate coverage on EVE with BUY based on: a) the prospective 10x growth in EV battery sales volume from 2020-23; b)
leading market positions in the fastgrowing niche markets of smart meters, electronic toll collection, portable electronic devices, automobile electronics, medical equipment, e-cigarettes, cordless power tools, two-wheeled electric vehicles and drones, etc; and c) the burgeoning ecigarette business. We forecast 58% EPS CAGR for 2020-23. Target price: Rmb210.00…
Monthly Technical Regional Indices Watch
In this report, we provide the outlook of regional indices on a monthly basis. We also include a list of tradable Exchange
Traded Funds (ETFs) for each of the said indices.
The said indices under our coverage are:
• Hang Seng Index (HSI IND)
• FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI IND)
• Jakarta Stock Exchange Composite Index (JCI IND)
• Stock Exchange Of Thailand Index (SET IND)
• FTSE Straits Times Index (STI IND)