Top Stories
Strategy | Kevin Warsh ‒ The Taskforce Man
QT is positive for banks because it lifts bond yields and steepens the yield curve. Unfortunately, non-financial sectors tend to underperform due to the massive bank rally. Stock-specific catalysts are important, as can be seen from Keppel and Sembcorp Industries during QT2A and SingTel during QT2B. Our top picks for banks are OCBC (Target: S$31.60), followed by DBS (Target: S$76.85). We are positive on asset monetisation at Keppel (Target: S$13.23) and SingTel (Target: S$5.50). SATS (Target: S$5.00) benefits from the rising air cargo volume. We have selective picks for S-REITs and Technology: NTT DC REIT (Target: US$1.43), UI Boustead REIT (Target: S$1.17), Venture Corp (Target: S$20.65), Valuetronics (Target: S$1.88) and Riverstone (Target: S$1.10).
Market Spotlight
- US stocks were lower on Thursday, with all indexes falling as communication services, information technology and consumer discretionary sectors slid. There were more advancers than decliners on the NYSE.
- The FSSTI fell 20.34 points to 5,539.38, dragged down by weakness in Seatrium, Singtel and DBS, with both mid- and small-cap indices falling with a broad market decline on S$2.28 b turnover.
Technical Analysis
Raffles Medical Group | RFMD SP
Trading buy range: S$0.940-0.945
Singapore Exchange | SGX SP
Trading sell range: S$23.87-23.88
Top Stories
Strategy | Kevin Warsh ‒ The Taskforce Man
QT is positive for banks because it lifts bond yields and steepens the yield curve. Unfortunately, non-financial sectors tend to underperform due to the massive bank rally. Stock-specific catalysts are important, as can be seen from Keppel and Sembcorp Industries during QT2A and SingTel during QT2B. Our top picks for banks are OCBC (Target: S$31.60), followed by DBS (Target: S$76.85). We are positive on asset monetisation at Keppel (Target: S$13.23) and SingTel (Target: S$5.50). SATS (Target: S$5.00) benefits from the rising air cargo volume. We have selective picks for S-REITs and Technology: NTT DC REIT (Target: US$1.43), UI Boustead REIT (Target: S$1.17), Venture Corp (Target: S$20.65), Valuetronics (Target: S$1.88) and Riverstone (Target: S$1.10).
Market Spotlight
- US stocks were lower on Thursday, with all indexes falling as communication services, information technology and consumer discretionary sectors slid. There were more advancers than decliners on the NYSE.
- The FSSTI fell 20.34 points to 5,539.38, dragged down by weakness in Seatrium, Singtel and DBS, with both mid- and small-cap indices falling with a broad market decline on S$2.28 b turnover.
Technical Analysis
Raffles Medical Group | RFMD SP
Trading buy range: S$0.940-0.945
Singapore Exchange | SGX SP
Trading sell range: S$23.87-23.88
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