RHB |
PHILLIP SECURITIES |
Singapore Exchange (SGX SP) March Trading Volume Surged, But Priced In
Maintain NEUTRAL with a new SGD9.10 TP from SGD8.80, 0% upside, which is pegged to 23x FY21F (Jun) P/E. We raise our TP, as we increase our earnings forecasts following the recent securities average daily value (SADV) strength. Based on Bloomberg data, 3QFY20 SADV surged a robust 59% YoY to SGD1.55bn – we expect strong 3QFY20 earnings when results are released on 24 Apr.
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Phillip 2Q20 Singapore Strategy Man vs. Virus: Bet on us
SINGAPORE | STRATEGY 7 April 2020 Review: The STI was down 23% in 1Q20. This was its worst quarterly performance since 2008 and 12th largest 3-month decline. All STI component stocks were down, except SGX. There has been a spike in both derivative and equity volumes. The worsthit sectors were the transport, hospitality and consumer sectors, with stocks shedding more than 30%.
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DBS VICKERS |
UOB KAYHIAN |
Standing in solidarity
• S$5.1bn Solidarity Budget to help businesses and households tide through Circuit Breaker month • Wage support - Relief for UOB, OCBC, SingTel, StarHub, ComfortDelgro, SPH, SingPost • Foreign worker waiver/rebate - Relief for SMM, Keppel Corp, Raffles Medical • Additional S$300 cash handout positive for Sheng Siong, Dairy Farm, SingTel, StarHub
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STRATEGY – SINGAPORE Second Supplementary Budget
The Singapore government responded in a faster-than-expected a manner to deal with the negative ramifications from the “circuit-breaker” measures (7 Apr 20 to 4 May 20). Consumer demand in Singapore will invariably be affected and this second supplementary budget worth S$5.1b acknowledges that there will be at least one month of pain and the budgetary measures largely tries to keep as many people employed as possible.
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Check out our compilation of Target Prices