Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>Morningstar's positive assessment of SGX boosts the company's value, attracting optimism from major financial institutions like Citi, Morgan Stanley, and RHB.</li>
<li>Maybank's decision to maintain a 'buy' rating on Sembcorp and raise its target price follows the company's deal to import renewable energy from Malaysia, indicating confidence in its future prospects.</li>
<li>DBS sells off 54,600 CLINT units for $61,152, suggesting the bank may be reallocating its investment portfolio or adjusting its positions in certain assets.</li>
</ul>


Morningstar's positive assessment of SGX boosts the company's value, attracting optimism from major financial institutions like Citi, Morgan Stanley, and RHB.
Maybank's decision to maintain a 'buy' rating on Sembcorp and raise its target price follows the company's deal to import renewable energy from Malaysia, indicating confidence in its future prospects.
DBS sells off 54,600 CLINT units for $61,152, suggesting the bank may be reallocating its investment portfolio or adjusting its positions in certain assets.


Singapore Market Roundup (12-Dec-2024): Morningstar Boosts SGX's Value

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.</li>
<li>High Positioning, Positive Momentum: KE Holdings Ltd, Shriram Finance Limited     </li>
<li>Low Positioning, Negative Momentum: Baidu Inc, BOC Hong Kong Limited    </li>
</ul>


Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.
High Positioning, Positive Momentum: KE Holdings Ltd, Shriram Finance Limited     
Low Positioning, Negative Momentum: Baidu Inc, BOC Hong Kong Limited    


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

<ul>
<li>The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)</li>
<li>We also discussed last week (August 29) how we were expecting the S&amp;P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near current or marginally higher levels."</li>
<li>Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.</li>
</ul>


The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)
We also discussed last week (August 29) how we were expecting the S&amp;P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near current or marginally higher levels."
Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.


Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.</li>
<li>We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225</li>
<li>We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.
We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225
We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities


Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Malaysia

Tenaga Nasional Berhad transmits, distributes, and sells electricity under license issued by the Director General of Electricity Supply. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears. Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services.

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Tenaga Nasional (TNB MK)

Singapore Market Roundup (12-Dec-2024): Morningstar Boosts SGX's Value

Morningstar's positive assessment of SGX boosts the company's value, attracting optimism from major financial institutions like Citi, Morgan...

Singapore Market Roundup

Asia Ex-Japan: Extreme Stocks

Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.

Steven Holden

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Crude Oil Breaking Below 1.5-Year Support, Yet Another Recessionary Signal; Bearish Failed Breakouts on $EFA $ACWX; Still Expecting More Downside;...

Vermilion Research

Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Reiterating Japan Overweight; $Nikkei 225, $TOPIX, TOPIX Small, $DXJ All Breaking Out with 2+ year RS uptrends intact on Nikkei and TOPIX. Still...

Vermilion Research

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