Global Market Movements:

(Source: Bloomberg, SAC Capital)

STI Movements

(Source: SGX, SAC Capital)
 
Global News Highlights:

1. Big Banks that shored up First Republic pushed to boost Reserves (Bloomberg News)
2. ZJLD is said to start taking orders for $900m HK IPO soon (Bloomberg News)
3. Bitcoin hoarding signals support for token after jump to $30k (Bloomberg News)
4. Leaked documents reveal depth of US Spy Effects and Russia’s Military struggles (NY Times)
5. Oil set for 3^rd weekly gain on OPEC+ cut, inventory declines (Bloomberg News)

 
Singapore Announcements:

1. USP gets SGX RegCo compliance notice, must undergo audit and exit watchlist or extend cure period (BT News)
2. Hyphens Pharma’s DocMed partners Hoang Duc to digitalize pharmaceutical supply chain in Vietnam (The Edge)
3. SGX reprimands Magnus Energy’s ex-CEO and directors for breaching listing rules (Straits Times)
4. Aspial in active buybacks; Wilmar’s independent director cuts stake (The Edge)
5. Boustead’s suspension: A fight SGX cannot afford to lose (BT News)

 
 
Company Meetings:
1. Far East Group Ltd  (FEG SP, non-rated)

(Source: Bloomberg, SAC Capital)

Key takeaways from the meeting:

• The Group has 3 main business segments, namely Wholesale & Distribution, Engineering & Solutions and Manufacturing.
• Since IPO, in FY22 is the first time FEG hit S$100m mark for its revenue. Given the resumption of the economic activities from the covid-19 pandemic, this has benefitted FEG’s operations across.
• We also gathered that sustainability continue to be FEG’s focus moving forward – especially in phasing out the harmful gases together R&D to develop more energy efficient products.   
  
  Far East Group is currently trading at 5.5x P/E and 0.3x P/B with around 2% dividend yield.