SG Market: Spore shares likely to play catch up with gains across region last Fri. Expectations of increased fund flows to equities following Fed's announcement of US$600b monetary stimulus plus better-than-expected US Oct jobs data expected to underpin market sentiment. Immediate resistance for STI is seen at 3268 (May 08 peak).
With the daily MACD indicator signaling a bullish crossover & RSI still trending up steadily with STI trading within upward trending channel, these suggest that the short-term upside momentum remains intact.
Stay with the index names, which are expected to be firm, supported by a host of foreign broker upgrades esp commodity plays & oil-related socks, which will benefit from higher inflation such as Sembcorp Marine, which just released stellar results that beat expectations by a mile.
Corporate earnings season is also hitting full swing & all eyes will be on SCI, SIA, StarHub, ST Engrg, City Dev & Wilmar. In other news, SIA has resumed A380 & Jakarta flights, allaying concerns that some of its services may be grounded.
On the stock ratings front:
*Sembcorp Marine: DB keeps as Buy, raises TP to $6.30 from $5.20. Daiwa also ups TP to $5.75 from $4.80 while JPM jacks TP to $5.30 from $4.50.
*SingTel: Goldman Sachs upgrades to Buy from Neutral; raises TP to $3.47 from $3.10
*SIA Engrg: Goldman Sachs raises TP to $5.80 from $2.70
*StarHub: Goldman Sachs downgrades to Sell from Neutral but raises TP to $2.30 from $2.15
*DBS: Citigroup upgrades to Buy from Hold; raises TP to $15.90 from $14.90 but Credit Suisse downgrades to Neutral from OP; cuts TP to $16.00 from $17.70
*OCBC: Citigroup upgrades to Buy from Sell; raises TP to $10.51 from $9.10
*UOB: Citigroup upgrades to Hold from Sell; raises TP to $19.00 from $17.80
*Venture: CLSA re-initiates as Buy with TP of $11.30
*Wing Tai: Macquarie raises TP to $2.14
*Allgreen: Macquarie raises TP to $1.42 from $1.26
*City Dev: Macquarie raises TP to $10.80 from $9.80
*Wing Tai: Macquarie raises TP to $2.14 from $1.88
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