President’s Message – November 2024

Date: November 1, 2024

Greetings to all of our members and subscribers,

It’s time again to provide you with an update of initiatives SIAS will be undertaking this month, as well as what the external investment environment looks like.

The external environment

On 18 September, the US Federal Reserve cut its interest rates by 50 basis points, its first reduction since March 2020. This set the stage for a sustained rally on Wall Street that has continued throughout the month of October – at the time of writing this update, the Dow Jones Industrial Average has just risen to its 40th all-time high of 2024.

In Singapore, the Straits Times Index, supported mainly by the banks and Singtel, has risen to a 17-year high above 3,600. The outlook, as far as most brokers are concerned, is positive for stocks – Maybank for example, has raised its 12-month STI target to 3,890.

Much of course will hinge on whether US inflation is really under control, upcoming earnings announcements, whether China’s stimulus measures work and expectations surrounding the future of interest rates.

In early November, the US presidential election will be completed. As far as the latest polls are concerned, there is nothing to choose between the two candidates and to be honest, no one really knows whether one or the other will be better or worse for markets.

Our advice would be to stick to the fundamentals and focus on earnings, knowing what you are buying and performing thorough research.

SIAS’s events for November

We kick off the month with SIAS’s participation as an exhibitor in CPF’s “Ready for Life’’ festival to be held at Marina Bay Sands on 2 Nov. It features talks and activities to help you take charge of your retirement and explore a diverse range of related topics, such as money management strategies, investing wisely amidst uncertainty and legacy planning.

Our popular Corporate Connect is up next, and it feature on 5 Nov First REIT, which has major exposure to the Indonesian healthcare sector as well as nursing homes in Singapore and Japan.

The format is a market update, then a presentation by the company’s senior management on its financials and latest initiatives followed by a question and answer session where investors can ask any pressing questions.

Also on 5 Nov is a dialogue with CapitaLand Ascott Trust on its proposed acquisition of lyf Funan which was announced earlier this month. Management represented by chief executive officer Serena Teo and head, investment and asset management Lai Dongliang will be discussing the rationale of the transaction and addressing questions from stapled securityholders. Moderating the session will be SIAS’s vice-president Loh Uantchern.

On 20 Nov we will feature our popular Ask SIAS, which gives you the opportunity to ask our market experts your burning questions relating to your investments.

On 23 Nov and exclusively for members will be our Financial Analysis: Evaluate Financial Statement – Stage 2, where participants will learn from NUS Adjunct Professor James Leong C Foo topics such as consolidated financial statements terminology,  what is Goodwill its and implications, cash flow statements analysis and free cash flow analysis.

We round off the month with our second Corporate Connect for the month, this time featuring Fu Yu Corp.

Of course, in between all these events will be SIAS’s regular weekly market reviews, which will be held on the 4th, 11th, 18th and 25th noon to keep you updated on the state of the financial markets.

That wraps up an event-filled calendar for November. I wish everyone the very best in your investment journey. Until next month, keep well and safe.

 

David Gerald
Founder, President & CEO, SIAS

1 November 2024

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