Daily Morning Note – 20th October 2017


Register HERE for MONDAY’s 11.15am webinar if you have not already done so.

Our webinars are an opportunity for clients, remisiers, and sales staff, to ask questions on our coverage and the market’s direction. You are welcomed to join us in this webinar session.

In this week’s webinar, we will be giving a September update on our Phillip ETF
Model Portfolio and company updates for City Developments Ltd, Sembcorp Marine
and Soilbuild Business Space REIT.

Archived webinars available.


China Everbright Water Limited – A visit to the wastewater treatment plant in
Recommendation: Buy (Maintained), Last Done Price: S$0.465
Target Price: S$0.54, Analyst: Chen Guangzhi
– We attended an analyst site visit to the Wuzhong Chengnan wastewater
treatment (WWT)
– The trend in projects awarded is larger in size and more integrated in nature
– As of Oct-17, CEWL has 73 projects under operations with 21 more to
commence operations

Weifu High-Technology – The high-growth momentum of result will continue in H2
Recommendation: Buy, Target Price: CNY30.58
– High-speed boom of heavy truck market drives the high growth of the result
in H1
– The gross margin increased by 1.2 ppts
– Steady financial structure, sufficient cash guarantee
– The high-growth momentum of result will continue in H2


Spackman Ltd – Daily timeframe – Bearish
– The bearish follow through on 19/10/17 succeeded in breaking price below
the 0.115 immediate range low and 20 day moving average with increasing
volume suggests the resumption of the long-term downtrend next.
– Expect price to head lower next to test the 0.109 support area followed by

For more information and additional disclosures, click here for full report.


New Wave Holdings Ltd. has received a voluntary conditional cash offer of S$0.013 per share from JK Global Assets Pte. Ltd. The offer represents a premium of 44% over last close price, and 38.3% over one-month VWAP.

Source: Source: SGX Masnet, PSR

Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

Read the research report(s), available through the link(s) above, for complete information including important disclosures

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