News & Research

Market Overview

*15mins delayed

Daily Morning Note – 26 April 2018

WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY's 11.15am webinar if you have not already done so. Archived webinars available.

RESEARCH REPORT Cache Logistics Trust – Bear with the initial pain of portfolio rebalancing strategy Recommendation: Accumulate (Maintain), Last Close Price: $0.83 Target Price: $0.91 (unchanged), Analyst: Richard Leow - Gross revenue and DPU were within our expectation - Gross revenue and DPU met 24% and 24% respectively, of consensus FY18 estimates - Key events after the reporting period are the conversion of CWT Commodity Hub (April 12) and the pending divestment of Hi-Speed Logistics Centre - Maintain Accumulate; unchanged target price of $0.91 Frasers Centrepoint Trust – Reaping the fruits post AEI Recommendation: Neutral (Maintain), Last Close Price: S$2.21 Target Price: S$2.14, Analyst: Tan Dehong - NPI and DPU within our estimates. - Positive rental reversion of 9.1% in 2Q18, driven by Causeway Point (CWP). - Financing costs stable, despite having only 56% of debt on fixed rate. - Overall portfolio tenant sales down 1.2% YoY, excluding Northpoint City North Wing. - Maintain Neutral with unchanged DDM-derived target price of S$2.14.

BREAKING NEWS The Dow closed at 24,083.83, up 59.70 points. The S&P 500 also erased earlier losses, closing 0.2 percent higher at 2,639.40. The Nasdaq composite, meanwhile, slipped 0.1 percent to 7,003.74. Oil prices rose on Wednesday despite data showing rising U.S. inventories, holding within sight of three-year highs reached the previous day on geopolitical tensions including the prospect of fresh sanctions on Iran. China will further reduce taxes to support small firms and high-tech companies, state radio quoted the cabinet as saying on Wednesday, with seven measures expected to result in cuts of more than 60 billion yuan (S$12.6 billion). Goldilocks sues to stop Noble from holding AGM and furthering restructuring work. The Baltic Exchange, a London-based subsidiary of the Singapore Exchange (SGX), is launching an escrow service for vessel sales and a global container freight index. Stockbroking pioneer Lim Hua Min wins Businessman of the Year award. The executive chairman of PhillipCapital Group revolutionised the stockbroking industry when he introduced the first Internet trading platform POEMS. Singapore will pledge an enhanced technical cooperation and training package valued at US$5 million (about S$6.5 million) for the International Maritime Organization (IMO) and its member states. Source: Bloomberg, Channel NewsAsia, The Business Times, SGX Masnet, Reuters, 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 Important Information
Disclaimer
The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.