Daily Morning Note – 1 August 2018


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Singapore Banking Monthly – June loans growth the fastest in 2018
Analyst: Tin Min Ying
– Singapore’s domestic loans rose 5.9% YoY in June, the fastest pace this year.
– Loans growth in Hong Kong tapered to 10.9% in June.
– 3-month SIBOR spiked to near 10-year high in July.
– Maintain ACCUMULATE for the Singapore Banking Sector.

Cache Logistics Trust – Portfolio rebalancing: work in progress
Recommendation: Neutral (Downgraded), Last Close Price: $0.785
Target Price: $0.82 (previously $0.91), Analyst: Richard Leow
– 2Q18 Gross revenue within expectation; DPU 6.8% lower than forecast due to
higher than expected property expenses – we had under-estimated the
impact from the conversion of CWT Commodity Hub to multi-tenancy lease
– 1H18 revenue and DPU met 50.4% and 48.4% respectively, of our full year
FY18 estimate
– Portfolio WALE remains unchanged QoQ at 3.5 years by NLA
– Downgrade to Neutral; new target price of $0.82 (previously $0.91)


U.S. will propose raising to 25 percent its planned 10 percent tariffs on $200 billion in Chinese imports

Apple jumps 3% on strong quarter, EPS grew by 40 percent YoY, and revenue grew by 17 percent year-over-year.

Chinese Investors bid up Prices Locally as they bring capital home domestic buyers purchased a record $564.9 billion worth of commercial real estate in China last year.

Y Ventures subsidiary launches US$50 million ICO for AORA, the world’s first blockchain-enabled global buying platform.

Great Eastern the insurance arm of OCBC Bank posts Q2 profit of S$237.6m, up 3%.

Cache Logistics Trust reported a second-quarter distribution per unit (DPU) of 1.419 Singapore cents, down 17.6 per cent from 1.722 Singapore cents a year ago.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

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