Daily Morning Note – 10 September 2018
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YOUR PHILLIP SUMMARY
U.S. stocks closed lower Friday to retreat for the week after President Donald Trump said the U.S. had tariffs ready to go on another $267 billion in Chinese goods, on top of tariffs on $200 billion in goods the administration is now preparing. The Dow Jones Industrial Average DJIA, -0.31% bounced back from its intraday low to end 79.33 points lower at 25,916.54, a loss of 0.3% The S&P 500 index SPX, -0.22% fell 6.37 points, or 0.2%, to 2,871.68 in bumpy action, while the Nasdaq Composite COMP, -0.25% slid 20.18 points, or 0.3%, to 7,902.54. For the week, the Dow edged down 0.2%, the S&P 500 shed 1%, and the Nasdaq slumped 2.6%. The technology sector, meanwhile, extended losses, falling 2.9% last week.
Among the major decliners, Microsoft Corp. MSFT, -0.49% logged a weekly drop of 3.7%, while Google-parent Alphabet Inc. GOOGL, -0.54% GOOG, -0.56% slid 4.4%. Facebook Inc. FB, +0.31% was among the biggest losers, tumbling 7.2%. The dollar climbed and Treasuries fell on data showing the U.S. added 201,000 jobs and wage gains picked up, bolstering the prospect for further Fed hikes. The 10-year Treasury yield pushed above 2.94%.
Qian Hu Corporation Limited – Evolving to Aquaculture for growth (Site Visit)
Analyst: Richard Leow
– Embarked on new aquaculture business with the objective of producing
antibiotic-free sustainable edible fish
– Targeting aquaculture business to be many times bigger than ornamental fish
– Revenue contribution since 3Q17 from new aquaculture business has not
been meaningful yet
Star Attraction Limited (the Offeror) has extended the closing date of of its voluntary unconditional general offer for all the issued and paid-up ordinary shares in the share capital of Wheelock Properties (Singapore) Limited from 5:30 p.m. on 7 September 2018 to 5:30 p.m. on 21 September 2018. As at 5:30 p.m. on 7 September 2018, the Offeror has received valid acceptances amounting to 1.37% of the total number of issued Shares of the Company. The Offeror’s resultant shareholdings is 77.58%.
Hock Seng Food Pte Ltd, a wholly-owned subsidiary of Hosen Group Ltd, has entered into a contract for the demolition of the existingone-storey warehouse adjacent to the main office cum warehouse building at 267 Pandan Loop Singapore 128439 and construction of a new six-storey building for the purposes of future business expansion and as a warehouse at an estimated contract sum of S$7,200,000.
Wee Hur Holdings Ltd. has acquired a freehold office building located at 124Waymouth Street, Adelaide SA 5000, Australia for a total consideration of A$9.275 million.
United Engineers Limited has been awarded a land parcel at Dairy Farm Road by Urban Redevelopment Authority for $368.8 million. The Group plans to develop the 99-year leasehold land site, which has a land area of about 19,648 sqm, into a prime development comprising about 450 residential units, childcarecentre, supermarket, food court and F&B/retail shops.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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