Daily Morning Note – 12 March 2018


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

Archived webinars available.


Technical Analysis: The Phillip 20 Portfolio – February Monthly Review
– New Entries: OCBC, 800 Super, Sunright, Micro-Mechanics
– Take Profit: PanUnited
– Stop loss: YZJ Shipbldg SGD, Sunningdale Tech, Yoma Strategic, China Aviation,
SPH, Golden Agri-Res, Thaibev
– Total return since May 17 to February 18 is +4.94%
– Uptrend in the STI resumed as the 3354 – 3341 support area held up

Dairy Farm International – Biting the bullet for better profitability
Recommendation: Buy (Maintained), Last Close Price: US$8.03
Target Price: US$9.83 (Previously US$9.89), Analyst: Soh Lin Sin
– FY17 Revenue was in line with our expectation; FY17 Adjusted PATMI missed our
estimation by 6.6% on higher than expected operating expenses and tax rate
– Strong trading performances from Convenience Stores, Health and Beauty, IKEA,
Maxim’s and Yonghui
– PATMI weighed by poor operating results from Southeast Asia Food and
US$64.5mn of business change costs; excluding the business change costs, PATMI
– Declared final dividend of US14.50 cents (Full year dividend of US21.00 cents,
unchanged from last year)
– Maintained BUY and slightly lower SOTP-derived TP at US$9.83 (previously


UOL Ltd – Daily timeframe – Bullish
– The subsequent bullish follow-through suggests that the uptrend might have
resumed as price succeeded in closing back above the 20 week moving average on
the week ended 09/03/18.
– Expect price to turn back into the uptrend once the bullish follow-through occurs
where buyers target the 9.11 resistance area followed by 9.38.

For more information and additional disclosures, refer to the link here.


BreadTalk Group Limited has entered into a joint venture agreement with Wu Pao Chun Food Ltd, to operate the Wu Pao Chun brand of bakeries in Beijing, Shanghai, Shenzhen and Guangzhou under a master franchise agreement.

Yoma Strategic Holdings Ltd.and Grab have signed a strategic framework agreement. The partnership will focus on upgrading the fleet of taxis in Myanmar, together with the provision of vehicle financing for Grab’s driver-partners

Keppel FELS Limited, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, has secured a contract from Awilco Drilling PLC, to construct a mid-water semisubmersible (semi) drilling rig for harsh environment use, worth about US$425 million

mm2 Asia Ltd. has established a U.S.$300mn Guaranteed Multicurrency Medium Term Note Programme

Datapulse Technology Limited has appointed RHTLaw Taylor Wessing LLP to undertake Internal Controls Review.

Wilmar International Limited exercised has its 481,843,884 compulsorily convertible preference shares of Shree Renuka Sugars Limited. Wilmar’s shareholding in Shree Renuka Sugars Limited’s equity share capital has increased from approximately 27% to 39%

Source: SGX Masnet, 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

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

Important Information

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.


Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you