Daily Morning Note – 12 March 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
Shares in Asia look set to advance after U.S. stocks rallied the most in six weeks. Chipmakers gained on deal news and the latest retail-sales data boosted confidence that the American economy isn’t headed for a downturn.
The S&P 500 surged past its 200-day moving average, while the Nasdaq 100 jumped more than 2 percent amid an Apple upgrade.
The Dow Jones Transportation Average stopped the longest string of drops since 1972. Boeing retreated after some airlines grounded 737 Max flights following a crash Sunday.
BREAKING NEWS
The beleaguered water treatment company called off Wednesday’s town hall meeting on its restructuring, citing space constraints at the original venue, in an announcement late on Monday night. Hyflux recently unveiled plans to tweak its debt restructuring scheme and give disgruntled retail perp and pref holders a higher recovery rate on their original investments, after they pointed accusing fingers at the minimum recovery rate promised to senior unsecured creditors.
China Mining International has scrapped a deal to buy a Chinese pomegranate cultivator after the long-stop date for the conditional share purchase agreement was not extended. China Mining has issued a notice of termination over the planned S$37.2 million purchase of 63.11 per cent of Henan Zhongnong Huasheng Agricultural Science and Technology Co, the board said on Monday. China Mining shares closed flat at S$0.24 on Monday.
Fraser and Neave is taking a 60 per cent stake in a printing company, in a conditional share purchase agreement inked and disclosed on Monday. The wholly owned Times Publishing will pay S$24.48 million in cash for the stake in end-to-end printing, events and visual media solutions provider Print Lab, which will become an indirect subsidiary of F&N. F&N shares closed up two Singapore cents at S$34.98 on Monday.
JCG Investment Holdings has entered into an agreement to buy 100 per cent of the issued and fully paid up ordinary shares in the capital of Brand X Lab for S$3.35 million. Brand X Lab’s net asset value as at Dec 31, 2018 was S$510,863 based on unaudited accounts, and its fiscal 2018 net profit was S$374,536.
Stamford Tyres ran a flat for the third quarter, with its earnings nearly wiped out on business costs and joint ventures’ showings, according to unaudited results out on Monday. Net profit for the three months to Jan 31 came in at S$20,000, or 97.9 per cent lower than for the same period the year before, while revenue dropped by 14.2 per cent to S$54.1 million. Stamford Tyres shares closed flat at S$0.29 on Monday.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, 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
| 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. |
