Daily Morning Note – 12 March 2019
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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.
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
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