Daily Morning Note – 13 February 2019

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.

YOUR PHILLIP SUMMARY

Asian shares looked set for gains after U.S. equities shook off their malaise Tuesday. The S&P 500 Index registered its biggest one-day increase this month, breaking through its 200-day moving average. President Donald Trump said he’s open to extending a March 1 deadlineto raise tariffs on Chinese products if the two sides are near an agreement, sending a conciliatory signal amid talks to resolve the trade war between the world’s two biggest economies. In addition, Senator Marco Rubio is proposing legislation that would counteract China’s ” Made in China 2025″ economic-development initiative by restricting and taxing Chinese investment in the U.S. and by raising import duties on goods produced by industries supported by Beijing’s program. Speaking at Mississippi on Tuesday, Federal Reserve Chairman Jerome Powell said the U.S. economy is “strong” though its benefits haven’t been felt evenly across the country.



RESEARCH REPORT

Singapore Coal Monthly – Force majeure shocked the markets

Recommendation: OVERWEIGHT, Analyst: Chen Guangzhi

– A tragic coal mine accident led to over 70% of mines shut for safety investigation in Shannxi

– Indonesia lowered 2019 domestic production target

– Rains stalled thermal coal production in South Kalimantan

800 Super Holdings Ltd – Ceasing Coverage

Last Close Price: $0.69, Analyst: Richard Leow

– Revenue in line with forecast. PATMI -3.2% lower than expected

– Lower profit due to ramp-up phase of new projects that are starting up; particularly the
sludge treatment plant

– Next project in the pipeline is the Tuas South laundry plant

– Ceasing coverage due to reallocation of internal resources

BREAKING NEWS

President Donald Trump said he’s open to extending a March 1 deadline to raise tariffs on Chinese products if the two sides are near an agreement, sending a conciliatory signal amid talks to resolve the trade war between the world’s two biggest economies.US tariffs on US$200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides cannot reach a deal by the deadline, increasing pain and costs in sectors from consumer electronics to agriculture.

Brexit: Bank of England Governor Mark Carney said on Tuesday Britain should be under no illusions about the likely shock to its economy if it leaves the European Union next month without a transition deal to ease the shock. The United Kingdom is on course to leave the European Union on March 29 without a deal unless Prime Minister Theresa May can convince the bloc to amend the deal she agreed in November and then sell it to sceptical British lawmakers.

Federal Reserve Chairman Jerome Powell said the U.S. economy is “strong” though its benefits haven’t been felt evenly across the country. “Today, data at the national level show a strong economy,” Powell told students Tuesday at Mississippi Valley State University. “Unemployment is near a half-century low, and economic output is growing at a solid pace.”

SGX’s Securities daily average value up 18 per cent a month ago to S$986 million but a 26 per cent decline over year-ago levels. In the derivatives market, the total volume at 18.61 million was up 1 per cent month-on-month and up 3 per cent year-on-year.

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

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

Important Information

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.