Daily Morning Note – 13 June 2019
WEEKLY MARKET OUTLOOK WEBINAR
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YOUR PHILLIP SUMMARY
Asian equity futures are predicting more losses after U.S. stocks slumped, with tech shares leading the declines. Trade pessimism blunted optimism the U.S. Fed is closer to cutting rates. Treasuries extended the global bond rally, with 10-year yields dropping two basis points. The dollar rose against every G-10 peer save the yen, with the Aussie giving up the most ground. Oil fell to a four-month low as U.S. crude stockpiles unexpectedly hit a 20-month high amid subdued demand. Meanwhile, oil demand is shriveling as the trade war between the U.S. and China trips up the global economy.
TECHNICAL PULSE
Thai Beverage PCL
Current Sentiment: Technical SELL
ThaiBev has entered into a bearish downtrend. Both the RSI and Stochastic Oscillators are showing hidden bearish momentum divergence. In this less know divergence scenario, the upward trending momentum in both RSI and Stochastic differs from the actual chart movement and the interpretation is that the stock is losing its upward momentum.
RESEARCH REPORT
The Straits Trading Company Ltd – Burgeoning real estate conglomerate
Recommendation: NON-RATED, Last Closing Price: S$2.18
Analyst: Phillip Research Team
– Building a financial real-estate franchise with sizeable assets, backed by a track record of successful asset monetisation.
– Multiple assets are available to unlock further value in the company.
– Trading at a 50% discount to RNAV of S$4.40. Dividend yield of 3% supported by S$25mn recurrent income.
BREAKING NEWS
Oil prices tumbled 4 per cent on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in US crude stockpiles and by a dimming outlook for global oil demand.
Hong Kong authorities were shutting government offices in the city’s financial district for the rest of the week after a day of violence over an extradition bill that would allow people to be sent to mainland China for trial.
Salesforce.com, which makes America’s dominant sales-tracking software, agreed to buy Tableau Software in an all-stock deal valued at US$15.3 billion that it said will help give customers more ways to analyze data.
JEP Holdings announced on Wednesday that its wholly-owned subsidiary JEP Industrades was served a letter of demand dated June 7 by the solicitors acting for Korean-domiciled company YG-1 Co for a sum of US$219,284.25.
Source: The Business Times
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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