Daily Morning Note – 13 November 2018


Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.


Dow Jones Industrial Average tumbled more than 600 points on Monday as anxiety over the health of technology behemoths sparked a broad retreat from the stock market. Monday’s selling began in the technology sector, then morphed into a rout that dragged lower everything from oil conglomerates to manufacturers to entertainment firms. A gauge of 30-day turbulence in the Nasdaq 100 has tripled in five weeks, pushing it to the highest since 2011. Day-to-day swings are averaging 1.7 percent, half a percentage point more than in February. Prices for options protection in tech exceed the rest of the market by the most in seven years, using implied volatility on the Nasdaq and the S&P 500.

Oil prices notched their longest losing streak on record Monday, as comments from President Trump negated expectations that the global oil cartel and its allies will cut production.December delivery fell 0.4% to $59.93 a barrel on the New York Mercantile Exchange, marking the 11th consecutive session of losses, the longest in data going back to 1983.

Asian stocks tumbled at the open on Tuesday, with Japanese benchmarks sliding more than 3 percent, following a tech-led slump on Wall Street overnight thanks to a deteriorating outlook for iPhone sales. Treasury yields dropped and the yen headed higher.


800 Super Holdings Ltd – Transitional pains

Recommendation: Neutral (downgraded), Last Close Price: $0.79

Target Price: $0.80, Analyst: Richard Leow

– Revenue 4.6% lower than expected, PATMI 51% lower than estimate

– We under-estimated the purchase of supplies and disposal charge by 23%

– Returned to profit after 4Q18 surprise loss; underpinned by QoQ improvement
in core business

– Downgrade to Neutral; new target price of $0.80 (previously $1.03) as we slash
FY19e and FY20e earnings estimate by 45% and 43% respectively


Swagtron is partnering with DiSa to combat retail and return fraud on their products.

Jawala Inc. has called for a voluntary trading suspension, following the freezing of its subsidiary’s bank accounts.

KrisEnergy has commenced the G10/48 Thai drilling program.

Oxley Holdings sold over 46% of Kent Ridge Hill Residences during the weekend.

CapitaLand’s RCCIP III in JV with GIC to acquire Shanghai’s tallest twin towers for RMB12.8 billion.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, 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