Daily Morning Note – 14 Aug 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
PHILLIP SUMMARY
A Trump Administration decision to delay the imposition of tariffs on goods imported from China set off a huge rally Tuesday that reclaimed most of Monday’s losses.
The rally sent the S&P 500 up 1.48%, the Dow Jones industrials up 1.44% and the Nasdaq Composite up nearly 2%.
The gains for the S&P 500 and the Nasdaq — 43.69 points and 153 points, respectively — recovered all of Monday’s losses. The Dow fell about 7.5 points short of a total recovery. The Nasdaq 100 index, which has a concentration in big tech, jumped more than 2.2%. The index more than recovered its Monday loss, ending the day 82 points ahead of Friday’s close.
BREAKING NEWS
AGRI and food giant Olam International’s net profit shrank 34.5 per cent to S$61.5 million for its second quarter ended June 30, from S$94 million a year ago. This was due to higher depreciation and amortisation, net finance costs and exceptional losses, Olam said on Wednesday morning.
MAINBOARD-LISTED Singapore Technologies Engineering (ST Engineering) on Wednesday posted an 18 per cent rise in second-quarter net profit to S$138.2 million for the three months ended June 30, up from S$117.5 million a year ago, on the back of higher earnings from its marine sector.
PROPERTY developer OUE Limited on Tuesday posted a ballooning in net profit to S$60.9 million for its second quarter ended June 30. This was more than 10 times the S$5.3 million that it reaped a year ago. This was mainly due to a one-off S$136.6 million gain on disposal of Aquamarina Hotel, which owns Marina Mandarin Singapore.
AGRI giant Wilmar International’s net profit for the second quarter fell 52 per cent to US$151 million from a restated US$316.4 million a year ago on the back of lower soybean crush margins, weaker showing by associates and sugar business as well as higher finance cost.
CONTRIBUTIONS from its newly acquired properties lent a boost to Manulife US Reit’s second-quarter distribution per unit (DPU), which rose to 1.53 US cents from 1.3 US cents a year ago. The acquisitions include Centrepointe, a two-tower Class A office building in Washington DC, 1750 Pennsylvania Avenue also in Washington DC, and the Phipps Tower in Buckhead, Atlanta.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Venture Corp Ltd
Recommended Action: Technical BUY
Venture Corp is currently heading for a bullish breakout despite the overall range trading mode.
Technicals point to the current falling wedge formation as a strong clue that the stock is heading for a bullish reversal.
Webinar Of The Week
Date: 05 August 2019
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. |
