Daily Morning Note – 14 May 2019
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YOUR PHILLIP SUMMARY
U.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets.
The S&P 500 dropped the most in four months, the Dow Jones Industrial Average slumped more than 600 points and the Nasdaq Composite saw the biggest decline of the year after China targeted some of the nation’s biggest exporters. Both Boeing and Caterpillar Inc. fell fell nearly 5%, while Apple Inc. lost 5.8%. The new penalties also took aim at American farmers, driving down soybean and cotton prices. The dollar rallied and the 10-year Treasury yield fell to the lowest level since late March.
TECHNICAL PULSE
Silverlake Axis Ltd
Current Sentiment: BULLISH
Silverlake Axis’s bullish movement is slowing unrevealing itself towards an uptrend movement and there is a high chance it will be unveal its bullish movement soon enough base on the following technical factors.
Delfi Ltd
Current Sentiment: BULLISH
Although Delfi has no significant higher low and higher high to form an uptrend, all the technical factors are pointing towards a bullish sentiments.
BREAKING NEWS
China says it will raise tariffs on $60 billion worth of U.S. goods from June 1, Bloomberg News reports. Some 2,493 goods will see levies raised to 25%, according to a statement on the Chinese government’s website. No date has been set for fresh talks. but it’s likely Mr Trump would meet with Chinese President Xi Jinping during the G20 meeting in Osaka, Japan, in late June, Mr Kudlow said.
The Supreme Court has ruled against Apple in a long-standing case over price fixing in the App Store, in a decision that allows iPhone owners to proceed with a lawsuit against the company. The court heard arguments in the case in November, and the decision was expected sometime this spring.
Sasseur Reit on Monday posted a first-quarter distribution per unit (DPU) of 1.656 Singapore cents, 9.3 per cent higher than the projected DPU of 1.515 Singapore cents. For the three months ended March 31, distributable income was S$19.7 million, also 9.3 per cent above forecast.
Oxley on Monday posted a net profit of S$66.1 million in the third quarter, up 118 per cent from the same period a year earlier as fair-value gains offset a fall in revenue. The group expects to complete the sale of 30 Raffles Place (formerly known as Chevron House) for S$1.025 billion in the first quarter of 2020, and has recorded other gains of S$101.5 million in the third quarter, up from S$33.1 million in the third quarter last year, due mainly to the revaluation of investment properties in Dublin and Singapore.
NetLink NBN Trust has called for a distribution per unit (DPU) of 2.44 Singapore cents for the fourth quarter, the manager said, in results released on Monday. The latest payout takes DPU for the 12 months to 4.88 Singapore cents, compared with 3.24 Singapore cents for the previous full year. Net profit came in at S$20 million for the three months to March 31, up 30.9 per cent year-on-year, and 11.7 per cent higher than projected in the trust’s listing prospectus.
Apac Realty’s net profit for the first quarter ended March 31 sank 70 per cent year-on-year to S$1.78 million on the back of lower transaction volume following the cooling measures in July last year. Revenue fell 26.4 per cent to S$77.41 million owing to lower brokerage income from resale and rental of properties and a decrease in brokerage income from new home sales. Earnings per share was 0.49 Singapore cent, down from 1.67 cents a year ago.
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
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