Daily Morning Note – 14 November 2018
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YOUR PHILLIP SUMMARY
The Dow Jones Industrial Average rose more than 120 points Tuesday morning, but as U.S. oil tumbled lower—it ended the day down 7.1% at $55.69, its sharpest one-day fall since September 2015—the blue-chip index followed suit. The Dow Industrials ended the day down 100.69 points, or 0.4%, at 25286.49.
Asian stocks headed for a mixed start ahead of key data on China’s economy, following a topsy-turvy session for U.S. equities that saw tech shares rally and energy shares slide.
Futures pointed to a dip in Japanese stocks, while shares in Hong Kong were indicated higher. Australia shares opened flat. The S&P 500 Index finished Tuesday lower as a surge in optimism over trade talks with China was offset by the plunging crude price, with U.S. oil sliding more than 7 percent. Treasuries climbed and the dollar fell from an 18-month high. The pound extended gains amid optimism the U.K. and the European Union have agreed on a draft Brexit divorce deal.
RESEARCH REPORTS
China Everbright Water Limited – Steady and healthy growth
Recommendation: BUY, Last Done Price: S$0.35
Target Price: S$0.44, Analyst: Chen Guangzhi
– As at Jun-18, CEWL has a portfolio of 103 projects, 90 are operating, 11 under
construction and 2 in preparatory stage
– Improvement in the collection of receivables
– Completion of Zhenjiang Sponge City project is postponed to 2019
BREAKING NEWS
GX is launching a new securities settlement and depository system, T+2 securities settlement cycle from 10 December.
Chip Eng Seng has been awarded a S$20.8 million contract by the HDB for the design and build of upgrading projects in Yishun.
Swee Hong Limited has secured a contract with the PUB worth approximately S$37.2 million for the construction of link sewers for the DTSS Phase 2 Project at Commonwealth Avenue West/ Clementi Avenue 2/ University Flyover.
The Monetary Authority of Singapore (MAS) has launched a US$5 billion fund to attract fund managers to Singapore for private equity activity.
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
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