Daily Morning Note – 15 August 2018

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YOUR PHILLIP SUMMARY

The Dow and S&P 500 snap four-day losing streaks as the Turkish lira rebounded 8 percent against the dollar. Emerging-market stocks also rise for the first time in five sessions, as Turkish stocks surge more than 11 percent.

In the U.S., Tech shares contributed to the gains as Apple and Amazon rose 0.4 percent and 1.2 percent, respectively.

Meanwhile, Warren Buffett’s Berkshire Hathaway increased its stake in Apple, Goldman Sachs, Delta, Southwest and Teva according to a regulatory filing that discloses positions through the end of the second quarter. Berkshire cut its holdings in Phillips, Wells Fargo, Charter Communications, American Airlines and United Continental.

RESEARCH REPORT

Dasin Retail Trust – Grounding on healthy operating metrics

Recommendation: Accumulate (Downgraded), Last Done Price: $0.90

Target Price: S$0.97 (Maintained), Analyst: Tara Wong

– Revenue in line with and NPI exceeded our expectations for 2Q18. Boost in
revenue from the acquisition of Shiqi Metro Mall in June 2017. Organic growth
was 10.4% YoY.

– Strong 100% occupancy and well-spread WALE (by GRI) of 4.07 years.

– Increase in gearing due to revaluation of investment properties.


TECHNICAL PULSE

Hi-P Ltd – Daily timeframe – Bullish


– With the current bullish rejection, the RSI has recovered back above the 30
oversold region signals the start of a mean reversion higher next.

– Expect price to rebound next to retest the 1.15 resistance area followed by
1.270.

For more information and additional disclosures, refer to the link here.

BREAKING NEWS

Dow, S&P 500 halt 4-session skid as Turkish lira angst takes a breather. The Dow Jones Industrial Average DJIA, +0.45% rose 0.5% at 25,300 (on a preliminary basis), the S&P 500 index SPX, +0.64% added 0.6% to 2,839. The technology-laden Nasdaq Composite Index COMP, +0.65% meanwhile, finished with a 0.7% higher at 7,871.

Oil slips as strong dollar pressures, equities gains support. il prices edged lower on Tuesday, weighed down by a strengthening US dollar as investors remained concerned about the financial crisis in Turkey. Brent crude dipped 15 cents to settle at US$72.46 a barrel, while US West Texas Intermediate (WTI) crude futures fell 16 cents to close at US$67.04 a barrel.

Europe: Britain’s FTSE dips, miners weigh as Turkey crisis eases. The FTSE 100 closed down 0.4 per cent while the pan-European Stoxx 600 was flat.

US import prices flat; US dollar curbing imported inflation. The Labor Department said on Tuesday the flat reading in import prices last month followed an upwardly revised 0.1 per cent drop in June. Import prices were previously reported to have declined 0.4 per cent in June.

US denies China policy change after Taiwan leader speech in LA. President Donald Trump’s administration denied Tuesday any change to its “One-China” policy after Taiwan President Tsai Ing-wen made a political speech in the US, the first time in 15 years a Taiwanese leader has done so.


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

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