Daily Morning Note – 15 Oct 2020

PHILLIP SUMMARY

Asian stocks looked ready to follow their U.S. peers lower after Treasury Secretary Steven Mnuchin played down the chances of striking a stimulus deal before next month’s election. The dollar declined and Treasuries were steady. Futures slipped in Japan, Hong Kong and Australia. S&P 500 contracts fluctuated after the gauge retreated Wednesday, with traders also parsing earnings from big banks. Wells Fargo & Co. and Bank of America Corp. both fell after disappointing investors, while Goldman Sachs Group Inc. outperformed after earnings beat expectations. Energy stocks joined a rally in oil.

BREAKING NEWS

Mapletree North Asia Commercial Trust (MNACT) has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to Festival Walk mall in Hong Kong. The mall had suffered extensive damage in civil unrest last year, causing the MNACT’s largest asset to be closed for months.

Ks Energy’s chief executive and directors have resigned, a day after the company was ordered by the High Court to be put under judicial management (JM). Richard Wiluan quit as the CEO and chairman of the distressed oil services firm. Lawrence Basapa, Chew Choon Soo and Soh Gim Teik resigned from their positions of independent directors.

Mainboard-listed Chinese canned vegetable and fruits producer Sino Grandness Food Industry Group‘s lead independent director has quit over a difference in opinion on the audit process. In announcing the cessation of Ling Chung Yee as director in a regulatory filing on Wednesday, Sino Grandness said it would appoint a local replacement as soon as possible.

Hyflux has a last chance for a firm conclusion to one of the current three deals on the table, as Justice Aedit Abdullah on Wednesday agreed to grant adjournment to the judicial management application. A hearing will be conducted “no earlier than three weeks” from now, the judge said.

Seven individuals, including an employee and three subcontractors of Keppel FELS – a wholly-owned unit of Keppel Offshore & Marine – were charged in court on Wednesday with offences related to obtaining, accepting and giving gratification between 2014 and 2017.

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

RESEARCH VIDEOS

Webinar Of The Week

Market Outlook: (PSR) Netflix Inc, SG Banking Monthly, SG Technical Outlook & SG Weekly

Date: 12 October 2020

For more on Market Outlook

Updates summarised in 3 minutes

Phillip Research in 3 minutes: #25 – Prime US REIT; Initiation

For more videos on Phillip in 3 Mins

Read the research report(s), available through the link(s) above, for complete information including important disclosures Important Information





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 揳s 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.