Daily Morning Note – 16 April 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar if you have not already done so.

Archived webinars available.

RESEARCH REPORT

Offshore & Marine Monthly – Extended soft conditions
Analyst: Chen Guangzhi
– Banks as de facto owners of vessels prolonging the supply imbalance
– Upstream production activities recover modestly but still depressed
– Offshore support vessels market is still in a predicament
– The rally of oil price will speed down as glut is coming back

Singapore Consumer Monthly – Set for stronger growth in 2018
Recommendation: Overweight (Maintained), Analyst: Soh Lin Sin
– Rosier picture in Hong Kong, Singapore, Philippines and Vietnam; Impending
elections in Malaysia, Indonesia and Thailand could reignite consumer
sentiment
– Thailand’s beer demand declines for the 5th month post-excise tax in Sep-17;
Will review assumptions for ThaiBev after release of March and April data
– FNN should benefit from the fast-growing dairy market in Vietnam
– We maintained our OVERWEIGHT view on Singapore Consumer Sector


TECHNICAL PULSE

Chip Eng Seng Ltd – Daily timeframe – Bullish
– The recent bullish follow through especially the bullish break on 13/04/18
succeeded in closing price above the 1.00 psychological round number and
pullback line signals the start of the next wave higher.
– Expect the uptrend to continue for price to test the 1.040 resistance area followed
by 1.070.

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

BREAKING NEWS

U.S. equity index futures rose on Sunday as financial market trading resumed for the first time since the United States, Britain and France hit Syria with missile strikes in retaliation for a suspected poison gas attack. Russian President Vladimir Putin, in a phone call to his Iranian counterpart, warned that the world will see ‘chaos’ if Syria is attacked again.

China aims to establish a free trade zone in Hainan by 2020 and will encourage multinationals to set up their international and regional headquarters there, as part of plans to open up the province’s economy to foreign investors.

Malaysia’s longest-serving prime ministerDr Mahathir Mohamad has been announced as a candidate for the Langkawi parliament seat in his home state of Kedah in the general elections.

The Industrial and Commercial Bank of China’s Singapore branch (ICBC) is launching investment banking services here. On the other hand, Deutsche Bank has been asked by European Central Bank supervisors to calculate the potential costs of winding down its investment banking operations.

United Overseas Bank (UOB) has entered into an agreement with Beijing-based financial technology firm Pintec Technology Holdings to set up a joint venture company, Avatec.ai, that will offer credit services and solutions, primarily in South-east Asian countries.

Singapore’s competition commission has announced interim measures for the Grab-Uber deal while it continues to investigate the acquisition. It also said the Uber platform will terminate on May 7.

Also in Singapore, Rivercove Residences saw nearly 80 per cent of its 628 units sold at an average price of S$965 psf for the executive condominium (EC)’s first ballot and booking exercise, which has been successfully completed.

Mainboard-listed Delfi Limited on Friday said it has entered an agreement to purchase the licence to the Van Houten brand of chocolates and cocoa products from Hershey Singapore for US$13 million.

Datapulse’s board called dissident shareholders’ proposal to declare an interim dividend of 20 Singapore cents per share before June 14 if they gain board control “an eleventh-hour manoeuvre to solicit support at the coming EGM” in a Singapore Exchange (SGX) announcement on April 15.

Memstar Technology has been reminded by the Singapore Exchange (SGX) to arrange for its de-listing. The company said that it will keep shareholders updated on any material developments.

Source: SGX Masnet, The Business Times, ChannelNewsAsia, Bloomberg, 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

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 “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.

 

Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you

IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com