Daily Morning Note – 16 Aug 2019


Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.


Stocks were mostly higher Thursday a day after recession fears caused one of the year’s worst selloffs.
Better-than-expected earnings from Walmart (NYSE:WMT) and a decent gain for Boeing (NYSE:BA) helped improve traders’ moods.

The S&P 500 rose 0.29%. The Dow Jones industrials added 0.39%. But the Nasdaq Composite suffered a small loss, mostly because of weakness in Cisco Systems (NASDAQ:CSCO), Netflix (NASDAQ:NFLX), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT).

Oil prices were lower, with WTI crude falling 76 cents to $54.47 a barrel. Brent oil futures were off $1.41 to $58.07. Gold futures continued to climb, with the December contract settling at $1,531.10 an ounce.

The 10-2 Year Treasury Yield Spread widened slightly, although interest rates continued to fall. The 10-Year Treasury yield was 1.51%. The 2-Year yield was 1.484%.


The selloff on Yangzijiang Shipbuilding stock showed little signs of easing on Thursday following the lifting of a trading halt that was instituted on Aug 8. Shares in China’s largest non-state owned shipbuilder plunged 18 cents, or 17.3 per cent, to S$0.86, on hefty turnover of 129.3 million units – taking the stock to the top of the most actives list on the Singapore bourse.

UPSTREAM oil and gas firm KrisEnergy has filed for a six-month debt moratorium to seek court protection from creditors’ legal action while it restructures its debt totalling some US$476.8 million, it said late on Wednesday night. Keppel Corporation, as a creditor and shareholder of KrisEnergy, has also issued a statement confirming it supports the application and KrisEnergy’s management in formulating a restructuring plan.

The manager of CapitaLand Retail China Trust on Thursday announced the appointment of Lucas Loh, president, China, of CapitaLand group, as non-executive non-independent director and chairman of the executive Committee. Mr Loh, 53, oversees the business in China, a core geographical market for the group.

THE longtime group chief financial officer (CFO) of ComfortDelGro Corporation, Choo Chek Siew, will retire at the end of next month after serving in the role for 16 years. The 69-year-old veteran’s last day at the company will be Sept 30, the transport giant said on Wednesday evening.

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


MTR Corp Ltd

Recommended Action: Technical BUY

MTR Corporation has broken into a ranging mode when the price had successive breaks below the uptrend line. The continued downward pressure has seen some light on Thursday as the stock enjoyed a spike at the open.

Read more technical pulse


Dasin Retail Trust – Great step towards DPU uplift

Recommendation: ACCUMULATE (Maintained), Last Done: S$0.87

Target Price: S$0.94, Analyst: Phillip Research Team

– Revenue came in slightly below our, exacerbated by the depreciation of the RMB against SGD.

– Portfolio occupancy crept up 80bps from 97.6% to 98.3%. However, higher operating costs depressed NPI margins.

– The proposed acquisition of Domen Metro Mall will lift underlying DPU by 12.1%.

– Maintain ACCUMULATE with unchanged TP of S$0.94.

Read more research reports

Webinar Of The Week

Market Outlook: : (PSR) Raffles Medical Group, Singapore Exchange Limited, DBS Group Holdings, Oversea-Chinese Banking Corp Limited, United Overseas Bank Limited, Ascendas REIT, Ascott Residence Trust, Sheng Shiong Group & Phillip Singapore Weekly

Date: 05 August 2019

For more on Market Outlook

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

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