Daily Morning Note – 16 March 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
Golden Energy and Resources Ltd – Great quarter to end a stunning year
Recommendation: BUY, Last Done Price: S$0.37
Target Price: S$0.48, Analyst: Chen Guangzhi
– Exceeding the annual target amid buoyant coal prices
– Securing total 15mn tonnes of order for FY18
– Cash cost was higher than expected in 4Q17
– The impact of the amended Domestic Market Obligation is limited
BREAKING NEWS
US levied sanctions against Russia’s top spy agencies and more than a dozen individuals for trying to influence the 2016 US presidential election and two separate cyberattacks.
Singapore non-oil exports shrank 5.9% YoY in Feb-18 after 6 months of growth. It missed economists’ expectation of 4.8% expansion and was much weaker than the 5% growth in Jan-18. This could be partly due to the timing of Chinese New Year.
Chip Eng Seng Corporation exits from Australian redevelopment project Tower Melbourne with A$55m (S$56mn) sale. This property was acquired by the group in September 2011 for A$25.5mn. We have not factored in contributions from Melbourne Tower previously for our RNAV owing to the uncertainties surrounding the project. Divestment gain should contribute c.S$0.05 to RNAV by our estimates.
CapitaLand Limited has established an 80%-owned subsidiary, Shi Na Real Estate Agency (Shanghai) Co., Ltd., in China for property management, real estate agency, and hotel booking service.
Y Ventures Group has incorporated a wholly owned subsidiary, Evermint, in Singapore, to provide e-commerce solutions.
Memtech International Ltd. has established a wholly owned subsidiary, Kunshan Taitech Automation Co., Ltd., in China, for research and manufacturing of automation equipment, robots, electrical and other intelligent or hi-tech equipment and parts and after sales services.
EC World REIT has incorporated Wuhan Fute Logistics Co., in China, for warehousing, property management and business management consultancy.
Singapore Technologies Engineering Ltd’s marine arm, Singapore Technologies Marine Ltd, is winding up its environmental engineering subsidiary in Brunei.
DeClout Limited’s 50.01%-owned subsidiary, vCargo Cloud Pte. Ltd., was selected to implement a pilot National Single Window e-trade project in Djibouti, Africa.
Koh Brothers Eco Engineering is partnering Ssangyong Engineering & Construction and Daewoo Engineering & Construction to build the upcoming Woodlands Health Campus, touted as Singapore’s first “smart” hospital.
Oxley Holdings Limited to raise up to S$78.1mn through primary placement of ordinary shares to investors.
Source: SGX Masnet, 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
| 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. |
