Daily Morning Note – 16 March 2021

PHILLIP SUMMARY

Asian stocks were set to open higher Tuesday after optimism about the economic recovery drove U.S. shares to a record. Long-term Treasury yields edged lower.

Futures were in the green in Japan and Hong Kong, and Australian shares rose. S&P 500 and Nasdaq 100 contracts were little changed. The S&P 500 Index gained for a fifth-straight session, led by utilities and real estate, while Apple Inc., Tesla Inc.and Facebook Inc. led the tech-heavy Nasdaq 100 higher.

Australia’s 10-year bond yields dropped, following the decline in benchmark 10-year U.S. Treasury rates from the more than one-year high reached last week. Oil slipped and the dollar fluctuated. Bitcoin eased back from a weekend rally that propelled the cryptocurrency above $61,000.

BREAKING NEWS

SG

The offeror for Penguin International has garnered about 59.71 per cent of the shares in the builder and operator of aluminium high-speed craft, as at Monday evening. Penguin stated in a regulatory statement on Monday that the total number of shares owned, controlled or agreed to be acquired by the offeror Emet Grace and persons acting in concert with it as well as valid acceptances of the offer represent approximately 59.71 per cent of the shares in the company as at Monday 6pm.

Days after Aztech Global made its debut on the Singapore Exchange, United Overseas Bank as its stabilising manager purchased 10 million shares of the counter in the open market at S$1.28 on Monday. This came following the technology company’s listing at S$1.28 the previous Friday, when it closed merely a cent above the initial public offering (IPO) price.

The Guoco Group unit looking to take GL private has raised its offer price by 14.3 per cent or S$0.10 to S$0.80 per offer share, from S$0.70 previously. The offeror – GuocoLeisure Holdings – does not intend to increase the final price “under any circumstances whatsoever”, hotel operator GL said in a bourse filing on Monday. The new offer price represents a premium of 42.9 per cent over the last transacted price of S$0.56 on Jan 14 – the last trading day before the proposed privatisation was announced.

Silkroad Nickel has inked an offtake agreement worth over US$90 million to supply 2.7 million metric tonnes of high-grade nickel ore to a Tsingshan Group unit. The Catalist-listed laterite nickel ore producer in Indonesia announced the deal in a regulatory statement on Monday, saying it will supply PT Ekasa Yad Resources 2.7 million metric tonnes of high-grade nickel ore from this month till December 2022, with a minimum quantity of 50,000 metric tonnes per month.

US

New York-based brand acquisition and management firm WHP Global said on Monday it had taken a controlling interest in Toys ‘R’ Us parent, Tru Kids, more than three years after the toy retailer filed for bankruptcy. Tru Kids, owned by investment funds including Solus Alternative Asset Management, had taken charge of assets including Toys “R” Us and Babies ‘R’ Us in early 2019, as part of a plan to revive the brands after the retailer’s bankruptcy.

Netflix has started testing a feature that could prod users who are borrowing a password from someone outside their household to buy a subscription.The company said the feature was being tested with a limited number of users. It may signal a broader clampdown on the common practice of sharing passwords among relatives and friends to avoid paying for the popular streaming service.

Facebook, which has been criticised by lawmakers and researchers for allowing vaccine misinformation to spread on its platforms, said on Monday (March 15) that it has started adding labels to posts that discuss the safety of the shots and will soon label all posts about the vaccines. The social media company said in a blog post that it is also launching a tool in the United States to give people information about where to get Covid-19 vaccines and adding a Covid-19 information area to its photo-sharing site Instagram

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

HK Reports – Read up on our Hong Kong reports here

Webinar Of The Week

Market Outlook: UOB, Hyphens Pharma, Dasin Retail Trust, Q&M, Asian Pay TV, CapitaLand

Date: 08 March 2021

For more on Market Outlook

Updates summarised in 3 minutes

Phillip Research in 3 minutes: #29 – Keppel Corporation; 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.

 

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