Daily Morning Note – 17 April 2019

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YOUR PHILLIP SUMMARY

Stocks in Asia were mostly higher on Tuesday, as U.S.-Japan trade talks kicked off and the Bank of Japan chief flagged risks of increasing trade protectionism to the global economic growth outlook.

The Dow Jones Industrial Average rose on Tuesday as the corporate earnings season kicked into full gear, while also getting a boost from Boeing shares.

Gold dropped 1 percent on Tuesday to its lowest level of 2019, as a string of robust economic data boosted demand for riskier assets like equities while bullion was further weighed down by gains in the U.S. dollar.

Source: CNBC


RESEARCH REPORT

Y Ventures Group Ltd – Ceasing Coverage

– We are ceasing coverage on Y Ventures Group. The previous recommendation
can no longer be relied upon.

– The share price has met our target price of S$0.16.

– The auditor of the company has issued a qualified opinion on the accuracy,
existence and valuation of its inventories. The amount concerned is
US$168,118.

– The auditor highlighted material uncertainty of the company to continue as a
going concern.


BREAKING NEWS

Qualcomm Inc won a major victory with a surprise settlement of its wide-ranging legal dispute with Apple Inc that includes a supply agreement paving the way for the iPhone to once again use Qualcomm modem chips. The settlement also incorporates a six-year patent license and a payment from Apple to Qualcomm, but the companies did not disclose the amount.

Intel Corp said on Tuesday it was exiting the 5G smartphone modem business, while assessing opportunities for 4G and 5G modems in PCs, internet of things devices and other data-centric devices.

International Business Machines (IBM) Corp reported a bigger-than-expected drop in first-quarter revenue on Tuesday, hurt by tapering demand for its latest mainframe computers and a stronger dollar.

Bank of America Corp. said the interest-rate boost that lifted first-quarter earnings is likely to fade over the rest of 2019. Net interest income will probably increase 3 percent for the year, down from 6 percent in 2018 and 5 percent in the first quarter, Chief Financial Officer Paul Donofrio said in a call with investors Tuesday.

A new integrated tourism development will be set up at the Jurong Lake District by 2026, in line with the Government’s strategy to “spread out its tourism offerings across different parts of Singapore”. An expression of interest will be launched for the new development.

CWT Pte Ltd’s parent – Hong Kong-listed CWT International – missed interest and fee payments to lenders of HK$63 million (S$10.9 million), triggering a cross default under a HK$1.4 billion loan facility. Outstanding amounts under the facility stands at HK$766 million.

Keppel-KBS US Reit on Tuesday declared a distribution per unit (DPU) of 1.5 US cents for the first quarter, 23 per cent higher than the forecasted 1.22 US cents.

Singapore Press Holdings (SPH) has added £133.7 million (S$236.5 million) worth of assets to its United Kingdom student accommodation portfolio, increasing it by 1,243 beds to 5,059 across 20 assets in 10 cities.

Circles.Life rolled out a fresh referral scheme on Tuesday that promises endless data to old fans and new sign-ups alike.

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

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

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