Daily Morning Note – 19 January 2018


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Soilbuild Business Space REIT – Ceasing coverage
Last Close Price: $0.705, Analyst: Richard Leow
– Gross revenue and DPU were in line with our estimates
– 4Q17 DPU of 1.383 cents to be paid on Feb 28 (4Q16: 1.57 cents)
– $80.5mn revaluation loss, investment properties value now stand at $1.11bn
– Ceasing coverage due to reallocation of internal resources


Straits Times Index – Daily timeframe – Bearish
– The bearish rejection off the 3550 resistance area on 18/01/18 resulted in
price forming a Bearish Engulfing Bar signals a move lower into a correction
– Price should find some support around the 3469 resistance turned support

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


CapitaLand Limited announced its wholly owned subsidiary CapitaLand China, CapitaLand today signed a Strategic Cooperation Memorandum of Understanding with the district government of Wuchang. The MoU sets out the general principles of collaboration between CapitaLand and the district government in developing a prime site in Wuchang. The potential scale of the proposed integrated development on the site is expected to surpass all CapitaLand’s existing properties in central China.

Golden Energy and Resources Limited announced that PT Golden Energy Mines Tbk (GEM) recorded its strongest quarterly coal production output of 5.5 million tonnes (MT) in the fourth quarter of FY2017. This brings the full-year production volume to 15.6 MT, which exceeds our target of 14.4 MT for 2017. The latest quarterly coal production volume places GEAR in a strong position to meet its increased production target for 2018.

Venture Corporation Limited announced that a wholly-owned subsidiary of the Venture Group, Venture Enterprise Innovation, Inc., has entered into a sale and purchase agreement with S&S, LLC to acquire a freehold property located at 481 Cottonwood Drive, also known as 1621 Barber Lane, Milpitas, CA 95035, United States of America. The Property comprises a freehold estate with a land area of approximately 9.64 acres and an industrial building built-up of approximately 182,405 square feet.The purchase consideration of the Property is US$29,367,205.00.

Cache Logistics Trust announced that it had entered into a conditional Sale and Purchase Agreement with AP SG 16 Pte. Ltd. for the proposed divestment of Hi-Speed Logistics Centre located at 40 Alps Avenue, Singapore 498781. The Property is a multi-tenanted, 4-storey part ramp-up warehouse with 7-storey ancillary office and has a gross floor area of approximately 309,000 square feet. The current occupancy rate of the Property is approximately 74%. The consideration payable by the Purchaser for the Property is S$73.8 million.

Sunpower Group Ltd. announced that its wholly-owned subsidiary, Jiangsu Sunpower Pressure Vessels Equipment Manufacturing Co., Ltd. has signed a supply contract worth RMB40.42 million with Xinjiang Tianye Huihe New Materials Co., Ltd.

Source: SGX Masnet, 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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