Daily Morning Note – 19 July 2018
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
First REIT – Continues to deliver despite rising interest rate environment
Recommendation: NEUTRAL (Maintained), Last Close Price: $1.32
Target Price: $1.31, Analyst: Tara Wong
– NPI and DPU were in line with our forecast. All-in finance costs stable at 4%.
– 5.3% YoY boost in Gross Revenue and NPI driven by two acquisitions made in
– Refinanced S$100mn fixed rate notes due May 2018 with six-month term loan
– Maintain Neutral with an unchanged TP of S$1.31.
The yuan fell to the lowest since August as the US dollar rallied, raising speculation that Chinese officials are comfortable with the currency’s weakness.
Turkey‘s state of emergency, imposed after the failed 2016 coup, came to an end on Thursday after two years in force that saw tens of thousands arrested and dismissed from their jobs.
Manufacturers across the United States are worried by President Donald Trump’s trade policies, which many blame for higher prices and supply disruptions, according to a Federal Reserve survey released Wednesday.
Oil prices rose on Wednesday after US government data indicated bullish demand for gasoline and distillates, which overshadowed a surprise build in US crude inventories and US crude oil production hitting 11 million bpd for the first time.
European antitrust regulators fined Google a record 4.34 billion euro (S$6.9 billion) on Wednesday and ordered it to stop using its popular Android mobile operating system to block rivals, a ruling which the US tech company said it would appeal.
Wheelock Properties parent offers S$2.10 per share to take developer private. Read our report published on 2 June 2017.
China Mining International has proposed a slew of changes, among them a diversification into agriculture, an acquisition of a majority stake in such a company for S$37.2 million in this field and a change of name to Zhongnong Huasheng International.
Manufacturing Integration Technology is looking to dispose its semiconductor business for an estimated price of S$84.5 million and focus its energies on contract equipment manufacturing and customised automation as its core business.
Lion Global Investors (LGI) has launched an actively managed multi-asset fund series with a total expense ratio (TER) of 0.5 per cent, in an effort to help investors get more bang for their investment dollars by reducing costs.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, 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
|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.|
|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.|