Daily Morning Note – 19 July 2018


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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

Read the research report(s), available through the link(s) above, for complete information including important disclosures

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