Daily Morning Note – 20 February 2020



As fears subsided about the economic damage likely to result from the new coronavirus outbreak in China, Wall Street powered to a strong close on Wednesday, with the Nasdaq and S&P 500 hitting all-time highs. The Covid-19 virus epidemic in China has killed more than 2,000 people in the country and spread worldwide, spurring flight cancellations, border closures and the shuttering of some businesses.

While previous trading sessions had seen investors hold fire on virus fears, there was no sign of that on Wednesday, and the benchmark Dow Jones Industrial Average gained 0.4 per cent to close at 29,348.03. The tech-rich Nasdaq jumped 0.9 per cent to 9,817.18 and the broad-based S&P 500 rose 0.5 per cent to 3,386.15 – both record-setting finishes.


Asian Healthcare Specialists (AHS) has completed the acquisition of a 51 per cent stake in Cornerstone Asia Health (CAH), it said on Wednesday. The acquisition was paid for with the issuance of 104 million new shares in AHS at S$0.26 apiece, and S$5 million in cash from the proceeds of AHS’s initial public offering in April 2018.

JCG Investment has formed a joint venture (JV) with Natasha Skincare, a beauty brand in Indonesia known for its range of “Halal-certified” skincare and beauty products, with more than 100 outlets there.

OUE Lippo Healthcare on Wednesday posted a fourth-quarter net profit of S$2.6 million, more than double the net profit of S$1.2 million it made in the same period a year earlier, due mainly to a S$9.4 million increase in other income from the reversal of a provision for legal cost that is no longer required.

Lippo Malls Indonesia Retail Trust (LMIRT) on Wednesday posted a fourth-quarter distribution per unit (DPU) of 0.52 Singapore cent, up 73.3 per cent from 0.30 cent in the same period a year earlier.

Sembcorp Industries has got the nod from the Competition and Consumer Commission of Singapore (CCCS) to proceed with the acquisition of Veolia ES Singapore (Vess), it said on Wednesday.

European shares notched a fresh record high on Wednesday, as a decline in the number of new coronavirus cases and hopes of more stimulus from Beijing helped a recovery from fears of a sustained hit to global supply and demand.

The benchmark Nikkei 225 index rose 0.89 per cent, or 206.90 points, to 23,400.70 after four days of declines, while the broader Topix index was up 0.37 per cent, or 6.15 points, at 1,671.86.

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


Hansoh Pharmaceutical Group Co Ltd

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