Daily Morning Note – 21 September 2018


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The Dow Jones Industrial Average and S&P 500 set new highs Thursday with news of China planning to cut average tariffs rates on imports as soon as next month. The stock market’s rise coincided with a pause in the U.S. dollar’s climb and a recent spike in government-bond yields, a signal investors are viewing next week’s expected increase in interest rates from the Federal Reserve as a testament to the strength of the economy.
Japanese Prime Minister Shinzo Abe won his third straight three-year term as head of the ruling Liberal Democratic Party on Thursday, clearing the way for Abe to carry on championing the ultra-loose monetary policy that has helped Japan achieve its strongest period of economic growth since the 1990s.


BreadTalk Ltd – Daily timeframe – Bullish

– There was an increasing volume bullish rejection off the 200 day moving average
on 20/09/18 suggests a rebound higher next.
– Expect the long-term uptrend to resume for price to test the 1.05 resistance area
followed by 1.08.

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


The Dow Jones Industrial Average surged to its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index. The S&P 500 also rose 0.8 percent to an all-time high, its first since late August, as materials, consumer staples and tech outperformed.

TTJ Holdings Limited has secured new contracts, bringing its order book to S$212 million. The projects within the current order book are expected to be delivered substantially between FY2019 and FY2021.

Mapletree Logistics Trust has completed a private placement that will see it issue about 309.9 million new units at an issue price of S$1.21 apiece to raise S$375 million. The pricing was nearer the lower end of a book building range of between S$1.196 and S$1.234. An upsize option to issue a further S$100 million of units was not exercised.

A private real estate fund managed by BlackRock has acquired seven strata office units in Prudential Tower for about S$130 million from consortium Epic Land. Epic Land is owned by Lian Beng Group, KSH Holdings, KOP and Centurion Global; their shareholdings are 32 per cent, 28 per cent, 25 per cent and 15 per cent respectively.

Ascott REIT has acquired a prime greenfield site at Nepal Hill in Singapore’s research and innovation business hub one-north for S$62.4 million. It plans to develop the 60-year leasehold site into a co-living property managed by the Reit’s sponsor, The Ascott Limited, under its co-living brand lyf.

Keppel Corp’s China real estate unit is buying a 40 per cent stake in the development of a prime residential site in Nanjing, China for about 1.41 billion yuan (S$283 million).

Sembcorp Industries has signed a 20-year deal to supply solar power to support Facebook’s Singapore operations.

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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