Daily Morning Note – 23 July 2018


Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.


CapitaLand Mall Trust – Baby steps towards a recovery
Recommendation: Neutral (Maintained), Last Close Price: S$2.16
Target Price: S$2.05, Analyst: Tan Dehong
– 2Q18 NPI/DPU within our estimates.
– 10-15bps valuation capitalisation rate compression despite rising interest
– More tenant sectors seeing sales turnaround in 2Q18.
– Overall tenant sales still slow to recover, down 0.2% YoY in 1H18, dragged by
slower F&B sales, the biggest tenant sector within the portfolio.
– Maintain Neutral with unchanged TP of S$2.05.


UOB Ltd – Weekly timeframe – Bullish
– Despite price breaking below the 26.00 psychological support intra-week, the
bulls succeeded in closing back above the 26.00 level in the week ended
20/07/18 signals some sign of strength.
– Thus with the current bullish rejection off the 26.00 support area, expect price
to turn back into the long-term uptrend to test the 27.20 resistance followed
by 28.46.

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


The Dow Jones Industrial Average slipped 0.03 percent, or 6.38 points, to close at 25,058.12, the S&P 500 shed 0.09 percent to end at 2,801.83 and the Nasdaq Composite inched lower by 0.07 percent to 7,820.20.

The 30-year Treasury bond broke above 3 percent and hit its highest level since late June, on news of Trump’s criticism of the Fed’s monetary policy-making decisions. The short-term two-year note yield climbed to 2.595 percent, while the benchmark 10-year note yield rose to 2.891 percent.

Trade war escalations get riled up again, with Trump tweeting that “China, the European Union and others have been manipulating their currencies and interest rates lower.” Trump mentioned in a recent interview that he was prepared to impose tariffs on all Chinese imports to the US if he had to.

KEPPEL Offshore & Marine (Keppel O&M) has secured two contracts with a combined value of about S$70 million, for respective work in Brazil and in Singapore.

Dozens of Apple customers have had hundreds of dollars each drained from their bank accounts, after being billed for purchases they did not make on their iTunes accounts. The victims that Channel NewsAsia spoke to said the charges were deducted from their accounts at DBS and OCBC.

GOLDEN Springs Group (GSG) has sold a 75 per cent stake in Gold Coin Management Holdings to Pilmico International, a subsidiary of Aboitiz Equity Ventures (AEV), in a deal which values the livestock feed producer at US$550 million.

CROWN Group is considering listing its Indonesia business on the Singapore bourse. A listing of its Australian operations also on the local bourse could be on the cards in the future.

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

Important Information

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.
Confidentiality Note
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.


Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you