Daily Morning Note – 23 October 2018
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YOUR PHILLIP SUMMARY
Most U.S. equities fell Monday, with financial and commodity shares pacing losses ahead of a spate of key earnings reports this week. Banks fell broadly amid worries that higher mortgage rates would cap loan growth. Separately, U.S. Treasury Secretary Steven Mnuchin met Monday with Saudi Arabia’s crown prince, Mohammed bin Salman, despite the ongoing outrage over the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, Turkey.
In a second round of talks, North and South Korea and the U.N. Command agreed on Monday to withdraw firearms and guard posts in the demilitarised zone village of Panmunjom this week, Seoul’s defence ministry said. Elsewhere in Asia, China announced fresh measures to ease the funding strains of private companies, with the State Council announcing it would support bond financing by private firms on Monday, and said the central bank will provide funding to facilitate this.
BREAKING NEWS
Keppel-KBS US Reit announced late on Monday night the launch of an underwritten and renounceable rights issue to raise gross proceeds of around US$93.1 million.
Shopper360 has secured an agreement with NTUC FairPrice to exclusively provide in-store advertising services to consumer brands at 68 hypermarkets and supermarkets in Singapore.
Malaysian car dealership and automotive parts maker MeGroup prices IPO at S$0.23 per share to raise S$2.4m and will be listed on the catalist board in SGX.
Mapletree Logistics Trust’s DPU rises to 1.958 Singapore cents. That came as Q2 income available for distribution jumped 32.5 per cent to S$63.9 million from the year-ago period. For the three months ended Sept 30, gross revenue grew 13.8 per cent to S$106.6 million from the year-ago period. This was thanks to higher revenue from existing properties and acquisitions in Hong Kong.
China announced fresh measures to ease the funding strains of private companies, as top officials seek to restore confidence in the world’s second-largest economy. The State Council announced it would support bond financing by private firms on Monday, and said the central bank will provide funding to facilitate this. The central bank also announced a 150 billion-yuan (S$29.8 billion) increase in its re-lending and re-discounting quota.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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