Daily Morning Note – 24 April 2018


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Ascendas REIT – Positioned to benefit from upswing
Recommendation: Accumulate (Maintained), Last close price: S$2.71
Target Price: $2.91 (previously $2.89), Analyst: Richard Leow
– Gross revenue and DPU in line with our forecas
– 7.880 cents DPU for 2H FY17/18 vs. 7.845 cents in 2H FY16/17 (+0.45% YoY)
– Portfolio remains stable in terms of valuation, occupancy and aggregate leverage
– Maintain Accumulate; higher target price of $2.91 (previously $2.89)

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


The yield on the benchmark U.S 10-year Treasury note started the week on a tear, jumping to 2.99 percent and toying with the key 3 percent level that could trigger a reaction across global financial markets.
Alphabet, the parent company of Google , reported Monday that its profits hit $9.4 billion in the first three months of 2018, up from $5.4 billion a year earlier.

U.S. Shale groups reach self-financing milestone as oil price rises. The leading produces, which were just covering their capital spending from their operating cash flows in the final quarter last year, are now generating significant free cash.

Advancer Global Limited together with its subsidiaries announced that the Group secured S$10.7 million worth of contracts under its Facilities Management Services division.

MM2 Asia Ltd has incorporated a 51% owned subsidiary, Vividthree Holdings Pte. Ltd. The Company has taken preliminary steps to prepare Vividthree Holdings for listing on the Catalist Board of SGX.

ESR – REIT has entered into a conditional put and call option agreement with Tampines Distrihub Pte Ltd for the acquisition of 15 Greenwich Drive for the price of S$95.8m.

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

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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