Daily Morning Note – 24 January 2020
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Asian stocks headed for a mixed start to Friday trading as investors assessed the fallout from the deadly coronavirus. Treasuries climbed and oil steadied after recent falls.
Futures pointed higher in Japan and Australian shares edged up at the open. Contracts in Hong Kong slipped earlier. U.S. stock futures were steady after the S&P 500 eked out a small advance helped by gains for big tech companies. As officials in China widened their travel ban beyond the epicenter of the outbreak, the World Health Organization stopped short of calling the virus a global health emergency, saying it remains a local crisis. The yuan stayed lower and the yen held gains.
BREAKING NEWS
Singapore Exchange (SGX) is coughing up 186 million euros (S$280 million) in cash for a 93 per cent stake in Scientific Beta Pte Ltd, a smart beta index firm.
Real estate group Frasers Property on Thursday said it is acquiring Lakeshore, Bedfont Lakes business park in London for £135 million (S$238 million).
In a move widely expected by industry analysts, telcos StarHub and M1 on Thursday said they have signed an exclusive agreement to submit a joint bid for one of the four 5G network licences up for grabs in Singapore.
Malaysia-based glove manufacturer Top Glove on Thursday said its subsidiary, TG Excellence Berhad, has lodged a RM3 billion (S$1 billion) perpetual sukuk programme with the Securities Commission Malaysia.
Mainboard-listed conglomerate Keppel Corporation reported 41.5 per cent higher net earnings at S$191.4 million for the fourth quarter ended December, on the back of stronger performance from the offshore and marine (O&M), property and investments divisions.
Cache Logistics Trust’s distribution per unit (DPU) fell by 8.4 per cent to 1.376 Singapore cents for its fourth quarter ended Dec 31, from 1.502 cents a year ago, the real estate investment trust’s manager said on Thursday morning.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
RESEARCH REPORTS
Capitaland Mall Trust – Merger to axe growing pains
Recommendation: ACCUMULATE (Upgraded), Last Done: S$2.57
Target Price: S$2.70, Analyst: Natalie Ong
ESR Cayman Limited – Non-deal roadshow highlights
Credit Commentary, Credit Analyst – Timothy Ang
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