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

Read more research reports

Webinar Of The Week

Market Outlook: (PSR) Singapore Weekly & Technicals

Date: 20 January 2020

For more on Market Outlook

Phillip Research in 3 minutes: #16- JEP Holdings Ltd

Updates summarised in 3 minutes

For more videos on Phillip in 3 Mins

Read the research report(s), available through the link(s) above, for complete information including important disclosures Important Information





Disclaimer
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.