Daily Morning Note – 25 January 2018
WEEKLY MARKET OUTLOOK WEBINAR
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RESEARCH REPORT
Mapletree Industrial Trust – Strategic acquisition in US to lift portfolio
Recommendation: Neutral (Maintained), Last Close Price: $2.07
Target Price: $2.15 (Previously $1.99), Analyst: Richard Leow
– Gross revenue 4.1% higher than expected; we under-estimated the impact of
Phase 2 of the HP build-to-suit
– DPU consequently higher than our estimate by 3.6%
– JV of 14 US data centres started contributing and mitigates domestic
headwinds
– Maintain Neutral; higher target price of $2.15 (previously $1.99)
TECHNICAL PULSE
Japfa Ltd – Daily timeframe – Bullish
– There was a strong bullish breakout above the 0.505 range high on 24/01/18
with increasing volume signals a possible reversal higher.
– For this reversal, price should be aiming for the 0.575 resistance area next
followed by 0.615.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
Alliance Mineral Assets Limited and Tawana Resources NL have executed a non-binding in principle term sheet for the offtake of tantalum concentrate with a leading tantalum industry specialist, for production from the Bald Hill Lithium and Tantalum Mine in the Eastern Goldfields of Western Australia. Tantalum production is expected to commence from Bald Hill in the 1H2018.
Allied Technologies Limited has signed a binding Memorandum of Understanding to acquire 51% stake in Asia Box Office Pte Ltd, a Singapore-based e-commerce ticketing solutions platform. ABO is estimated to value c.S$60mn but the consideration amount payable for the Proposed Acquisition has yet to finalize.
Oxley Holdings Limited will issue a S$150mn 5.70% notes due 2022 under its U.S.$1bn Guaranteed Euro Medium Term Note Programme. On a separate announcement, the Group has incorporated a joint venture company in Vietnam in preparation for future land acquisitions in the north of Vietnam.
Source: SGX Masnet, Business Times, 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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