Daily Morning Note – 25 March 2019
WEEKLY MARKET OUTLOOK WEBINAR
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Archived webinars available.
YOUR PHILLIP SUMMARY
Special Counsel Robert Mueller’s investigation found no evidence of collusion with Russia but failed to exonerate President Donald Trump on obstruction of justice even though Attorney General William Barr said he didn’t find enough evidence to pursue an obstruction charge. Bonds yields remained under pressure at the start of the week on signs of slowing global growth, as Australia’s 10-year bond yield sank to an all-time low of 1.76 percent in early trading Monday.
In Asia, traders will await the outcome of Thailand’s first national elections in five years. Several Federal Reserve policy makers will be speaking throughout the week, including Kansas City Fed President Esther George and St. Louis Fed President James Bullard.
RESEARCH REPORT
Geo Energy Resources Ltd – Lacklustre outlook in 2019
Recommendation: ACCUMULATE (Downgraded), Last Closing Price: S$0.186
Target Price: S$0.215, Analyst: Chen Guangzhi
– Lower stripping ratio for SDJ and TBR mine in 4Q18
– Downsize production guidance in FY19
– Double whammies due to lower sales and ASP
BREAKING NEWS
Special Counsel Robert Mueller found no evidence of collusion with Russia but failed to exonerate President Donald Trump on obstruction of justice even though Attorney General William Barr said he didn’t find enough evidence to pursue an obstruction charge.
Thailand’s junta-linked party took a shock lead in the popular vote with nearly all ballots counted, the Election Commission said late Sunday, edging ahead of its pro-democracy rivals in the first election since a 2014 coup.
Sino Grandness Food Industry Group has entered into a placement agreement with JW Capital Group to raise net proceeds of around S$6.8 million to repay outstanding sums to Soleado Holdings and strengthen its financial and working capital.
Singapore’s largest condominium Treasure at Tampines sold 272 units at an average S$1,280 per sq ft, after the project launched over the weekend. The close to 650,000 sq ft development, situated on the former Tampines Court site, has 2,203 units in all. Developer Sim Lian released 490 units for sale.
Sabana Reit’s divestment of a Tuas industrial building is off for now after the purchaser did not obtain approvals from JTC.
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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