Daily Morning Note – 25 May 2018


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Dasin Retail Trust – Our visit to Zhongshan + A pertinent question answered
Recommendation: Buy (Maintained), Last Close Price: S$0.86
Target Price: S$0.97, Analyst: Tara Wong
– Revenue and NPI for 1Q18 were within expectations. Boost in revenue was
from the acquisition of Shiqi Metro Mall in June 2017. Organic growth was
17% YoY.
– Adjusted DPU downwards to account for adjustments of S$2.7mn, which is set
aside for future repayment of interest and related costs on the loan facilities.
– Site Visit to Zhongshan: 100% occupancy at all four malls plus a look at ROFR
– Pertinent question answered – we believe Dasin can ride out the income

SHS Holdings Ltd- Exporting construction technology
Recommendation: Buy (Initiation), Last Close Price: S$0.235
Target Price: S$0.290, Analyst: Alvin Chia and Paul Chew
– Expect a surge in modular business sourced from New Zealand
– Upcoming recurring revenue from a solar project in Bangladesh
– Recovery in marine and construction sector to support legacy businesses
– Initiate coverage with BUY rating with TP of S$0.29, based on FY19e EPS of 2.9
SCents and 10x PE multiple


UOL Ltd – Daily timeframe – Bullish
– A bullish hammer reversal candlestick pattern was formed with increasing
volume suggests a reversal higher next.
– With the current bullish price action, price should head back up to retest the
8.98 range high followed by 9.15.

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


US President Donald Trump on Thursday signed into law the first major rollback of the post-crisis banking regulations following after Congress approved the legislation this week. The law frees thousands of small- and medium-sized banks from the regulatory scrutiny and stress testing created under the Dodd-Frank Wall Street reform legislation of 2010.

US President Donald Trump on Thursday called off a planned summit with North Korean leader Kim Jong Un, even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.

Oil prices fell about US$1 on Thursday, with expectations building that reduced supplies from Venezuela and Iran could prompt Opec to wind down output cuts in place since the start of 2017.

A federal court jury on Thursday ordered Samsung to pay Apple US$533 million for copying iPhone design features in a patent case dating back seven years.

Twitter on Thursday announced new guidelines to clearly mark political ads on its platform as Facebook said it began implementing a policy requiring labelling and verification of identities of those paying for political messages.

A number of policyholders of Prudential Assurance Company Singapore experienced GIRO deductions in excess of their insurance premiums or failed GIRO deductions on Thursday. In a statement late Thursday, Prudential said these erroneous deductions arose from a “technical glitch”.

Boustead Singapore announced on Thursday it has entered into a sale and purchase agreement with WhiteRock Medical Company (WhiteRock MedCo) to fully acquire WhiteRock Incorporation (WRI), a group of 16 healthcare corporations operating in Singapore, China, Hong Kong, Malaysia and Thailand, for S$19.02 million.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, The 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

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

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