Daily Morning Note – 26 April 2018


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Cache Logistics Trust – Bear with the initial pain of portfolio rebalancing strategy
Recommendation: Accumulate (Maintain), Last Close Price: $0.83
Target Price: $0.91 (unchanged), Analyst: Richard Leow
– Gross revenue and DPU were within our expectation
– Gross revenue and DPU met 24% and 24% respectively, of consensus FY18
– Key events after the reporting period are the conversion of CWT Commodity
Hub (April 12) and the pending divestment of Hi-Speed Logistics Centre
– Maintain Accumulate; unchanged target price of $0.91

Frasers Centrepoint Trust – Reaping the fruits post AEI
Recommendation: Neutral (Maintain), Last Close Price: S$2.21
Target Price: S$2.14, Analyst: Tan Dehong
– NPI and DPU within our estimates.
– Positive rental reversion of 9.1% in 2Q18, driven by Causeway Point (CWP).
– Financing costs stable, despite having only 56% of debt on fixed rate.
– Overall portfolio tenant sales down 1.2% YoY, excluding Northpoint City North
– Maintain Neutral with unchanged DDM-derived target price of S$2.14.


The Dow closed at 24,083.83, up 59.70 points. The S&P 500 also erased earlier losses, closing 0.2 percent higher at 2,639.40. The Nasdaq composite, meanwhile, slipped 0.1 percent to 7,003.74.

Oil prices rose on Wednesday despite data showing rising U.S. inventories, holding within sight of three-year highs reached the previous day on geopolitical tensions including the prospect of fresh sanctions on Iran.

China will further reduce taxes to support small firms and high-tech companies, state radio quoted the cabinet as saying on Wednesday, with seven measures expected to result in cuts of more than 60 billion yuan (S$12.6 billion).

Goldilocks sues to stop Noble from holding AGM and furthering restructuring work.

The Baltic Exchange, a London-based subsidiary of the Singapore Exchange (SGX), is launching an escrow service for vessel sales and a global container freight index.

Stockbroking pioneer Lim Hua Min wins Businessman of the Year award. The executive chairman of PhillipCapital Group revolutionised the stockbroking industry when he introduced the first Internet trading platform POEMS.

Singapore will pledge an enhanced technical cooperation and training package valued at US$5 million (about S$6.5 million) for the International Maritime Organization (IMO) and its member states.

Source: Bloomberg, Channel NewsAsia, The Business Times, SGX Masnet, 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

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

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