Daily Morning Note – 26 February 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE forMONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
Asia shares looked set for a mixed start after U.S. equities barely held on to early gains Monday. After reaching session highs early in the trading day, the S&P 500 drifted lower amid a slide in utilities, real estate and consumer staples, before closing just barely in the green.
Oil tumbled the most in more than two weeks after Trump tweeted that prices are too high and called on OPEC to “relax and take it easy.” Futures in New York declined as much as 3.8 percent on Monday.
BREAKING NEWS
Ping An Insurance Group Co, China’s largest insurer by market value, is gearing up for an initial public offering of its OneConnect unit that could value the financial management portal at about US$8 billion, according to people familiar with the matter.
Procurri Corporation, an enterprise hardware supplier, reversed into the black for its fourth-quarter net profit on stronger gross profit margins, it said on Monday. Netprofit for the three months ended Dec 31, 2018 stood at S$1.67 million, reversing from a net loss of S$1.26 million posted the same period a year ago. Revenue rose 7 per cent from a year ago to S$52.07 million.
PropNex reported anear 58 per cent year-on-year drop in Q4 FY2018 net profit to S$1.83 million as sales were hurt by the cooling measures implemented in July last year. Revenue was around 16 per cent lower at S$83 million as revenue recognition for the number of units transacted in Q3 FY2018 -whichslumped on the back of the cooling measures -took place in Q4 FY2018. Earnings per share for the quarter under review worked out to 0.49 Singapore cent per share, down from 1.41 Singapore cents a year ago.
Sheng Siong Group posted on Monday a 4.2 per cent increase in its fourth-quarter net profit on stronger gross profit. Net profit for the three months ended Dec 31, 2018 stood at S$17.53 million, compared with a net profit of S$16.82 million posted the sameperiod a year ago. The results translate to earnings per share of 1.17 Singaporecents, against earnings per share of 1.12 Singapore cents. Revenue was up 10.7 per cent to S$221.8 million, while gross profit rose9.2 per cent to S$60.19 million..
ST Engineering on Monday said that its aerospace unit has signed a US$600 million contract toprovide aircraft heavy maintenance services to a major North American operator. ST Engineering will support the operator, an existing customer, on a fleet of over 160 wide-body and narrow-body aircraft starting in 2020 for a period of 10 years.
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
| 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. |
