Daily Morning Note – 26 November 2020
PHILLIP SUMMARY
Asian stocks looked poised for a cautious start Thursday after U.S. shares slipped on disappointing economic data. The dollar retreated. Australian shares opened with declines, while futures pointed lower in Japan and slightly higher in Hong Kong. The S&P 500 Index pulled back from an all-time high, and the Dow Jones Industrial Average fell below 30,000. Treasuries were little changed, while oil rose.
BREAKING NEWS
INDIA’S central bank has formally approved a proposed scheme through which South-east Asia’s largest lender DBS will take over the cash-strapped Lakshmi Vilas Bank (LVB). The amalgamation of LVB with DBS Bank India Limited will be effective as of Nov 27, said DBS in a bourse filing on Wednesday night. DBS will inject INR2,500 crore (S$463 million) into its wholly-owned India unit to support the transaction.
DASIN Retail Trust’s revenue fell 7.5 per cent for the third quarter ended Sept 30, the trustee-manager said in a business update posted on Wednesday. This was based on revenue in yuan, and excluded rental income recognised on a straight-line basis over the lease term. The change was also calculated on the basis that revenue from Doumen Metro Mall, which was acquired in September last year, was excluded; revenue from Shunde Metro Mall and Tanbei Metro Mall, both acquired in July this year, was also excluded from Q3 FY20 total revenue.
CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) has entered into an agreement via a wholly-owned vehicle to acquire a logistics park in Italy for 52.6 million euros (S$84.2 million). The freehold intermodal logistics park with 156,888 square metres (sq m) of net lettable area (NLA) will add around 10 per cent to Cromwell E-Reit’s overall portfolio NLA, the manager of Cromwell E-Reit said in an exchange filing on Wednesday morning.
THE manager of SPH Reit has said it will not change its approach to acquisition, even with the unprecedented disruption caused by the pandemic. In its response to questions from the Securities Investors Association (Singapore) (SIAS), the manager said that while the turmoil in the retail real estate market caused by Covid-19 may present acquisition opportunities, the Reit will continue to exercise care and due consideration.
THE mandatory offer for construction firm Lum Chang Holdings has turned unconditional, as the total shares owned, controlled or agreed to be acquired by the offeror and its concert parties amounted to around 51.8 per cent of total shares as at 10.31am on Wednesday, according to an exchange filing. A mandatory conditional cash offer had been triggered after Lum Chang managing director David Lum’s firm, Beverian Holdings Pte Ltd, purchased a 0.2 per cent stake in Lum Chang on the open market on Nov 17.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL REPORTS
Singapore Exchange Ltd
Analyst: Chua Wei Ren
Recommended Action: Technical BUY
Singapore Exchange (SGX: S68) had a strong gap down the following day after we published our report on 27th October 2020. However, prices recovered soon after and the recent technical indicate that the stock will head for a bullish rise.
Lendlease Global Commercial REIT
Analyst: Chua Wei Ren
Recommended Action: Technical BUY
Lendlease REIT (SGX: JYEU) was a sell-call initially based on our report on 20th November but Lendlease had a shortfall instead. Prices rebounded and break the resistance at $0.679. Based on the technical displayed, Lendlease will attempt to reach a new high again.
>> Read more Technical reports
RESEARCH VIDEOS
Webinar Of The Week
Market Outlook: SATS, StarHub, Civmec, Centurion, DBS, SREITs Monthly and SG Weekly
Date: 23 November 2020
Updates summarised in 3 minutes
Phillip Research in 3 minutes: #26 – iX Biopharma Ltd; Initiation
For more videos on Phillip in 3 Mins
| 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 揳s 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. |
