Daily Morning Note – 27 April 2018
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar if you have not already done so.
Archived webinars available.
RESEARCH REPORT
Sembcorp Marine Ltd – Still Gloomy
Recommendation: REDUCE, Last Done Price: S$2.11
Target Price: S$1.85, Analyst: Chen Guangzhi
– On Jan-18, SMM adopted Singapore Financial Reporting Standards (International)
– Secured a new contract in 1Q18
– Order flow, profitability and guidance is still weak
Technical Analysis: German DAX Index – Uptrend back in play
Analyst: Jeremy Ng
– Strong support at 11,878 and 38.2% Fibonacci retracement level
– Bullish divergence in the RSI signals a reversal higher
– Current bullish close above downtrend line signals the resumption of the uptrend
– Next target for the DAX index is the 13,400 resistance area (+7%)
Technical Analysis: WTI Crude Oil – Expect some softness, but long-term uptrend intact
Analyst: Jeremy Ng
– The long-term trend has turned upwards with WTI Crude Oil closing above the 60-
month moving average for the past four months
– Expect a long-squeeze in the near-term where a selloff to the $65 to $60 range,
based on the extreme long positioning in the net-speculator space
– The $70 psychological round number resistance should act as a near-term top for
now
TECHNICAL PULSE
Allied Tech Ltd – Daily timeframe – Bullish
– A bullish price action bar was formed (Hammer) on 26/04/18 signals a reversal
higher next.
– Price should reverse higher next to test the 0.053 resistance area followed by
0.061.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
U.S. equities rallied as strong earnings from Facebook and Advanced Micro Devices boosted tech shares. The Nasdaq surged as much as 2%. The yield on 10-year Treasuries fell back below 3%.
Kim Jong Un will become the first North Korean leader to enter South Korea since the peninsula was divided nearly seven decades ago.
Amazon surprises Wall Street with huge profits, optimistic outlook. Amazon’s quarterly advertising sales surpassed $2 billion for the first time in the first quarter led by web services.
Top bid of $410m for Cuscaden site smashes GLS record. This translates to $2,377 per square foot per plot ratio.
Singapore’s competition watchdog said it has noted news of potential new entrants into the ride-hailing industry, as it continues its probe into the Grab-Uber merger to assess if any competition laws have been infringed.
CapitaLand to explore investments inhigh-tech business park, township in Zhejiang.
Midas subsidiary placed under judicial management in China.
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
| 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. |
