Daily Morning Note – 27 April 2018


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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


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

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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

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