Daily Morning Note – 27 Aug 2019
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PHILLIP SUMMARY
Stocks in Asia traded higher on Tuesday as investors watch for developments on the U.S.-China trade front following a recent escalation in tensions.
US Stocks jumped on Monday after President Donald Trump said China is ready to come back to the negotiating table following a phone call Sunday.
Source: CNBC
BREAKING NEWS
An Oklahoma judge on Monday ordered US health care giant Johnson & Johnson to pay US$572 million in damages for its role in fostering the state’s opioid addiction crisis.
Walt Disney Co and Target Corp announced a collaboration on Sunday that will open 25 Disney stores inside select Target locations nationwide on Oct 4, with plans for 40 additional sites by October next year.
G-7 leaders meeting in France on Monday backed Hong Kong’s autonomy as laid out in a 1984 agreement between Britain and China and called for calm in the protest-hit city.
Wall Street on Monday recovered a chunk of last week’s sharp losses, with investors finding some comfort in President Donald Trump’s rosy talk of a China trade deal.
Pre-Conditional Offer Announcement was made by Aier Eye Hospital Group (listed on Shenzhen Stock Exchange) to acquire all the shares of ISEC Healthcare Ltd for S$0.35 per share.
Singapore shares drop 1.5% on Monday; in the red for 2019.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Sand China Ltd
Recommended Action: Technical BUY
Sands China (HK: 1928) have been moving within a range since the start of 2019. We expect a bullish reversal based on the technicals
RESEARCH REPORTS
Ascott Residence Trust – Resilience of hybrid hospitality
Credit View, analyst – Timothy Ang
Ascott Residence Trust (ART) is a Singapore-listed hospitality trust that owns and operates serviced residences, rental housing properties and other hospitality assets. As of 30 June 2019, its total assets stand at S$5.5b comprising of 74 properties with >11,700 units in 14 countries. ART is managed by Ascott Residence Trust Management Limited, a wholly owned subsidiary of CapitaLand Limited.
(+) Strong credit profile
(+) Income stabilized by hybrid hospitality operating model
(-) Substantial room supply hitting key markets, however diversified portfolio reduces impact
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Date: 26 August 2019
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