Daily Morning Note – 27 July 2018

WEEKLY MARKET OUTLOOK WEBINAR

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RESEARCH REPORTS

Frasers Centrepoint Trust – Steady as she goes
Recommendation: Neutral (Maintained)
Target Price: $2.15 Analyst: Tara Wong
– 9MYTD NPI and DPU were in line with our forecast, at 75% of our FY18e
forecast.
– Northpoint City North Wing (NPNW) main growth driver for portfolio
occupancy and positive portfolio rental reversion.
– Percentage of debt hedged on fixed rates increased to 64% with all-in cost of
debt maintained at c.2.5%.
– Maintain Neutral with higher TP of S$2.15 (prev. S$2.14).


TECHNICAL PULSE

Spackman Ltd – Daily timeframe – Bearish
– Further decisive move from the bears is exhibited on 26/07/18 as price broke
below the pullback line suggesting for a continuation move into the long-term
downtrend.
– Expect price to head lower next to retest the 0.054 support area followed by
0.047.

For more information and additional disclosures, refer to the link here.

BREAKING NEWS

U.S. stocks were mixed overnight after Facebook reported a miss in second-quarter revenue and subsequently dropped 18.96 per cent after the market close on Wednesday. Amazon, on the other hand, saw its net income increased twelve-fold YoY to a record $2.5 billion.

The Dow Jones Industrial Average rose 0.44 percent, or 112.97 points, to 25,527.07, notching its third consecutive session of gains. Other U.S. indexes finished in negative territory, with the Nasdaq Composite recording its worst day in around a month, falling 1.01 percent to 7,852.19, and the S&P 500 edging down by 0.3 percent to end at 2,837.44.

Keppel Capital Ventures, a wholly-owned subsidiary of Keppel Capital, has signed a non-binding memorandum of understanding (MOU) with MindChamps PreSchool to cooperate and establish a new private fund that will have an initial target fund size of S$200 million.

Ascendas REIT is making its maiden foray into Europe with the acquisition of 12 logistics properties in the United Kingdom.

THE Ascott Limited has entered into a strategic alliance with a top Philippine real estate developer, Cebu Landmasters Inc (CLI), to manage 1,600 units in the country by 2022.

TADA, a ride-hailing point-to-point transportation service app, was launched by Singapore-based company Mass Vehicle Ledger (MVL) Foundation on Thursday. MVL’s ride-hailing app promises zero commission fee for drivers and other incentives, such as a cryptocurrency-based rewards programme. The firm has already recruited 2,000 licensed private-hire car drivers ahead of its roll-out.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

Read the research report(s), available through the link(s) above, for complete information including important disclosures

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