Daily Morning Note – 27 July 2018


Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.


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
– 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).


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
– Expect price to head lower next to retest the 0.054 support area followed by

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


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

Important Information

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.


Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you