Daily Morning Note – 28 January 2020

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

Wall Street stocks finished solidly in the red on Monday spooked by worries the coronavirus will weigh on global economic growth.

Major US indices suffered their worst session thus far in 2020 and followed European and Asian bourses lower, with the Dow Jones Industrial Average falling over 450 points or 1.6 per cent to finish at 28,535.50.

The broad-based S&P 500 also fell 1.6 per cent to end the day 3,243.63, while the tech-rich Nasdaq Composite Index dropped 1.9 per cent to 9,139.31.

BREAKING NEWS

CATALIST-LISTED Advancer Global has pointed to miscommunication as the reason for its failure to disclose that its recently appointed chairman is also a director at taxi firm Trans-Cab Holdings.

THE Singapore Exchange Regulation (SGX RegCo) is seeking public feedback to enhance the current regulatory regime, with proposed measures that may include directing the appointment of a second auditor under exceptional circumstances.

MAINBOARD-LISTED food and beverage company Del Monte Pacific said it has entered into an agreement for the proposed sale of a 13 per cent stake in its indirect wholly-owned subsidiary Del Monte Philippines, Inc (DMPI) for US$130 million.

CATALIST-LISTED Mary Chia Holdings is proposing a private placement of up to 26.67 million new ordinary shares in the company at an issue price of 7.5 Singapore cents each, amounting to a total cash consideration of S$2 million.

Gold jumped as the spread of the coronavirus globally spurred demand for haven assets. Prices rose as much as 1.1% as risk-off sentiment swept markets, with equities tumbling and Treasures gaining. In the latest attempt at containment, China extended the week-long Lunar New Year holiday and banned all outgoing overseas group tours to avoid having travelers contribute to its spread.

The Singapore Exchange Regulation (SGX RegCo) is seeking public feedback to enhance the current regulatory regime, with proposed measures that may include directing the appointment of a second auditor under exceptional circumstances. The second audit – akin to a re-audit – will review the overall financials of the company and provide a second opinion.

ESR-REIT looks a promising investment, analysts say amid a subdued economic environment and a consolidation of portfolios through the merging of real estate investment trusts (REITs), ESR-REIT provides a good investment opportunity, analysts say. With its 57 properties around Singapore, the REIT has a total gross floor area (GFA) of approximately 15.1 million sq ft and a net property value of $2.93 billion. These properties house some 328 tenants from business parks, high specs industrialisation, logistics and warehousing.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

Webinar Of The Week

Market Outlook: (PSR) Singapore Weekly & Technicals

Date: 20 January 2020

For more on Market Outlook

Phillip Research in 3 minutes: #16- JEP Holdings Ltd

Updates summarised in 3 minutes

For more videos on Phillip in 3 Mins

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





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.