Daily Morning Note – 3 November 2020
President Donald Trump and Democrat Joe Biden capped their bitter race with a final blitz of campaigning Monday in states critical to deciding the outcome of the election. The two candidates traded insults and displayed contempt for each other before noisy audiences. The president kicked off a run of five rallies in four states: North Carolina, Pennsylvania, Wisconsin and Michigan. Biden spent most of the day in Pennsylvania, a state critical to each candidates’ hopes of victory. The Democrat stopped in Ohio, projecting confidence he has a chance to flip a state Trump won handily in 2016. He warned earlier that he wouldn’t let Trump declare victory in Tuesday’s election before the results are clear. Here’s what nearly 100 million early votes say about turnout.
Asian stocks are set for a muted open, with investors remaining anxious ahead of Tuesday’s U.S. presidential election. Crude oil rebounded. Futures edged up in Australia and Hong Kong. Japan is closed for a holiday and Treasuries won’t trade until London opens. In the U.S., the S&P 500 Index climbed after plunging 5.6% last week. The tech-heavy Nasdaq 100 lagged behind, weighted down by Apple and Amazon.com. Treasury yields dropped and the dollar touched a one-month high.
Frasers Centrepoint Trust FY2020 DPU decreased 25.1% year-on-year to 9.042 cents due to COVID-19 pandemic. FY2020 financial performance impacted mainly by rental rebates dispensed in 2H20 to help tenants cope with challenges arising from COVID-19. Excluding the impact from the rental relief, FY2020 revenue and NPI would have decreased 2.4% and 0.7% year-on-year, respectively. Portfolio total tenants’ sales recovered to near pre-COVID-19 level and shopper traffic stabilised at 60% to 70% of pre-COVID level.
Small and micro enterprises hit by Covid-19 will have a six-week window in which to renegotiate certain contracts, with no penalties for early termination if negotiations fail, under the new Re-Align Framework proposed in a Bill introduced in Parliament on Monday. The framework will cover leases or licences for non-residential immovable property, with a term of no more than five years; hire-purchase or conditional sales agreements for commercial equipment or vehicles, except agreements with banks and finance companies; rental agreements for commercial equipment or vehicles; and contracts for the sale and purchase of goods or services. It includes contracts with the government.
Lippo Malls Indonesia Retail Trust (LMIRT) reported an 87.5 per cent year-on-year decline in its a distribution per unit (DPU) in the third quarter of 2020 to 0.07 Singapore cent, its manager said in an exchange filing late on Monday night. Net property income fell 70.2 per cent to S$13.1 million, while gross rental income slid 61.1 per cent to S$15.2 million. Total gross revenue declined by 58.3 per cent to S$28.9 million.
Shares of Wilmar International jumped 5.5 per cent on Monday after the agri-business group posted a 20 per cent rise in Q3 net profit and announced a special dividend on Friday. The counter hit an intraday high of S$4.28 on Monday, up 5.9 per cent or S$0.24 as at 9.55am. The last time the counter closed near this level was on Oct 22 at S$4.30. Wilmar’s core net profit rose 19.6 per cent to US$501.4 million, the highest third-quarter core results since its listing, the group said in a bourse filing.
Four Chinese regulators including the central bank and banking watchdog invited billionaire Jack Ma and Ant Group‘s top executives to a supervisory interview on Monday, a rare meeting with multiple financial regulators that underscores rising government scrutiny of the company before its stock-market debut. “Ant Group will implement the meeting opinions in depth,” the company said in a statement. It will follow guidelines including stable innovation, an embrace of supervision and service to the real economy, it said.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
DBS Group Holdings Ltd
Analyst: Chua Wei Ren
Recommended Action: Technical BUY
DBS Group Holdings (SGX: D05) despite a fall in price without triggering the buy spot prices stated in our report on 28th October. This time round the upside is more or less cemented with technical indicated.
Webinar Of The Week
Date: 02 November 2020
Updates summarised in 3 minutes
|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 揳s 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.|
|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.|