Daily Morning Note – 30 August 2018


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Technology shares buoyed U.S. stocks to new highs, while the dollar weakened versus major peers and Treasuries slipped. Asia markets are set for a positive open on Thursday as Canada rejoined negotiations for the future of the North American Free Trade Agreement (NAFTA). On another note, President Donald Trump warned he could begin joint military exercises with South Korea and Japan that will be “far bigger than ever” if progress stalls on North Korea nuclear talks.


Health Management International – Expansions continue to paint a rosy outlook

Recommendation: BUY (Maintained), Last Done price: S$0.615

Target Price: S$0.83, Analyst: Tin Min Ying

– FY18 Revenue and Core PATMI were in line with our expectations.

– Higher outpatient loads and average bill sizes boosted earnings.

– Continues as a medical tourism hotspot with foreign patient load growing
faster than local patient load.

– Proposed final dividend of RM1.0 Cent per share; total dividends of RM2.0
cents per share for FY18. (26% of FY18 Core EPS).

– Maintain BUY with unchanged DCF-derived TP of S$0.83.


Donald Trump warned that he could begin joint military exercises with South Korea and Japan that will be “far bigger than ever” if progress stalls on North Korea Nuclear talks.

ASEAN services providers will gain greater market access and exporters will enjoy more convenience under two agreements signed at the 50th Asean Economic Ministers Meeting on Wednesday evening.

General Mortors’ plans to ramp up electric-vehicle production in China were set back after the auto maker determined the Chinese-made batteries it intended to use failed to meet its own performance and safety standards during testing.

Lian Beng Group has secured a contract worth about S$65 million to construct a building starting Sept 10 through its wholly-owned unit, Deenn Engineering, it said on Wednesday evening in a Singapore Exchange filing. This brings the construction order book for Lian Beng to S$1.29 billion as at Aug 29, 2018.

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

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