Daily Morning Note – 30 January 2018
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Starbucks Corp. – Buy Trade – Position Open
Recommendation: Positive , Last done price: USD 57.99
Target price: USD 64.00, Analyst: Ho Kang Wei, Jeremy Ng
– Entry Price: 58.27
– Stop Loss: 52.48
– Risk/Reward: 1.0
– China growth and Rewards program
Phillip Macro Update: US Government Shutdown
Analyst: Pei Sai Teng
– U.S. government was shutdown for three days starting on Saturday, 19
– A temporary spending bill was signed by President Donald Trump on Monday
– The temporary bill will fund the government through 8 February 2018.
– Watch out for a longer-term budget bill to materialised before the U.S.
Treasury exhausts their extraordinary measure in March 2018
Ascendas Hospitality Trust has entered into a sale and purchase agreement in relation to the sale of Beijing Novotel Sanyuan and Ibis Beijing Sanyuan at a cash consideration of c.S$236mn, a 101.5% premium to latest valuations as at 31 Oct 2017 and 178% premium to initial purchase price in 2012..
Noble Group Ltd. has reached an agreement with senior creditors of the company who represents 30% of its bonds and revolving credit facility, to swap their debt for equity and new debt instruments. Existing shareholders will eventually hold only 10% of the new holding company.
New Wave Holdings Ltd. has failed to reached a sales agreement with any of the potential purchasers for its en bloc exercise for Jalan Besar Plaza.
Gaylin Holdings Ltd. expects to record a net loss for 3QFY2018 due to the continued challenging environment for the oil and gas industry players.
Procurri Corporation Ltd. expects to report a net loss for 4Q17 and FY17 mainly due to foreign exchange differences and write-offs arising from the Group’s prudent approach towards stock obsolescence and bad debts
Source: SGX Masnet, PSR
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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