Daily Morning Note – 30 July 2018


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Ascendas REIT – Maiden entry into UK
Recommendation: Accumulate (Maintained), Last Close Price: $2.73
Target Price: $2.96 (previously $2.91), Analyst: Richard Leow
– Maiden entry into UK through a portfolio of 12 logistics properties
– Acquisition cost of £207.27 mn (S$373.15 mn) expected to be fully funded by
GBP-denominated debt
– Maintain Accumulate; new target price of $2.96 (previously $2.91)


U.S. second-quarter GDP jumps 4.1% for best pace in nearly four years

US core capital goods orders and shipments surge in June, new orders for key U.S.-made capital goods increased more than expected in June and shipments surged.

U.S. consumer sentiment slipped last month, pressured by rising fears over the repercussions of escalating tariffs. Sentiment among consumers fell to 97.9 in July from 98.2 in June.

Treasury data shows Russian holdings of US debt plunged 84% since March falling to $14.9 billion from $96.1 billion in 2 months.

iFast Corp‘s Q2 net profit jumps 40% despite loss-making mainland China operations.

Daintree Residence sells 50 out of 80 units in weekend launch, in the private property market’s first new launch since the latest cooling measures kicked in earlier this month with an average selling price of $1,710 per sq ft.

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

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