Daily Morning Note – 31 August 2018


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U.S. President Donald Trump, in an exclusive Oval Office interview with Bloomberg News, said he might pull the U.S. out of the World Trade Organization (WTO). Asia markets are set for a lower open as Wall Street ended its four-day winning streak, following a report that Trump voiced his support for moving forward with additional tariffs on $200 billion in Chinese goods.

Argentina’s currency crisis intensified on Thursday as the peso plunged 12 percent in a rout that only accelerated after the central bank tried to shore up confidence with an emergency increase in interest rates, to a global high of 60 percent.


ayondo Ltd – The alternative asset management platform

Recommendation: BUY (Initiation), Last Done Price: S$0.088

Target Price: S$0.22, Analyst: Phillip Research Team

– Net revenue and active clients rose 26% and 24% YoY respectively in 1H18

– A platform business with superior economics through the network effect.

– Social trading is an emerging portfolio advisor and manager with higher
transparency, better customer experience and accessibility to the masses.

– Initiate with a BUY and target px of S$0.22. This is based on 6x price/sales of


President Donald Trump wants to move ahead with a plan to impose tariffs on US$200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter.

Developer sentiment has dampened significantly following the government’s announcement of new cooling measures, according to a survey conducted by the National University of Singapore (NUS) and the Real Estate Developers’ Association of Singapore (REDAS).

Singapore Exchange Limited (SGX) announced it has increased its investment in wholly-owned subsidiary, Asian Gateway Investments (AGI), by S$73.7 million, via the issue and allotment of 73.7 million ordinary shares of S$1 each.

Primepartners Corporate Finance, the independent financial adviser (IFA) to the recommending directors of Wheelock Properties (Singapore), has clarified its advice on the offer to take the company private as fair and reasonable.

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

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