Daily Morning Note – 5 April 2018


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Ezion Holdings Limited– Given six years breathing room
Analyst: Chen Guangzhi
– Ezion has resolved the restructuring and refinancing plans involving all the
– On full conversion of various instruments, share capital will rise to 6,583mn
shares (currently: 2,074mn).
– Bulk of instruments conversion/exercise price per share is S$0.2487 (early
exercise) or S$0.2763.
– Created 6 years runway for Ezion to refocus on improving business operation
and relieving the debt burden.
– It is expected to resume trading on 16-Apr.


Straits Times Index – Daily timeframe – Bearish
– The 3354 – 3341 support area needs to hold for the long-term uptrend to stay
– On the other hand, if the selloff continues and breaks below the 3354 – 3431
support area, a deeper correction might happen with sellers targeting the 3275
support area followed by 3195.

For more information and additional disclosures, refer to the link here.


China hit back quickly on Wednesday against U.S. plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals in a move that sent global markets reeling.

New orders for US-made goods rebounded in February, boosted by strong demand for transportation equipment and a range of other products, pointing to a strengthening manufacturing sector. Factory goods orders increased 1.2per cent, nearly unwinding January’s revised 1.3 per cent decline, the Commerce Department said on Tuesday.

Vard Holdings Limited, one of the major global designers and shipbuilders of specialized vessels, has signed a Letter of Intent for the design and construction of two cruise vessels for Viking.

Perennial Real Estate Holdings Limited has formed a joint venture with Qingjian Group to jointly develop a freehold residential site with a land area of about 360,130 square feet at No. 32 to 46, Toh Tuck Road, Singapore (former Goodluck Garden freehold residential site).

Singapore Myanmar Investco Limited has formed a Joint Venture with Pinnacle Myanmar Pte. Ltd. to incorporate and operate a Singapore company for the purpose of carrying on the Business of “Jones the Grocer”, a restaurant and food retailing concept.

GS Holdings Limited announced that its independent auditor, Baker Tilly TFW LLP has included a Material Uncertainty Related to Going Concern section in their report on the audited financial statements of the Group and Company for the financial year ended 31 December 2017. The opinion of the Independent Auditor is not modified in respect of this matter.
Notwithstanding the above and barring any unforeseen circumstances, the Board is of the opinion that the Group will continue as a going concern.

Compact Metal Industries Ltd will be removed from the Watch-List (Financial Criteria) with effect from 5 April 2018.

Source: SGX Masnet, Reuters, Phillip Securities Research

Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

Read the research report(s), available through the link(s) above, for complete information including important disclosures

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