Daily Morning Note – 6 Sep 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
PHILLIP SUMMARY
Stocks in Asia looked set for gains after a strong session on Wall Street as a slew of data bolstered confidence in the American economy, and treasuries tumbled. Futures ticked higher in Japan, Hong Kong and Australia, while the S&P 500 advanced over 1% as trade hostilities appeared to ease between the U.S. and China. Strong private payrolls data and a better-than-expected reading on the services sector tamped down recession angst, while yields on Treasuries jumped amid a deluge of investment-grade corporate supply. News, too, that top Chinese and American officials agreed to restart talks aimed at ending the trade war is helping boost sentiment, and adds to a renewed appetite for risk assets that took hold earlier in the week. After the strong U.S. economic data, focus is now likely to shift to remarks from Federal Reserve Chairman Jerome Powell and the latest jobs report, both due Friday.
BREAKING NEWS
Discount brokerage company Charles Schwab Corp said on Thursday (Sept 5) it will close its Singapore office, less than two years after opening it.”Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients,” it said in a statement.
Voluntary conditional cash offer has been made for San Teh Ltd at $0.28 per share in cash. The offer is by the Kao family.
MAPLETREE Commercial Trust (MCT) will join the benchmark Straits Times Index (STI) with effect from Sept 23, replacing Hutchison Port Holdings Trust (HPHT).
EMS Energy Limited will be delisted from the Singapore Exchange with effect from 9 am on Oct 4, 2019, after it failed to submit a resumption proposal by the Exchange’s deadline and did not get approval for a deadline extension.
KEPPEL-KBS US Reit has changed its name to Keppel Pacific Oak US Reit, effective Sept 5.
A SUBSIDIARY of Fortress Minerals Limited, an iron ore concentrate producer, has been served a writ of summons dated Aug 21, 2019, from the Kuala Terengganu Session Court in Malaysia.
DBS Bank Ltd, acting through its Australia branch, has priced a three-year medium-term note issue, offering A$700 million (S$660.7 million) of senior unsecured floating rate notes due Sept 13, 2022.
CAPITALAND business unit The Ascott has opened lyf Funan Singapore – its first co-living property spanning around 121,000 square feet (sq ft) in gross floor area.The nine-storey lyf Funan property comprises 412 rooms across 279 apartments.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
ComfortDelGro Corp Ltd
Recommended Action: Technical BUY
ComfortDelGro (SGX: C52) bullish trend is still healthy although there has been a bearish correction since July 2019. Based on the technicals, the continuation of the bullish trend will stage a strong upward move
RESEARCH REPORTS
Clearbridge Health Limited – EBITDA-focused expansions
Recommendation: BUY (Maintained), Last Close Price: S$0.142
Target Price: S$0.26 (prev TP: S$0.28), Analyst: Phillip Research Team
– 1H19 revenue made up 23% of our full-year estimates.
– Healthcare system revenue surged 407% YoY due to higher revenue contribution from TMJ (acquired Apr’18) and IGM (acquired May’19).
– Medical centre revenue grew 26% YoY as the Group expanded its Philippines, Hong Kong and Malaysia businesses.
– Loss attributable to shareholders rose by S$1.3mn QoQ, dampened by a S$1.16mn rise in operating expenses, of which S$1.11mn is non-recurring.
– Maintain BUY with a lower TP of S$0.26 (prev TP: S$0.28). The lower target price is due to the increase in number of shares after the recent share placement.
Webinar Of The Week
Market Outlook: : Market Outlook: (PSR) Overseas-Chinese Banking Corp Limited (OCBC), Phillip Singapore Weekly & Technical Analysis
Date: 03 September 2019
Phillip Research in 3 minutes: #13 – Real Estate Agencies Sector
Updates summarised in 3 minutes
For more videos on Phillip in 3 Mins
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
| Disclaimer |
| The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials. |
| Confidentiality Note |
| This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation. |
