Daily Morning Note – 7 February 2020
WEEKLY MARKET OUTLOOK WEBINAR
Asian stocks were set for a mixed session Friday to cap off what’s been the best week in more than a year thanks to receding fears about the coronavirus.
Japanese futures and Australian stocks were little changed in early trading, while contracts on the S&P 500 were flat after that index climbed to a fresh record high. Treasury yields held recent gains, ahead of the key monthly U.S. payroll report. Strong corporate results have combined with confidence that the viral epidemic has been limited outside central China, even as the short-term economic damage keeps mounting. The yuan continued to trade on the strong side of 7 per dollar.
DON Agro International on Thursday announced it has launched its initial public offering (IPO), and is aiming to raise about S$5.1 million for its Catalist listing on the Singapore Exchange. The offering is by placement only – the Russia-based agricultural company is offering 23 million new placement shares priced at S$0.22 per share. Trading of its shares on Catalist is expected to commence on Feb 14.
FRASER & Neave (F&N) on Thursday saw first-quarter net profit rise 4.6 per cent to S$39.7 million on the back of higher revenue across all segments, but warned of continued competition as well as volatile material prices. Revenue for the quarter ended Dec 31, 2019 was up 8.8 per cent year-on-year to S$505.2 million, lifted by better showing in all segments including beverages, dairies, and printing and publishing.
Conglomerate Sembcorp Industries (SCI) has issued a profit guidance for its financial results for the fourth quarter ended last December and the fiscal year, flagging an impairment of S$245 million.
The Singapore bourse on Thursday saw its first main board debut of 2020, with Elite Commercial Reit opening at £0.705 – 3.7 per cent higher than the initial public offering (IPO) price of £0.68 or S$1.21 per unit.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Recommended Action: Technical Buy
Based on the technicals, we the stock to stage a bullish rebound.
Food Empire Holdings – Phố -bulous ice coffee in Vietnam
Recommendation: Non-rated, Last Done: S$0.700
Target Price: N.A , Analyst: Tan Jie Hui
– Strength in General Trade underpinned by dedicated sales and marketing team.
– Capitalises on festivities to create brand awareness.
– Automation eased packing bottleneck.
– Launched new products to compete and more in the pipeline.
Webinar Of The Week
Market Outlook: (PSR) Singapore Weekly & Technicals
Date: 20 January 2020
Phillip Research in 3 minutes: #17 – IREIT Global; Initiation
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