Daily Morning Note – 8 Oct 2019



Asia markets looked set to gain on Tuesday ahead of high-level trade talks between US and China, with Nikkei futures pointing to a higher open in Japan while Chinese markets are due to re-open following a week-long public holiday.

US stocks fell slightly on Monday as investors looked ahead to U.S.-China trade talks, which are set to begin later this week.

Gold prices inched lower on Monday, but held a tight range around the $1,500 level as investors took a cautious approach ahead of the U.S. Federal Reserve minutes and trade talks between Washington and Beijing this week.

Oil prices ended the day little changed on Monday as U.S.-China trade talks loomed.

Source: CNBC


THE Singapore Exchange has queried Catalist-listed GCCP Resources on why it only announced the resignation of its independent director Teng Chang Yeow on the same day as his last day of service, Oct 1.

Parkson l Retail Asia’s independent auditor has raised a “material uncertainty” about the department store operator’s ability to remain as a going concern, the company announced on Monday.

SOUTH-EAST Asian real estate portal PropertyGuru, which counts buyout firms TPG Capital and KKR among its backers, is seeking to list on the Australian Securities Exchange (ASX).

OXLEY Holdings has acquired a remaining 60 per cent interest in property firm Pindan Group for zero consideration, it said on Monday.

President Donald Trump said on Monday he would prefer to strike a comprehensive trade bargain with China, in comments days before top US and Chinese officials are due to resume trade talks in Washington.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR


Nvidia Corp

Recommended Action: Technical SELL

Nvidia Corp (US: NVDA) technicals suggest the stock will enter into a bearish correction despite a rising channel trend.

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First REIT – Good quality assets – but requires Sponsor’s support

Recommendation: Site Visit Note (Not Rated), Last Done: S$1.01

Target Price: N A., Analyst: Natalie Ong

– Portfolio underpinned by tertiary care hospitals which have better revenue intensity and margins compared to primary and secondary care hospital

– Main overhang on the share price remains the renewal of the master lease with LPKR

– FIRT’s dividend yield and P/NAV is currently at the +1 standard deviation (s.d.) and -1 s.d. level respectively.

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Market Outlook: : (PSR) Singapore Exchange Limited, Singapore Banking Monthly, First REIT, US Weekly, Technical Analysis & Singapore weekly

Date: 07 October 2019

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Phillip Research in 3 minutes: #14- Singapore Banking Sector

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