Daily Morning Note – 9 April 2018


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Technical Analysis: Technical Pulse – The Phillip 20 Portfolio – March Monthly Review
– New Entries: Genting Sing, KrisEnergy and UOL
– Stop loss: F&N and Wing Tai
– Total return since May 17 to March 18 is +3.23%
– Weekly hammer rejection off the 3,354 to 3,340 support area on the week
ended 06/04/18 suggests the resumption of the uptrend next


Genting Sing Ltd – Weekly timeframe – Bullish
– A strong hammer was formed on the week ended 06/04/18 with increasing
volume suggests a reversal higher next.
– Expect the long-term uptrend to resume next for price to test the 1.19
resistance area followed by 1.27.

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


Australian Prime Minister Malcolm Turnbull’s coalition government on Monday lost a 30th straight major opinion poll, a symbolic defeat that intensifies pressure on him after he used the same milestone to oust his predecessor. The latest widely watched Newspoll, published in The Australian newspaper, showed the Liberal-National coalition trailing the opposition Labor Party 52-48 on a two-party preferred basis, a margin that would deliver Turnbull an election defeat.

Britain’s Brexit transition deal last month has boosted confidence among finance chiefs at some of the country’s leading companies, a survey published on Monday showed. Accountancy firm Deloitte said 27 per cent of chief financial officers (CFOs) it interviewed after the deal was struck were more optimistic than three months earlier. That compared with 18 per cent of CFOs who were more optimistic before the deal was struck.

Tokyo stocks opened flat on Monday, as the yen eased modestly against the US dollar, with investor sentiment hurt by falls on Wall Street on worsening trade war fears. The benchmark Nikkei 225 index edged down 0.02 per cent, or 4.08 points, to 21,563.44 in early trade, while the broader Topix index was down 0.06 per cent, or 1.07 points, at 1,718.23.

President Donald Trump predicted China will be first to buckle as the world’s largest economies teeter on the brink of a trade war that’s sent financial markets reeling, without indicating where his assessment sprang from. “China will take down its Trade Barriers because it is the right thing to do,” Trump told his 50 million Twitter followers early Sunday. “Taxes will become reciprocal & a deal will be made on Intellectual Property.” He also said that no matter what happens, “President Xi and I will always be friends,” referring to Chinese President Xi Jinping

SINGAPORE and China signed a Memorandum of Understanding (MOU) in Beijing on Sunday to promote greater collaboration between Singapore and Chinese companies in third-party markets along the Belt and Road. The Belt and Road Initiative (BRI) is a mega project initiated by China to connect countries across Europe, Africa and Asia together via ancient land and sea trade routes.

A BUYOUT bid of mainboard-listed LTC Corporation has been declared unconditional, after regulators green-lit lowering the acceptance threshold from 90 per cent of all shares to 50 per cent, the company said on Monday morning. As at April 6, shares validly tendered in acceptance of the offer amounted to a combined interest of 84.21 per cent – satisfying the reduced acceptance condition that was approved by the Securities Industry Council.

SHANGHAI RST Chinese Medicine Co (Renshoutang), which is 49.9 per cent owned by Perennial Real Estate Holdings, was awarded the contract to operate an integrated eldercare, medical care and rehabilitation care facility in Fengxian District, Shanghai. Expected to open in Q3 2018, the 768-bed Fengxian Second Welfare Home is expected to be the first and largest facility of its kind in Shanghai’s Fengxian District.

Source: SGX Masnet, The Business Times, Reuters, CNBC, Bloomberg, 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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