Daily Morning Note – 9 July 2019

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YOUR PHILLIP SUMMARY

Stocks fell on Monday as losses in Apple shares pressured the broader tech sector. Investors also braced for key testimony from the top Federal Reserve official later this week.

Gold prices edged lower on Monday as increasing expectations that the U.S. Federal Reserve will not aggressively cut interest rates later this month boosted the dollar, making gold expensive for holders of other currencies.

Source: CNBC

TECHNICAL PULSE

Hi-P Pte Ltd

Recommended Action: Technical BUY at Dip

Although Hi-P is facing a huge bearish sentiment, the stock still has some potential to grow stronger in the future.



RESEARCH REPORT

Health Management International – Fair Offer

Recommendation: Accept the Offer, Analyst: Tin Min Ying

– HMI on Friday announced a joint bid with PanAsia Health Limited to
privatise HMI by way of a scheme of arrangement that entitles each HMI
shareholder to receive for each HMI share either S$0.73 in cash, or one
new ordinary share at the same price in PanAsia Health.

– The cash offer represents a premium of 29.7%, 27.4% and 24.8% over the
six-month, three-month and one-month VWAP respectively.


BREAKING NEWS

Deutsche Bank‘s mass restructure will see 18,000 jobs cut by 2022 and the closure of its global equities sales and trading business in a bid to improve profitability. Deutsche Bank shares plummeted on Monday, falling as much as 7.3%.

US President Donald Trump launched an extraordinary attack on Monday on outgoing British premier Theresa May, following the leak of diplomatic cables highly critical of his presidency.

Airbus SE and Boeing Co may pull out of a bidding process to supply Canada with new fighter jets because they say the contest is unfairly tilted toward Lockheed Martin Corp, two sources with direct knowledge of the situation said on Monday.

A new Bill tabled in Parliament on Monday is seeking to regulate the private-hire car industry in Singapore, proposing to issue two operating licences – one for street-hail services and another for ride-hail services.

CapitaLand has signed loans with Credit Agricole Corporate & Investment Bank, Natixis Bank and Societe Generale to raise S$300m in sustainability-linked loans, co. says in an exchange filing.

Frasers Property will form a new business unit that will combine its industrial and logistics operations in Australia and Europe, representing S$5.4 billion in assets under management.

Sembcorp Marine said that it has lodged a report with the Commercial Affairs Department of the Singapore Police Force, after revealing last week that its yard in the south-eastern state of Brazil was raided and the facility’s former president was involved in a corruption probe.

United Tec Construction, which is 60 per cent owned by mainboard-listed construction firm Lian Beng Group, has secured a S$234.7 million contract to build a fresh food distribution centre for NTUC Fairprice.

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

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 Important Information





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IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com