Daily Morning Note – 9 July 2019

WEEKLY MARKET OUTLOOK WEBINAR

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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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