Daily Morning Note – 9 Oct 2020
U.S. equity futures opened higher after the White House appeared to shift tack and signaled the Trump administration is again leaning toward a large-scale stimulus bill. Crude oil surged ahead of a storm. S&P 500 contracts were about 0.4% higher following news that Treasury Secretary Steven Mnuchin told Nancy Pelosi that President Donald Trump wants agreement on a comprehensive aid package. Australian shares opened modestly higher, while futures were little changed in Japan, and rose in Hong Kong. All eyes will be on the reopening of Chinese markets Friday after a week-long holiday.
GS Holdings announced on Thursday that its indirect wholly-owned subsidiary, Hao Kou Wei, has entered into a joint venture (JV) agreement with an individual, Xing Zhiyuan, to expand its businesses in the food and beverage (F&B) industry. The JV company has an existing issued and paid-up share capital of S$20,000, comprising 20,000 ordinary shares.
HC Surgical Specialists announced on Thursday that it has entered into a framework agreement with Prudential Assurance Company to provide “high-quality and cost-efficient health services” for certain eligible insured customers. Further details on the benefits available to these customers of Prudential will be announced in due course, said the Catalist-listed firm in a bourse filing. The agreement takes effect on Oct 8 and will last for at least two years.
PROPERTY developer Rich Capital Holdings on Thursday said PrimePartners Corporate Finance will no longer be its continuing sponsor from Nov 1. In a bourse filing, the Catalist-listed company said the decision was made “after deliberations and for commercial reasons”. It had on Oct 1 issued a written notice to terminate the agreement with PrimePartners. Rich Capital added that it has commenced the process of selecting a new continuing sponsor and will provide an update to shareholders when one is engaged.
SINGAPORE Telecommunications (Singtel) has deployed Singapore’s first 5G standalone trial network at its testing facility. The network offers enterprises early access to 5G to develop and trial 5G solutions, the telco said in a press statement on Thursday. It uses 3.5 gigahertz spectrum and Ericsson’s advanced Massive MIMO (multiple-input multiple-output) technology to deliver ultra-fast speeds and low latency or response times.
CATALIST-LISTED investment firm Pine Capital has reached a settlement with its subsidiary, Advance Capital Partners Asset Management (ACPAM), and former interim chief executive and chairman Tan Choon Wee in relation to “outstanding obligations” from the previous settlement agreement. Mr Tan had sued the group last year, saying that ACPAM’s affairs had been conducted in a manner prejudicial to him. The group had, in April last year, called for an extraordinary general meeting to propose his removal from the board of ACPAM – when he was its sitting chief executive and director.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Netflix Inc – Standing firm against competition
Analyst: Yeap Jun Rong, Chua Wei Ren
– International expansion to boost subscriber base.
– Large pipelines of content to retain and drive subscriptions.
– A huge lead over subscription video on demand (SVoD).
– We have a TECHNICAL BUY rating for NFLX with buy limit at US$458.40.
You may read our Phillip 4Q20 Singapore Strategy report here.
HK Reports – Read up on our Hong Kong reports here
Webinar Of The Week
Date: 6 October 2020
Updates summarised in 3 minutes
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