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Author: traderhub8   |   Latest post: Thu, 16 Jan 2020, 8:53 AM


Phillip Capital Morning Note - 16 Jan 2020

Author: traderhub8   |  Publish date: Thu, 16 Jan 2020, 8:53 AM

The Dow and S&P 500 edged to records on Wednesday following a volatile session marked the signing of the long-awaited US-China trade agreement. The Dow Jones Industrial Average gained 0.3 per cent to finish at 29,030.22, and the broad-based S&P 500 added 0.2 per cent to 3,289.29. Meanwhile, the tech-rich Nasdaq Composite Index climbed 0.1 per cent to end at 9.258.70.

Analysts said the choppy trading session reflected worries about lofty US stock valuations following the market's surge since the fall. Goldman Sachs Group's comeback quarter for trading was marred by a US$1.09 billion legal charge as the firm gets closer to a settlement of the 1MDB scandal.

Distressed construction firm Swee Hong has entered an agreement to raise S$4 million in gross proceeds via a private placement to CIIC Group, a company solely owned by Swee Hong's executive director Tian Yuan.

Troubled  liftboat operator Ezion has inked a memorandum of agreement to sell its Teras Genesis vessel to Singapore-based Astro Offshore for US$2.25 million in cash.

China Everbright Water plans to issue three billion yuan (S$586 million) worth of medium-term notes (MTNs) to institutional investors in China's inter-bank bond market, the company announced in a bourse filing on Wednesday.

Frasers Commercial Trust (FCOT) on Wednesday declared a distribution per unit (DPU) of 2.4 Singapore cents for the first quarter ended December, unchanged from a year ago.

Distressed  water treatment firm Hyflux has applied to the Singapore High Court for a three-month extension of its debt moratorium and to hold scheme meetings, the company announced in a bourse filing on Wednesday.

Guo  Yun, an executive director of China Haida, resigned from the Mainboard-listed company on Wednesday, citing health issues. Appointed in 2004, he owns 5.67 per cent of the company, according to its latest annual report. He was responsible for all of its legal and financial matters, investor relations and expansion plans.

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

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Phillip Capital Morning Note - 15 Jan 2020

Author: traderhub8   |  Publish date: Wed, 15 Jan 2020, 9:06 AM

Stocks were bruised by an early afternoon Bloomberg News report that said the United States could maintain tariffs on more than US$300 billion in Chinese goods past November 2020.

The report came a day before US and Chinese representatives are set to sign a partial trade deal in which the Washington agreed not to impose additional tariffs and to reduce tariffs on about US$120 billion of goods.

The Dow Jones Industrial Average ended up 0.1 per cent at 28,939.67. The broad-based S&P 500 dipped 0.2 per cent to 3,283.15, while the tech-rich Nasdaq Composite Index also shed 0.2 per cent to 9,251.33. Both the S&P 500 and Nasdaq had finished at all-time highs on Monday, the latest records in a run boosted by improved US-China trade relations, central bank easing and solid US economic data. Some investors have been expecting a pullback following the surge in recent weeks that have left the market in what analysts have called an "overbought" condition.

China has pledged to buy almost US$80 billion of additional manufactured goods from the United States over the next two years as part of a trade war truce, according to a source, though some US trade experts call it an unrealistic target.

US banking giants JPMorgan Chase and Citigroup posted strong profits on Tuesday, while Wells Fargo suffered another earnings stumble and signaled cost-cutting is ahead.

Wall Street stocks finished a choppy session mostly lower Tuesday as earnings season opened with mixed banking results ahead of a US-China trade agreement.

OUE on Tuesday said it has pared its stake in associated company and Hong Kong-listed real estate developer Gemdale Properties and Investment Corporation from 27.8 per cent to 23.8 per cent, after selling about 635.5 million shares of par value HK$0.10 each at HK$0.91 apiece.

Ailing offshore services provider Emas Offshore on Tuesday said that the Court has granted the judicial managers' (JMs) extension application for the validity of the judicial management order to be lengthened by six months from Apr 20, 2020 until Oct 20.

Miyoshi on Tuesday posted a net loss of S$314,000 for its first quarter ended Nov 30, compared to a net profit of S$4.3 million a year ago.

Aerospace component maker JEP Holdings on Tuesday said its wholly-owned unit, JEP Industrades, has been served a writ of summons and a statement of claim by Korea-domiciled plaintiff, YG-1 Co, in the High Court of Singapore.

Catalist-listed coal-mining firm BlackGold Natural Resources on Tuesday said its "unusual price and volume movements" might have been due to the fact that the company is actively exploring potential corporate fundraising exercises to improve its operations capability.

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

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Phillip Capital Morning Note - 13 Jan 2020

Author: traderhub8   |  Publish date: Mon, 13 Jan 2020, 9:17 AM

Rising U.S.-Iran tensions quickly went from an incendiary issue to a nonissue for global markets this past week. Both sides seemed eager to step back from further violent escalation, despite plenty of opportunity to do so.

The tensions peaked on Tuesday night after Iran sent a barrage of missiles at two bases housing U.S. forces in Iraq. S&P 500 index futures dropped as much as 1.6% within minutes. But as details of the attack emerged and it became clear that there had been no casualties, futures rebounded just as fast. They opened up slightly on Wednesday.

Renewable Energy Asia (REA) Group said on Saturday in a regulatory update that it will be delisted from the Singapore Exchange (SGX) ‪on Feb 7 at 9am.

The Singapore Exchange (SGX) will suspend trading of shares in catalist-listed Citic Envirotech ‪from 9am on Jan 13, after the company's free float fell under the 10 per cent mark ‪on Friday 5.30pm, it announced in a bourse filing on Saturday.

Catalist-listed Sen Yue has revenue in the hundreds of millions but currently suffers from low margins for its commodities trading business. This has resulted in either minimal profits or losses for the Group over the years.

Heliconia-backed Rigel Technology eyes expansion, dismisses listing talk

Finance company Singapura Finance and homegrown digital payments startup MatchMove Pay are believed to have joined forces in hopes of landing a digital bank licence in Singapore.

United Overseas Bank (UOB) has projected a S$10 billion market opportunity in Asean, with the 84-year-old Singapore bank going on the offensive to take a chunk of it through its standalone digital bank for millennials.

China's commitments in the Phase 1 trade deal with the United States were not changed during a lengthy translation process and will be released this week as the document is signed in Washington, US Treasury Secretary Steven Mnuchin said on Sunday.

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

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Phillip Capital Morning Note - 10 Jan 2020

Author: traderhub8   |  Publish date: Fri, 10 Jan 2020, 9:09 AM

Stocks in Asia are set for a mixed start as investors monitor an easing of geopolitical tension and await the latest reading on the U.S. labor market. U.S. equities earlier rose to all-time highs, futures edged up in Japan and Australia, while Hong Kong contracts dipped. The S&P 500 Index climbed to a fresh record Thursday and the yen dropped to a two-week low versus the dollar as tension in the Middle East ebbed.

The greenback gained against major currencies for a third straight day after jobless claims fell by more than expected, adding to signs of economic strength ahead of the U.S. payrolls report Friday. Ten-year Treasury yields declined following a government auction. Elsewhere, oil traded close to the lowest level since mid-December amid the receding concerns about U.S.-Iran conflict and gold edged lower.

SGX drops quarterly reporting, strengthens continuous disclosures - compliance costs, short-term bias among main factors behind decision. This comes as the regulator strengthens continuous disclosure requirements for all listed companies.

DESPITE a rise in gross profit, mainboard-listed developer TEE Land saw its net loss attributable to owners widen to S$6.97 million for the second quarter ended Nov 30, from a restated loss of S$2.04 million for the year-ago period, according to results released on Thursday. This was due mainly to the additional buyer's stamp duty payable for a development project, as the project did not meet the required timeline for completion, as well as the fair-value loss of TEE Building.

Top bid for Irwell Bank Rd plot below expectations. CDL's bid of S$1,515.10 psf ppr is below the S$1,600-S$1,800 range projected; Wee Hur's top bid for plot near Bartley station is at the lower end of expectations

THIS year's maiden state land tender for two 99-year leasehold private housing sites appear to reflect developers' still-healthy appetite for land, despite the substantial launch pipeline.

Frasers Property raises stake in co-working startup JustCo. FRASERS Property, through its wholly-owned subsidiary, has bought additional shares in JustCo Holdings for US$12.4 million, the developer said in a filing on Wednesday night.

Singtel’s associate Bharti Airtel has proposed to raise up to US$3 billion in a mega debt-equity exercise ahead of its deadline to pay a hefty fine. The Indian associate telco of mainboard-listed Singtel is looking to issue shares worth US$2 billion via a qualified institutional placement with a floor price of 452.09 rupees per share, according to Singtel's bourse filing on Thursday.

World Bank trims 2020 growth forecast to 2.5%. The World Bank on Wednesday trimmed its global growth forecasts for last year and this year due to a slower-than-expected recovery in trade and investment, despite cooler trade tensions between the United States and China.

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

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Phillip Capital Morning Note - 9 Jan 2020

Author: traderhub8   |  Publish date: Thu, 9 Jan 2020, 9:33 AM

President Donald Trump backed away from the precipice of war with Iran after the Islamic Republic attacked U.S. bases in Iraq with a barrage of missiles the Pentagon believes was intended to cause no casualties. In televised remarks to the nation on Wednesday, Trump defended the U.S. strike on a top Iranian general that touched off the missile barrage and said he would impose new sanctions on Tehran. But he also offered the country’s regime a diplomatic opening. Any new nuclear deal, he said, must allow “Iran to thrive and prosper, and take advantage of its enormous untapped potential. Iran can be a great country.”

Oil slumped below $60 a barrel and gold fell. The Nasdaq surged to a fresh record on Wednesday, as the major US indices all rose amid diminished anxiety over the US-Iran conflict in the wake of an attack on American troops. The tech-rich Nasdaq Composite Index finished up 0.7 per cent at 9,129.24, eclipsing a January 2 record by almost 40 points. Asian equities are primed to follow those moves higher when Thursday trading begins.

ELITE Commercial Real Estate Investment Trust (Reit) plans to lodge its listing prospectus next week before the Chinese New Year break. If successful, it will be the first initial public offering (IPO) of 2020, and the first Reit denominated in British pound to be listed in Singapore. The Edge Singapore first reported on Tuesday that its initial yield is likely to be between 6 per cent and 7 per cent. The portfolio - valued at around £320 million (S$567 million) - comprises 97 freehold properties, all of which are in the United Kingdom.

Mainboard-listed Koon Holdings and its subsidiary Koon Construction & Transport (KCT) will convene meetings next month for their schemes of arrangement as part of the group’s debt restructuring exercise. Creditors will vote on the proposed schemes of Koon Holdings and KCT at 2pm and 4pm.

Apartments at The Avenir in District 9's River Valley area, jointly developed by Hong Leong Holdings Limited, mainboard-listed GuocoLand and Hong Realty (Private) Limited, will be available for sale to the public on Jan 11. Early-bird prices for the 376-unit freehold condominium start from S$2,930 per square foot (psf) for one- to three-bedroom units, and from S$3,030 psf for four-bedroom units including those with a family room.

Singtel’s wholly-owned subsidiary Optus on Tuesday said it does not expect the financial impact of the Australian bushfires to be material at this time.

A JOINT venture (JV) of Catalist-listed LHN will acquire a JTC industrial property located at 202 Kallang Bahru for some S$17 million plus goods and services tax from Ascendas Real Estate Investment Trust (Ascendas Reit).

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

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Phillip Capital Morning Note - 8 Jan 2020

Author: traderhub8   |  Publish date: Wed, 8 Jan 2020, 12:57 PM

China’s foreign exchange (forex) reserves rose more than expected in December as the yuan rebounded after Washington and Beijing reached a partial trade deal.

The proposed sale of shares in TEE International by controlling shareholder Phua Chian Kin "is still pending completion amidst ongoing discussions between Mr Phua and the buyer", said the mainboard-listed firm on Tuesday night.

Ongoing bushfires in Australia have not affected the properties of QAF's pork production business Rivalea Australia, nor materially affected its operations to date, the mainboard-listed food company said on Tuesday after market close.

Astaka Holdings is the latest among Singapore-listed property developers with projects in Johor to get flagged by its auditors regarding going concern matters.

Catalist-listed ISEC Healthcare is looking to buy Indah Specialist Eye Centre in Johor Bahru, Malaysia for some RM37.4 million (S$12.3 million).

The Singapore Exchange's regulatory arm, SGX RegCo, is urging investors and potential investors to exercise caution when dealing in shares of mainboard-listed China Haida, and is reviewing recent trades in the watchlisted firm's shares, it said in an announcement on Tuesday evening.

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

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