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Author: traderhub8   |   Latest post: Fri, 16 Aug 2019, 3:29 PM


Phillip Capital Morning Note - 29 Jul 2019

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DBS Q2 profit jumps 17% to $1.6b, beating market estimates. The first Singapore bank to kick off the sector's results, maintained its mid-single-digit per cent loan growth forecast for the full year. The bank's net interest income rose by 9 per cent in the latest quarter as loans grew 5 per cent in constant-currency terms and net interest margin, a key gauge of profitability, improved six basis points to 1.91 per cent.

Temasek Holdings unit Heliconia Capital is investing S$5 million in Catalist-listed HC Surgical Specialists to support the medical services group's regional expansion.Under a July 26 investment agreement, Heliconia will invest S$5 million via a three-year bond that's convertible at its option into ordinary shares in HC Surgical. Heliconia will also receive a three-year option to subscribe for up to S$5 million of new ordinary shares in the firm.

iFast Corporation on July 27 reported net profit of S$2.45 million for the second quarter ended June 30, 2019, down 16.5 per cent from S$2.94 million in the year-ago period. iFast said the fall in net profit. Revenue dipped 0.9 per cent to S$30.6 million from S$30.9 million in the year-ago period. iFast attributed this to lower front-end commission income, as customers' investment subscription in unit trusts fell amid weak investor sentiment.

The Fed is expected to cut interest rates for the first time in more than a decade Wednesday, a pre-emptive move as concerns rise about the impact of the trade wars and a slowing global economy. Friday’s July jobs report should show that the U.S. economy is still strong, with 170,000 nonfarm payrolls being added and an extremely low unemployment rate of 3.7%, according to Refinitiv.

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

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