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Author: traderhub8   |   Latest post: Thu, 21 Jan 2021, 9:21 AM


Phillip Capital Morning Note - 27 Nov 2020

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Asian equities were poised for a cautious end to the week as investors assessed valuations following the rapid rise in global stocks this month and the enduring pandemic in parts of Europe and the U.S. Oil retreated amid rising tensions with OPEC+ members. Australian shares began Friday with declines and futures slipped in Japan and Hong Kong, indicating the MSCI Asia Pacific Index will claw back some of this month’s 12% surge. S&P 500 contracts edged lower. Earlier, the spreading pandemic tempered gains in European stocks, while U.S. markets were closed. Bitcoin steadied after sliding almost 10% on Thursday.

CHINA-BASED property developer Sincere Property Group on Thursday posted 150 million yuan (S$30.6 million) in sales for the first day of its third phase launch of its TianFengHe Mansion project in Chengdu, Sichuan province in China. Singapore property developer City Developments Limited (CDL) acquired a 51 per cent stake in Sincere Property for 4.39 billion yuan in April this year.

COFFEE shop operator Kimly has posted a 25.8 per cent rise in net profit to S$25.2 million for the year ended Sept 30, 2020. Revenue was up 1.2 per cent to S$210.8 million, mainly on the back of an increase in food delivery sales. This was a result of the group's stronger online food-delivery presence and increased marketing efforts during the financial year.

REAL estate firm Far East Orchard has acquired its third purpose-built student accommodation (PBSA) property in Bristol for £39.3 million (S$70.5 million). The freehold property, Kings Square Studio, has a total of 301 beds, the majority of them being studios. It is operating at near full occupancy for the current academic year 2020/21. The group said the acquisition is in line with its strategy of building a lodging platform and brings its total portfolio to 3,561 beds across 12 properties in the UK.

A SUBSIDIARY of Keppel Offshore & Marine (Keppel O&M) has secured a S$100 million contract from a repeat customer for fabrication and integration work on a floating production storage and offloading vessel (FPSO). The work is scheduled for delivery in the fourth quarter of 2022. The scope of work for Keppel Shipyard, the wholly owned subsidiary, includes the fabrication, installation and integration of topside modules, riser balconies and spread-mooring support structures; the contract also includes supporting the customer on pre-commissioning and commissioning work.

Walt Disney said on Wednesday it would layoff 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September as the company struggles with limited customers due to the coronavirus pandemic. The layoffs will be in the first half of 2021, the company said in a filing with the Securities and Exchange Commission.

Foxconn is moving some iPad and MacBook assembly to Vietnam from China at the request of Apple, said a person with knowledge of the plan, as the US firm diversifies production to minimise the impact of a Sino-US trade war. The development comes as the outgoing administration of US President Donald Trump encourages US firms to shift production out of China. During Mr Trump's tenure, the United States has targeted made-in-China electronics for higher import tariffs, and restricted supplies of components produced using US technology to Chinese firms it deems a national security risk.

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

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