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Author: traderhub8   |   Latest post: Fri, 8 Nov 2019, 4:10 PM

 

Phillip Capital Morning Note - 2 Aug 2019

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President Donald Trump announced Thursday he will hit China with punitive tariffs on another US$300 billion in goods. The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on US$250 billion in imports already in place.

CapitaLand Retail China Trust, which is buying three shopping centres from CapitaLand, launched on Thursday the equity fundraising exercise for the purchase. The manager plans to raise gross proceeds of between S$273.4 million and S$279.4 million, in a private placement and a pro rata and non-renounceable preferential offering for unitholders.

Jardine hotelier Mandarin Oriental's profit plunged by 52 per cent year-on-year to US$10.7 million for the six months to June 30, as revenue fell by 8 per cent to US$641 million on the closure of the iconic The Excelsior in Hong Kong, and lower earnings from a Bangkok hotel shut in March for renovation.

BreadTalk Group's second-quarter net profit fell by 57.9 per cent to S$1.02 million for the three months to June 30, even as revenue rose by 9.8 per cent to S$163.3 million. Despite higher takings across the key bakery, food atrium, restaurant and "4orth" food concept businesses, the bottom line was done in by a jump in distribution and selling expenses.

Hi-P International's cost controls paid off in the second quarter, as earnings rose despite a decline in revenue. Net profit for the three months to June 30 was up by 16.9 per cent year-on-year to S$14.4 million.

Dairy Farm International rose 5.4 per cent to US$176.6 million for the half-year ended June 30, from a restated US$167.5 million a year ago. The accounts were restated due to changes in accounting policies.

Chip Eng Seng turned in a net profit of S$3.99 million for the three months to June 30, less than one-third of the S$12.2 million that it earned in the year-ago period. Group revenue fell by 7.2 per cent year-on-year to S$237.4 million, with hospitality the only division to post growth.

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

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