Opportunities
China Cosco (1919.HK) expects first-half loss to narrow on asset sales.
Comments: I see this as an indicator that the shipping/ship-building industry bottoming for the longer run. China Cosco is the parent of Cosco (F83, $0.755) listed in Singapore. Looking at Yangzijiang (BS6,$0.930) on dips for a longer-term position.
Mapletree Greater China Commercial Trust (RW0U, $0.945) posted available distribution per unit of 1.73c beating its forecast of 1.6c by 8.3%.
Comments: This is for keeps if anyone is interested.
Yoma (Z59, $0.865) disappoints as Q1 profit tumbles 81%.
Comments: Chart shows a downtrend at the moment. $0.005 dividend that XD on 01 Aug may not be much of a support.
Commentary
As we have suspected yesterday, BNY’s report today states that US stocks are net bought by US investors and net sold by foreign investors. It mentions “home bias”. “Home bias” is strongest during periods of risk aversion and heightened uncertainty.
Reiterating here that, Japan and South Korea remain the stronger net bough stock markets in the region supported by currency flows. SGD reversal to being net sold present risk that Singapore stocks (especially blue-chips) are at risk of correcting in the coming weeks.
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