Market Snapshot
Singapore stocks mixed on Monday. STI flat, SIA rose 0.2%, Sats rose 0.4%, GuocoLand rose 0.7% while Keppel DC Reit fell 0.6%.
Stocks to Watch
Singapore Airlines (SIA)：The national carrier moved 28.2 per cent more passengers on a group level in February year-on-year (y-o-y), it said in its operating results on Friday. Passenger traffic for SIA was up 20.4 per cent y-o-y on a capacity increase of 20.7 per cent over the same period. Shares of SIA were down S$0.04 or 0.6 per cent at S$6.38, before the announcement.
Sats : The company on Saturday said it sold its ground handler unit Maytag Aircraft for an enterprise value of US$46 million. This followed its announcement on Friday about plans to acquire an air cargo handler and border inspection business in Sweden through its wholly owned subsidiary for 94 million Swedish kronor (S$12.2 million). The counter closed S$0.01 or 0.4 per cent lower at S$2.55, before its Friday announcement.
UOL Group and Singapore Land Group (SingLand)： Both developers on Sunday announced they sold 74 per cent of the 180 units at their jointly developed residential project, Watten House. The 133 units sold for an average of S$3,250 per square foot (psf). UOL shares ended Friday down 0.9 per cent or S$0.05 at S$5.65, while SingLand shares closed flat at S$1.80.
GuocoLand : The developer’s latest high-end residential project, Lentor Mansion, achieved 75 per cent sales over its launch weekend. Some 400 units were sold at the development ranging from S$2,104 psf to S$2,478 psf, GuocoLand said on Sunday. Shares of the group closed S$0.02 or 1.4 per cent down at S$1.43 on Friday.
Dasin Retail Trust : The trustee-manager of Dasin Retail Trust has taken legal action against its former chief executive officer Wang Qiu, and its creditor Zhang Guiming, following letters of demand from the two. It is also pursuing its own claims against Wang. Units of the trust closed flat at S$0.025 on Friday, before the news.
SG Local News
Singapore key exports surprise with 0.1% fall in February despite electronics growth
Singapore’s key exports slipped 0.1 per cent on year in February, dragged down by a decrease in the non-electronics sector, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Mar 18).
This was in contrast with the 4.7 per cent median growth forecast in Bloomberg’s poll of private-sector economists, and a reversal from the 16.7 per cent expansion charted in the previous month.
Non-electronics decreased while electronics grew.
New home sales dwindle in February 2024
Sales of new private homes dropped by 47% compared to January, with only 149 units sold, as per data from the Urban Redevelopment Authority. This is the lowest monthly sales since December 2023 and the lowest February sales since 2008.
The overall new home sales, including executive condominiums (ECs), witnessed a sharp decline of 68.9%, dropping from 588 units in January to 183 units in February 2024.
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