Market Snapshot
Singapore stocks opened lower on Tuesday. STI fell 0.1%, SIA. OCBC and UOB fell 0.3%, DBS fell 0.2%, Singtel rose 0.4%, Seatrium fell 1.1%, NIO rose 0.7%, iFast rose 1.1%.
Stocks to Watch
Wilmar International (F34): The agribusiness group on Monday reported a 22.6 per cent decrease in net profit to US$302.9 million for the first quarter ended Mar 31, from US$391.4 million in the corresponding year-ago period. Revenue in Q1 fell 7.3 per cent to US$15.7 billion, from US$16.9 billion in the year-ago quarter. The counter closed S$0.13 or 3.8 per cent lower at S$3.34, before the announcement.
Mapletree Logistics Trust (M44U) (MLT): MLT’s manager said on Monday that high interest costs and weak regional currencies weighed on its Q4 performance. The trust posted a 2.5 per cent decrease in distribution per unit to S$0.02211 for the fourth quarter ended Mar 31. Gross revenue for the quarter rose 1.2 per cent to S$181 million, while net property income (NPI) was up 0.6 per cent at S$155.3 million. Units of MLT ended S$0.01 or 0.7 per cent lower at S$1.34, before the results.
Far East Hospitality Trust (Q5T) (FEHT): The stapled hospitality group’s NPI rose 6 per cent year on year to S$25.1 million for the first quarter ended March. Gross revenue grew 7.5 per cent to S$27.1 million as contributions from the hotels and commercial premises segments “continued to grow strongly”, said its managers on Tuesday. Stapled securities of FEHT ended Monday S$0.005 or 0.8 per cent up at S$0.615.
CDL Hospitality Trusts (J85) (CDLHT): The managers announced on Tuesday that CDLHT experienced revenue growth per available room across all geographical markets for Q1, mainly driven by increased occupancies. The trust’s NPI for the quarter rose 6.8 per cent to S$34.9 million on the year, on the back of 7.3 per cent higher gross revenue. The counter closed Monday up S$0.01 or 1 per cent at S$0.975.
Starhill Global Real Estate Investment Trust (P40U) (Reit): Its NPI for the third quarter ended March declined 0.9 per cent year on year to S$37.7 million. On Monday, the Reit manager noted that higher gross revenue was offset by weaker foreign currencies, a loss of income from the Reit’s divestment of Daikanyama and higher operating expenses. Units of Starhill Global Reit closed S$0.005 or 1.1 per cent higher at S$0.48, before the business update.
IReit Global (UD1U): The Europe-focused Reit on Monday reported growth in its portfolio occupancy to 91.5 per cent for the first quarter ended Mar 31, up slightly from 90.4 per cent in the preceding quarter. Its portfolio was valued at 874.5 million euros (S$1.3 billion), based on gross rental income as at Mar 31. This was down from 899 million euros as at Dec 31. Units of IReit Global closed unchanged at S$0.325, before the results.
SG Local News
Singapore, Indonesia to Deepen Cooperation on Green Economy
Exploring opportunities in the green economy – including investing in the sustainable development of Indonesia’s new capital Nusantara – were among the many issues that Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo discussed at their final leaders’ retreat on Monday (Apr 29).
They noted that cross-border electricity trading, clean energy power generation, carbon capture and storage as well as carbon credits were some future areas of cooperation that the smallest and largest countries in South-east Asia could work together on in the coming years.
One potential avenue to accelerate power trading is for Indonesia state-owned utility company PLN and Singapore power grid operator SP Group to build power cables, said PM Lee.
In September last year, both countries inked an agreement that will allow Singapore to import 2 gigawatts of low-carbon electricity from Indonesia.
Apple Tops Ranking of S'pore's Best Employers, With Google at No. 2
Dissatisfaction with work-life balance is a main reason why employees leave an employer, while salary has become a more important factor for employees, according to the results of a survey published on April 30.
Technology giant Apple came in first on a list of the top 250 Singapore’s Best Employers among companies and institutions with at least 200 employees here, the survey released by The Straits Times and global research company Statista found.
Google, another tech giant, came in second, followed by Asia Pacific Breweries Singapore (Heineken Asia Pacific), German multinational enterprise Siemens and Motorola Solutions Singapore.
Yahoo to Lay off Staff in S'pore As It Shifts to Content Curation
Yahoo is reportedly letting go of its editorial and social media teams in Singapore as it moves towards the curation of content here.
The digital news publication, which uses a mix of third-party and original reporting, will be laying off some staff in Singapore.
The Straits Times understands that the decision stemmed from a thorough evaluation by Yahoo, which found that its partner content has consistently driven engagement.
Singapore to Build Two "Fast Start" Power Generating Units to Boost Electricity Supply Reliability
Singapore will build two "fast start" power generating units to boost the reliability of its power system.
They will provide 100 megawatts of fast start generation capacity by the second quarter of 2025, the Energy Market Authority (EMA) said in a media release on Monday (Apr 29).
EMA awarded the right to build, own and operate the two units to PacificLight Power (PLP).
"This follows a request for proposal called by the Energy Market Company, on behalf of EMA, in December 2023 to ensure that Singapore continues to enjoy uninterrupted power supply when unexpected events occur in our power system," EMA said.
Insurer AIA Singapore on the Trail of the Rich With Over $20m to Kick-Start Wealth Team and Centre
Insurer AIA Singapore is spreading its wings with a more than $20 million investment, so it can swoop in on a burgeoning group of affluent clients in the region who are expected to give a significant lift to its business in time to come.
The insurer told The Straits Times that it has committed the sum as an initial investment to drive its new wealth outfit, and that it “will continue to devote sufficient resources” to realise the growth potential of the affluent and high-net-worth market segments.
The new outfit, comprising a wholly owned AIA International Wealth and a physical wealth centre in the Central Business District, caters to domestic and regional individuals with deep pockets.
AIA said it is looking at affluent clients who have a minimum of $200,000 in assets under management.
Singapore Football Association Considers Fitting Referees With Body Cameras to Tackle Abuse
The Football Association of Singapore (FAS) is exploring the use of body cameras to protect match officials from abuse, after a majority of disciplinary cases that it handled last year involved physical or verbal abuse against referees.
The national football body is also ramping up education efforts among club officials, coaches, players and referees in its bid to stamp out such acts.
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