Market Snapshot
Singapore stocks opened higher on Wednesday. STI rose 0.3%; SIA rose 0.2%; DBS rose 0.8%; UOB rose 0.3%; Singtel and Seatrium fell 0.6%; Nio rose 1.3%; SGX rose 2.7%
Stocks to Watch
Mapletree Logistics Trust: Its manager on Tuesday announced its proposal to divest three warehouse properties in Malaysia for RM157.5 million (S$47.7 million). The proposed divestments are expected to be completed by FY2025. Units of Mapletree Logistics Trust closed 0.7 per cent or S$0.01 higher at S$1.43, before the news.
Sabana Reit: The Reit’s manager said on Tuesday that it had secured its first tenant to occupy the newly completed Sabana@1TA4 building, which is at 1 Tuas Avenue 4. Rental contribution from the new tenant is expected from the first quarter of 2025. Units of Sabana Reit closed flat at S$0.35 before the news.
Q&M Dental: The dental group on Wednesday announced that it is planning to acquire Veritas Dental, a dental clinic business in Bukit Timah, for S$800,000. Q&M said the proposed acquisition, which will be done directly or through one of its wholly owned subsidiaries, is in line with the company’s plan of expanding its main dental business in Singapore. Shares of Q&M closed 1.8 per cent or S$0.005 higher at S$0.28 on Tuesday.
Del Monte Pac: The Philippine food and beverage maker sank deeper into the red in the first quarter ended Jul 31 with a net loss of US$34.2 million, widening from a loss of US$13.1 million in the year-ago period. On Tuesday, the company attributed the performance to unfavourable results from its US subsidiary Del Monte Foods and interest expenses. The counter closed 1.1 per cent or S$0.001 lower at S$0.088, before the results were announced.
Dyna-Mac: Dyna-Mac requested a trading halt on Wednesday morning pending the release of an announcement. Shares of the offshore oil and gas contractor closed Tuesday 2 per cent or S$0.01 lower at S$0.495.
SG Local News
Singapore Will ‘Act Decisively’ on More Housing Curbs If Needed
Singapore will continue to monitor the private and public housing resale markets closely following its latest round of cooling measures in August to boost the affordability of public flats.
The government “will not hesitate to act decisively to ensure prices remain in line with economic fundamentals,” the Ministry of National Development wrote in response to a parliamentary question on whether additional curbs are being considered for the private condominium market.
Singapore’s new private home sales in July rose to the highest level since March, recovering from its weakest first half on record. The government is still trying to ramp up private housing supply as it grapples with concerns about housing affordability and rising private home prices.
DBS Is Said to Tap Goldman Sachs to Help Find Insurance Partner in India, Taiwan
DBS Group Holdings Ltd. is considering forming insurance partnerships in India and Taiwan to expand its services in the region, according to people familiar with the matter.
The Singapore-based lender is working with Goldman Sachs Group Inc. as an adviser on potential bancassurance agreements for those markets, the people said, asking not to be identified because the deliberations are private.
In bancassurance, an insurer typically pays upfront for exclusive rights to sell its products in bank branches. This DBS transaction could be worth a few hundred million dollars and may include products in Singapore, the people said.
Singapore Office Floor in Orchard Road Sells for Record Rate
An office floor in a building on Singapore’s Orchard Road is being sold for a record rate, in a sign of continued investor interest in the city-state’s prime market.
The sixth story of the Tong Building, which is located next to a luxury mall on the retail strip, is being sold for S$31.3 million ($24 million), according to a property filing seen by Bloomberg News. That works out to S$4,562 per square foot based on its 6,867 square feet (638 square meters) of floor area.
Other owners of the remaining floors in the building include major luxury watch brands like Chopard.
S’Pore Employers More Optimistic About Hiring, Nearly Half Plan to Raise Headcount in Q4: Survey
Things are looking up for job seekers here, with a poll of employers showing that nearly half plan to hire in the fourth quarter of 2024, the first uptick in sentiment for the year.
A total of 46 per cent of companies surveyed plan to increase their headcount, while 36 per cent plan to maintain their staffing levels and 17 per cent expect to have fewer staff, said recruitment firm ManpowerGroup on Sept 10.
The firm surveyed 525 Singapore employers in July about their hiring plans from October to December and calculated the net employment outlook, which is a measure of hiring optimism defined as the percentage of companies surveyed that intend to take on new staff, minus the percentage that intend to downsize.
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