Market Snapshot
Singapore stocks opened flat on Monday. SIA rose 0.3%; DBS rose 2.9%; OCBC rose 1.5%; UOB rose 0.9%; Singtel fell 1.7%; Seatrium rose 0.7%; Nio rose 1.1%.
Stocks to Watch
Ho Bee Land: The property developer has agreed to sell a 49 per cent stake in its wholly owned subsidiary which owns the group’s landmark biomedical development, Elementum, at a consideration of S$134 million. This is based on an agreed property value of S$555 million for Elementum, said Ho Bee Land on Monday. Its shares closed on Thursday up S$0.01 or 0.6 per cent at S$1.79.
Daiwa Hse Log Tr: The manager of the trust on Monday posted a 6.1 per cent year-on-year fall in distribution per unit to S$0.0245 for the first half of FY2024, from S$0.0261. Revenue decreased 10.7 per cent to S$27.6 million from S$30.9 million. Units of the trust closed 1.7 per cent or S$0.01 lower at S$0.58 on Thursday.
PSC Corporation: The consumer goods manufacturer and distributor reported a net profit of S$11.2 million for the first six months of FY2024, an increase of 14 per cent from the previous year, the group said in a bourse filing on Thursday. Revenue for H1 was up 2.1 per cent at S$243.3 million on higher sales from its consumer business in Singapore and packaging business in China. The counter closed flat at S$0.325 before the results were announced.
Tat Seng Pkg: The corrugated paper packaging manufacturer posted a 20.3 per cent increase in net profit to S$10.1 million for its first half year ended Jun 30, from S$8.4 million a year earlier. This was mainly due to higher revenue from its China operations and increased finance income, the group indicated in financial statements released in a bourse filing late on Thursday. Shares of Tat Seng closed flat at S$0.725 before the results update.
Aoxin Q & M: The private dental service provider posted a net profit of 7.3 million yuan (S$1.3 million) for the first six months of FY2024, compared with a net loss of 1.2 million yuan for the same period last year. The Catalist-listed company’s revenue increased 6 per cent to 85.4 million yuan from 80.6 million yuan. The counter closed flat on Thursday at S$0.052.
SG Local News
Open-Top Bus Parade for Team Singapore Olympians to Be Held on Aug 14
An open-top bus parade to celebrate Team Singapore's Olympians will held on Aug 14, it has been announced.
Sport Singapore (SportSG) said that, as of Saturday, eight athletes will take part in the parade. They include Olympic bronze medallist Max Maeder, the badminton mixed doubles pair of Terry Hee and Jessica Tan, as well as swimmer Gan Ching Hwee.
The parade - which will have five "cheer points" - will take the athletes from Bayfront Avenue through Chinatown, Orchard Road, Serangoon Road and Victoria Street.
All Beaches at East Coast Park Open After Completion of Oil Spill Clean-up
Visitors to East Coast Park can now frolic on all its beaches after the park’s remaining sections reopened nearly two months after Singapore’s worst oil spill in a decade.
The National Parks Board (NParks) said in a Facebook post on Aug 11 that the clean-up of the beachfront at the park is complete, and people can resume “non-primary contact water sports” – which involve minimal contact with water – like kayaking in these areas.
But beachgoers have to wait a little longer before they can swim by the shore. NParks advised against swimming and primary contact water activities such as wakeboarding and stand-up paddling in the beach waters. In its post, it did not give a date for when such sports could resume.
Malaysia IPOs Jump as Economy Improves and Investors Return to the Stock Market
An increasing number of firms are listing in Malaysia as the economy picks up and investors return to the stock market.
There were 28 initial public offerings (IPOs) on Bursa Malaysia in the first seven months of the year that raised RM3.4 billion (S$1 billion) all up, making the country the best performing IPO market in South-east Asia.
The bourse is aiming for 42 IPOs in 2024 compared with 32 in 2023, and despite a US$6 trillion (S$7.9 trillion) wipe-out in global stock markets on Aug 5, experts said that target can be achieved on the back of a stronger economy and ample liquidity in the stock market.
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