Market Snapshot
Singapore stocks opened lower on Wednesday. STI fell 0.1%; SATS rose 8%; Keppel rose 0.2%; NIO fell 4%.
Stocks to Watch
SATS LTD. : The in-flight caterer and ground handler posted a net profit of S$65 million for the first quarter ended Jun 30, 2024, from a loss of S$29.9 million for the same period a year earlier. Revenue grew 15.5 per cent to S$1.4 billion from S$1.2 billion. Shares of the company rose 3.5 per cent or S$0.11 to close at S$3.22 on Tuesday, before the update.
Keppel : The asset manager inked a memorandum of understanding with the Asian Development Bank and Enterprise Singapore to explore US$800 million in energy-transition and environmental-sustainability opportunities in the Asia-Pacific region. The counter closed S$0.11 or 1.8 per cent higher at S$6.11 on Tuesday.
SEMBCORP INDUSTRIES LTD : Its wholly owned subsidiary, Sembcorp Green Hydrogen, and two other listed Japanese corporates have signed an in-principle agreement with Nippon Yusen Kabushiki Kaisha for the export of green ammonia from India to Japan. Sembcorp said on Wednesday it does not expect the signing to have a material impact on earnings per share and net tangible assets per share for the fiscal year ending Dec 31. Sembcorp shares ended 0.9 per cent or S$0.04 higher at S$4.76 on Tuesday.
Food Empire : The F&B manufacturing and distribution company will receive a capital injection of US$40 million through a strategic partnership with private equity fund manager Ikhlas Capital. Shares of the mainboard-listed company closed at S$0.97, up S$0.01 or 1 per cent on Tuesday, before the announcement.
SG Local News
Australia Approves $13.5 Bln Project to Export Solar Power to Singapore
Australia said on Wednesday it had given the go-ahead for a A$20 billion ($13.5 billion) solar project that plans to ship energy from a giant solar farm in the country's north to Singapore through a 4,300 km (2,672 miles) undersea cable.
Environment Minister Tanya Plibersek said SunCable's flagship Australia-Asia power link project would help meet growing demand for renewable energy at home and abroad.
Sats Back in the Black in Q1 on Growth in Air Cargo Volume and Inflight Meal Demand
SATS on Tuesday (Aug 20) posted a net profit of S$65 million for the first quarter ended Jun 30, 2024, from a loss of S$29.9 million over the same period a year earlier.
This came as revenue for the period rose to S$1.4 billion, up 15.5 per cent from the S$1.2 billion it posted a year earlier.
In its Q1 business update, the company attributed this to the growth in revenue from both its gateway services and food solutions businesses.
BlackRock Close to Buying 299-Unit Citadines Raffles Place for S$300 Million
A SALE of Citadines Raffles Place serviced apartments seems to be in the offing, with BlackRock said to have completed due diligence for a potential acquisition. The Business Times understands that the pricing is about S$300 million or slightly over S$1 million per unit.
The 299-unit Citadines Raffles Place is within the CapitaSpring building, which is on a site in Market Street with a 99-year leasehold tenure that began on Feb 1, 1982; this leaves about 56.5 years on the lease.
CapitaSpring is owned by a 45:45:10 joint venture involving CapitaLand Integrated Commercial Trust (CICT), CapitaLand Development and Mitsubishi Estate Co.
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