Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.02%, Singtel rose 0.8%, SIA rose 1%, SATS LTD rose 0.8%.
Stocks to Watch
Frasers Logistics & Commercial Trust : BUOU (FLCT): Its distribution per unit (DPU) for the first half of the fiscal year declined 1.1 per cent to S$0.0348, reported its manager on Tuesday. Though the Reit’s topline grew year on year, this was offset in part by higher vacancies, property operating expenses and finance costs. FLCT units ended Monday S$0.01 or 1 per cent up at S$1.01.
Paragon Real Estate Investment Trust : SK6U (Reit): Its gross revenue for the first quarter ended March increased 3 per cent year on year to S$73.8 million. The growth was mainly driven by contributions from Paragon and The Clementi Mall, announced its manager on Monday. Units of Paragon Reit ended down S$0.005 or 0.6 per cent at S$0.84, before the announcement.
Aims Apac Reit : O5RU (AA Reit): The industrial and logistics Reit’s DPU for the second half ended March fell 10.2 per cent to S$0.0471 from S$0.05244 a year prior on an enlarged unit base, reported its manager on Tuesday. This was despite an increase in gross revenue and net property income for the period. Units of AA Reit closed S$0.02 or 1.6 per cent higher at S$1.27 on Monday.
Lendlease Global Reit : JYEU: Its manager on Monday reported a committed portfolio occupancy of 88.8 per cent for the third quarter ended Mar 31, 2024, up from 87.9 per cent in the previous quarter. Units of Lendlease Global Commercial Reit rose S$0.015 or 2.8 per cent to end at S$0.55, prior to the release of its business update for the quarter.
Far East Orchard : O10 (FEOR): The hotel operator and property developer, along with its subsidiaries, are selling Rendezvous Hotel Perth Central and its business for A$18.5 million (S$16.5 million). On Monday, FEOR said the disposal will enable the group to realise the value of the hotel, and in turn, improve capital allocation and optimise returns for the company’s shareholders. Shares of Far East Orchard closed flat at S$1.02, before the news.
Singapore Airlines : C6L (SIA): The national flag carrier has agreed to purchase 1,000 tonnes of sustainable aviation fuel from renewable fuel producer Neste. On Monday, SIA said this will make the group and its budget airline Scoot the first carriers to receive sustainable aviation fuel produced at Neste’s Singapore refinery. The counter ended Monday at S$6.55, up S$0.03 or 0.5 per cent, prior to the announcement.
Cordlife Group : P8A: The cord-blood bank’s directors have offered different views on who will oversee the company’s ongoing developments in Singapore. This was in response to queries from the Singapore Exchange (SGX) ahead of the company’s May 14 annual general meeting. Shares of Cordlife ended Monday flat at S$0.12, before the latest bourse filing was released.
SG Local News
SIA and Scoot First Airlines to Get Neste's SingaporE-made Sustainable Fuel at Changi Airport
The Singapore Airlines (SIA) Group has signed an agreement with refinery Neste to purchase 1,000 tonnes of neat Neste MY Sustainable Aviation Fuel for airlines SIA and Scoot.
This will make the two airlines the first operating out of Changi Airport to receive sustainable aviation fuel (SAF) produced by Neste in Singapore, said SIA, Scoot and Neste in a joint media release on Monday (May 6).
Jefferies Asks Judge to Remove Managers of Weiss Multi-Strategy
MANAGERS of Weiss Multi-Strategy Advisers are trying to use the company’s bankruptcy case to enrich themselves and should be replaced by a court-approved trustee, Jefferies Financial Group said in a court filing.
The move comes days after Weiss filed for court protection and sued Jefferies in US bankruptcy court in Manhattan. The defunct hedge fund is seeking to recover US$20 million, alleging the money either wrongly went to Jefferies over other creditors or was obtained under the threat of litigation. Jefferies has denied the allegations and said Weiss is acting in bad faith.
Possible Class Action Lawsuit against Cordlife by Customers Could Take at Least 2 Years
A REPRESENTATIVE action suit against beleaguered cord-blood bank Cordlife could take at least two years to conclude, should affected Cordlife customers decide to go through with such a lawsuit, said partners at law firm Withers KhattarWong.
However, the law firm stressed that the case is at an early fact-gathering and consolidation stage, and that it is not recommending that customers take up such a representative action – also known as a class action-type suit – at this juncture.
This comes after Withers KhattarWong held a town hall meeting for affected Cordlife customers on Friday (May 3). The discussion covered the possible legal actions they could take, as well as the stages that are likely to take place in a class-action lawsuit.
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