Market Snapshot
Singapore stocks opened higher on Friday. CICT fell 0.5%, Seatrium fell 1.3%, SIA rose 0.3%, DBS rose 0.5%, UOB fell 0.1%.
Stocks to Watch
CapitaLand Integrated Commercial Trust (CICT): It posted a net property income (NPI) of S$293.7 million for its first quarter ended Mar 31, up 6.3 per cent year on year, supported by higher gross rental income and lower operating expenses, CICT’s manager said in a business update on Friday. Units of CICT ended 0.5 per cent or S$0.01 higher at S$1.86 on Thursday.
Seatrium: The offshore and marine engineering group was ordered to pay US$108 million to MHWirth, a wholly owned subsidiary of US drilling services provider HMH. Seatrium said on Thursday that the ruling was made by a tribunal operating under the rules of the Singapore International Arbitration Centre. It comprises vendor termination fees, ancillary, and legal and arbitration proceeding fees. The counter closed S$0.001 or 1.3 per cent lower at S$0.076, before the news.
Keppel DC Reit: The data centre-focused real estate investment trust (Reit) reported a 13.7 per cent lower Q1 distribution per unit of S$0.02192 on the year. Distributable income for the period was 16.3 per cent lower due to higher finance costs and less favourable forex hedges in 2024, said the Reit manager on Friday. The counter closed flat at S$1.66 on Thursday.
UOB: The group’s chief executive and deputy chairman Wee Ee Cheong said on Thursday that UOB’s target to achieve a return on equity (ROE) of 14 per cent is “decent”. Wee added that the group’s ROE has a chance for further upside if the bank’s fees from its wealth business or trading activities do well. Shares of UOB closed up S$0.54 or 1.8 per at S$30.15, before the announcement.
SG Local News
Apple investing US$250 million to expand Singapore campus in Ang Mo Kio
Apple has announced plans to pump in over US$250 million (S$340 million) to expand its Ang Mo Kio campus in Singapore.
Two buildings acquired in 2022, which are next to its existing offices, will undergo a major upgrade. This will bring "three unique spaces together to foster greater collaboration for Apple’s growing teams", the tech giant said in a statement on Wednesday (Apr 17).
DBS and OCBC expected to deliver steady Q1 net profits
Singapore’s DBS and OCBC are expected to deliver steady net profits in Q1, although lower than the same quarter in 2023, reports UOB Kay Hian.
UOBKH analyst Jonathan Koh expects DBS’ net profit to come at $2.49b in Q1– 10% higher than in Q4 2023, but 3% lower than last year.
Singapore’s biggest bank by assets will report a mild pick-up in loan growth in Q1, with a marginal 0.8% growth compared to Q1 2023.
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