Market Snapshot
Singapore stocks opened lower on Friday. STI fell 0.2%; SIA rose 0.3%; DBS and Keppel fell 0.5%; Sheng Siong rose 0.7%.
Stocks to Watch
Mapletree Log Tr: The trust’s manager announced on Thursday its proposed divestment of 119 Neythal Road in Singapore for S$13.8 million. The sale price is 34 per cent above the property’s latest valuation of S$10.3 million as at Mar 31, 2024. The transaction is expected to be completed by the second quarter of the 2024/2025 fiscal year. Units of Mapletree Logistics Trust closed S$0.01 or 0.8 per cent higher at S$1.33, before the announcement.
SOILBUILD CONSTRUCTION GRP LTD: The group has clinched a S$647.5 million construction contract, bringing its order book to about S$1.23 billion. The contract has been awarded to its wholly owned subsidiary, SB Procurement, for the construction of PSA Supply Chain Hub @ Tuas. Shares of the mainboard-listed company closed on Thursday at S$0.036, up S$0.003 or 9.1 per cent, before the announcement.
SG Local News
S’Pore, Malaysia Set up Workgroup to Strengthen Interconnected Supply Chains
Singapore and Malaysia will work to enhance processes to ensure that businesses can bounce back from crises and disruptions.
The initiative includes setting up a supply chain cooperation workgroup to build on their “common interests in supply chain resilience”, noted the second annual ministerial dialogue (AMD) on June 13.
Singapore’s Ministry of Trade and Industry and its Malaysian counterpart, the Ministry of Investment, Trade and Industry, will share leadership of the new working group.
Three Business Leaders in Manufacturing Awarded National Honours for Contributions to Singapore
President Tharman Shanmugaratnam has conferred national awards on three business leaders from the manufacturing sector for their significant contributions to Singapore, the Singapore Economic Development Board (EDB) said on June 13.
The Public Service Star (Distinguished Friends of Singapore) award was presented to Mr Gary Dickerson, president and chief executive officer of Applied Materials, and to Mr Marc Casper, chairman, president and CEO of Thermo Fisher Scientific.
Mr Manish Bhatia, executive vice-president for global operations of Micron Technology, was awarded the Public Service Medal (Friends of Singapore).
F&N, Sheng Siong, QAF Among Asian Peers That Do Not Meet Investors’ Sustainability Standards: Report
Listed food procurers in Asia, including Singapore-listed F&N, Sheng Siong and QAF, have failed to meet investors’ expectations on their sustainable sourcing strategies, according to a report by sustainability-focused consulting company Asia Research and Engagement (ARE).
None of the 100 food buyers assessed in the report scored above 50 per cent of their maximum possible scores, based on a scoring system developed by the authors. They reviewed the public disclosures of these companies against a set of criteria which includes traceability and sourcing, work health and safety, animal welfare, climate change, as well as deforestation and biodiversity.
These 100 companies – which have a total market capitalisation of US$563 billion (S$759.5 billion) as at June 2023 – were selected based on both their stock market capitalisation and their position in their main market.
Temasek to Finalise Deal with Shell for Pavilion Energy LNG Asset Sale, Sources Say
Singapore's Temasek Holdings is finalising the sale of some assets from liquefied natural gas (LNG) trading firm Pavilion Energy to Shell with a deal set to be completed in the coming days, two sources with knowledge of the matter said.
The deal will provide Shell, already the world's top LNG trader, with access to gas markets in Europe and Singapore as it aggressively expands its LNG footprint after raking in billions of profits last year.
The deal's value will be in the hundreds of millions of U.S. dollars, one of the sources said. That would be below what Temasek had originally sought from the sale.
Singapore Offers Carbon Tax Rebates for Refiners near Term, Sources Say
Singapore is offering refiners and petrochemical companies rebates of up to 76% for its planned carbon tax for 2024 and 2025 to help them ease cost stress and remain competitive versus rivals elsewhere, four sources familiar with the matter said.
The tax concessions will provide a significant buffer for refiners' profit margins amid growing competition with newer plants in China and the Middle East.
Carbon tax costs are estimated at between 80 cents and $1 per barrel of crude input basis for refineries based on the $25 per ton of emission rate, according to consulting firms FGE and Wood Mackenzie. That would be close to a quarter of refiners' current margins in Singapore.
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