Market Snapshot
Singapore stocks opened flat on Tuesday. STI was little changed, SIA rose 0.2%, UOB fell 0.2%, SATS rose 0.3%, DBS rose 0.1%, Silverlake Axis surged 22%, Thomson Medical fell 2%.
Stocks to Watch
Thomson Medical: The healthcare provider on Monday posted a net profit of S$13.4 million for the second half of its 2024 fiscal year ending Jun 30, down 2.5 per cent year on year. This came as higher revenue was partially offset by the termination of some project-related services in December last year. Shares of Thomson Medical closed flat at S$0.05, before the results were released.
Silverlake Axis: The enterprise technology company has received a voluntary unconditional offer to go private at S$0.36 per share in cash. Alternatively, shareholders may choose to receive a combination of cash and redeemable preference shares. Silverlake Axis ended Friday S$0.005 or 1.7 per cent higher at S$0.30 before the group requested a trading halt on Monday morning. It resumes trading on Tuesday.
RE&S: The food and beverage operator’s last day of trading will be on Aug 30 following its successful privatisation offer and the court sanctioning the deal. On Monday, RE&S announced that trading of its shares will be suspended from 9 am on Sep 2, with the company expected to be delisted around Oct 17. The counter closed flat at S$0.36, before the news.
Trading halt: Keppel Infrastructure Trust requested a trading halt on Tuesday morning after its units ended the prior day flat at S$0.465. Its trustee-manager subsequently announced that the infrastructure business trust plans to place out new units at between S$0.426 and S$0.438 to raise gross proceeds of at least S$200 million.
SG Local News
Close to half of Singapore residents say they will never achieve financial freedom: Poll
More than two in five people in Singapore believe they will never be able to achieve financial freedom based on their current trajectory, a poll has found.
Of the 3,000 people polled, 29 per cent said they will be able to achieve financial freedom, 27 per cent said they have already attained it, while 44 per cent said they will never be able to do so.
Almost half of S'poreans want to work overseas, USA amongst top choice
Nearly half (49%) of Singaporeans are increasingly seeking jobs overseas for better financial rewards and global exposure, according to an Indeed survey.
Callam Pickering, APAC Senior Economist at Indeed recalled the government's call during the National Day Rally which emphasised on improving the local labour market. Pickering indicated how "upskilling, improving work benefits, and addressing the cost of living" would alleviate economic pressures and maintain a competitive market.
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