Market Snapshot
Singapore stocks opened lower on Tuesday. STI fell 0.3%; SingPost rose 2.9%; SGX rose 0.2%; SIA fell 0.3%; UOB fel 0.5%; OCBC fell 0.7%; Sembcorp Industries fell 1.3%.
Note: The Singpore stock market will close early at 12:00 p.m. local time on Tuesday.
Stocks to Watch
Wilmar International: The agribusiness group is acquiring Indian multinational conglomerate Adani Group’s remaining stake in Adani Wilmar, a consumer goods joint venture between both groups, at a price not exceeding 305 rupees a share. Assuming the transaction is completed at this price, the group expects to recognise a gain on deemed disposal of an associated company of about US$1.5 billion. Shares of Wilmar International closed S$0.02 or 0.7 per cent higher at S$3.09 on Monday, before the announcement.
Dasin Retail Trust: Its trustee-manager has received a requisition notice from a group of unitholders who are seeking to not only internalise Dasin’s trustee-manager function, but also to replace its current adviser, FTI Consulting (Singapore). These proposed moves would “revitalise” the trust’s restructuring talks with its creditors, said the requisitioners in a Dec 27 letter posted by the trustee-manager on Monday. Units of Dasin closed S$0.003 or 10.3 per cent higher at S$0.032, after the news.
DBS: Singapore's DBS Group has appointed Rajat Verma as chief executive officer of DBS Bank India, it said on Monday, to succeed Surojit Shome, who retires at the end of February. DBS said Verma, current head of institutional banking group at DBS Bank India, had been appointed, effective from March 1, in line with RBI approval.
SG Local News
Lower Household Electricity and Gas Tariffs from January to March
The household electricity and gas tariffs will decrease for the January to March 2025 period due to lower energy costs, marking the second straight quarterly decline.
Compared with the previous quarter, the electricity tariff will decrease by 3.4 per cent or 0.98 cent per kWh before Goods and Services Tax (GST), national grid operator SP Group said on Monday (Dec 30).
This translates to a decrease in the average monthly electricity bill for families living in Housing and Development Board (HDB) four-room flats by S$3.58 before GST.
More Than 950,000 Singaporean Households to Get U-Save, S&CC Rebates in January
More than 950,000 Singaporean households living in Housing and Development Board (HDB) flats will receive U-Save and service and conservancy charges (S&CC) rebates in January 2025.
The rebates - disbursed in April, July, October, and January each year – are part of the permanent GST Voucher (GSTV) scheme to provide support for GST and cost-of-living expenses for lower- to middle-income households.
January’s rebates will be the fourth quarterly disbursement for the 2024 financial year, the Ministry of Finance (MOF) said on Monday (Dec 30).
Government Ramps up Supply of Industrial Sites in H1 2025 Amid Still-Rising Rents
The Ministry of Trade and Industry (MTI) is launching a total of 14.07 hectares (ha) of industrial land across 10 sites through the Industrial Government Land Sales (IGLS) programme for the first half of 2025.
On Monday (Dec 30), MTI said that the government will continue to release sufficient land through the programme to ensure an adequate supply of industrial space in Singapore.
There will be seven sites on the confirmed list with a total of 9.71 ha of land, and three sites amounting to 4.36 ha on the reserve list.
Singapore Hotels’ Average Room Rate Edges up in November, but Overall Takings Dip
Singapore hotels’ average room rate (ARR) grew slightly to S$273.11 in November, up 0.5 per cent from October’s S$271.71, Singapore Tourism Board (STB) data showed on Monday (Dec 30). It was also up 1.2 per cent year on year (yoy).
Revenue per available room (RevPAR) similarly slid 1 per cent to S$224.45 in November, from S$222.28 in October. On the year, it grew 5.7 per cent.
But overall, room revenue for the second-to-last month of the year slipped to S$430.4 million, against the previous month’s S$440.1 million, even as it was up 7.4 per cent on year.
Comments