Market Snapshot
Singapore stocks opened lower on Friday. STI fell 0.1%, SIA rose 0.7%; Seatrium fell 0.7%; YZJ Shipbldg fell 0.8%.
Stocks to Watch
Mapletree Ind Tr (MIT): The real estate investment trust (Reit) registered a 1.2 per cent increase in distribution per unit (DPU) to S$0.0343 in its first quarter ended Jun 30, 2024, from S$0.0339 in the year-ago period. Revenue grew 2.7 per cent on-year to S$175.3 million, from S$170.6 million previously, said its manager. MIT units closed at S$2.26, down S$0.01 or 0.4 per cen on Thursday.
CapLand Ascott T (Clas): The stapled group’s distribution per stapled security fell 8 per cent year on year to S$0.0255 for the first half year ended Jun 30. On Friday, its manager attributed this to the depreciation of most foreign currencies against the Singapore dollar. Stapled securities of Clas ended Thursday 1.1 per cent or S$0.01 lower at S$0.90.
Suntec Reit (Suntec Reit): The Reit recorded a DPU of S$0.03042 in the six months ended Jun 30, 2024, marking a 12.5 per cent fall on year. DPU was S$0.03476 in the corresponding year-ago period. Its manager on Thursday attributed the decline to the absence of distribution income from capital in H1 2024. Suntec Reit units closed down S$0.02 or 1.7 per cent at S$1.14 before the announcement.
Keppel DC Reit : The trust posted a 9.9 per cent decrease in DPU to S$0.04549 for the first half of the financial year ended Jun 30, 2024, from S$0.05051. The manager attributed the drop in distributable income to loss allowance for the Reit’s Guangdong data centres, higher finance costs and depreciation of foreign currencies against the Singapore dollar. Units of Keppel DC Reit closed 1 per cent or S$0.02 lower at S$1.91 on Thursday, before the announcement.
IFAST : The digital bank and wealth management platform reported a 346.1 per cent rise in second-quarter earnings to S$16 million, from S$3.6 million in Q2 2023.In a bourse filing on Thursday, the company reported that revenue for the same period also rose. It was up 63.2 per cent to S$84 million from S$51.5 million a year. Shares of iFast closed 2.2 per cent or S$0.16 lower at S$7.11 on Thursday.
First Reit (First Reit): It posted a DPU of S$0.012 for the six months ended Jun 30, 2024, down 3.2 per cent from the same period a year ago. The manager attributed the drop in the distributable amount to the depreciation of the Japanese yen and Indonesia rupiah against the Singapore dollar. First Reit units closed 2 per cent or S$0.05 higher at S$0.255 on Thursday.
Sabana Reit (Sabana Reit): Its trustee on Friday announced that the High Court dismissed the appeal by several ESR entities on an earlier decision that barred them from voting on the Reit’s proposed trust deed amendments needed to affect the Reit’s internalisation of its management structure. Sabana Reit’s counter ended flat at S$0.345 on Thursday.
SG Local News
MAS Leaves Monetary Policy Settings Unchanged; Expects Full-Year GDP at 2-3%
SINGAPORE’S central bank left its monetary policy settings unchanged on Friday for the fifth straight meeting, in line with market expectations, while expecting gross domestic product (GDP) growth to come in at the higher end of the official forecast range. “GDP growth is likely to come in closer to its potential rate of 2–3 per cent for the full year,” said the Monetary Authority of Singapore (MAS). This is at the higher end of the Ministry of Trade and Industry’s forecast range of 1 per cent to 3 per cent. MAS also lowered its full-year forecast for headline inflation to a range of 2 per cent to 3 per cent, but maintained its core inflation forecast range at 2.5 per cent to 3.5 per cent.
MAS said that it will maintain the prevailing rate of appreciation of the Singapore nominal effective exchange rate (S$NEER) policy band, with no change to its width and the level at which it is centred.
Grab No Longer Buying Trans-Cab, Singapore Watchdog Says
Grab, Southeast Asia's biggest ride-hailing and food delivery firm, has called off its proposed acquisition of Singapore's third-largest taxi operator, Trans-cab, according to a statement from Singapore's competition watchdog.
The Competition and Consumer Commission of Singapore (CCCS) said in the statement on Thursday evening that both Grab and Trans-cab had notified it on July 22 that they would no longer be proceeding with the proposed acquisition.
Shipping Giant CMA CGM Reports Solid Volumes, Sees Rates Peaking
The European Union and Singapore concluded a digital trade agreement on Thursday designed to ease cross-border data flows and shape global rules for data.
The agreement, supplementing an existing EU-Singapore free trade accord that entered force in 2019, sets rules governing e-signatures and consumer protection, places limits on spam and bars mandated access or transfer requirements for technology, notably source code, that countries such as China require.
EU and Singapore Agree Digital Trade Deal
The European Union and Singapore concluded a digital trade agreement on Thursday designed to ease cross-border data flows and shape global rules for data.
The agreement, supplementing an existing EU-Singapore free trade accord that entered force in 2019, sets rules governing e-signatures and consumer protection, places limits on spam and bars mandated access or transfer requirements for technology, notably source code, that countries such as China require.
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