Top Stock Market Highlights of the Week: US Interest Rates, Wilmar International and CDL Hospitality Trusts

The Smart Investor05-04

[ Share Facebook Twitter LinkedIn Email WhatsApp Welcome to this week’s edition of top stock market highlights. US interest rates The interest rate debate just got more confusing after ...

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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTop Stock Market Highlights of the Week: US Interest Rates, Wilmar International and CDL Hospitality Trusts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-04 07:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-us-interest-rates-wilmar-international-and-cdl-hospitality-trusts/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>[\n\n\n\nShare\n\n\nFacebook\n\nTwitter\n\nLinkedIn\n\nEmail\n\nWhatsApp\n\n\n\n\n\nWelcome to this week’s edition of top stock market highlights.\nUS interest rates\nThe interest rate debate just got more confusing after ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-us-interest-rates-wilmar-international-and-cdl-hospitality-trusts/\">Source 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for potential rate cuts down the road.\nPolicymakers at the central bank kept interest rates unchanged in the range of 5.25% to 5.5% once again and would need very persuasive evidence that inflation is not coming down to push them to increase rates.\nThis announcement effectively left investors in limbo over the timing and extent of rate cuts for the remainder of 2024.\nTo be fair, the Federal Reserve did state that it would continually assess all economic data before making any decisions.\nWith the data collected thus far, the policymakers did not have the confidence to start cutting rates yet as inflation has not fallen decisively to the 2% target.\nPersonal consumption expenditures rose 2.7% in March from a year ago, accelerating from a 2.5% advance back in January.\nThis so-called “lack of further progress” in bringing inflation down could reflect the difficulty in tweaking policy to achieve specific economic goals.\nOf course, these policymakers are also keeping their eye trained on the health of the economy.\nIf there is an unexpected weakening in the labour market, Powell is prepared to lower borrowing costs to stimulate the economy.\nBut for now, the bets for an interest rate cut later this year are off.\nWilmar International Limited (SGX: F34)\nWilmar released its first quarter of 2024 (1Q 2024) business update recently.\nRevenue dipped by 7.3% year on year to US$15.7 billion in line with the decline in most commodity prices since 1Q 2023.\nSales volume, however, posted year on year increases across its core businesses.\nFood Products segment saw sales volume grow by 13.9% year on year to 8.2 million metric tonnes (MT) in 1Q 2024.\nFeed and Industrial Products’ sales volume increased by 7% year on year to 14.6 million MT over the same period.\nNet profit for the blue-chip integrated agribusiness tumbled by 22.6% year on year to US$302.9 million.\nStripping out one-offs and exceptional items, Wilmar’s core net profit fell by a gentler 14% year on year to US$328.4 million.\nThe group’s operating cash flow also declined by 17.4% year on year to US$1.8 billion.\nManagement believes that the global economic outlook will continue to remain uncertain and that the difficult operating conditions will carry on for the rest of 2024.\nThe agribusiness giant is also grappling with a recent missile attack on its tank terminal facility in Ukraine that will take around six months to rebuild.\nCDL Hospitality Trusts (SGX: J85)\nCDL Hospitality Trusts, or CDLHT, reported a robust set of financial numbers for 1Q 2024.\nTotal revenue rose 7.3% year on year to S$65.3 million.\nNet property income increased by 6.8% year on year to S$34.9 million.\nIts Singapore hotels reported healthy operating statistics with the average occupancy rate at 82.1% as of 31 March 2024, 14.2 percentage points higher than the prior year.\nRevenue per available room, or RevPAR, jumped 16.6% year on year to S$205.\nAs for CDLHT’s overseas hotels, every country recorded a positive year-on-year RevPAR ranging from 0.5% (the UK) to 32.6% (Japan).\nThe hospitality trust’s gearing stood at 37.8% with a debt headroom of almost S$769 million before hitting the 50% threshold.\nHowever, the trust’s cost of debt was fairly high at 4.3% and its interest coverage ratio remained fair at 2.7 times.\nOnly slightly more than half of CDLHT’s loans are pegged to fixed rates.\nSingapore’s tourism sector still has room for further growth with the development of several attractions such as the Mandai Nature Precinct, Jurong Lake District, and the Sentosa-Brani Masterplan.\nThe government is also planning to construct Changi Airport’s Terminal 5 which will bring in an additional 50 million passengers per year.\nThis new terminal will be operational in the mid-2030s.\nMeanwhile, CDLHT is lining up asset enhancement initiatives (AEIs) for Ibis Perth to refurbish 192 rooms in phases from May 2024.\nAnother AEI is slated to commence in April 2024 for the Grand Millennium Auckland.\nThe top 7 biggest names in tech are transforming the industry, and it could permanently transform your portfolio. Join our upcoming webinar to discover how these leading giants use Generative AI to change the way they do business. Reserve your FREE spot now and prepare for an insightful session.\nAttention: Investors aiming for both growth and peace of mind. We’ve pinpointed 5 SGX stocks known for consistent dividends. If you want to build a retirement portfolio, but don’t want the stress of stock watching, this report is for you. Click HERE to download now.\nFollow us on Facebook and Telegram for the latest investing news and analyses!\nDisclosure: Royston Yang does not own shares in any of the companies mentioned.\n\n\n\nYahoo\n]","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432815603"}