SG Morning Call | Singapore Stocks Open Higher on Tuesday; Public Transport Fare Hike

Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.3%; SIA rose 0.5%; DBS rose 0.4%; OCBC and UOB rose 0.3%; Singtel rose 1%; Seatrium rose 0.7%; Nio rose 12.5%; CSE Global fell 8.5%.

Stocks to Watch

$CSE Global(544.SI)$: The automation solutions provider on Monday said it has agreed to an US$8 million settlement payment with the customer of its wholly owned subsidiary, Hankin Environmental Systems. The settlement is expected to have a material adverse impact on the company’s financial position for the fiscal year ending Dec 31, as it will record the settlement sum for the financial year. The counter rose 1.1 per cent or S$0.005 to close at S$0.47, before the news.

$Cordlife(P8A.SI)$: The embattled cord-blood bank’s group director for quality and operations, Tan Huiying, will resign from the company effective Nov 4 – four months after she assumed her current position. The company on Monday said Tan was leaving to pursue her “personal interests” and that her resignation had been accepted by the board of directors. The counter closed flat at S$0.14, before the announcement.

$Dasin Retail Trust(CEDU.SI)$: Unitholders have failed to pass a resolution seeking the removal of the manager of the trust, at an extraordinary general meeting. A second resolution seeking to internalise the trustee-manager function of the trust was also not carried as it was conditional upon the approval of the first resolution. Units of Dasin Retail Trust ended Monday down 2.6 per cent or S$0.001 at S$0.038, before the update.

$Centurion(OU8.SI)$: The accommodation assets operator’s indirect wholly owned subsidiary will set up two joint venture companies with Xiamen City Home Apartment Management to retrofit and manage Build-To-Rent residential housing in Xiamen, China. The subsidiary will hold a 51 per cent equity stake in the joint venture companies, while City Home will own 49 per cent. The counter ended Monday down 0.7 per cent or S$0.005 at S$0.70, after the news.

SG Local News

Singapore Business Confidence Hits Two-Year High in Q4 2024: Commercial Credit Bureau Survey

Local business sentiment continued on an upward trend for the fifth consecutive quarter, hitting a two-year high in the fourth quarter of 2024.

Data released by the Singapore Commercial Credit Bureau (SCCB) on Monday (Sep 9) showed that the Business Optimism Index rose marginally to +5.06 percentage points in Q4, from +4.94 percentage points in Q3.

On the year, the index for the quarter was also higher than the +4.35 percentage points recorded in Q4 2023.

Public Transport Fare Hike: Adults to Pay 10 Cents More Per Journey from Dec 28

Bus and train fares will go up by 10 cents per journey for adult commuters from Dec 28, the Public Transport Council (PTC) announced on Monday (Sep 9) after its annual fare review exercise.

For concession card holders such as students, seniors and people with disabilities, their public transport fares will increase by 4 cents per journey. 

There will be no changes for people who travel with monthly passes.

Singapore passes law to ration power during emergencies, set up energy fund

The Energy Market Authority (EMA) will be able to implement power rationing as a “last resort” during a crisis, with priority given to critical services, after a Bill to support the country’s energy transition was passed on Monday (Sep 9).

A Future Energy Fund, announced during this year’s Budget, will also be part of measures to spur Singapore’s transition towards clean energy. 

Four other key proposals were introduced in the Energy Transition Measures and Other Amendments Bill aimed at securing and stabilising Singapore's energy supply. 

Dating Agencies Lunch Actually and Paktor Merge to Expand Pool of Potential Matches

Two of Singapore’s biggest dating agencies, Lunch Actually and Paktor Group, have merged to expand the pool of potential matches for their customers and offer more personalised dating experiences.

The brands under both companies will continue to operate independently after the merger, with the new entity to be called Lunch Actually Paktor Group.

Violet Lim, co-founder and chief executive of Lunch Actually, has been appointed group CEO.