SG Morning Call｜Singapore Stocks Opened Higher on Monday; ST Engineering and Frasers Property Fell 1%

Market Snapshot

Singapore stocks opened higher on Monday. STI up 0.3%, ST Engineering down 1.9%, KIT up 1.1%, Frasers Property down 1%.

Stocks to Watch

Singapore Airlines (SIA) : The group posted a 7.4 per cent year-on-year rise in passenger traffic for October 2024. On Friday, SIA said that this brought its revenue passenger-kilometre (the number of passengers multiplied by the distance flown) to 12.9 billion for the month, up from 12 billion the year before. Shares of SIA closed up 1.1 per cent at S$6.33 on Friday before the news. 

ST Engineering : The technology and engineering group on Monday reported a 14 per cent increase in revenue to S$2.8 billion for the third quarter ended September, from S$2.4 billion in the previous corresponding period. It also proposed a third quarter interim dividend of S$0.04 per share, unchanged from the year-ago period. Shares of ST Engineering closed 0.2 per cent or S$0.01 higher at S$4.71.

Frasers Property : The property developer has formed a 51:49 joint venture with Japanese construction company Sekisui House to jointly redevelop Robertson Walk and Fraser Place Robertson Walk into a mixed-use project with 348 residential units. On Monday, Frasers Property said it will continue to manage both assets until they cease operations on May 31, 2025. Shares of the group ended the week flat at S$0.92. 

Keppel Infrastructure Trust (KIT) : It has proposed to acquire a 50 per cent interest in desalination plant Marina East Water, which is a wholly owned subsidiary of Keppel Infrastructure. On Monday, the trust said the purchase is expected to be accretive to its distribution per unit (DPU), with pro forma DPU for fiscal year 2023 rising by 0.4 per cent. Units of KIT closed 2.2 per cent or S$0.01 lower at S$0.44 on Friday.

Dyna-Mac : Hanwha Ocean SG Holdings’ proposed acquisition of Dyna-Mac was cleared by the Competition and Consumer Commission of Singapore, UOB said on behalf of the offeror on Friday. This comes as Hanwha’s voluntary conditional cash offer to acquire all Dyna-Mac shares was declared unconditional on November 5. Shares of Dyna-Mac closed flat at S$0.665 on Friday. Shares of Dyna-Mac closed flat at S$0.665 on Friday.

CSE Global : The technology solutions provider saw revenue climb 15.4 per cent on the year to S$213.9 million from S$185.4 million for its third quarter ended September 2024. This came as all its business segments yielded higher revenue contributions for the quarter, despite its orderbook falling 0.7 per cent to S$633.6 million as its order intake for all business segments fell said the company on Friday. Shares of CSE Global closed flat at S$0.435 on Friday before the report was released.

SG Local News

Buyers sweep up almost 1,500 new homes in 3 weekend launches; Emerald of Katong 99% sold

A staggering 1,480 new condominium units flew off the market over the weekend, with Emerald of Katong, Nava Grove, and executive condo project Novo Place chalking up the strongest launch sales the real estate trade has seen in the recent past.

The weekend tally could lift new home sales for November to over 2,200 units, their highest monthly level since March 2013, said Huttons Asia chief executive officer Mark Yip.

Singapore NODX disappoints further with October exports down 4.6%

Singapore’s key exports fell by 4.6 per cent year on year in October, coming in worse than what authorities expecting, as non-electronics shipments decreased sharply, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Nov 18).

September’s non-oil domestic exports (NODX) has also been revised by a fairly large extent to just 0.9 per cent year-on-year growth.