SG Morning Call｜Singapore Stocks Opened Flat on Thursday; Singtel Fell on Senior Management Changes

Market Snapshot

Singapore stocks opened flat on Thursday. STI was unchanged, Singtel fell 0.96%, Nio fell 0.84%, Keppel DC Reit fell 1.32%, Keppel Pacific Oak rose 4.7%, YZJ Shipblg rose 1.5%.

Stocks to Watch

Singtel : The telecom group on Thursday announced changes to its senior management, to support new business priorities of its growth plan. Singtel Singapore’s deputy chief executive Anna Yip will relinquish her role to lead an expanded and rebranded business development function. Veteran Mark Chong was also appointed group chief corporate officer, as part of a wider senior management change. The company’s shares ended Wednesday 3.1 per cent or S$0.10 lower at S$3.13.

Nio : The Chinese electric carmaker said on Wednesday its net loss widened to 5.1 billion yuan (S$945.5 million) for its third quarter ended Sep 30, 2024, from 4.6 billion yuan in the corresponding period a year earlier. Revenue fell 2.1 per cent to 18.7 billion yuan from 19.1 billion yuan. This was as vehicle sales fell 4.1 per cent to 16.7 billion yuan from 17.4 billion yuan. Nio attributed the poorer vehicle sales to a lower average selling price as a result of changes in the product mix, which was partially offset by an increase in delivery volume. Its shares closed US$0.11 or 2.3 per cent lower at US$4.74 in Singapore, before the earnings report.

SG Local News

Condo rents up 0.5% in October; HDB rental market perks up: SRX, 99.co

Private condominium rents rose 0.5 per cent in October, as leasing volume fell for the third straight month to 5,712 units, down 7.5 per cent from September, according to data from 99-SRX.

In contrast, rental volume in the public housing market rose 2.9 per cent month on month with 2,398 Housing and Development Board flats leased. Rents rose 0.5 per cent, and a supply crunch is pushing rents higher.

Dyna-Mac loses free float as Hanwha secures 92.22% of total shares

Dyna-Mac Holdings has lost its free float after Hanwha Ocean SG Holdings and its allied parties agreed to acquire 1.2 billion shares, representing 92.22% of its total issued shares.

In a bourse filing, Dyna-Mac disclosed that Hanwha and its concert parties achieved valid acceptances for at least 90% of the total shares, allowing them to proceed with the compulsory acquisition of all remaining shares.