SG Morning Call | STI Opens 0.2% Higher. OUEREIT, YZJ Fin Hldg, Seatrium up Around 1%; SIA Engineering, iFast, DBS, OCBC Bank up Within 1%; AvePoint Down 3%

Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.18%; OUEREIT, YZJ Fin Hldg, Seatrium up around 1%; SIA Engineering, iFast, DBS, OCBC Bank up within 1%; AvePoint down 3%.

Stocks in Focus

$Keppel(BN4.SI)$: It has inked a deal with JTC to embark on a 2026 study that focuses on a microgrid testbed for renewables and trials demand-response solutions. This process will involve incentivising customers to shift electricity demand to non-peak periods to reduce strain on the power grid. JTC and Keppel will also study thermal network systems that minimise energy use for cooling facilities like data centres. Keppel shares closed Monday 2.6 per cent or S$0.26 higher at S$10.13, before the news.

$CapitaLand Investment(9CI.SI)$ (CLI): The asset manager will partner Malaysian developer Coronade Properties to shape the retail vision for Coronation Square Mall. The mall will be built in Coronation Square, a RM$5 billion (S$1.5 billion) integrated development in the Johor-Singapore Special Economic Zone. Construction is set to start next year and to complete in 2029. This comes as CLI’s lodging unit, The Ascott Limited, was appointed to manage the hotel component of Coronation Square in August. CLI shares rose 1.2 per cent or S$0.03 to S$2.63 on Monday, before the announcement.

$CDL Hospitality Trusts(J85.SI)$(CDLHT): Its unit has signed a new lease agreement with a Millennium & Copthorne Hotels subsidiary for the continued operation of Grand Millennium Auckland. The new lease will run for five years, with an additional five-year renewal option subject to mutual agreement, CDLHT’s manager said on Monday. Under the lease, the landlord will receive rent equal to the hotel’s net operating profit, subject to a NZ$2 million (S$1.5 million) annual base rent excluding GST. Units of CDLHT closed 0.6 per cent or S$0.005 higher at S$0.825 on Monday, before the announcement.

$UOB(U11.SI)$: The lender said on Tuesday that it has priced 850 million euros (S$1.3 billion) in fixed-rate covered bonds due 2030. The covered bonds will bear interest at a fixed rate of 2.718 per cent per annum, payable annually in arrears. The bonds are expected to be listed on the Singapore Exchange on Dec 1. Shares of UOB rose 0.1 per cent to close S$0.04 higher at S$33.89 on Monday.

$Wee Hur(E3B.SI)$: The property developer on Monday launched and priced S$30 million worth of fixed-rate notes due in 2030 at 4.8 per cent. The notes are set to be issued on Dec 1 and to list on the Singapore Exchange on Dec 2. Net proceeds from the issuance will be used for the group’s general corporate purposes. This includes refinancing its existing borrowings and financing investments, acquisitions, general working capital and capital expenditure. Shares of Wee Hur fell 2.1 per cent or S$0.015 to close at S$0.69 on Monday, before the news.

SG Local News

Singapore Core Inflation at 1.2% Y/Y in October, Higher Than Expected

Singapore's key consumer price gauge rose 1.2% in October from a year earlier, official data showed on Monday.

The core inflation rate, which excludes private road transport and accommodation costs, was higher than the median forecast of 0.7% in a Reuters poll of economists, and compares to a 0.4% reading in September.

Headline inflation was 1.2% in annual terms in October, higher than the poll forecast of 0.9%.

The central bank has forecast core inflation of 0.5% for 2025 as a whole, and expects headline inflation to average between 0.5% and 1.0% this year.