SG Morning Call｜Singapore Stocks Opened Higher. Mandarin Oriental Up1%; Nio And Thaibev Down 1%

Market Snapshot

Singapore stocks opened higher on Friday. STI up 0.2%; Mandarin Oriental up1%; Nio and Thaibev down 1%.

Stocks in Focus

Nio : The Chinese electric vehicle (EV) maker said on Thursday (Jan 1) that it had new record-high monthly and quarterly deliveries. It saw a 54.6 per cent year-on-year increase in December deliveries and a 71.7 per cent quarter-on-quarter increase in deliveries across the three months ended December. Cumulative deliveries for the year reached 997,592. Shares of Nio fell 2 per cent to close US$0.11 lower at US$5.36 on Wednesday.

Keppel Reit : The manager of the real estate investment trust (Reit), in a transcript released on Friday, defended its acquisition of an additional one-third stake in MBFC Tower 3 in a dialogue with the Securities Investors Association (Singapore). CEO Chua Hsien Yang on Tuesday (Dec 30) emphasised the asset’s resilience and upside potential, noting that current passing rents are about 10 per cent below the Marina Bay average and positioned for growth as interest rates stabilise. The manager also committed to converting the holding entity into a Limited Liability Partnership to unlock S$8 million to S$10 million in annual tax savings and signalled a shift towards divestments in 2026 to lower aggregate leverage. Units of Keppel Reit rose 0.5 per cent to close S$0.005 higher at S$0.975 on Wednesday.

Mandarin Oriental : The hotel group on Wednesday said that it will pay out a special dividend from the sale of parts of One Causeway Bay to its shareholders on Jan 22. The dividend, at US$0.60 a share, follows the completion of the sale of the Grade-A office and retail Hong Kong skyscraper. The completion of the sale also satisfies a condition for the acquisition of Mandarin Oriental by a Jardine Matheson unit. Shares of Mandarin Oriental rose 0.6 per cent to close S$0.02 higher at S$3.31 on Wednesday, before the update.

Trading halt: Digital Core Reit : called for a trading halt on Friday, pending the release of an announcement. Its shares rose 2 per cent to close US$0.01 higher at US$0.51 on Wednesday.

SG Local News

Singapore’s economy grew 4.8% in 2025; Q4 GDP comes in at 5.7%

Singapore’s economy expanded 4.8 per cent year on year in 2025, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Jan 2) morning.

Aside from being faster than the 4 per cent growth recorded in the previous year, last year’s gross domestic product (GDP) also exceeds the official forecast of “around 4 per cent” that MTI had upgraded to last November.

HDB resale prices flat in Q4, taking 2025 gain to 2.9%: flash data

Resale prices of public housing flats were flat in the fourth quarter of this year, bringing the full-year increase to 2.9 per cent, according to flash estimates from the Housing and Development Board (HDB) released on Friday (Jan 2).

The HDB market saw its fourth straight quarter of slower price growth in Q4, following a 0.4 per cent rise in Q3. Year-on-year, the government’s resale price index change was also lower than the 2.6 per cent recorded in the same period last year.