SG Morning Call｜Singapore's Keppel Posts Slightly Lower Quarterly Profit on Weaker Real Estate

Market Snapshot

Singapore stocks opened lower on Thursday. STI down 0.3%; Keppel down 2%; ST Engineering down 1%.

Stocks in Focus

$Keppel(BN4.SI)$: The company on Thursday reported slightly lower year-on-year net profit for the first quarter ended March, as lower real estate contributions offset higher earnings from its infrastructure and connectivity segments. Overall net profit – when including its “non-core portfolio for divestment and discontinued operations” – was also lower, dragged down by fair value losses and lower monetisation gains from its non-core assets. The company did not give specific figures for net profit. Shares of Keppel closed 0.3 per cent or S$0.04 higher at S$12.03 on Wednesday.

$CityDev(C09.SI)$: The three independent directors linked to last year’s boardroom spat between CDL’s executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek, have stepped down from the board of CDL’s hotel arm Millennium & Copthorne Hotels (M&C). CDL said on Wednesday that the resignations will allow the three individuals to focus on their responsibilities on its board and will not affect M&C’s operations or oversight. CDL shares ended Wednesday 0.6 per cent or S$0.05 lower at S$8.77, before the news.

$CapLand China T(AU8U.SI)$: The trust on Thursday reported a 3.5 per cent decrease in net property income to 282.4 million yuan (S$52.8 million) for its first quarter ended Mar 31, down from 292.5 million yuan in the year-ago period. This decline was primarily due to the absence of contributions from CapitaMall Yuhuating, which was divested in 2025, the manager said. Units of CLCT closed 1.5 per cent or S$0.01 lower at S$0.68 on Wednesday.

$Oiltek(HQU.SI)$: The agritech company said on Wednesday that it will “actively review” its capital structure to support market participation, after a shareholder asked about plans to effect a stock split. In response to queries from shareholders and the Securities Investors Association (Singapore) ahead of its Apr 28 annual general meeting, it added that its proposed secondary listing on Bursa Malaysia is not a response to limitations of its Singapore listing. The counter closed Wednesday 0.8 per cent or S$0.02 lower at S$2.44, before the news.

Kin Global: The sports events management company is set to make its Catalist debut on Thursday. Its initial public offering of one million public offer shares was 29.5 times subscribed at the close of the offer at noon on Tuesday. Each share was priced at S$0.23, and the amount received was about S$6.8 million. It expects to raise S$10.1 million in gross proceeds, with an estimated market capitalisation of about S$44.9 million after listing.

SG Local News

Singapore's Keppel Posts Slightly Lower Quarterly Profit on Weaker Real Estate

Singapore's Keppel Ltd posted a slight drop in its ​first-quarter net profit on Thursday, excluding the ‌non-core portfolio for divestment and discontinued operations, hurt by lower contribution from its real estate division.

The company said better results ​from infrastructure and connectivity segments were offset by ​lower contributions from the real estate segment, ⁠which had benefited from higher valuation and divestment gains ​a year earlier.

Casino Operator Las Vegas Sands Quarterly Profit Rises on Macau, Singapore Demand

Las Vegas Sands reported a higher first-quarter profit on Wednesday, driven by ​strong demand from both its Macau ​and Singapore businesses, sending the casino operator's ⁠shares up more than 2% after ​the bell.

Gambling revenue from Macau has risen ​strongly in the quarter, according to government data, partly aided by strong tourist activity due to the ​Lunar New Year.