SG Morning Call | Singapore Stocks Open Higher; Riverstone up Nearly 10%; SIA Engineering, CSE Global up over 3%; YZJ Shipbldg, Seatrium up Around 1%

Market Snapshot

Singapore stocks opened lower on Tuesday. STI rose 0.03%; Riverstone up nearly 10%; SIA Engineering, CSE Global up over 3%; YZJ Shipbldg, Seatrium up around 1%; AvePoint, Keppel Reit down around 2%.

Stocks in Focus

$OCBC(O39.SI)$: The bank on Tuesday priced 500 million euros (S$746.9 million) worth of 2.989 per cent fixed rate covered bonds due in 2029 under its US$10 billion global covered bond programme. The net proceeds from the issue of the bonds will be used for the bank’s general corporate purposes. Shares of OCBC rose 2.7 per cent to close S$0.58 higher at S$22.50 on Monday.

$OUE(LJ3.SI)$: Wholly owned subsidiary OUE Treasury on Tuesday proposed to issue S$150 million worth of 3.25 per cent green notes due in 2033. The notes will be issued at an issue price of 100 per cent of their principal amount, and will be payable semi-annually. Net proceeds from the issuance will go towards financing or re-financing eligible green projects. OUE shares closed Monday flat at S$1.10 before the news.

$SIA Engineering Company(S59.SI)$ (SIAEC) : The aircraft maintenance company on Monday posted a 20.9 per cent year-on-year rise in H2 net profit to S$85.6 million. This came on the back of a 3.7 per cent increase in revenue to S$693.9 million and a final dividend of S$0.085 a share, up from S$0.07 a share a year earlier. Shares of SIAEC ended Monday at S$3.18, down 2.5 per cent or S$0.08, before the news.

$OUE Reit(TS0U.SI)$: Litigation was discontinued against Tan Huay Lim, an independent director at the manager of OUE real estate investment trust (Reit), said the trust on Monday. OUE Reit said it was notified by Tan that the plaintiff had filed a notice of discontinuance with the High Court, which was accepted on May 7. Units of OUE Reit ended Monday at S$0.365, up by S$0.005 or 1.4 per cent.

SG Local News

Singapore’s National Accountancy Body Sets up Task Force to Strengthen Financial Reporting

Singapore’s national accountancy body has formed a task force with business and finance leaders to examine how the country’s financial reporting ecosystem can be overhauled for better communication with stakeholders.

The Strengthening Financial Reporting Taskforce was launched by the Institute of Singapore Chartered Accountants (Isca) at the Value Unlock Forum, held in partnership with the Singapore Exchange (SGX), on Monday (May 11).

Grab Seeks AI Edge in Product Development Using Agentic Engineering, Vibe Coding

Artificial intelligence is aiding $Grab(GRAB)$ in its product development, boosting productivity for engineers and allowing non-technical staff to launch prototypes for testing faster.

Take, for example, one of the products launched at the super app’s recent GrabX product showcase in April: Grab’s Virtual Store Manager.

It can take closed-circuit television feeds to “see” and “understand” what is going on, with a dashboard based on certain parameters.