Market Snapshot
Singapore stocks opened lower on Monday. STI down 0.5%; YZJ Shipbldg down 3%; Keppel, UOL down 2%.
Stocks in Focus
$Keppel(BN4.SI)$: The group said on Monday that it will remove the proposed divestment of its stake in M1’s telco business from its announced monetisation plans for 2025, after news of the Infocomm Media Development Authority halting the assessment of the proposed M1-Simba merger. Separately, Keppel announced on Friday a definitive 25-year deal with the global arm of Australian telco Telstra for a fibre pair on the Bifrost Cable System. Keppel’s shares ended Friday at S$10.60, down 0.9 per cent or S$0.10.
$SingaporeLandGrp(U06.SI)$: Singapore Land Group (SingLand) announced on Friday that one of its units bought UOB’s shares in the joint venture (JV) companies Novena Square Development and Novena Square Investments for S$299 million in cash. Prior to the transactions, UOB had a 20 per cent stake in each JV, as did the SingLand unit. The remaining 60 per cent of each JV was owned by SingLand’s parent UOL Group. SingLand ended Friday at S$3.60, down 0.3 per cent or S$0.01, before the news.
$UOL(U14.SI)$, $UOB(U11.SI)$: Separately, UOL on Friday also inked a deal to purchase the interest it does not already own in the Orchard Road property formerly known as Faber House for S$68.5 million. The remaining interest that UOL is acquiring includes all of UOB’s legal and beneficial title to and interest in the property and its banking hall, along with the bank’s one-twelfth share in the 30-year lease of the airspace above certain lots. UOB closed at S$37.30, 0.2 per cent or S$0.07 lower. UOL ended at S$10.15, 0.4 per cent or S$0.04 down.
$ST Engineering(S63.SI)$: The engineering group posted an 11 per cent rise in revenue to S$3.3 billion for its first quarter ended Mar 31, from S$2.9 billion in the previous corresponding period. This was due to strong revenue growth across all of its core business segments, it said on Monday. The group noted that its year-on-year net profit growth outperformed its rebased revenue growth. Shares of ST Engineering closed at S$10.37 on Friday, down 1.4 per cent or S$0.15.
$SIA(C6L.SI)$: The flag carrier’s passenger traffic grew 7 per cent year on year in April, outpacing a 6.3 per cent increase in capacity, it said on Friday. The group, which comprises SIA and budget arm Scoot, posted passenger traffic of 13.7 billion revenue passenger kilometres in April, up from 12.8 billion in the year-ago period. Shares of SIA rose 2.4 per cent or S$0.15 to close at S$6.42 on Friday, before the announcement.
$Lendlease Reit(JYEU.SI)$: The manager announced on Monday that Justin Marco Gabbanni will step down as chair and director of the manager effective Jun 30. This comes as he leaves Lendlease Group, the manager’s holding company, to “pursue an external opportunity”. He previously served as CEO of Asia, overseeing investment management, development and construction businesses across the region. Units of the real estate investment trust (Reit) closed Friday 0.9 per cent or S$0.005 higher at S$0.565.
SG Local News
Data Centre Operator DayOne Considering Dual IPO in Singapore and US, Source Says
Global data centre operator DayOne is considering a dual initial public offering in Singapore and the U.S., though the Singapore plans are not concrete at this stage, a source familiar with the matter told Reuters on Sunday.
DayOne initially considered a sole listing in New York, but has been persuaded by Singaporean stock market officials to co-list, the Financial Times reported earlier on Sunday.
Singapore’s Key Exports up 24.5% in April, Beating Forecasts
The Republic’s key exports sharply exceeded forecasts in April, rising 24.5 per cent year on year. This came on the back of robust artificial intelligence-related demand, Enterprise Singapore data showed on Monday (May 18).
The expansion was more than double the 10.9 per cent growth forecast by private-sector economists in a Bloomberg poll. It also extended March’s 15.3 per cent increase.
Both electronics and non-electronics exports grew in April.
Electronics exports grew 66.7 per cent, easing from March’s 73.9 per cent increase. Disk media products (148.9 per cent), integrated circuits (82.7 per cent) and PCs (35.7 per cent) contributed the most to the expansion.
Meanwhile, non-electronics shipments expanded 10.9 per cent, reversing from March’s 0.6 per cent decline. Categories that experienced growth were pharmaceuticals (97.1 per cent), measuring instruments (60.5 per cent), and specialised machinery (23.6 per cent).
Overall, total merchandise trade grew 33.1 per cent year on year in April, down from March’s 38.3 per cent increase. Both exports and imports rose.
$(STI.SI)$
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