Market Snapshot
Singapore stocks opened lower on Monday after Middle East tension. SIA fell 1%, DBS fell 1%, UOB fell 0.6%, Seatrium fell 1%, NIO fell 5.6%.
Stocks to Watch
Elite Commercial Reit : The real estate investment trust (Reit) will expand its investment strategy to include other asset sectors in the UK in addition to its current focus on social infrastructure assets, the manager said on Monday. It has highlighted the living sector, which includes purpose-built student accommodation and build-to-rent residential assets, as one such area of potential investment. Its counter closed flat at S$0.245 on Friday.
Seatrium : The offshore and marine group will collaborate further with Shell on floating production systems (FPS), it said on Monday. Both parties have inked a memorandum of understanding that will promote best practices in FPS design and constriction by driving product standardisation and replication. Shares of Seatrium closed down S$0.003 or 3.6 per cent at S$0.081 on Friday.
Sabana Industrial Real Estate Investment Trust: The manager said on Monday that it intends to convene the requisitioned extraordinary general meeting (EGM) on or before May 25. It added that due to the closeness in time between the EGM and the Apr 23 annual general meeting, the manager is unable to accede to the requisitionsts’ request, as it needs time to prepare for the convening of the requisitioned EGM according to the relevant regulatory and legal requirements. Units of Sabana Reit closed Friday down 1.4 per cent or S$0.005 to S$0.365.
SG Local News
Services sector key to Singapore's 2024 growth
Experts believe Singapore has arrived at “safe harbours” and will see further acceleration to its gross domestic product (GDP) in 1H24.
In a report, RHB Acting Group Chief Economist Barnas Gan said the services sector will underpin growth in 2024.
Singapore Car Startup Seeks Value Over $1.5 Billion Ahead of IPO
Southeast Asia’s used-car marketplace Carro is raising about $100 million as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player.
The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than $1.5 billion, Chief Executive Officer Aaron Tan said in an interview. The firm, which has about 4,500 staff and counts SoftBank Group Corp. as well as Singapore’s GIC Pte and Temasek Holdings Pte among its investors, just posted its first annual operating profit.