Market Snapshot
Singapore stocks opened higher on Friday. STI rose 0.4%, DBS and SingTel rose 0.8%; NIO rose 2.2%; Seatrium fell 1.1%; iFast rose 2.2%; Thai Beverage rose 1%.
Stocks to Watch
DBS (D05): The lender on Thursday experienced a disruption to its mobile banking services. Outage tracking site Downdetector recorded more than 3,000 reports made from around 5.45 pm about issues relating to DBS’ mobile banking. Earlier on Thursday, DBS posted a 15 per cent year-on-year rise in first-quarter net profit to S$2.96 billion, marking a new high. It declared an interim dividend of S$0.54 for each ordinary share. Additional shares arising from its proposed 1-for-10 bonus issue will also qualify for this dividend. Its counter closed S$0.65 or 1.9 per cent higher at S$35.55 on Thursday, before the news.
Keppel Infrastructure Trust (A7RU) (KIT): The trust’s distributable income for the first quarter ended Mar 31 fell 29.1 per cent to S$50.9 million, from S$71.8 million the year before, dragged by lower contributions from the distribution and storage sector and higher corporate expenses. Earnings before interest, taxes, depreciation and amortisation for the first quarter was down 5.7 per cent at S$118.8 million, as compared to S$125.9 million in the corresponding year-ago period, based on a business update on Friday. Units of KIT closed S$0.005 or 1.1 per cent or lower at S$0.47 on Thursday.
CapitaLand India Trust (CY6U) (Clint): The business trust inked a forward purchase agreement to acquire IT buildings with a total leasable area of 2.5 million square feet in Hyderabad, India. Acquiring these assets is expected to increase Clint’s earnings and distributions for unitholders, said its trustee-manager on Friday. Units of Clint closed Thursday at S$1.03, up S$0.03 or 3 per cent.
Elite Commercial Real Estate Investment Trust (MXNU) (Reit): Its DPU for the first quarter ended March declined 21.2 per cent year on year to £0.0067, assuming a 90 per cent payout ratio. In a business update on Friday, the manager said the decline was due to non-income generating assets and vacancy-holding costs, as well as an enlarged equity base following the preferential offering completed on Jan 18. Units of Elite Commercial Reit ended Thursday £0.005 or 2.1 per cent higher at £0.24.
SG Local News
DBS, POSB Internet Banking Services Restored After Hours-Long Disruption
DBS and POSB internet banking and payment services have been restored after they went down for several hours on Thursday (May 2).
DBS and POSB digibank online and mobile services returned to normal at 7.37pm and 7.41pm respectively, the bank said in an update. Services on DBS PayLah! returned to normal at 8.03pm.
The bank had earlier said at 6.54pm – about an hour after the outage was first reported by users – that it was aware of the issues.
"We have identified the issue and have activated measures to recover the services," said the bank. "You can continue to use your DBS/POSB credit or debit cards to make payment."
It added that people could also use the ATMs nearest to them.
Singapore Savings Bond 10-Year Average Yield Hits Year-to-Date High of 3.33%
The 10-year average return per year for the latest tranche of the Singapore Savings Bonds (SSB) has reached a new year-to-date high of 3.33 per cent, marking an increase from the preceding month’s rate of 3.06 per cent.
This was also a step closer to December 2022’s historic high of 3.47 per cent.
The May tranche of bonds, to be issued in June, has a first-year interest rate of 3.26 per cent. Interest rate at the 10-year mark stands at 3.54 per cent.
In comparison, the April issuance was offering a first-year interest rate of 2.99 per cent, while interest rate at the 10-year mark was 3.27 per cent.
Luxury Private Home Rents Jump in Q1 Amid Wider Market Slump: Huttons Asia
Rents for large luxury homes jumped in the first quarter, in contrast to an overall slump in the wider market, as demand from high-net-worth foreigners met with limited supply in the high-end segment, agents said.
Analysis by Huttons Asia showed that one market segment in particular – private non-landed residential four-bedroom units – saw a 36.5 per cent jump in demand in the first quarter, compared with the fourth quarter of 2023.
Leasing demand in this segment was also 19.3 per cent higher year on year, the Huttons report released on Thursday (May 2) showed.
Singapore and Canada to Enhance Science and Technology Cooperation
Singapore and Canada have agreed to enhance bilateral cooperation in science, technology and innovation, the two countries said in a joint statement on Thursday (May 3).
This covers areas such as artificial intelligence, biotechnology, and digital and green technologies.
“We are excited to explore potential synergies,” Singapore’s Minister for Trade and Industry Gan Kim Yong said in Ottawa. He was there to meet his Canadian counterpart, Minister of Export Promotion, International Trade and Economic Development Mary Ng.