Market Snapshot
Singapore stocks opened higher on Thursday. CityDev fell 1%, DFI rose 1.1%, First Resources rose 1.5%, SIA rose 0.2%, DBS rose 0.6%, UOB rose 0.8%.
Stocks to Watch
City Developments Ltd (CDL): The property giant’s majority-held strata-titled building, Delfi Orchard, is up for collective sale at a S$438 million guide price. Citing marketing agent Savills Singapore, The Business Times reported that this translates to about S$3,397 per square foot per plot ratio. CDL shares closed S$0.05 or 0.9 per cent higher at S$5.66 on Wednesday.
DFI Retail Group: The group formerly known as Dairy Farm International has put its last two Singapore properties on the market. On Thursday, BT reported that the total guide price for these two assets is S$48.5 million, though potential buyers can make offers for one or both properties. Shares of DFI ended Wednesday US$0.02 or 1.1 per cent lower at US$1.81.
Cordlife Group: The cord-blood bank on Wednesday said it filed a police report against some of its former employees for alleged “potential wrongdoings” based on preliminary findings of an internal investigation conducted by an external consultant. Shares of Cordlife closed S$0.002 or 1.4 per cent higher at S$0.15, prior to the announcement.
First Resources: The palm oil producer has denied allegations that it is linked to a network of companies accused of clearing rainforests in Indonesia. First Resources has also appointed a sustainability consulting firm to investigate the allegations and “develop an action plan”. Shares of First Resources closed S$0.02 or 1.4 per cent lower at S$1.37 on Wednesday, prior to the filing.
SG Local News
DBS, OCBC to see net profits dip, loan growth soften in Q1
Two of the largest banks in Singapore are expected to report a year-on-year (yoy) drop in net profits for the first quarter, although their asset quality will remain resilient according to UOB Kay Hian.
In a note, UOB Kay Hian projected DBS Group Holdings to see its first-quarter net income decline by 3% yoy to $2.5b, which will still represent a 10% rebound when compared to its net profit in the fourth quarter of 2023.
MAS allocates $35M for sustainable finance upskilling
The Monetary Authority of Singapore (MAS) has allocated $35m to upskill Singapore's financial services sector, focusing on sustainable finance.
Amongst the initiatives to support upskilling are the expansion of sustainable finance courses and the introduction of an Institute of Banking and Finance (IBF) Skills Badge.