Market Snapshot
Singapore stocks opened lower on Wednesday. STI fell 0.4%, Golden Agri fell 1.8%, Seatrium fell 6%, CDL fell 3% , First Resources rose 1.4%.
Stocks to Watch
Golden Agri-Resources : The palm oil company reported on Wednesday a 60 per cent year-on-year decline in Q1 net profit to US$37 million amid weaker crude palm oil prices. Revenue for the period stood at US$2.6 billion, up 1 per cent, mainly due to expanded sales volume. Its shares closed flat on Tuesday at S$0.27.
First Resources : The Indonesian palm oil producer’s net profit for the first quarter ended March 2024 grew 86.6 per cent to US$36.1 million, it reported on Wednesday. The better financial performance came on the back of improved sales volume and reduced export taxes despite lower average selling prices. Shares of First Resources ended Tuesday flat at S$1.38.
Singtel : Its India associate Bharti Airtel posted lower-than-expected fourth-quarter revenue on Tuesday, hurt by currency devaluation in Africa. Consolidated revenue from operations rose 4.4 per cent to 375.99 billion rupees (S$6.1 billion) for the three months to Mar 31, missing analysts’ average estimates of 388.49 billion rupees, as per LSEG data. Singtel’s effective stake stands at 29 per cent. Shares of Singtel closed 0.8 per cent or S$0.02 higher at S$2.43 on Tuesday.
UOL Group : A consortium led by UOL and CapitaLand Development placed a top bid of S$805.39 million for a plum, 99-year leasehold private housing site near Holland Village MRT station. This translated to around S$1,285 per square foot per plot ratio (psf ppr), lower than the S$1,350 to S$1,500 psf ppr forecast by analysts. UOL’s shares closed 0.8 per cent or S$0.05 lower at S$5.60 on Tuesday.
StarHub : The telco on Tuesday posted an 8.1 per cent rise in net profit to S$40.1 million for the first quarter ended Mar 31, from S$37.1 million a year earlier. This came as total revenue dipped 0.1 per cent to S$545.4 million from S$546 million. Shares of StarHub rose 3.3 per cent or S$0.04 to S$1.26, before the results were released.
Frencken Group : The semiconductor player reported a net profit of S$9 million for the first quarter ended Mar 31, up 73 per cent from S$5.2 million in the corresponding year-ago period. In a business update on Tuesday, the company attributed the improvement to higher gross profit margin and revenue growth. The counter closed 3 per cent or S$0.04 higher at S$1.36 on Tuesday.
City Developments Limited (CDL): The developer acquired Hilton Paris Opera Hotel from funds managed by Blackstone for 240 million euros (S$350.2 million), it said on Tuesday. The deal brings the developer’s number of hotels in the French capital to three. Shares of CDL closed 0.5 per cent or S$0.03 lower at S$5.93, after the news.
Tuan Sing : It acquired a newly completed mixed-use property located within Robertson Quay for S$140.9 million. The property, known as Fraser Residence River Promenade, is a four-storey serviced apartment development with 72 units, three conservation warehouses and 47 car park lots, located at 5 Jiak Kim Street. Tuan Sing’s counter ended flat at S$0.24 on Tuesday.
Cordlife : The cord-blood bank’s shareholders voted to remove several directors from its board at the company’s annual general meeting on Tuesday, and also voted against the re-election of independent director Titus Cheong. Cordlife’s shares will resume trading on Wednesday following a halt called on Tuesday. Its counter last traded at S$0.128 before the halt.
SG Local News
MSCI announces five deletions for Singapore including CDL
MSCI has announced changes in constituents for the MSCI Global Standard Indexes, which will take place as of the close of May 31, 2024.
The news isn't good for Singapore with five deletions, which include one-time blue-chip heavyweights such as City Developments Limited (CDL), Jardine C&C, Mapletree Logistics Trust, Mapletree Pan Asia Commercial Trust and Seatrium.
MAS appoints trade minister Gan Kim Yong as new chairman
The Monetary Authority of Singapore (MAS) appointed Minister for Trade and Industry Gan Kim Yong as Chairman of the MAS Board of Directors from 15 May 2024 to 31 May 2026.
Gan has been Deputy Chairman of MAS since 8 July 2023. He will succeed Deputy Prime Minister and Minister for Finance, Lawrence Wong, who has served as Chairman of MAS since 8 July 2023.