SG Morning Call | Singapore Must Recognize Stock-Market Challenges, Wong Says
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Singapore Must Recognize Stock-Market Challenges, Wong Says
Singapore must be realistic about the global trends affecting its equities market and what can be done about them, according to Deputy Prime Minister Lawrence Wong.
It’s still challenging for Singapore to attract listings, Wong said in response to a parliamentary question on Wednesday. However, he said that stock exchanges in places like the UK and Hong Kong have the same issue.
“Strong-growth companies backed by private equity and venture capital have the option to remain private for longer in the high-for-longer interest rate environment,” said Wong, who is also Minister for Finance.
AEM Holdings Q1 Net Profit Tumbles 85% to S$2.4 Million
SEMICONDUCTOR equipment maker AEM Holdings net profit fell 85 per cent to S$2.4 million for the first quarter of its 2024 fiscal year ended Mar 30, from S$15.6 million in the same period a year ago.
AEM said in a bourse filing on Wednesday (May 8) that the semiconductor industry is still undergoing a prolonged cyclical downturn.
Revenue in the quarter also fell, declining 38.3 per cent to S$94.2 million, from S$152.7 million over the same period last year.
The slower-than-expected recovery of the company’s key customer, as well as a buildup of inventory in the life science and industrial sectors, had adversely impacted AEM’s contract manufacturing revenue, it said.
DBS Hires Chief of Ping An’s Tech Group to Be Its New Chief Information Officer
DBS has hired Eugene Huang, who was chief executive officer of Ping An’s technology arm, to be the bank’s chief information officer (CIO), it said in a bourse filing on Wednesday (May 8).
Huang, with more than 36 years of technology and banking experience under his belt, will be under pressure to fix several outage issues that have plagued the bank since the beginning of last year. As a result of the disruptions to service, members of the bank’s group management committee, including its chief executive officer Piyush Gupta, have taken pay cuts.
Last Thursday, DBS customers appeared to have issues logging into the bank’s digibank and PayLah! apps. That came on the heels of five outages that happened through 2023.
Frasers Hospitality Trust H1 DPS Falls 13.7% to S$0.01091 on Higher Finance Costs
FRASERS Hospitality Trust: ACV recorded a 13.7 per cent fall in distribution per stapled security (DPS) to S$0.01091 for its first half year ended Mar 31, 2024, from S$0.012649 in the corresponding year-ago period.
Gross revenue for H1 grew 1.7 per cent to S$63.3 million from S$62.2 million. This followed a slight improvement in FHT’s hospitality portfolio performance due to travel recovery in most of its operating markets, said its managers on Thursday (May 9).
Additionally, the managers noted that from Mar 1, FHT assumed the economic interest of Koto no Hako Kobe, the retail component of ANA Crowne Plaza Kobe. The property has a net lettable area of 22,431 square metres with a committed occupancy of 60.7 per cent.
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