SG Morning Call | ST Engineering Posts 18.1% Rise in Q1 Revenue; Bytedance Founder Makes His Home in SG
Stocks to Watch
ST Engineering : The group on Monday posted an 18.1 per cent rise in group revenue to S$2.7 billion for the first quarter ended Mar 31. It attributed the gain to higher contributions from its commercial aerospace and defence and public security segments, which recorded double-digit growth in revenue. It declared an interim dividend of S$0.04 per share for the quarter. ST Engineering shares closed 1.8 per cent or S$0.07 higher at S$3.98 on Friday.
Genting Singapore : The integrated resort operator last Friday reported net profit of S$247.4 million for the first quarter ended March, up 91.5 per cent year on year. Revenue grew 61.9 per cent to S$784.4 million. Shares of Genting Singapore closed S$0.01 or 1.1 per cent higher at S$0.885, before the update.
SIA Engineering :(SIAEC): The mainboard-listed group posted an 11.5 per cent jump in net profit to S$37.8 million for the second half-year ended March 2024. This was attributed to the continued recovery in demand for aircraft maintenance, repair and overhaul services. Shares of SIAEC ended Friday S$0.03 or 1.3 per cent higher at S$2.29, before the news.
Frasers Property : Its net profit for the six months ended March 2024 fell 81.8 per cent to S$35.8 million, dragged by non-cash unrealised fair-value losses and impairment on some of its commercial properties in the UK and Australia, as well as lower residential contributions from Singapore and Thailand. Shares of the real estate developer closed flat at S$0.80 on Friday, before the update.
GuocoLand : Its subsidiary has sold off its entire stake in Malaysia-listed Eco World International for S$61 million. This was in line with the subsidiary’s plans to focus on its key markets, announced the property developer last Friday. Shares of GuocoLand rose 2 per cent or S$0.03 to close at S$1.52 on Friday, prior to the news.
Mapletree Logistics Trust : The real estate investment trust (Reit) on Friday announced plans to sell its warehouse in Tuas South Avenue for S$10.5 million. JTC Corporation, which is the landlord of industrial properties in Singapore, has granted in-principle approval for the transaction. Units of the Reit rose 1.5 per cent or S$0.02 to close at S$1.37, before the news.
Keppel & Dyna-Mac : Keppel said on Friday its subsidiary KepInvest sold its entire stake in oil and gas company Dyna-Mac for S$100 million. Shares of Keppel rose 1.7 per cent or S$0.11 to close at S$6.73, while those of Dyna-Mac increased 2.8 per cent or S$0.01 to close at S$0.37 on Friday, before the announcement.
UMS : The semiconductor company posted a net profit of S$9.8 million for the first quarter of its 2024 fiscal year, a 44 per cent drop from the year prior. The decline came on the back of weak semiconductor sales amid a global slowdown in the industry. Shares of UMS rose 1.5 per cent or S$0.02 to close at S$1.32 on Friday, before the results release.
SG Local News
Strata office sales up 11% in Q1 as Singapore attracts wealthy
Singapore saw 70 strata office deals in the first quarter of the year, up 11% year-on-year as the city-state continues to attract wealthy individual investors, data from Huttons showed.
Despite the increase, last quarter’s transaction volume still fell in value with the overall value of strata office deals declining 25% YoY to $185m. The first quarter sales, meanwhile, were 15% lower in volume but 3.2% higher in value when compared to the levels three months prior, or in the fourth quarter of 2023.
Zhang Yiming, founder of TikTok’s parent company Bytedance, makes his home in SG
While the founder of Bytedance, Zhang Yiming, has retained his Chinese citizenship, he has made Singapore his home base for the past few years. This information has emerged as part of the lawsuit filed by TikTok against the United States government.
TikTok, arguably the most popular app in the world particularly with Gen Z and Millennials, is owned by ByteDance, an internet company headquartered in Haidian, Beijing. The video platform is not only enormously popular but has also been extremely profitable, with US$16 billion (S$21.4 billion) in revenue in 2023, and a reported valuation of US$100 billion (S$135 billion).
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