SG Morning Call | STI Falls 0.4%; DBS Picks First Female CEO of Top Bank
Market Snapshot
Singapore stocks opened lower on Thursday. STI fell 0.4%.
Stocks to Watch
THE following companies saw new developments that may affect trading of their securities on Thursday (Aug 8):
$DBS(D05.SI)$: The bank announced on Wednesday the appointment of Tan Su Shan as its deputy chief executive officer. She will succeed Piyush Gupta as CEO when he retires at the next annual general meeting on Mar 28, 2025. Tan will be the first female CEO in the lender’s history. The counter closed 2.8 per cent or S$0.90 higher at S$33.65, before the announcement.
$Singapore Exchange(S68.SI)$ (SGX): The Singapore bourse on Thursday reported a net profit of S$316.3 million for the second half ended June 2024, up 10.5 per cent from S$286.3 million a year prior. Its board has proposed a final quarterly dividend of S$0.09 per share, subject to approval by shareholders at its annual general meeting on Oct 10. Shares of SGX closed on Wednesday S$0.30 or 3.2 per cent higher at S$9.79.
$Frasers Property(TQ5.SI)$: The mainboard-listed company noted a challenging operating environment in Thailand, after the country’s central bank raised its policy rate to 2.5 per cent in September 2023. For the nine months ended June 2024, it settled 1,241 units, sold 1,131 units and had unrecognised revenue of S$50 million. Shares of Frasers Property closed at S$0.79, up 0.6 per cent or S$0.005 on Wednesday, before the update.
$Sasseur Real Estate Investment Trust(CRPU.SI)$ (Sasseur Reit): The Reit’s manager reported on Thursday a 5.1 per cent year-on-year decline in distribution per unit at S$0.03153 for the first half ended June. Distributable income fell 2.9 per cent to S$42.7 million. This was attributed to changes in the treatment of upfront borrowing costs and the manager’s base fee component. The counter closed 2.2 per cent or S$0.015 higher at S$0.685 on Wednesday.
SG Local News
New AML law frees Singapore casinos to share patron data
Singapore has tightened its AML and counter terrorism financing (CTF) controls with new legislation enacted 6 August. It works in part by allowing the city’s two casinos to trade consumer data, without consumer consent.
The Anti Money-Laundering and Other Matters Bill includes an amendment to the Casino Control Act of 2006. It empowers Singapore casinos to share customer information without going through the Gaming Regulatory Authority (GRA), as previously required.
Frasers Property sees challenging operating environment for its business in Thailand
FRASERS Property said that it is managing its residential business in Thailand with “agility amid a challenging operating environment”, in a business update on Wednesday (Aug 7) for the third quarter ended Jun 30.
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