To The Moon

Market Snapshot

Singapore stocks opened flat on Monday. Seatrium rose 3%, Nio fell 1.6%, Singtel fell 0.6%, CityDev rose 0.6%.

Stocks to watch:

Keppel : The asset manager on Monday announced a deal with Woodside Energy, Australia’s largest oil and gas developer, for the supply and purchase of liquid hydrogen aimed at powering its data centres in Singapore. The potential liquid hydrogen supply is expected to form part of a larger, long-term utility-scale lower carbon power portfolio that Keppel is building to power its assets. Keppel shares rose 0.6 per cent or S$0.04 to S$6.47 on Friday before the announcement.

City Developments Ltd (CDL) : The property giant’s residential project Norwood Grand sold 292 or 84 per cent of its 348 units over its launch weekend at an average selling price of S$2,067 per square foot, said CDL on Sunday. Market watchers noted improved sentiment in the residential property market, as the US Federal Reserve’s 50-basis-point rate cut translates to improved market confidence and increased house-hunting, with more optimistic and forward-looking homebuyers and investors, said ERA Singapore chief executive Marcus Chu. CDL shares closed 1 per cent or S$0.05 higher at S$5.29 on Friday before the announcement. 

Singapore Post (SingPost) : SingPost suppliers will receive support for their sustainability journey through a new programme to help small and medium-sized enterprise (SME) suppliers meet growing climate-related reporting requirements. It aims to address an expertise gap among SME suppliers in providing accurate carbon emissions data, a key climate reporting component, as from Jan 1, 2025, all listed companies in Singapore must make climate-related disclosures. The programme is developed by four organisations – the Singapore Business Federation, SingPost, EY, and OCBC – who formalise their collaboration through a memorandum of understanding signed at SingPost Centre on Friday. SingPost shares closed 1.8 per cent or S$0.01 down at S$0.545 on Friday before the announcement. 

Sabana Real Estate Investment Trust (Reit) : Sabana Reit’s overall portfolio occupancy for the third quarter ended Sep 30 stood at 84.9 per cent, up from 78.8 per cent in the previous quarter. On Friday, the Reit’s manager attributed the improvement to the signing of new leases covering 313,953 square feet (sq ft) and the renewal of 15,974 sq ft of leases. Its aggregate leverage stood at 37 per cent with an interest coverage ratio of 3.2 times. Units of Sabana Reit closed flat at S$0.385 on Friday, after the lifting of a trading halt.

SG Local News

Singapore will relook at listing rules if there are good companies that don’t meet certain requirements: SM Lee

Singapore welcomes “good and reputable” companies to list on its exchange, said Senior Minister Lee Hsien Loong at a fireside chat at Business China’s FutureChina Global Forum 2024 on Oct 18. Speaking to moderator, SPH Media’s Lee Huay Leng, the senior minister added that if there are good overseas companies who are interested in listing on the Singapore Exchange S68(SGX) but don’t fit the exchange’s rules, SM Lee asked them to let the exchange know so it can “look at [its] rules”.

So far, the SGX has welcomed a few Chinese companies to list, although their results have been “mixed” with some good and the rest, “harder to assess”.

Frasers Centrepoint Trust rides on resilience of prime suburban malls in Singapore

RICHARD Ng, the chief executive officer of the manager of Frasers Centrepoint Trust (FCT) : J69U +0.88%, has seen a proliferation of malls in Singapore, including those that are part of integrated developments, over the past two decades.

Amid greater competition among malls, the real estate investment trust (Reit) has focused on investing in suburban shopping centres that are located next to, above or very near an MRT station – and in some cases, a bus interchange as well. It has also decided to concentrate on big malls, using sheer size to gain a wider catchment area.