To The Moon

Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.5%; SIA fell 1.4%; UOB fell 1.26%; Seatrium rose 1%.

Stocks to Watch

Keppel : The asset manager’s private fund has formed a joint venture with digital infrastructure company Digital Decarbonization Solutions Platform to build an 80-megawatt greenfield data centre campus in northern Taiwan. This comes as Keppel is positive on the utilisation rate of the Taiwan data centre market. Shares of Keppel closed 0.3 per cent or S$S$0.02 lower at S$6.45 on Monday, before the news.

Sembcorp Industries : Its wholly owned subsidiary, Sembcorp Utilities, is partnering Indonesian government-owned electricity producer PLN’s sub-holding company on a green hydrogen production facility. Sembcorp on Monday said the project is part of a larger initiative to create a regional green hydrogen hub linking Sumatra, the Riau Islands and Singapore. The counter closed 0.2 per cent or S$0.01 lower at S$5.51 on Monday.

Seatrium : The offshore and marine specialist has secured S$100 million worth of contracts for repairs and upgrades set to be completed by the first quarter of 2025. On Tuesday, Seatrium said the contracts were awarded by various longstanding partners and regular customers. Its shares ended Monday S$0.01 or 0.5 per cent lower at S$1.97.

Keppel Reit : Its manager on Tuesday announced a 1.9 per cent year-on-year decrease in distributable income, including an anniversary distribution, to S$160.6 million for the first nine months of the fiscal year, mainly due to higher borrowing costs. This is despite net property income rising 10.8 per cent to S$148.5 million on the year, stemming from strong operational performance, as well as contributions from 2 Blue Street and 255 George Street. The counter closed flat on Monday at S$0.94.

AcroMeta : The Catalist-listed company has entered into an agreement to dispose of all its shares in its life-sciences business for S$2.7 million, as part of a review of its long-term strategy. The specialist engineering company said the sale would allow the group to “unlock value for future growth”. Shares of AcroMeta closed flat on Monday at S$0.29.

Trading halt: Parkway Life Real Estate Investment Trust called for a trading halt on Tuesday morning, pending the release of announcements. The counter closed flat on Monday at S$3.99.

SG Local News

Singapore tourism receipts up 5.9% in Q2 on year, in line with arrivals

Singapore’s tourism receipts grew 5.9 per cent year on year (yoy) in the second quarter to S$6.8 billion, as international visitor arrivals jumped 14.8 per cent to 3.9 million, Singapore Tourism Board (STB) figures showed on Monday (Oct 21).

But this was a 15.6 per cent slide in visitor spending from the first quarter of 2024.

Great Eastern to have till January 2025 to comply with free float rule

Great Eastern now has till Jan 24, 2025, to comply with the free float rule. The extension was announced on Oct 21, two days before the company’s previous deadline of Oct 23.

On Aug 2, Great Eastern said it had received approval from the Singapore Exchange S68Securities Trading (SGX-ST) that it had till Oct 23 to explore options to restore its public float. The trading of shares in Great Eastern was suspended from 9am on July 15. The company lost its free float on June 14 when offeror Oversea-Chinese Banking Corporation (OCBC) received 1.48 million shares – or 0.31% acceptances from shareholders – taking the bank’s total stake to 90.16%.