To The Moon

Market Snapshot

Singapore stocks opened higher on Thursday. STI up 0.3%; Keppel up 3%; OUEREIT up 1.7%.

Stocks to Watch

Keppel : The group on Thursday said its net profit for the third quarter ended September 2024 was lower year on year, as the prior quarter had benefited from valuation and divestment gains in the connectivity segment. Excluding the effects of legacy offshore and marine assets, the nine-month net profit was comparable to a year ago. Keppel aims to more than double its data centre funds under management, as the firm tries to tap into artificial intelligence frenzy, driving investment into digital infrastructure.

Mapletree Logistics Trust (MLT) : The trust plans to divest about S$1 billion worth of its assets to rejuvenate its portfolio with the proceeds. The chief executive of MLT’s trust manager said on Wednesday that about half of the divested assets will be from China and Hong Kong. MLT is also eyeing accretive acquisitions in emerging markets such as Vietnam and India as well as in developed markets such as Japan. Units of MLT closed down 0.7 per cent or S$0.01 at S$1.40 on Wednesday. 

ComfortDelGro : The transport operator will acquire United Kingdom’s premium private hire, courier and black taxi provider Addison Lee for £269.1 million (S$461.2 million) it said on Wednesday. The acquisition will extend its London footprint and grow its global taxi and private hire network to over 34,000 vehicles to strengthen ComfortDelGro’s overall point-to-point proposition in the UK and globally. Shares of ComfortDelGro closed 0.7 per cent or S$0.01 lower at S$1.46 on Wednesday, before the announcement. 

Hotel Properties Ltd (HPL) : has priced S$160 million in perpetual securities at 5.5 per cent under its S$1 billion multicurrency debt issuance programme, the group said on Wednesday. HPL said that it will use net proceeds from the securities issuance to refinance its existing borrowings and finance its working capital requirements. Shares of HPL closed flat at S$3.60 on Wednesday, before the announcement.

OUE Real Estate Investment Trust (Reit) : OUE’s third-quarter results saw a 3.7 per cent year-on-year fall in net property income to S$60.3 million from S$62.7 million, while revenue was down 1.3 per cent at S$74.8 million from S$75.8 million in the year before. The Reit’s manager on Wednesday said that while the slight decline in net property income comes amid an upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport, delayed office completions and a more favourable interest rate environment will support office demand moving forward. Units of OUE Reit closed flat at S$0.30 on Wednesday, before the announcement.

Digital Core Real Estate Investment Trust : The Reit’s distributable income for the nine months ended Sep 30 rose 9.7 per cent year-on-year to US$34.5 million from US$31.5 million on growth of the artificial intelligence sector. Its revenue fell 9.7 per cent to US$72 million from US$79.7 million a year ago, while net property income dropped 11.3 per cent year on year to US$45.3 million, the Reit said on Wednesday. Units of Digital Core Reit closed up 1.7 per cent or US$0.01 at US$0.595 on Wednesday, before the announcement. 

Katrina Group : Catalist-listed Katrina Group plans to bring South Korean hamburger chain Lotteria to Singapore,with the first store expected to open by the second quarter of 2025. The food and beverage (F&B) and hospitality group on Wednesday said that it expects to benefit from Lotteria’s robust brand reputation in Asia. Shares of Katrina Group closed flat at S$0.022 on Wednesday.

Nera Telecommunications (NeraTel) : Taiwan-listed Ennoconn Corporation’s mandatory unconditional cash offer for NeraTel closed with valid acceptances for only 10.39 per cent of the telco’s shares on Wednesday. Ennoconn and its concert parties now own, control or have agreed to acquire 63.77 per cent of the communications and network solutions provider’s shares as at the close of the offer at 5.30 pm. Shares of NeraTel closed at S$0.075 on Wednesday before the latest announcement.

SG Local News

More than 33,000 applicants for 8,573 new flats in HDB’s October BTO exercise so far

AS At noon on Wednesday (Oct 23), 33,256 applicants had applied for the 8,573 new Build-To-Order (BTO) flats offered under the Housing and Development Board (HDB) in its October exercise, said ERA Singapore.

This translates to 3.9 applicants for each available unit so far, with most of the 15 projects launched drawing strong interest, and some pockets of under-subscription, said the real estate agency’s key executive officer, Eugene Lim.

Singapore core inflation up for second straight month

Singapore's core inflation rose to 2.8 per cent year-on-year in September, increasing for the second consecutive month.

The increase in September from August's figure of 2.7 per cent was largely due to a rise in retail and other goods inflation, said the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) on Wednesday (Oct 23).