SGX Weekly Review | Sats Rises 7%; Mapletree Pan Asia Commercial Trust Falls 7%; Nio Drops 6.6%
Singapore's stocks edged lower. Benchmark the Straits Times Index fell 1.3% to 3593.41 this week.
Vasu Menon, managing director of investment strategy at OCBC, said that rising Treasury yields and the presidential election in the US are causing market jitters. He added that volatility entails risk, but there are opportunities for investors with a good risk tolerance and a medium-term investment horizon.
In terms of individual stocks, Mapletree Pan Asia Commercial Trust fell 7%, Nio fell 6.6%; DFIRG USD surged 7.8%, Sats rose 7%, Keppel DC REIT rose 5%.
Market News
MPACT Posts 2QFY2025 DPU of 1.98 Cents, Down 11.6% YoY
Mapletree Pan Asia Commercial Trust (MPACT) has reported a distribution per unit (DPU) of 1.98 cents for 2QFY2025 ended September, down 11.6% y-o-y.
This came on the back of the REIT’s divestment of Mapletree Anson, which support MPACT’s financial performance. Additionally, the REIT manager reduced borrowings due to higher interest rates.
Nio Onvo's 2nd Model Expected to Be Released by End of Q1 2025, Report Says
$NIO Inc.(NIO.SI)$'s sub-brand Onvo will launch two new models next year, after its first model, the L60 SUV (sport utility vehicle), hit the market last month, according to a new report. Onvo's second model will be a six- or seven-seat SUV expected to be released by the end of the first quarter of 2025, local tech media Leiphone said in a report yesterday.
Citi ‘Increasingly Confident’ of Sats’ Earnings Recovery; Maintains ‘Buy’ at Raised TP of $4.25
Citi Research analyst Kaseedit Choonawat has kept his “buy” call on Sats at a raised target price of $4.25 from $3.76 previously to reflect a more robust air cargo volume growth in outlook into the 2HFY2024/2025.
Choonawat notes that US shippers, which accounts for around 30% of global air and ocean freight demand, continue to pull-forward demand ahead of another round of potential Trump tariffs.
“We lift FY2024/2025 air-cargo volume growth to 7% leading to 2.5% increases in absolute terms across FY2024/2025 to FY2026/2027,” continues Choonawat in his Oct 24 report.
He adds that an increase in air-cargo volume leads to a 1% increase in revenue, a 5% rise in earnings before interest, taxes, depreciation and amortisation (ebitda) and a growth of 12% in core earnings respectively.
OUE Reit Q3 Net Property Income Drops 3.7% to S$60.3 Million
OUE Real Estate Investment Trust reported a 3.7% dip in net property income in the third quarter to S$60.3 million, from S$62.7 million in the year-ago period.
The slight decline was due to an upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport, the Reit’s manager said on Wednesday (Oct 23).
Revenue for Q3 stood at S$74.8 million, down 1.3% from S$75.8 million in the year before.
The Week Ahead
Mapletree Industrial Trust, CapitaLand China Trust, CapitaLand Ascott Trust and Wilmar International will release earnings next week.
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