To The Moon

Market Snapshot

Singapore stocks opened higher on Monday. STI rose 0.1%; NIO rose 4%, SIA Engineering rose 1.3%, SingPost fell 1%.

Stocks to Watch

$CapLand Ascendas REIT(A17U.SI)$ : The business space and industrial Reit’s portfolio occupancy fell to 92.1% for its third quarter from 93.1 per cent in its previous quarter. Its portfolio rental reversions rose quarter-on-quarter to 14.4 per cent from 11.7 per cent and aggregate leverage rose to 38.9 per cent from 37.8 per cent in the previous quarter. Units of Clar closed flat at S$2.75 on Friday, before the release of the business update.

$SingaporeLandGrp(U06.SI)$ : The property developers signed an option to acquire the 99-year leasehold Thomson View Condominium for S$810 million in a collective sale, the companies said on Saturday. The condominium’s sale would be the largest en bloc deal in Singapore since Chuan Park’s collective sale was greenlighted in May 2023. If the the S$810 million acquisition which is set to be completed by February 2026 is concluded, it will be financed mainly from bank borrowings and internal resources. Before the news was announced on Friday, shares of SingLand closed down 1.7 per cent at S$1.76 and shares of UOL closed down 0.7 per cent at S$5.39. 

$IFAST(AIY.SI)$ : The digital bank and wealth management platform recorded a 97.3 per cent year-on-year rise in net profit to S$16.8 million for its third quarter ended Sep 30 from S$8.5 million. This came as revenue rose 49.7 per cent to S$99.1 million from S$66.2 million a year earlier and earnings per share for the quarter climbed to S$0.0564 from S$0.0288 in the previous year. Shares of iFast closed flat at S$7.75 on Friday, before the results were released.

$Q&M Dental(QC7.SI)$, $Aoxin Q & M(1D4.SI)$: The dental group on Monday said it has decided to suspend the laboratory business of its 51 per cent subsidiary Acumen with “no immediate plans” to reapply for its lapsed laboratory licence. Acumen, which is also 49 per cent-owned by Q&M Dental’s spun-off entity Aoxin Q&M, was also directed by the Ministry of Health to close its joint testing vaccination centre at Sengkang from Dec 1. Shares of Q&M Dental ended Friday S$0.005 or 1.6 per cent lower at S$0.30, while Aoxin Q&M was flat at S$0.048.

Trading Halt: Broadway Industrial Group requested for a trading halt as at Monday morning. The counter ended Friday trading down 2.1 per cent at S$0.184.

SG Local News

UOL, CapitaLand Move to Buy Thomson View Condo for S$810 Million

$UOL(U14.SI)$, Singapore Land and CapitaLand Development (CLD) have signed an option to acquire the 99-year leasehold Thomson View Condominium for S$810 million in a collective sale, the companies said on Saturday (Oct 26).

The deal would be struck at a price 12 per cent lower than the condo owners’ original reserve price of S$918 million. It is conditional on consent from at least 80 per cent of owners at the Bright Hill Drive development.

The property, on a sprawling 5-hectare site, was put up for tender this year in February with a guide price of S$918 million. The en bloc sale was relaunched in July at the same price, before owners moved to reduce the price on the sale earlier this month.

StanChart Says Time Is Right for Singapore and UAE to Boost Collaboration, Connectivity

Singapore and the United Arab Emirates (UAE) will continue to grow as trade and innovation hubs despite intensifying geopolitical conflicts and economic fragmentation, according to Standard Chartered Bank.

The bank, which has a long history in both the countries, believes it can play a role in deepening economic ties between the two hubs.

Its role could encompass helping them complement each other’s strengths while acting as gateways to increased trade and investment flows into the wider Asean region and the Middle East.

Analysts Mostly Keep ‘Buy’ Calls on MLT as 2QFY2025 Results in Line with Expectations

Analysts have mostly kept their “add” or “buy” calls on Mapletree Logistics Trust M44U(MLT) after the REIT reported a distribution per unit (DPU) of 2.027 cents for the 2QFY2025 ended Sept 30, 10.6% lower y-o-y. The DPU came largely in line with most of the analysts’ expectations. MLT’s 1HFY2025 DPU stood at 4.095 cents, 9.8% lower y-o-y.

CGS International, Citi Research and Maybank Securities have forecasted MLT’s FY2025 DPU to be at 8 cents. DBS Group Research is expecting MLT’s FY2025 DPU to be at 8.1 cents; OCBC Investment Research is estimating a full-year DPU of 8.09 cents; while UOB Kay Hian is expecting MLT to report a DPU of 8.4 cents for the year.