To The Moon

Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 0.1%; NIO fell 4.4%; ST Engineering fell 1.7%.

Stocks to Watch

$HongkongLand USD(H78.SI)$ : Hongkong Land said on Tuesday that it will exit the build-to-sell residential development business and pivot to fund management. The moves come amid its strategic review of its business as Hongkong Land swung to an underlying loss of US$7 million in the six months to Jun 30 from an underlying net profit of US$422 million in the same period last year. The property group intends to recycle up to US$10 billion in capital by 2035 and grow assets under management to up to US$100 billion by then. It also expects to double its profit before interest and tax, and double dividends per share in that time. Shares of Hongkong Land last closed at US$3.89, down 1.5 per cent or US$0.06.

$Mapletree Ind Tr(ME8U.SI)$ : The trust posted a distribution per unit (DPU) of S$0.0337 for the second quarter ended Sep 30 up 1.5 per cent year on year from S$0.0332. This came alongside higher occupancy and rent, its manager said in a bourse filing on Tuesday. Revenue for Q2 climbed 4.2 per cent year on year to S$181.4 million from S$174.1 million and net property income inched 4.6 per cent to S$134.5 million from S$128.6 million. Units of MIT closed at S$2.39, down S$0.04 or 1.6 per cent, on Tuesday, before the announcement. 

$ESR-REIT(J91U.SI)$ : Its net property income for the third quarter fell 6.5 per cent year on year to S$192.7 million, while gross revenue declined by 6.3 per cent to S$272.5 million, its manager said in an interim business update on Wednesday. The results were impacted due to the Reit’s divestment of 11 non-core assets conducted in FY2023 and 2Q2024, with the proceeds pending deployment. Its counter closed flat at S$0.28 on Tuesday.

$Far East HTrust(Q5T.SI)$ : The stapled group’s net property income for the third quarter ended Sep 30 fell 6.8 per cent to S$26.2 million, from S$28.1 million in the previous corresponding period. On Wednesday, the managers said the decline comes amid higher property taxes and lower revenue mainly due to an absence of a one-off contribution by hotels contracted for isolation purposes in 2023. Stapled securities of FEHT closed flat at S$0.625 on Tuesday.

$CapLand China T(AU8U.SI)$ : The China-focused retail real estate investment trust’s net property income for the first nine months fell 5.1 per cent on the year. This comes amid lower contributions from its logistics and business park portfolios, exited malls as well as lower effective occupancies and rentals, said its manager on Wednesday. Units of CLCT rose S$0.005 or 0.7 per cent to end Tuesday at S$0.76.

$CapLand Ascott T(HMN.SI)$ : Its gross profit for the third fiscal quarter rose 8 per cent year on year due to acquisitions, completed asset enhancement initiatives (AEIs), and interest savings from repayment of higher-interest debts. On Wednesday, the lodging trust’s managers said such portfolio reconstitution initiatives helped to mitigate the impact of income lost through divestments and ongoing AEIs. Stapled securities of Clas ended Tuesday flat at S$0.91.

$StarhillGbl Reit(P40U.SI)$ : The Reit’s net property income rose 1.4 per cent on year to S$37.9 million for its first quarter ended Sep 30, from S$37.4 million. Revenue grew 1.9 per cent on year to S$48 million from S$47.1 million amid higher contributions from its Singapore and Perth properties and as the Malaysian ringgit strengthened against the Singapore dollar, said its manager on Tuesday. Its portfolio occupancy stood at 97.6 per cent at the end of the quarter. Units of Starhill Global Reit closed unchanged at S$0.505 on Tuesday, prior to the announcement.

$Cordlife(P8A.SI)$ : The embattled cord-blood bank announced on Tuesday that it would hold an extraordinary general meeting (EGM) next month to appoint new auditors and approve its directors’ fees. The proposed appointment save Cordlife about 30 per cent in audit fees. During the EGM, the company will also seek unitholders’ approval for its directors to be paid up to S$135,000 for the financial year ending Dec 31. The proposed resolution to approve directors’ fees for the same period was not approved at the last EGM and no director was paid fees for the 2024 financial year to date. Shares of Cordlife closed flat at S$0.16 on Tuesday before the announcement.

SG Local News

Temasek Says Trump Win Would Slow Global Growth

Singapore investment company Temasek is warning that a Donald Trump election victory might not necessarily be a plus for the world economy and financial markets.

A Trump administration would lead to slower global growth that would eventually affect US companies, according to chief investment officer Rohit Sipahimalani.

“I know the conventional wisdom and consensus is that right now a Trump presidency is better for markets,” Sipahimalani said on Tuesday (Oct 29) in an interview on Bloomberg Television, citing hopes for lower taxes and more deregulation. “But as you look out to 2025, the picture is not that clear.”

SGX Starts Trading in BYD, Alibaba, Tencent, HSBC and BOC Via Depository Receipts

The $SGX(S68.SI)$ announced on Wednesday that it will launch Hong Kong SDRs together with Phillip Securities, enabling investors to “express thematic views on evolving global trends” in artificial intelligence, electric vehicles and financial markets.

SGX’s new Hong Kong SDR, available for trading from Oct 30, will cover Alibaba, Tencent, BYD, HSBC and Bank of China – representing the technology, consumer discretionary and financial sectors. 

Sheng Siong Q3 Profit up 12.6% After Supermarket Chain Opens 5 New Outlets

Supermarket chain Sheng Siong posted a 12.6% increase in net profit to $39.1 million for the third quarter ended Sept 30, from $34.7 million the year before.

Revenue grew 5% year on year to $363.2 million, driven by the opening of five new outlets over the same period, Sheng Siong said in a business update on Oct 29.

Comparable same-store sales improved 1.5% on a year-on-year basis, it added.