To The Moon

Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.1%; CapitaLandInvest, Genting Singapore, Sembcorp, Seatrium, and Singtel rose about 1%; NIO fell 1.7%; Olam fell 3.3%.

Stocks to Watch

$Singtel(Z74.SI)$: A China state-linked hacking group that breached the telco giant in June was part of a global campaign targeting telco companies and critical infrastructure operators, reported Bloomberg News on Tuesday. The breach is thought to have been a test by China for future cyberattacks on US telco firms, the news outlet said. Shares of Singtel closed up 1.3 per cent or S$0.04 at S$3.16 on Tuesday. 

$Prudential USD(K6S.SI)$: The insurer’s new business profit was up 11 per cent, on a constant exchange rate basis, at US$2.35 billion for the nine months ended September 2024. On Wednesday, the group said that its multi-channel distribution model has driven broad-based new business profit growth across regions, including Greater China, Asean and Africa. Shares of Prudential ended Tuesday flat at US$8.65 on the Singapore Exchange.

$SIA Engineering(S59.SI)$: The aircraft maintenance provider’s net profit climbed 10.2 per cent on-year to S$35.6 million for its second quarter ended September 2024. Its revenue was higher across all operating segments for the half-year as demand for maintenance, repair and overhaul (MRO) services remained healthy, said the company on Tuesday. This was fuelled by air travel growth and new aircraft delivery delays, which caused airlines to keep older aircraft in operation and to require MRO services. Shares of SIAEC ended 1.6 per cent or S$0.04 higher at S$2.49, before the announcement.

$CapitaLandInvest(9CI.SI)$ (CLI): The real estate asset manager said its total revenue for the year to date stood at S$2.1 billion as at end-September, representing a slight improvement due to higher fee income-related business contributions. Real estate investment business revenue was, however, 2 per cent lower year on year, it said in a business update on Wednesday. Shares of CLI closed S$0.04 or 1.4 per cent higher at S$2.91 on Tuesday.

$Frasers L&C Tr(BUOU.SI)$ (FLCT): Its distribution per unit (DPU) for the second half ended September 2024 fell 5.7 per cent on the year to S$0.0332, versus S$0.0352 previously. On Wednesday, its manager said this was in spite of an 8.4 per cent revenue growth as distributable income was weighed down by higher property expenses and finance costs. Units of FLCT ended Tuesday S$0.01 or 0.9 per cent down at S$1.06.

$SingPost(S08.SI)$: The postal services provider on Wednesday reported a near-doubling of net profit to S$22.6 million for the first half ended Sep 30, representing a 97.3 per cent increase from S$11.5 million in H1 FY2023. Revenue for the period grew 20 per cent to S$992.4 million, mainly driven by growth in the Australia and Singapore segments. Its shares ended S$0.005 or 0.9 per cent higher at S$0.555 on Tuesday.

$ManulifeReit USD(BTOU.SI)$ (MUST): The pure-play US office Reit posted a portfolio occupancy of 77 per cent for the third quarter ended September, down from 78.4 per cent in the previous quarter. This follows the divestment of an office property in California, which involved 510,308 square feet of space, said the manager in a business update on Wednesday. Units of MUST closed down 1.8 per cent or US$0.002 at US$0.109 on Tuesday. 

SG Local News

Singapore's Keppel to Buy Japanese AI-Ready Data Centre

Singapore's Keppel said on Tuesday it had agreed to buy an artificial intelligence-ready data centre facility being developed by Japan's biggest property group Mitsui Fudosan in Tokyo.

The deal comes less than two weeks after the asset manager said it plans to more than double its data centre funds under management from S$9 billion ($6.84 billion) currently to S$19 billion in the near term to tap into the AI frenzy.

Mitsui Fudosan will develop the core and shell of the data centre, while Keppel's private fund will undertake the fit-out works, the Singaporean company said.

SingPost’s H1 Profit Rises 97.3% to S$22.6 Million; Declares S$0.0034 Per Share Interim Dividend

SingPost’s net profit for the first half ended September nearly doubled to S$22.6 million on higher revenue.

This represented a 97.3 per cent increase from S$11.5 million in H1 FY2023, as revenue rose 20 per cent to S$992.4 million from S$827.3 million a year prior.

Earnings per share (EPS) excluding distributions to perpetual securities holders stood at S$0.0076, up 181.5 per cent from S$0.0027 in H1 FY2023.

Great Eastern Posts 52% Higher Q3 Profit of S$273.4 Million

Great Eastern posted a 52 per cent year-on-year increase in net profit to S$273.4 million for the third quarter ended September, from S$180.2 million in the previous corresponding period.

This was driven by contributions from its insurance business and favourable investment performance from shareholders’ funds, said the group on Wednesday (Nov 6) in a business update.

The group’s new business embedded value amounted to S$176.9 million, up 7 per cent on the year from S$165.1 million. Total weighted new sales for Q3 was, however, down 7 per cent at S$390.8 million, from S$419.4 million previously.

China State-Linked Group Accused of Hacking SingTel, Bloomberg News Reports

A China state-sponsored hacking group had breached Singapore Telecommunications (SingTel) in June as a part of a global campaign targeting telecom companies and critical infrastructure operators, Bloomberg News reported on Tuesday (Nov 5).

Investigators believe that the breach was carried out by a hacking group nicknamed Volt Typhoon, Bloomberg said, citing two people familiar with the matter.

“There was a malware detected in June, which was subsequently dealt with and reported to relevant authorities. There was no data exfiltrated and no impact to services,” a SingTel spokesperson told Reuters by email.