To The Moon

Market Snapshot

Singapore stocks opened higher on Thursday. STI rose 0.6%; YZJ Shipbldg rose 2.8%; DBS rose 2.2%; Top Glove rose 1.4%; OCBC and UOB rose 1.3%; NIO fell 2.3%.

Stocks to Watch

$DBS Group(D05.SI)$: Singapore’s largest lender beat estimates with record net profit crossing the S$3 billion mark for the first time at S$3.03 billion for its third quarter ended September, up 17 per cent year on year. It declared an interim dividend of S$0.54 per ordinary share on Thursday, to be paid out on or about Nov 25, bringing estimated total dividends payable to S$1.54 billion. The quarter’s earnings per share of S$4.21, up from S$3.64 in Q3 FY2023, is expected to get a “permanent lift” from DBS’ new S$3 billion share buyback programme that is part of its board’s capital management efforts, said deputy chief executive Tan Su Shan, who will succeed the incumbent Piyush Gupta upon his March 2025 retirement. Shares of DBS ended Wednesday S$0.06 or 0.2 per cent higher at S$39.15.

$Acro HTrust USD(XZL.SI)$: Its net property income for the first nine months of fiscal year 2024 fell 4 per cent on the year to US$33.8 million, from US$35.2 million. On Thursday, the trust’s managers said the decline was mainly due to the absence of contributions from three disposed properties and lower revenue contribution from hotels affected by asset enhancement initiatives. Stapled securities of Acrophyte Hospitality Trust ended Wednesday flat at US$0.21.

SG Local News

DBS Posts Record Quarterly Profit, Sees 2025 Dip from Tax Changes

Singapore's biggest bank DBS Group posted on Thursday a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the city-state is introducing a global minimum corporate tax rate.

DBS, the first Singapore lender to report third-quarter results, said July-September net profit surged 15% to S$3.03 billion ($2.27 billion), easily beating the mean estimate of nearly S$2.80 billion from five analysts, according to LSEG data.

It also topped the previous quarterly record of S$2.96 billion it set in the first quarter this year, even though its net interest margin, a key profitability gauge, declined to 2.11% during the third quarter from 2.19% the same quarter a year earlier.

The bank also announced that its board had established a new share buyback programme of S$3 billion.

Singapore, Indonesia Looking to Cooperate in Energy, Food Security: PM Wong

Singapore and Indonesia are looking to cooperate in energy security and sustainability, among several areas aligned to Indonesia’s priorities, the city-state’s Prime Minister Lawrence Wong said during his introductory visit to Jakarta on Wednesday (Nov 6).

“This can be a new growth engine for both our countries, especially when we realise cross-border energy exports, as well as cross-border carbon capture and storage projects in the coming years,” he said in a joint press conference with Indonesian President Prabowo Subianto.

Speaking in Bahasa Indonesia, Prabowo said they discussed ongoing cooperation projects such as cross-border electricity interconnection, the joint development of green hydrogen in Sumatra, and solar power plants.

Some 4,500 Workers to Get Average 5% Pay Raise Above Annual Increment

Around 4,500 workers will receive an average wage increase of 5 per cent above their annual increment as part of the NTUC Company Training Committee (CTC) Grant scheme.

The workers are among 6,000 employees, including professionals, managers, executives and rank-and-file staff, across about 260 companies with CTC grants who could benefit from a wage increase or structured career pathways through the Career Development Plan (CDP).

The CTC Grant allows companies undergoing transformation to raise their productivity, redesign jobs or improve staff prospects by co-funding up to 70 per cent of the qualifying costs, said the National Trades Union Congress (NTUC) on Nov 6.