To The Moon

Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.16%.

Stocks to Watch

$CapitaLand Integrated Commercial Trust(C38U.SI)$ (CICT): Its manager on Tuesday announced that the trust has divested 21 Collyer Quay, an office asset in Raffles Place, for S$688 million to a third party. Net proceeds from the transaction will be used for debt repayment and capital expenditure financing, asset upgrading works, as well as investments, among other uses. Units of CICT ended Monday flat at S$1.97.

$Frasers Hospitality Trust(ACV.SI)$ (FHT): Its distribution per stapled security for its second half ended Sep 30 stood at S$0.011682, down 0.8 per cent from the corresponding period in the previous year. Despite higher gross revenue for the period, income available for distribution was impacted by higher finance costs and tax expenses, reported its managers on Tuesday. Stapled securities of FHT closed Monday flat at S$0.425.

$Food Empire(F03.SI)$: The mainboard-listed group on Monday reported a 11.4 per cent year-on-year rise in revenue to US$118.9 million for its third quarter ended Sep 30, mainly due to improved revenue growth across all its markets in Asia. Shares of Food Empire closed at S$1.01, down S$0.01 or 1 per cent, before the update.

$Riverstone Holdings(AP4.SI)$: The glovemaker’s third quarter net profit rose 21.8 per cent to RM72.2 million (S$21.8 million) from RM59.3 million in the same period a year prior. Its board has recommended an interim dividend of RM0.04 per share for the nine-month period ended Sep 30. Shares of Riverstone closed down 2.2 per cent or S$0.02 at S$0.89 on Monday, before the business update was released.

$Lendlease Global Commercial Real Estate Investment Trust(JYEU.SI)$: Its committed portfolio occupancy stood at 89.5 per cent for the first quarter ended Sep 30, up from 89.1 per cent in the previous quarter. This came from new leases committed for Building 3 of the Sky Complex property in Milan, Italy, said its Reit manager on Monday. Units of the Reit closed flat at S$0.565, before the news.

$Asian Pay Television Trust(S7OU.SI)$: The business trust’s profit for the third quarter ended September 2024 fell 36.4 per cent year on year to S$6.5 million. This was mainly due to lower mark-to-market gain on derivative financial instruments as well as higher income tax expenses, according to its business update released Tuesday. Units of Asian Pay TV Trust ended Monday S$0.001 or 1.3 per cent lower at S$0.079.

$Avarga(U09.SI)$: The paper manufacturing and building materials distributor on Monday received an unconditional mandatory general cash offer of S$0.25 per share by its executive chairman, Tong Kooi Ong. The offeror does not intend to preserve the listing status of Avarga following the offer’s completion, though it intends to carry on the company’s existing business. Shares of Avarga closed up 14.6 per cent or S$0.03 to S$0.235 on Monday.

SG Local News

Singapore's Grab Raises Annual Revenue Forecast, Shares Jump

Singapore's $Grab Holdings (GRAB)$ raised its forecast for fiscal 2024 revenue on Monday, as the Southeast Asian tech firm anticipates robust growth in its food delivery and ride-hailing businesses during the busy holiday season.

U.S.-listed shares of the company jumped more than 13% in extended trading.

Grab's mainstay food delivery business has been recovering from a post-pandemic slump in demand as consumers increase their discretionary spending budgets in a sign of economic easing.

Singapore and China Step up Cooperation, Refresh Ties

Singapore and China took steps to refresh their relationship and deepen collaboration in areas such as trade and finance at the apex bilateral cooperation meeting between the two countries on Nov 11.

At the first Joint Council for Bilateral Cooperation (JCBC) meeting held since Mr Lawrence Wong took the helm in Singapore as prime minister in May, progress and continuity were stressed amid the leadership transition.

E-Commerce Platform Qoo10 to Be Wound up; Liquidators Appointed

Troubled e-commerce platform Qoo10 was ordered on Monday (Nov 11) by the Singapore High Court to be wound up, with liquidators also appointed for the company.

The Singapore-based Qoo10 has been mired in a debt scandal with vendors as well as businesses alleging payment delays while some parties turned to court to seek help.

One such party was Korea Culture Promotion (KCP), which operates culture portal sites and issues culture gift certificates and other products to serve their customers in South Korea.