To The Moon

Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.5%; UOB rose 1.5%; Xioami SDR rose 1.2%; DBS rose 1%; OCBC rose 0.6%; SIA rose 0.5%.

Stocks to Watch

$ST Engineering(S63.SI)$: The group is targeting S$17 billion in revenue and improved profit margin that outpaces its top-line increases by up to five percentage points annually over the next five years, said group chief executive officer Vincent Chong at the company’s investor day on Tuesday. ST Engineering expects to reap S$6 billion in revenue from its commercial aerospace segment, more than S$7.5 billion from defence and public security, and S$3.2 billion from its urban solutions and satcom unit by 2029. Its shares closed on Tuesday at S$6.38, up 1 per cent or S$0.06.

$Keppel DC Reit(AJBU.SI)$: The company’s wholly owned subsidiary, Keppel DC Reit Financial Company, obtained a loan facility of 50 million euros (S$72.8 million) guaranteed by Perpetual (Asia) in its capacity as trustee of Keppel DC Reit, its manager said on Tuesday. Units of Keppel DC Reit closed on Tuesday 0.9 per cent or S$0.02 lower at S$2.17.

$Xiaomi(HXXD.SI)$: The Chinese consumer tech company on Tuesday announced a surge in annual revenue to 365.9 billion yuan (S$67.4 billion) last year, up 35 per cent from the previous year, according to a statement on the Hong Kong Stock Exchange website. Revenue was up 48.8 per cent year on year in the fourth quarter of 2024. The Xiaomi Singapore Depository Receipt on the Singapore Exchange ended Tuesday 4.6 per cent or S$0.22 higher at S$5.

SG Local News

Lady Gaga’s Mayhem Tour Spurs Rush for Tickets in Singapore

More than 1.6 million Lady Gaga fans flocked online to grab pre-sale tickets for the Grammy Award-winning pop star’s concerts in Singapore in May, the only Asian stop for her Mayhem Tour.

Pre-sales for the four concerts in Singapore’s National Stadium from May 18 to 24 opened on Tuesday (Mar 18) morning for Mastercard cardholders with queue numbers going well above 1.6 million. There are three more rounds for pre-sales, including one for members of Singapore Airlines’ frequent flyer programme, before the tickets are open to the general public.

The rush follows the wildly successful Eras Tour by Taylor Swift last year in the city-state, which prompted economists then to raise their first quarter growth forecasts. Retail sales rose 2.1 per cent when Swift came to Singapore in March 2024 and Bloomberg Intelligence said last week that Lady Gaga’s concerts will boost tourist spending.

Grab Is Said to Move Forward With Talks to Buy Rival GoTo

Grab Holdings Ltd. is moving forward with its attempt to take over GoTo Group, according to people familiar with the matter, who said the Singaporean ride and delivery firm has begun due diligence on its Indonesian rival, Bloomberg reported.

Grab has been evaluating GoTo’s accounts, contracts and operations, the people said, asking not to be identified because the companies haven’t announced a deal. Grab, GoTo and their shareholders have also been assessing the potential structure and value of an agreement, the people said.

Talks are ongoing and may not lead to a transaction, the people said.

GE2025: Director at Transport Ministry Resigns; Second Senior Civil Servant Known to Step Down so Far

A director in the Ministry of Transport (MOT) has resigned and is set to run in the upcoming general election.

Mr Foo Cexiang’s last day is April 1, The Straits Times reported. 

The senior public servant currently oversees private and future mobility at MOT, including electric vehicle policy, and has been in the service for more than a decade.