To The Moon

Market Snapshot

Singapore stocks opened mixed on Thursday, with the STI down 0.32%.

UMS rose more than 1%, Kep Infra Tr gained 0.95%, UOL climbed 0.7%, and AEM SGD advanced 0.5%. JMH USD fell 0.9%, OCBC Bank declined 0.6%, and DBS dropped 0.3%.

Stocks in Focus

The following companies saw new developments that may affect trading of their securities on Thursday (Jul 23):

Keppel DC Reit : The real estate investment trust’s (Reit) distribution per unit (DPU) rose 11.3 per cent to S$0.05714 for its first half ended Jun 30, from S$0.05133 the year before, the manager announced on Thursday. Growth was driven by contributions from positive reversions and escalations secured in prior periods, as well as acquisitions of Tokyo Data Centre 3 and remaining interests in Keppel DC Singapore 3 & 4. Units of Keppel DC Reit closed 0.9 per cent or S$0.02 higher at S$2.34 on Wednesday.

Mapletree Logistics Trust (MLT) : The trust entered into agreements for the divestment of two China warehouses for a total of 724 million yuan (US$107 million). It is also divesting a property in Singapore at 39 Changi South Avenue 2 for S$16.6 million. These are in line with continued portfolio rejuvenation efforts, the manager said on Wednesday. Units of MLT closed at S$1.20 on Wednesday, down 0.8 per cent or S$0.01, before the announcement.

CSE Global : The group said on Wednesday that it acquired US-based SEI Wireless Solutions for US$8 million. It expects to expand its communications business in the infrastructure sector while strengthening its US presence with the move. The deal sees 80 per cent of the cash consideration paid to SEI first, while the remaining amount is subject to any post-closing purchase price adjustments determined within the next 120 days. SEI will henceforth be an indirect wholly owned subsidiary of the company. The counter ended Wednesday 3.9 per cent or S$0.05 lower at S$1.25, before the news.

OUE Reit : Its manager on Wednesday said the Reit’s DPU rose 28.6 per cent year on year to S$0.0126, from S$0.0098, for the first half ended Jun 30. This comes on the back of stronger hospitality performance, income contributions from the acquisition of Salesforce Tower, and lower interest expenses due to effective capital management. Revenue was up 3.8 per cent at S$136.1 million for the period, from S$131.1 million a year before. Units of OUE Reit closed flat at S$0.365 on Wednesday, prior to the release of results.

SG Local News

Cabinet reshuffle: Shanmugam named Senior Minister; Jeffrey Siow, David Neo, Sim Ann promoted to ministers

Prime Minister Lawrence Wong on Wednesday (Jul 22) announced a wide-ranging Cabinet reshuffle with numerous changes to ministerial portfolios, promotions and new political office appointments, including that of K Shanmugam as Senior Minister.

The Ministry of Trade and Industry will also be renamed as the Ministry of Energy, Trade and Industry, to reflect its growing focus on energy matters.

The changes come just two days after the resignation of Faishal Ibrahim, who was Acting Minister-in-charge of Muslim Affairs.

A ‘shadow bank’ hiding in Singapore’s Little India casts light on financial services gap

In a rented room above Norris Road in Singapore’s Little India district, a man named Raju Krishnamoorthi quietly processed more than S$28 million in just three months, from February to April 2025.

But Raju was neither a high-flying banker nor a financial technology entrepreneur with a slick digital app. What he had was a simple business model: migrant workers wanted to send cash back to the sub-continent, and Raju would help them do this.

Working for a man known as Syed, Raju earned a modest S$1,500 a month to act as the human face of a money remittance syndicate.