To The Moon

Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.6%; Keppel and Seatrium rose 2%; DBS fell 0.6%; OCBC fell 0.7%; UOB fell 0.9%.

Stocks in Focus

$Keppel(BN4.SI)$: The asset manager on Monday said that it intends to monetise up to 10 oil rigs through a new private fund, starting with the divestment of six operational rigs for around S$1.2 billion. Keppel noted that it expects to receive a cash consideration of about S$611 million from the initial divestment through its indirect subsidiary Rigco. It added that the transaction is expected to raise its funds under management by roughly S$3.9 billion. Shares of Keppel fell 0.9 per cent or S$0.10 to end at S$11.35 on Monday, before the announcement.

$Frasers Centrepoint Trust(J69U.SI)$ (FCT): Committed occupancy in the retail portfolio of FCT reached 99.6 per cent in the third quarter ended Jun 30, the manager said on Monday. This was a 0.2 percentage point decrease quarter on quarter, and a 0.3 percentage point decrease year on year. Units of FCT closed 0.4 per cent or S$0.01 lower at S$2.26 on Monday, before the business update.

$CapitaLand Ascott Trust(HMN.SI)$ (Clas): The trust on Tuesday reported stable distribution per stapled security of S$0.0253 for its first half ended Jun 30, unchanged from the year-ago period. Total distribution for H1 2026 rose 1 per cent year on year to S$97.5 million. Income available for distribution stood at S$107.1 million, up 11 per cent. Stapled securities of Clas rose 1.1 per cent or S$0.10 to close at S$0.915 on Monday.

$Keppel Infrastructure Trust(A7RU.SI)$ (KIT): The trust on Tuesday posted distribution per unit (DPU) of S$0.0199 for its first half ended Jun 30, up 1 per cent on the year. Distributable income was recorded at S$101.1 million for H1, down 15.3 per cent. This comes on the back of its gains of S$21.7 million from the sale of Philippine Coastal Storage and Pipeline Corporation in H1 2025. The trust’s distributable income would have risen 1.2 per cent year on year from S$99.9 million before the divestment gain. Units of KIT ended Monday 0.9 per cent or S$0.005 higher at S$0.535, prior to the results release.

$ESR-Reit(9A4U.SI)$: Total DPU of ESR-Reit for the first half grew 2.4 per cent to S$0.1151 from S$0.11239 in the corresponding year-ago period. Revenue for the half year dropped 0.3 per cent to S$222.3 million, while net property income (NPI) fell 2.2 per cent to S$162.7 million. On Tuesday, the real estate investment trust (Reit) also entered into an agreement to divest 12 Ang Mo Kio Street 65 for S$33.3 million. Units of ESR-Reit rose 1.2 per cent or S$0.03 to close at S$2.48 on Monday.

$Kore US Reit(CMOU.SI)$: The Reit on Tuesday posted DPU of US$0.004 for its first half ended June. The ex-dividend date is on Aug 4, and the payment will be distributed on Sep 29. Revenue rose 2.8 per cent on the year to US$76.6 million. The counter ended 1.7 per cent or US$0.003 higher at US$0.181 on Monday.

$Ever Glory United(ZKX.SI)$: New contracts worth more than S$168 million, including one with the Defence Science and Technology Agency, have lifted the mechanical and electrical engineering service provider’s order book above S$1 billion for the first time. The latest wins bring the total value of orders secured since the start of 2026 to about S$400 million, the company said on Monday. Shares of Ever Glory ended Monday at S$0.845, 0.6 per cent or S$0.005 higher, before the news.

$UI Boustead Reit(UIBU.SI)$ (UIB Reit): The Reit on Monday posted NPI of S$29.2 million for the period Mar 12 to Jun 30, in its first financial results since listing on the Singapore Exchange’s mainboard. This figure missed its initial public offering forecast for the period by about 4.3 per cent. Units of UIB Reit closed 0.6 per cent or S$0.005 higher at S$0.84 on Monday, before the results were released.

SG Local News

HSBC to Hire 100 AI Specialists as Bank Sets Up Singapore Center

HSBC is set to hire more than 100 artificial intelligence specialists in Singapore with plans to launch a global AI center in the city-state later this year as the British lender steps up investments in the technology that’s reshaping Wall Street workforces.

The bank said in a statement Monday that the Singapore center will initially focus on introducing agentic treasury solutions and developing AI-enabled digital payments. The specialists will work alongside David Rice, HSBC’s chief AI officer, and teams responsible for areas such as wealth management and global payment solutions.

The center aims to build a “pipeline of talent” across natural language processing, data science and AI governance, and will work with educational institutions and government bodies in Singapore, the bank said.

Apollo Global to Invest $1.5 Billion in Keppel Oil Rig Fund

Apollo Global Management will invest $1.5 billion in Singapore-based Keppel's new private fund that ​will hold six operational oil rigs, the two ‌companies said on Monday.

The deal will help Keppel monetise its non-core assets and unlock capital for re-investment, while allowing Apollo ​to tap into the region’s offshore energy market, ​which is seeing high utilization rates and long-term demand ⁠trends.

The transaction is part of Keppel's plans to ​divest 10 oil rigs held by its indirect subsidiary, Rigco Holding ​Pte, for nearly S$3.7 billion ($2.87 billion), to free up funds for new investments, reduce debt and reward shareholders.