To The Moon

SIA

Singapore Airlines has kicked off its financial year to March 2023 on a strong note, according to the group’s responses to questions from its shareholders ahead of its annual general meeting (AGM) scheduled for Tuesday (Jul 26). The airline group said it carried 5.1 million passengers during Q1 FY2023 – up 158.3 per cent quarter on quarter and more than 14 times as high as the same period of the prior year. The group’s passenger load factor came in at 79 per cent for the 3-month period – up 34.1 percentage points quarter on quarter and 64.2 percentage points higher year on year.

 Fintech

Fintech platform iFAST Corp on Saturday (Jul 23) reported a net loss of S$2.69 million for Q2 2022, reversing from a net profit of S$7.02 million a year ago. It was weighed down by a one-time impairment allowance following the restructuring of its India business. Total revenue was 5.8 per cent higher at S$53.91 million, and included an initial contribution of S$3.92 million from iFAST Global Bank in the United Kingdom.

 AMO Residence 

The fast-paced sales at AMO Residence wrapped up the evening of July 23 with 98.1% of the 372 units in the project taken up. The average price of units sold is said to be about $2,100 psf, according to sources, which means AMO Residence has set a new benchmark for prices of projects in the Outside Central Region (OCR). “There is strong underlying demand as it is the first major private residential project in the mature housing estate of Ang Mo Kio in more than eight years,” says Anson Lim, UOL general manager (residential marketing) in a statement. AMO Residence is a joint development by UOL Group, Singapore Land Group and Kheng Leong Co. The 372-unit, 99-year leasehold condominium is located just off Ang Mo Kio Avenue 1, and is within a five-minute walk of the Mayflower MRT station, 1km range of two popular schools (CHIJ St Nicholas’ Girls School and Ai Tong School) and close to two parks, namely Bishan-Ang Mo Kio Park and Lower Peirce Reservoir Park.

 NIO

Since its secondary Singapore listing on May 20, Nio has risen from US$16.90 to US$19.88 on Jul 21, generating an 18 per cent return, while ranking among Singapore’s 50 most traded stocks. Inside the 40 plus percentage swings the stock has seen in the space of just 2 months, there have been multiple technology, consumer, environmental, not to mention broader China growth factors at play. This has provided a platform for a lively share price, with the significant trader participation achieving accolades in tradability metrics. The first such highlight is the share of the participation. This is Nio’s second secondary listing, so to speak, with the preceding Hong Kong secondary listing open for trading for a decent portion of the Singapore trading day. Despite being the latest secondary venue, during the past 9 weeks, there have been multiple sessions when the Singapore listing has accounted for close to a third of the combined daily turnover of both secondary listings.

No charges have been brought against any of Sinjia Land’s board members and employees so far, including group chief executive officer Cheong Weixiong, the Catalist-listed company said in a statement on Friday (Jul 22). This comes after the backpacker hostel operator announced earlier this week that Cheong, who is also the company’s executive director, was interviewed by the Commercial Affairs Department (CAD) in connection to an offence under the Securities and Futures Act. Responding to queries from the Singapore Exchange (SGX), Sinjia Land said that it as far as it is aware, no other employees or board members have been asked to assist with the authorities’ investigations. No individuals were named in the letter dated Jul 19 from the CAD and the Monetary Authority of Singapore (MAS) either.