SG Morning Highlights: Singapore Q1 GDP up by 3.7% but external demand outlook is weaker now

Moomoo News SG wrote a column · May 25, 2022 09:03

SG Morning Highlights: Singapore Q1 GDP up by 3.7% but external demand outlook is weaker now

Good morning mooers! Here are things you need to know about today's Singapore:

●Singapore shares opened higher on Wednesday; STI up 0.43%

●Singapore Q1 GDP up by 3.7% but external demand outlook is weaker now

●Stocks to watch: ESR-Logos Reit, Straco, Nordic, Japan Foods

●Latest share buy back transactions

-moomoo News SG

Market Trend

Singapore shares opened higher on Wednesday. The $富時新加坡海峽指數(.STI.SG)$ increased 0.43 per cent to 3,208.63 as at 9:02 am.

Advancers / Decliners is 57 to 39, with 31.42 million securities worth S$51.44 million changing hands.

Breaking News

Singapore Q1 GDP up by 3.7% but external demand outlook is weaker now

The Singapore economy expanded by 3.7 per cent year on year in the first quarter of 2022, with uplift from the manufacturing, finance and insurance, and professional services.

Still, the external demand outlook "has weakened compared to 3 months ago", the Ministry of Trade and Industry (MTI) said in a statement on Wednesday morning (May 25).

The MTI has kept its full-year growth forecast of between 3 per cent and 5 per cent, but added that the print is "likely to come in at the lower half of the forecast range".

Stocks to Watch

$ESR-REIT (J91U.SG)$ : ESR-LOGOS Reit will divest 3 Sanitarium Drive in Australia for A$55 million (S$53.4 million) at a premium of 18.5 per cent to the industrial property’s fair value of A$46.4 million.

The consideration is also 61.8 per cent above A$34 million – the price paid to purchase the property in 2018.

$Straco (S85.SG)$ : Tourism attractions operator Straco Corporation posted a net loss of S$3 million in its fiscal first quarter ended March 31, compared with a net loss of S$390,000 in the year ago period.

In a business update on Tuesday (May 24), the group said the results came on the back of negative revenue growth from its attractions and business interruptions.

$Nordic (MR7.SG)$ : Nordic Group said its subsidiary Avitools Singapore will be acquiring a precision-machining and turnkey-manufacturing services company for S$10 million, as the group announced separately that it has clinched S$19 million in contracts.

In a bourse filing on the proposed acquisition of Eratech on Tuesday (May 24), the systems-integration solutions provider said Avitools Singapore has entered into a non-binding term sheet to buy the entire issued and paid-up share capital of Eratech.

$Japan Foods (5OI.SG)$ : Japan Foods Holding on Wednesday (May 25) posted net profit of S$4.9 million for the 6 months ended March 2022, representing a 46.4 per cent increase from S$3.3 million in H2 FY2021.

Revenue for the half-year period grew 2.9 per cent to S$33.4 million compared to S$32.5 million the previous year, as revenue from the group’s new halal restaurant brand Tokyo Shukudo increased after an expanded number of outlets. This more than offset lower revenue generated by the other restaurant brands under the group's portfolio.

Latest Share Buy Back Transactions

SG Investors

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