SG Morning Highlights: Signs of an inflection point for S-Reits with Europe, US office assets

Market Trend

Singapore shares opened higher on Monday. The $富時新加坡海峽指數(.STI.SG)$ increased 0.32 per cent to 3,240.95 as at 9:06 am.

Advancers / Decliners is 103 to 33, with 102.72 million securities worth S$71.49 million changing hands.

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Signs of an inflection point for S-Reits with Europe, US office assets

Data for office markets in Europe and the United States (US) are indicating potential signs of recovery. European office occupier activity remains robust and rents resilient in Q1 2022, and Q4 2021 recorded the strongest quarterly leasing volume since Q4 2018 driven by pent-up demand (Knight Frank, Savills).

Stocks to Watch

$Bukit Sembawang(B61.SG)$ : Bukit Sembawang Estates on Friday (May 27) posted a 75 percent fall in net profit to S$29.6 million for the second half ended March 31, 2022. Revenue decreased 75 percent to S$89.4 million. Gross profit was lower by 79 percent to S$30 million mainly due to lower profit recognised on development projects. In H2, profits were recognised for 8 St Thomas, Luxus Hills (Signature Collection), The Atelier and Fraser Residence Orchard, Singapore.

$Cortina(C41.SG)$ : Cortina Holdings on Friday (May 27) posted a 72.3 percent increase in net profit to S$43.3 million for its fiscal second half ended Mar 31 on the back of a recovery from the supply chain disruption which it faced. The recovery led to better sales mix and stock allocation, the company, which reported a net profit of S$25.2 million over the same period in the previous financial year, said in a filing on Friday (May 27).

$KSH(ER0.SG)$ : KSH Holdings posted second-half net profit of S$14.5 million on Friday (May 27), up from S$269,000 year on year, after shares of results of associates and joint ventures hit S$19 million compared with a S$2.6 million loss a year ago.

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