SG Morning Highlights: OCBC expects fledgling electric vehicle loan business to more than triple by year-end
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Friday; STI down 0.44%
●OCBC expects fledgling electric vehicle loan business to more than triple by year-end
●Stocks & REITs to watch: SingPost, Marco Polo Marine
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index(.STI.SG$ decreased 0.44 per cent to 3,259.10 as at 9.23am.
Advancers / Decliners is 75 to 80, with 161.74 million securities worth S$108.62 million changing hands.
Breaking News
OCBC Bank said on Thursday (Aug 18) that its "Eco-Care" electric vehicle (EV) loan business has more than doubled since launching in March 2021.
With the surge of demand and interest in EVs, the bank expects the overall OCBC 'Eco-Care' car loan business to achieve growth of more than 250 per cent by the end of the year.”
—— OCBC said in a statement.
—— OCBC said in a statement.
OCBC's EV loan rate currently stands at 2.18 per cent per year, with up to 9 months of free charging depending on the driver's property type. That is a preferential borrowing rate compared to 2.48 per cent for a petrol or diesel car. EV loan rates of DBS and UOB are at 2.28 and 2.08 per cent per annum respectively.
As part of its board renewal process, the $SGX(S68.SG$ on Thursday (Aug 18) announced that its current chairman Kwa Chong Seng, will be stepping down on Dec 31.
Taking over his role is Koh Boon Hwee, who was appointed to the board in March this year. Koh begins his duties as chairman on Jan 1, 2023.
Mr Kwa Chong Seng's contributions to SGX Group have been outstanding. As chairman, he successfully led SGX Group to position itself as a multi-asset exchange and a leading and trusted market infrastructure in Asia.”
—— said Ravi Menon, managing director, Monetary Authority of Singapore (MAS).
—— said Ravi Menon, managing director, Monetary Authority of Singapore (MAS).
Healthcare plays will likely benefit from periods of high inflation with their ability to pass on higher costs to consumers due to inelastic demand, said DBS Group Research.
In an industry report published Thursday (Aug 18), analyst Rachel Tan noted a moderately positive correlation between Consumer Price Index and the healthcare index, as hospital players outperformed the Straits Times Index during the high inflationary period from 2000 to 2013.
She cited the example of $Raffles Medical(BSL.SG$ — as a proxy to healthcare players — noting that the company had recorded higher revenue growth during the high inflation period while earnings before interest, taxes, depreciation and amortisation margin was maintained or increased.
Stocks & REITs to Watch
$SingPost(S08.SG$ : Steeper costs and challenges in the core post and parcel business weighed on the performance of Singapore Post for Q1 ended June, with operating profit falling 46.7 per cent to S$10.6 million.
This came even as SingPost's Q1 revenue rose 34.7 per cent to S$475.2 million, as it enjoyed higher contributions from its Australia business, including Freight Management Holdings (FMH), the company disclosed in a Friday (Aug 19) business update.
Consignment volume in Australia grew 29.5 per cent with the addition of FMH's volume in CouriersPlease's business, while SingPost also saw higher revenue from Famous Holdings. Excluding the General Storage Company, which was deconsolidated, property revenue also came in higher, with SingPost Centre seeing "relatively high" occupancy of 95.9 per cent as at end-June.
$MarcoPolo Marine(5LY.SG$ : Integrated marine logistics company Marco Polo Marine saw its revenue for the third quarter ended Jun 30 rise 139.5 per cent year on year.
This comes on the back of more ship repair activities, stronger demand from end customers and an increase in capacity following the completion of extension works on its Dry Dock 1 in Q2 2022.
Gross profit also rose 185.3 per cent to S$9.7 million, up from S$3.4 million previously, as both the shipyard and ship chartering segments experienced "tremendous growth", the group noted in a business update on Thursday (Aug 18).
Latest Share Buy Back Transactions
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