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SG Morning Highlights: Singapore factory output rises 0.9% in September but remains weak

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Moomoo News SG wrote a column · Oct 27, 2022 09:08
SG Morning Highlights: Singapore factory output rises 0.9% in September but remains weak
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Thursday; STI down 0.28%
●Temasek overhauls senior management with CFO stepping down
●Stocks and REITs to watch: SIA, Keppel DC Reit, Mapletree
●Latest share buy back transactions
-moomoo News SG

Market Trend
Singapore shares opened lower on Thursday. The $.STI.SG$ decreased 0.28 per cent to 2,999.89 as at 9.06am.
Advancers / Decliners is 70 to 52, with 92.50 million securities worth S$68.90 million changing hands.

Breaking News
Temasek is making its biggest management changes since Dilhan Pillay took over as chief executive officer at the Singapore investment giant a year ago.
Chief financial officer Leong Wai Leng will step down after more than 16 years in the role, with deputy CFO Png Chin Yee set to succeed her on Jan 1, according to a statement in response to a Bloomberg query. President Tan Chong Lee is stepping down to lead investment unit 65 Equity Partners. General counsel Pek Siok Lan will go on sabbatical and take up a new role in July.
The management overhaul comes at a difficult time for investors including Temasek, which managed S$403 billion as of Mar 31. More than a fifth of its assets are based in China, which has had a challenging year due to Covid restrictions and crackdowns on sectors including real estate and technology. China's benchmark stock gauge is down 26 per cent on the year.
Singapore's factory output grew 0.9 per cent year on year in September, accelerating from the previous month's revised 0.4 per cent rate, according to data from Singapore Economic Development Board (EDB) on Wednesday (Oct 26).
The month's figures, though a reversal from the slowing growth since May, were below a Bloomberg poll of private-sector economists' median estimates of 1.2 per cent growth. Analysts agreed that manufacturing growth remains weak.
Excluding the volatile biomedical cluster, factory output grew by 2 per cent, compared to a 1.2 per cent fall in the preceding month.
About 10 per cent of Singapore's Covid-19 vaccine stock have hit their expiry dates, the Ministry of Health said on Wednesday (Oct 26) in response to media queries on vaccine wastage.
It said as updated vaccines with greater efficacy are rolled out, older vaccine stocks that were purchased will not be completely utilitised.
MOH said it has taken steps to minimise wastage, such as by swopping and donating vaccine stocks with countries that have a greater need for them, and by working with vaccine manufacturers to extend the shelf life of stocks.
Japan will likely spend US$170 billion in a scheduled fresh stimulus package to cushion the economic blow from rising raw material costs, Kyodo news agency reported, a move that would add to the country's already huge debt pile.
The massive spending, which is likely to be finalised on Friday (Oct 26), will put Japan on the spotlight after Britain's former prime minister Liz Truss roiled markets by unveiling an economic programme that cost her job.
The total size of Japan's upcoming package, which will include state outlays of 25.1 trillion yen (S$240 billion), will be around 67.1 trillion yen when including municipal government expenditures and corporate spending, Kyodo reported on Wednesday without citing sources.
$AAPL.US$ said on Tuesday (Oct 25) it would make fresh investments to set up solar and wind projects in Europe and called on its suppliers to decarbonise operations related to the production of iPhones and other products.
The company in 2020 had pledged to remove carbon emissions from its entire business, including products and its sprawling supply chain - which spans from Vietnam to Brazil - by 2030.
The iPhone maker will now require its supply partners to report on progress on carbon neutrality goals, specifically Scope 1 and Scope 2 emissions reductions, related to the production of Apple products and will audit their progress annually.
Stocks to Watch
$AJBU.SG$ : The manager of data centre-focused Keppel DC Reit on Wednesday (Oct 26) announced a 5 per cent increase in distribution per unit (DPU) to S$0.02585 for the third quarter ended September, from S$0.02462 in the corresponding period a year ago.
Distributable income was 9 per cent higher at S$46.9 million, from S$43.1 million in Q3 last year.
The real estate investment trust (Reit) manager attributed the increase to contributions from new acquisitions and completed asset enhancement initiatives (AEIs), as well as renewals and income escalations, among others.
$ME8U.SG$ : Mapletree Industrial Trust : ME8U 0% posted a 3.2 per cent loss in distribution per unit (DPU) to 3.36 Singapore cents in the second quarter of its financial year (FY) ended on Sep 30, from 3.47 cents a year ago, said its manager via a bourse filing on Wednesday (Oct 26).
On a quarter-on-quarter basis, the DPU also fell from 3.49 cents in the previous quarter.
The total DPU of 6.85 cents for the first half of its FY, however, is a slight 0.4 per cent increase from the 6.82 cents over the same period last year.
$C6L.SG$ : Singapore Airlines (SIA) could resume its dividend payments for its fiscal year to March 2023, analysts said, following the national carrier’s recent announcement that it intends to redeem its zero-coupon mandatory convertible bonds (MCBs) issued in 2020.
Analysts at Citi and DBS also expect the airline to redeem the MCBs issued in 2021 before they mature in 2030.
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