SG Morning Highlights | Temasek Total Shareholder Return Falls 5.1% for FY23, Worst Performance in 7 Years

Advancers / Decliners is 83 to 54, with 178.50 million securities worth S$94.91 million changing hands.

State investor Temasek reported a 5.07 per cent decline in its one-year total shareholder return (TSR) for FY2023 ended March and a net portfolio value (NPV) of S$382 billion, down from S$403 billion a year ago, as global asset valuations fell in the last year.

This is the worst one-year TSR it has generated in seven years.

"Our global direct investments saw a reversal of gains from the high valuations in the last two years, particularly in the technology, healthcare, and payments space, as valuations de-rated in the higher interest rate environment," Temasek said.

Temasek Holdings is set to hold talks with Ant Group to understand why it slashed its valuation before it decides whether to take part in a planned share buyback, according to chief investment officer Rohit Sipahimalani.

Temasek bought shares in the Alibaba Group Holding -affiliated finance company in 2018, when it was valued at US$150 billion, according to an Ant prospectus in 2020. Ant’s planned repurchase of stock announced on the weekend would value the company at about 567.1 billion yuan (S$105.6 billion).

"With the recent developments around Ant, a line in the sand has been drawn and that should be good for the company," Sipahimalani said in an interview, adding Ant was holding talks with all major holders. "Investors have to make their own call whether they need the liquidity or where they see the outlook for the business."

ESR Group, the sponsor of Sabana Reit and ultimate owner of the Reit's manager, applied for the interim injunction on Jul 9 after filing an originating application to render the EGM "invalid and/or ineffectual".

The hearing date for the originating application will be scheduled during a case conference on Jul 13, Sabana Reit's manager said.

The real estate company said the Housing & Development Board officially awarded the site at Tampines Avenue 11, to Topaz Residential and Topaz Commercial.

The contract entails converting the piece of government land into a mixed-use development comprising a commercial and residential development integrated with a bus interchange, a community club and a hawker center, SingLand said in a press release.

The offer was triggered after Mr Aw Cheok Huat acquired the 23.2 per cent stake in a $5.4 million married deal, bringing his total deemed interest in ICP to 42.63 per cent, amounting to over 1.42 billion shares.

He was previously deemed to have a 19.43 per cent stake, comprising 647.6 million shares.