2024 Half-Year Recap | Industrial Sector Surges, FRASERS L & C Tr Records Highest Dividend Yield
Looking back at the first six months of 2024, the Singaporean equity market showed moderate steadiness, with the STI Index climbing 3.17% since the beginning of the year.
So far this year, 5 out of the 11 major sectors in the Singapore stock market recorded gains. The industrial sector surged ahead, soaring more than 11% year-to-date. The material and consumer discretionary sector following behind with an increase of 5.62% and 4.88% respectively. The healthcare sector has suffered the largest decline so far this year, with a fall of over 17%.
Check out the performance of the different sectors in the Singapore stock market below:
Investors are closely watching for stocks with high-yield dividends, even over half of the sectors are experiencing declines. Here are some stocks that may be worth considering:
$FRASERS LOGISTICS & COM TRUST(BUOU.SG$ ranks first in the list above, with a dividend yield of 7.29% TTM. However, recent financial reports show a decline in net income from SGD 118.07 million to SGD 93.59 million for the half-year ended March 31, 2024. The stock has fallen by 13.92% this year.
OCBC Bank and SIA are the only two companies in the list to have recorded positive gains.
As Singapore's second-largest bank, $OCBC Bank(O39.SG$ posted a better-than-expected 5% rise in first-quarter profit and made a S$1.4 billion ($1.04 billion) offer to take its insurer arm Great Eastern private. The group maintained its 2024 targets of low single-digit loan growth, credit costs between 20 to 25 basis points, and a 50% dividend payout ratio target. "While some recent economic indicators are looking more favourable, near-term risks remain, such as heightening geopolitical volatility arising from ongoing wars and the outcome of a number of key elections this year," said CEO Helen Wong.
$SIA(C6L.SG$ posted a record full-year net profit and proposed a higher dividend payout in May 2024. The firm has recommended a final dividend of 38 cents a share, bringing the total payout to 48 cents a share following an interim dividend of 10 cents a share on Dec 22, 2023. The company paid out 38 cents a share in the year ending March 31, 2023. The final dividend will be paid on Aug 21, 2024, subject to shareholder approval.
Source: SGX, Bloomberg, moomoo, sginvestors.io
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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