Morning Wrap | Top Glove Reverses Losses in Q1, Posts Net Profit Amid Increased Sales and Margins; US Markets Rebound Following Rate Cut and Inflation Predictions

Last Friday, the US market had regained some ground lost when the FOMC released less promising inflation predictions for 2025 after cutting rates on Wednesday. At the closing bell 4 pm ET, the $S&P 500 Index (.SPX.US)$ climbed 1.28%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.52%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.21%.

$SingPost (S08.SG)$ experienced a significant shift in its senior management structure after the termination of three top executives due to negligence in handling internal investigations related to a whistleblower's report. The terminations included Group Chief Executive Vincent Phang, Group Chief Financial Officer Vincent Yik, and Chief Executive of the International Business Unit, Li Yu, effective December 21. Despite the management upheaval, SingPost shares closed slightly higher at S$0.56, up 0.9% on Friday.

$Top Glove (BVA.SG)$ reported a significant financial turnaround by posting a net profit of RM5.5 million (S$1.7 million) for the first fiscal quarter ended November. This improvement stands in stark contrast to the net loss of RM57.7 million recorded in the corresponding period last year. The company attributes this positive outcome to higher sales volumes and improved margins. Despite the favorable earnings report, shares of Top Glove on the Singapore Exchange closed 4.8% lower at S$0.40 following the announcement.

$TalkMed (5G3.SG)$ announced on Monday that it has received a privatization offer from TW Troy, a special purpose vehicle managed by Tamarind Health. The proposed acquisition is structured as a scheme of arrangement, with TW Troy offering S$0.456 per scheme share in cash. Following the announcement, TalkMed's share price saw a slight decline, closing 3.3% lower at S$0.435 last Friday.