SG Morning Highlights | Alibaba Cuts Stake in Singapore Post via Married Deal
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Monday; STI up 0.20%
●Analysts Remain Optimistic on Robust Retail Sector Despite April Sales Slump
●Stocks to watch: Singpost, ST Engineering
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.20 percent to 3337.28 as at 9:06 am.
Advancers / Decliners is 62 to 70, with 93.35 million securities worth S$91.99 million changing hands.
Breaking News
Analysts Remain Optimistic on Robust Retail Sector Despite April Sales Slump
Despite a 1.2% YoY drop in retail sales in April, analysts maintain a positive outlook on Singapore's retail sector for the rest of the year, citing continued strong support from the government and the tourism industry. The sector is expected to deliver a "strong growth pillar" in the second half, benefiting from healthy tourism arrivals and a robust lineup of international events in the coming months. Additionally, the $1.9 billion enhancement to the Assurance Package unveiled in the Budget 2024 speech is expected to provide support to retailers, especially for lower and middle-income households coping with the rising cost of living. Analysts believe that a single month's disappointing performance does not necessarily indicate a long-term trend in retail sales.
Stocks to Watch
$SingPost(S08.SG$: Alibaba Group Holding has sold 72.5 million shares of Singapore Post in a married deal to an unnamed party, according to an SGX filing. The China-based internet giant sold the shares for $33.3 million, or around 46 cents each, leaving Alibaba with a stake of 11.34%, down from 14.56% previously. Alibaba first invested in SingPost in 2014, paying $312.5 million for a 10% stake and increasing its holdings subsequently. SingPost's largest shareholder remains Singtel, which holds around 21%.
$ST Engineering(S63.SG$: ST Engineering's Urban Solutions business has launched BrightCity, a suite of integrated smart water advanced meter infrastructure (AMI) solutions, aimed at addressing challenges faced by cities and utility providers globally. BrightCity offers a cost-effective and end-to-end solution for smart water meter monitoring and control, applicable to large-scale brownfield and greenfield deployments. Its key features include the Meter Interface Unit, which seamlessly integrates with existing meters, real-time data consolidation through a central Meter Data Management System, and a customer portal and mobile application providing real-time water consumption readings and comparison benchmarks. BrightCity operates on open communications networks, such as NBIoT/CatM and LoRa, offering flexibility across multiple deployments and eliminating network and equipment lock-in.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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saturo : Wow that wasn't the best investment by Alibaba