SG Morning Highlights | CapitaLand Ascott Trust Fully Acquires US Student Accommodation Property
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Tuesday; STI down 0.10%
●Singapore's PMI rises further in May, mirroring improvements in regionwide factory activity
●Stocks to watch: CapitaLand Ascott Trust, iFast
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Tuesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 0.10 percent to 3345.63 as at 9:20 am.
Advancers / Decliners is 85 to 82, with 101.25 million securities worth S$142.62 million changing hands.
Breaking News
Singapore's PMI rises further in May, mirroring improvements in regionwide factory activity
Singapore's factory activity in May continued to improve, following the trend seen across the region. The Singapore Institute of Purchasing and Materials Management (SIPMM) reported that the purchasing managers' index (PMI) rose to 50.6, a gain of 0.1 points from the previous month. This marks the ninth consecutive month that the PMI has remained in expansionary territory. A reading above 50 on the index indicates growth from the previous month, while a reading below 50 indicates a contraction.
Stocks to Watch
$CapLand Ascott Trust (HMN.SG)$: CapitaLand Ascott Trust (CLAS) has acquired the remaining 10% stake in a freehold student accommodation property in South Carolina that has 678 beds. The acquisition is expected to generate an EBITDA yield on total development costs of approximately 7%, according to CLAS managers who announced the news on Tuesday (Jun 4). This yield is higher than the 6.2% EBITDA yield that was initially estimated in 2021, assuming the portfolio's stable performance.
$IFAST (AIY.SG)$: IFast Corporation, the digital banking and wealth management platform, has priced its first-ever issue of fixed-rate notes at S$100 million under its multi-currency debt issuance program established on May 29. The notes will be issued on June 11 in denominations of S$10,000 and integral multiples of S$5,000 in excess thereof. The notes are priced at 100% and will bear an annual coupon rate of 4.328%.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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