SG Morning Highlights | CapitaLand Investment and Thai Developer to Set Up S$1 Billion Healthcare and Wellness Fund
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Wednesday; STI up 0.06%
●Investors must brace for more volatility as S-Reits dip to near Covid-19 lows
●HDB's deficit for FY2022 widens to record S$5.4 billion
●Stocks to watch: Great Eastern, Paragon Reit, Parkway Life Reit, First Reit, CLI
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened slightly higher on Wednesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.06 per cent to 3,069.60 as at 9.06 am.
Advancers / Decliners is 71 to 53, with 35.33 million securities worth S$41.60 million changing hands.
Breaking News
Investors must brace for more volatility as S-Reits dip to near Covid-19 lows
Unit prices of Singapore-listed real estate investment trusts (S-Reits) are trading close to their lowest levels in over three years. The i-Edge S-Reit index closed at 963.91 points last Thursday (Oct 26), down 15.1 per cent for the year to date. It was the lowest close for the index since 2020, when it hit 948.14 on Mar 23 that year, at the bottom of the Covid-19 induced sell-off. Nearly all S-Reits have also delivered negative total returns over the past month. The latest sell-off coincides with the US 10-Year Treasury Yield crossing 5 per cent for the first time since 2007, amid expectations that the US Fed will maintain elevated interest rates.
HDB's deficit for FY2022 widens to record S$5.4 billion
The Housing and Development Board (HDB) reported a net deficit of S$5.4 billion for its financial year 2022, breaking the S$4.4 billion record set in FY2021. Like in the previous year, the latest net deficit figure was largely due to a shortfall on the public housing programme. Some S$4.7 billion was spent on the Home Ownership Programme to develop Build-To-Order (BTO) flats, as well as to provide housing subsidies and grants. This was up 22 per cent from its S$3.9 billion expenditure for the programme in FY2021.
Stocks to Watch
$Great Eastern (G07.SG)$: Great Eastern reported a 21 per cent increase in net profit to S$180.2 million for the third quarter ended September, compared to S$149.3 million in the same period last year. This came on the back of a 5 per cent increase in total weighted new sales to S$419.4 million, driven by Singapore sales due to new product launches, said the insurance arm of OCBC on Wednesday (Nov 1). The group's new business embedded value stood at S$183.7 million, 8 per cent lower than the S$198.7 million in the corresponding quarter last year.
$PARAGONREIT (SK6U.SG)$: Paragon Reit's gross revenue grew 1.2 per cent to S$215.6 million over the first three quarters of its financial year ended on Sep 30, from S$213.1 million over the same corresponding period last year. In local currency terms, gross revenue for its Singapore increased 2.4 per cent, while its Australia assets' revenue rose 5.4 per cent over the same period, said the real estate investment trust (Reit) on Tuesday (Oct 31) in a business update filed on the Singapore Exchange.
$ParkwayLife Reit (C2PU.SG)$: Parkway Life Reit distribution per unit (DPU) for the first nine months of the fiscal year came in at S$0.1099, up 2.8 per cent on the year from S$0.107. On Wednesday (Nov 1), its manager said this is inclusive of a third-quarter DPU of S$0.037, which will form part of the H2 distribution when the Reit announces its full-year results. Certain distribution adjustments were taken into consideration to arrive at the Q3 DPU, with these adjustments subject to a further tax review during the period of distribution.
$First Reit (AW9U.SG)$: First Reit posted a 6.1 per cent drop in distribution per unit (DPU) for the third quarter to S$0.0062, from S$0.0066 in the same period last year. This brought DPU for the nine months ended Sep 30 to S$0.0186, down 6.1 per cent year on year from S$0.0198, the manager said in a business update on Wednesday (Nov 1). The drop in DPU comes as rental and other income for the nine-month period inched up slightly by 0.6 per cent to S$81.4 million from S$80.9 million in the year-ago period.
$CapitaLandInvest (9CI.SG)$: CapitaLand Investment has partnered Thai real estate developer Pruksa Holding (PSH) to set up a healthcare and wellness fund to the tune of S$1 billion. The two parties have so far committed a total initial investment of S$350 million to the CapitaLand Wellness Fund (C-Well), which has funds under management of S$1 billion. The target equity size is S$500 million, though there is an option to raise that to S$1 billion when more investors get on board, said the two companies in a statement on Tuesday (Oct 31).
Share Buy Back Transactions
Source：Business Times, SG investors
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