SG Morning Highlights | DBS vs OCBC: Which Bank Will Perform Better in 3Q23
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Monday; STI down 0.30%
●DBS vs OCBC: Which bank will perform better in 3Q23
●Singapore and UAE ink deals on green economy, artificial intelligence
●Stocks to watch: Suntec Reit, Centurion, Second Chance, Y Ventures
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 0.30 per cent to 3,067.44 as at 9.08 am.
Advancers / Decliners is 48 to 73, with 63.89 million securities worth S$64.40 million changing hands.
Breaking News
DBS vs OCBC: Which bank will perform better in 3Q23?
Major banks, DBS and OCBC are expected to deliver better earnings in 3Q23, powered by healthy YoY growth in net interest income, modest QoQ recovery in wealth management and disciplined cost containment. Comparing the two banks, DBS is likely to post a higher net profit of $2.5b in 3Q23. The expected profit translates to a 13% YoY increase, but a 4% QoQ drop.“The sequential uptick in net interest margin (NIM) and fees was offset by credit costs normalising higher,” UOB Kay Hian said.
Singapore and UAE ink deals on green economy, artificial intelligence
Singapore and the United Arab Emirates (UAE) have inked a slew of agreements in areas such as the green economy, climate change and digital government, the Ministry of Foreign Affairs (MFA) said on Sunday (Oct 22). Other areas of cooperation covered by the agreements include education, artificial intelligence, cybersecurity and halal food certification. In total, the two countries signed seven memoranda of understanding (MOUs) on top of a green economy framework agreement.
Stocks to Watch
$Suntec Reit (T82U.SG)$: Suntec real estate investment trust (Reit) reported on Friday (Oct 20) a 14 per cent year-on-year decline in distribution per unit (DPU) amid higher financing costs and the weaker Australian dollar. DPU for the three months ended Sept 30, 2023 fell to S$0.01793, down 14 per cent from S$0.02084 in the same period a year earlier. Even so, the manager noted the third-quarter DPU still represented a 3.1 per cent improvement from Q2 FY2023.
$Centurion (OU8.SG)$: Specialised accommodation assets player Centurion Corporation has signed a memorandum of understanding (MOU) with Abu Dhabi's largest staff accommodation company, KEZAD Communities, to explore collaboration in the Middle East region. Inked on Saturday (Oct 21), the MOU forms the basis for closer collaboration between both parties to capture opportunities amid rising demand for staff accommodation in the region, said Centurion on Monday.
$Second Chance (Delisted) (528.SG)$: Real estate company Second Chance Properties has announced that the group's net profit for the financial year ended Aug 31, 2023, will “increase significantly” when compared to the net profit of S$14.2 million for the same period a year ago, based on the management’s preliminary review of the unaudited consolidated financial statements. It said in a bourse filing on Friday (Oct 20) that the expected increase in net profit is due to the increased dividend income received in FY2023 on quoted securities as well as gain on disposal of investment properties.
$Y Ventures (1F1.SG)$: The Listings Disciplinary Committee (LDC) of the Singapore Exchange (SGX) has reprimanded Catalist-listed Y Ventures, its former chief financial officer (CFO), as well as current and former directors of the company for breaching or causing the company to breach Catalist rules.
Share Buy Back Transactions
Source：Business Times, SG investors
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Ritz74 : Not sure what the financial impact will be (if any) of the service disruptions on the DBS results?