SG Morning Highlights | Frasers Property Considers Asset Sale Amid Financial Review
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI up 0.30%
●Singapore's Top S-REITs Average 5.6% Dividend Yield in 2023
●Stocks to watch: Frasers Property, Novo Tellus
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.30 percent to 3,189.39 as at 9.04 am.
Advancers / Decliners is 68 to 42, with 54.47 million securities worth S$58.85 million changing hands.
Breaking News
Singapore's Top S-REITs Average 5.6% Dividend Yield in 2023
In 2023, the Singapore Exchange (SGX) reported that the city-state's five largest S-REITs yielded an average dividend of 5.6%. Frasers Logistic and Commercial Trust (FLCT) topped the chart with a 6.2% yield amidst a unit price decline, while CapitaLand Integrated Commercial Trust (CICT) held the leading market value at S$13.4 billion. Despite varied performances, with some REITs below their 5-year P/B ratios, the sector remains a key player for investors seeking stable dividends.
Stocks to Watch
$Frasers Property R(IOQR.SG$: Amid a strategic assessment to manage debt from recent acquisitions, Frasers Property may sell the company or certain assets, as the initial stages of a review reported by The Wall Street Journal suggest. Trading at a third of its book value, the real estate group faces a stark contrast to competitors like City Developments Ltd and UOL, with assets around S$39.8 billion as of September 30, 2023. Following a substantial net loss of S$74 million in the latter half of 2023, attributed to weaker performance in residential and industrial projects, the company's future actions remain uncertain pending the review's outcome.
$Novo Tellus SPAC(NTA.SG$: Facing challenging market conditions, Novo Tellus Alpha Acquisition (NTAA) announced it will not engage in a business combination, adhering to the January 26 deadline, two years post-listing. Details on redeeming its Class A shares will follow, excluding founder shares and warrants. Industrial tech buyout fund Novo Tellus Capital Partners backs NTAA, whose shares closed flat at S$4.93.
Share Buy Back Transactions
Source: Business Times, SG investors
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