SG Morning Highlights | IHH Healthcare Maintains Stable Profits in Q3 Despite Revenue Decline
Good morning mooers! Here are things you need to know about today's Singapore markets:
● Singapore shares opened lower on Friday; STI down 0.46%
● Singapore's M&A Deal Volume Declines in Q3 with a Shift Towards High-Impact Transactions
● Singapore Leads ASEAN in Advancing Sustainability Initiatives
● Stocks to watch: IHH Healthcare, Digital Core Reit, etc.
● Latest share buy back transactions
- Moomoo News SG
Market Snapshot
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.46 percent to 3719.97 as at 9:18 am.
Advancers / Decliners is 64 / 85, with 77.80M securities worth S$92.08M changing hands.
Breaking News
Singapore's M&A Deal Volume Declines in Q3 with a Shift Towards High-Impact Transactions
Singapore experienced a significant decline in mergers and acquisitions (M&A) activity in the third quarter, with the number of deals dropping 19.7% year-on-year and 26.5% quarter-on-quarter, totaling 61 transactions, as reported by Datasite. Despite the decrease in deal volume, the total deal value was $15.9 billion (US$11.9 billion), marking a slight 3.4% dip from the previous quarter but a 5.9% increase from the second quarter. This suggests a strategic shift by large buyers towards more impactful and high-value transactions. One of the quarter's notable deals was ThaiBev's acquisition of a 41.3% stake in Fraser & Neave, facilitated through a $2.8 billion (US$2.1 billion) share swap with TCC Assets, which involved ThaiBev transferring its 28.8% stake in Frasers Property.
Singapore Leads ASEAN in Advancing Sustainability Initiatives
Singapore businesses, along with those in Thailand, are at the forefront of increasing sustainability efforts within the ASEAN region, with 32% reporting year-over-year improvements in 2024. According to a report by Kyndryl, 26% of ASEAN organizations enhanced their sustainability practices over the past year. However, the same report highlights a gap in technology utilization for sustainability, with only 28% of ASEAN businesses fully employing technology in these efforts, which lags behind the global average of 40%. Despite the majority of businesses prioritizing sustainability, only 22% recognize the dual role of technology in reducing carbon footprints and advancing sustainability goals. The report further notes that while 75% of businesses have integrated sustainability goals into their reporting processes, a mere 4% are fully leveraging data for strategic planning. Additionally, while 37% of organizations believe AI will significantly impact their sustainability goals, 54% face challenges in measuring AI's environmental impact, indicating a critical area for development in technology-driven sustainability strategies.
Stocks to Watch
$IHH (Q0F.SG)$ reported a nearly flat net profit for the third quarter ended September 30, with earnings totaling RM534 million (S$161.5 million), slightly up from RM532 million the previous year. Earnings per share were steady at 6.06 sen, compared to 6.04 sen in the same period last year. This stability in earnings occurred despite a 3% decline in revenue to RM5.6 billion, which the company attributed to inflationary pressures. Before the announcement of these results, shares of IHH closed at S$2.17, experiencing a slight decline of S$0.01 or 0.5%.
$DigiCore Reit USD (DCRU.SG)$ has issued a detailed response to unitholders concerning its recent decision to increase its stake in a data center located in Frankfurt, Germany. The manager addressed several key questions, including the rationale behind the decision to acquire an additional 0.2 to 40 percent stake in the facility, of which it already owns 49.9 percent. Further explanations were provided on the valuation process, the determination of the market value, and the financing strategy for the acquisition. The announcement led to a slight increase in REIT units, which closed at US$0.63, up by US$0.005 or 0.8 percent on Thursday, prior to the announcement.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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