SG Morning Highlights | Manulife's Q1 Profit Beats Estimates Driven by Asia Operations and Wealth-Management Business
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Thursday; STI down 0.04%
●Singapore Urged to Double Renewable Energy Imports by Increasing Grid Interconnection Investment
●Singapore Ranks 4th Among World's Wealthiest Cities with 244,800 Resident Millionaires
●Stocks to watch: Manulife, DHLT
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.04 percent to 3263.23 as at 9:07 am.
Advancers / Decliners is 52 to 74, with 47.41 million securities worth S$82.12 million changing hands.
Breaking News
Singapore Urged to Double Renewable Energy Imports by Increasing Grid Interconnection Investment
Singapore should increase its investment in renewable grid interconnection to double its renewable energy imports, according to energy think tank Ember. The country needs to double its renewable energy imports to hit net zero by 2045, the report said, adding that doing so would cut per-capita power sector emissions by more than half. Ember estimated that developing and generating around 50 TWh of solar and wind power plants in Singapore's neighbours by 2035 would cost between $51 billion and $100 billion. It said renewables would reach 40% of Singapore's power by 2035, but fossil gas would still support the rest of its power.
Singapore Ranks 4th Among World's Wealthiest Cities with 244,800 Resident Millionaires
Singapore has climbed the ranks of the world's wealthiest cities, placing fourth behind New York City, The Bay Area, and Tokyo, according to Henley & Partners' 2024 World's Wealthiest Cities report. Singapore saw a 64% increase in millionaires over the past two years, pushing its ranking by two places and surpassing London. The report also noted that about 3,400 high-net-worth individuals moved to Singapore in 2023 alone. Singapore is home to 244,800 resident millionaires, 336 centi-millionaires, and 20 billionaires, according to the latest figures.
Stocks to Watch
$ManulifeReit USD (BTOU.SG)$: Manulife Financial reported a first-quarter profit that beat analysts' estimates, driven by continued strength in its Asia operations and wealth-management business. The Toronto-based life insurer and asset manager said core earnings increased 16% YoY to C$1.8 billion ($1.8 billion), or 94 cents a share, beating the 91 cent average estimate of analysts in a Bloomberg survey. In Asia, core earnings increased 39% YoY while they rose 25% in global wealth and asset management. Net income attributable to shareholders was C$866 million, down 38% from a year earlier. The recent reinsurance deals cut into reported earnings as Manulife no longer books the revenue from the reinsured policies.
$Daiwa Hse Log Tr (DHLU.SG)$: Daiwa House Logistics Trust (DHLT), listed on the SGX, recorded a net property income of JPY1.2 billion ($8.74 million) in 1Q24, reflecting a 4.6% YoY increase, according to the company's report. The improvement in performance was attributed to higher portfolio occupancy. Gross rental income rose 1.9% YoY to JPY1.39 billion ($12.1 million), whilst distributable income saw a slight increase of 0.6% YoY due to realised gains from hedges. DHLT expects growth in e-commerce and 3PL logistics in Japan amid rising demand.
$FRASERS HOSPITALITY TRUST (ACV.SG)$: Frasers Hospitality Trust (FHT) recorded a 13.7% fall in distribution per stapled security (DPS) to S$0.01091 for the first half year ended March 31, 2024, from S$0.012649 in the corresponding year-ago period, according to the company's report. Gross revenue for H1 grew 1.7% to S$63.3 million, while net property income (NPI) was down 1.3% at S$44.7 million, as the trust incurred higher finance costs due to refinancing its borrowings that matured in FY2023 amid a higher interest-rate environment. Income available for distribution declined 13.7% to S$23.4 million. FHT's gearing stood at 35.5%, and its weighted average debt to maturity was 2.08 years.
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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PirateyAhoy : Is it me? Am I reading it wrong? The Manulife REIT USD report seems to be misrepresented, as the info presented is NOT about a REIT, it is more about Manulife the insurer and it's results.