SG Morning Highlights | OCBC to Invest HK$1.5bn in Greater China as Part of Expansion Plans
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Thursday; STI down 0.17%
●Singapore Prime Residential Prices Grow 5% YoY in Q124: Knight Frank Index
●Payroll Providers in Singapore Embrace AI and Automation for Efficiency, with Seven in 10 Anticipating Increased Use in Next 12 Months
●Stocks to watch: OCBC, Sats, Straco
●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 0.17 percent to 3317.46 as at 9:10 am.
Advancers / Decliners is 50 to 83, with 109.46 million securities worth S$117.92 million changing hands.
Breaking News
Singapore Prime Residential Prices Grow 5% YoY in Q1 24: Knight Frank Index
Knight Frank's Prime Global Cities Index has revealed a 5% annual increase in prime residential prices in Singapore in Q1 24. The index showed a robust average annual growth rate of 4.1% across 44 markets, the highest since Q3 22. Quarterly growth strengthened to 1.1% from 0.3% in Q4 23. Seventy-eight per cent of cities experienced annual price growth, with only 19% seeing declines, notably less than a year ago. Manila led with 26.2% annual growth, followed by Tokyo, Mumbai, and Delhi. Perth ranked fourth with 11.1% growth. Knight Frank's global head of research Liam Bailey said the index indicated upward price pressures stemmed from relatively healthy demand set against continued low supply volumes, and suggested a future rate pivot may increase market liquidity.
Payroll Providers in Singapore Embrace AI and Automation for Efficiency, with Seven in 10 Anticipating Increased Use in Next 12 Months
Payroll providers in Singapore are open to using AI and automation to streamline processing time, with seven in 10 finding the technology appealing, according to a report by Employment Hero. Some 40% of providers surveyed find the use of AI and automation in payroll processing "extremely appealing". Over the next 12 months, seven in 10 payroll providers anticipate an increase in the use of AI and automation within their organisations, with providers viewing AI and automation advances as an opportunity to enhance their data analysis skills (58%). Half of the providers surveyed also see increased opportunities for professional development as routine tasks are automated, while some (48%) believe the use of AI and automation will expand duties to include aspects outside of payroll.
Stocks to Watch
$OCBC Bank (O39.SG)$: OCBC plans to invest HK$1.5bn (S$259.1m) in its technology and facilities in Greater China, which includes the China, Hong Kong, Macau and Taiwan markets, over the next three years. The investment will be used to modernise the bank's technology platforms, channels and products, according to group CEO Helen Wong. To support its digital upgrades, the bank also aims to expand its regional engineering hub and hire around 300 new talents over the next three years. Wong said Greater China has been a key contributor to OCBC’s group profit, growing at a compound annual growth rate of 24% in the last 10 years.
$SATS (S58.SG)$: ingapore's in-flight caterer and ground handler Sats has reported earnings of SGD64.1m ($47.4m) for the six months ended 31 March 2024, up from SGD6m in the same period a year ago. Revenue more than doubled to SGD2.7bn from SGD953.8m, driven by the consolidation of global air-cargo handling company World Flight Services, which was acquired for S$1.8bn in April 2023. Sats' full-year revenue tripled to SGD5.1bn. The company's financial focus remains on reducing debt and optimising its cash position to strengthen its balance sheet, it said.
$Straco (S85.SG)$: Straco Corporation has reported a net profit of $5m for Q1 2024, more than triple the $1.6m recorded in the previous year. This was due to the full resumption of the Singapore Flyer’s operations in the first quarter, as well as higher visitor numbers for the group’s attractions in China. Revenue for the first quarter grew 38.2% to $17.3m, while operating profit more than doubled to $7.4m. However, the company cautioned that the pace of recovery in China remains moderate as consumers have reduced spending due to persisting challenges in the macro environment.
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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friend688 : Better invest. It’s a good leadership! Conservative too! Prudent in expansion too. Later too late to regret.
friend688 : Come on guy! It’s a blue chips with good dividends & future revenues strategy. Best for long term investment to keep.