SG Morning Highlights | Parkway Life Reit To Acquire Two Nursing Homes In Japan For 1.8 Billion Yen
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Thursday; STI down 0.99%
●Savills cuts 2023 investment sales value forecasts despite strong Q3 turnout
●Singapore, Saudi Arabia agree to boost ties in trade, investment, green energy
●Singapore's visitor arrivals slip to 1.13 million in September, continuing downward trend
●Stocks to watch: Keppel, Parkway Life Reit, Sabana Reit, Keppel Pacific Oak US Reit
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 0.99 per cent to 3,105.57 as at 9.05 am.
Advancers / Decliners is 55 to 117, with 116.89 million securities worth S$118.94 million changing hands.
Breaking News
Savills cuts 2023 investment sales value forecasts despite strong Q3 turnout
Even with a doubling of Singapore's real estate investment sales value in the third quarter of 2023, Savills Singapore has cut its full-year projections in view of a dimmer macroeconomic outlook. The real estate services provider now forecasts total investment sales in Singapore at S$19 billion to S$21 billion, down from the previous S$24 billion to S$25 billion range. This is due to the possibility of new conflicts erupting, the rewiring of supply chains, political purges and the contagion effect arising from the Israel-Hamas conflict, Savills said on Wednesday (Oct 18).
Singapore, Saudi Arabia agree to boost ties in trade, investment, green energy
Prime Minister Lee Hsien Loong and Saudi Arabia Crown Prince Mohammed bin Salman have agreed to step up relations between the two countries in areas such as trade and investment and green energy. The two leaders discussed elevating bilateral cooperation in these fields, as well as the digital economy and public sector development, when they met on Wednesday (Oct 18).
Singapore's visitor arrivals slip to 1.13 million in September, continuing downward trend
Singapore's international visitor arrivals slipped for the second straight month to 1.13 million in September, as seasonal travel demand continued to drag on growth. Singapore's reading was a notch down from the 1.31 million recorded in August, based on data released by the Singapore Tourism Board on Wednesday (Oct 18). But it was still 44.6 per cent higher than the 782,215 visitors recorded a year earlier, in September 2022.
Stocks to Watch
$Keppel (BN4.SG)$: The group said on Thursday it secured S$300 million ($218.45 million) in funding for a China-focused plan as part of its sustainable urban renewal (SUR) strategy. The China-focused programme will potentially have assets under management of about S$728 million when fully leveraged and invested.
$ParkwayLife Reit (C2PU.SG)$: PLife Reit announced on Wednesday (Oct 18) the acquisition of two nursing homes in Osaka for a total purchase price of 1.8 billion yen (S$16.4 million). The healthcare-focused Reit is buying the properties from K.K. FDS, a Japanese real estate developer. The purchases will take PLife Reit’s portfolio in Japan to 59 properties, valued at approximately S$710.7 million. The acquisition is being made at about 11.9 per cent below valuation, with the transaction expected to be completed by Q4 2023.
$Sabana Reit (M1GU.SG)$: The interim manager of Sabana Reit on Wednesday (Oct 18) announced the real estate investment trust (Reit) had achieved total portfolio occupancy of 91.8 per cent for the third quarter ended Sep 30, down 2.1 percentage points from its second quarter occupancy of 93.9 per cent. However, this was higher than the 89.1 per cent total portfolio occupancy it netted in the corresponding year-ago period.
$KepPacOakReitUSD (CMOU.SG)$: Kore said its third-quarter distributable income was down 10.7 per cent to US$13.1 million, from US$14.6 million in the corresponding period a year ago. This was mainly due to higher financing costs as a result of rising interest rates, said the Reit’s manager in its key business and operational updates for Q3 2023 on Wednesday (Oct 18). For the nine months period ended Sep 30, distributable income logged a larger decline of 15.2 per cent to US$39.2 million, from US$46.2 million in the corresponding period in 2022.
Share Buy Back Transactions
Source：Business Times, SG investors
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