SG Morning Highlights | Prudential Posts Net Profit of US$1.2 Billion in H1 2023, Helped by Chinese Demand

Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.24 per cent to 3,227.83 as at 9.18 am.

$Prudential USD (K6S.SG)$: Prudential posted a net profit of US$1.2 billion for the half year ended June 2023 on Wednesday (Aug 30), as the Asia-focused insurer benefited from a rebound in Chinese investors buying insurance products in Hong Kong, its key revenue centre. This was a reversal from its loss of US$1.3 billion a year earlier, based on actual exchange rates. New business profits, a measure of profitability for insurance businesses, rose 36 per cent to US$1.5 billion, from US$1.1 billion a year ago.

$Shangri-La HKD (S07.SG)$ : Hotel group Shangri-La Asia posted a net profit of US$131.4 million for its first half ended Jun 30, 2023, from a loss of US$158.2 million the same period last year. This was mainly due to the robust recovery of its hotel business, particularly in Hong Kong and mainland China, which experienced strong demand following the easing of cross-border restrictions earlier this year, the company said on Wednesday (Aug 30). Earnings per share stood at 3.688 US cents for the half-year period, reversing from a loss of 4.429 cents the previous year. Revenue for H1 rose 60.3 per cent to US$1 billion, from US$627.5 million a year earlier.

$Penguin Intl (BTM.SG)$ : The closing date for the offer to acquire and delist Penguin International has been extended for the sixth and final time to 5.30 pm on Sep 25. The offeror “does not intend to extend the offer beyond the final closing date”, the shipbuilder said in a bourse filing on Wednesday (Aug 30). Aleph Tav, a consortium comprising Penguin’s executive chairman Jeffrey Hing, managing director James Tham, and a special-purpose vehicle under private equity firm Dymon Asia, is the offeror. It is the consortium's second attempt to take the shipbuilder private, following an unsuccessful bid in 2021. The offer, priced at S$0.83 per share, was set to close on Thursday.