SG Morning Highlights | Prudential Posts Net Profit of US$1.2 Billion in H1 2023, Helped by Chinese Demand
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Thursday; STI up 0.24%
●Real estate players turn negative on prime residential sector in Q2: NUS poll
●Bilateral trade in goods between SG-Africa growing at 15% per annum
●Stocks to watch: Prudential, Shangri-La Asia, Penguin International
●Latest share buy back transactions
-moomoo News SG
Market Trend
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.
Advancers / Decliners is 107 to 63, with 114.24 million securities worth S$95.43 million changing hands.
Breaking News
Real estate players turn negative on prime residential sector in Q2: NUS poll
Property players have turned much more negative on the outlook for the prime residential sector, after two rounds of market cooling measures took effect, a recent poll found. Real estate executives also flagged macroeconomic risks as top concerns, in the quarterly survey conducted by Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore (NUS). In the second quarter, prime residential was the worst performing sector in IREUS' sentiment index survey, with a negative net current balance of 40 per cent. The sector also scored the worst future net balance among respondents, at negative 28 per cent.
Bilateral trade in goods between SG-Africa growing at 15% per annum
Between 2019 to 2022, bilateral trade in goods between Singapore and Africa has grown at 15% per annum, data from Enterprise Singapore (EnterpriseSG) showed. In value, bilateral trade between the two markets has reached $19.4b. EnterpriseSG said the growing investments of Singapore companies in the African continent are also a testament to the expanding economic relations between the two markets.
Stocks to Watch
$Prudential USD (K6S.SG)$: 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.
Latest Share Buy Back Transactions
Source：Business Times, SG investors
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