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-- 8.390 SG Morning Highlights | Prudential Reports 11% Increase in New Business Profit for First Nine Months of 2024
Good morning mooers! Here are things you need to know about today's Singapore markets:
● Singapore shares opened higher on Wednesday; STI up 0.63%
● Singapore Leads APAC Data Center Investments as AI Drives Demand
● Only 40% of Singapore Firms View AI as Fully Transformative
● Stocks to watch: Singtel, Prudential, Singapore Airlines Engineering Company, CapitaLand Investment, etc.
● Latest share buy back transactions
- Moomoo News SG
Market Snapshot
Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.63 percent to 3604.02 as at 9:02 am.
Advancers / Decliners is 87 / 33, with 35.47M securities worth S$70.31M changing hands.
Breaking News
Singapore Leads APAC Data Center Investments as AI Drives Demand
In the first three quarters of 2024, Singapore topped the APAC region in data center investments, followed by Australia and South Korea, with total investment volumes reaching $3.7 billion, surpassing the entire 2023's figures. This growth, reported by JLL, is driven by the increasing demand for AI capabilities, prompting data center operators to expand. The firm also noted a trend towards more joint ventures and M&A activities, as direct acquisition opportunities are limited and the market lacks extensive expertise in new developments.
Only 40% of Singapore Firms View AI as Fully Transformative
Despite the rapid adoption of artificial intelligence (AI), only four in ten Singaporean companies believe their AI applications are fully transformative, a survey by Digital Realty reveals. This sentiment is even lower across the Asia-Pacific region, where just 25% of enterprises see their AI use as transformative. According to Digital Realty, the full potential of AI can only be realized with robust digital infrastructure, which is currently lacking in 56% of APAC firms. Challenges include insufficient data storage for large AI datasets (64%), inadequate computational power (55%), and unreliable connectivity (49%). Success in AI also hinges on data centers' ability to facilitate secure data exchanges across various platforms, with necessary infrastructure to meet AI's intense power and energy demands, proximity of AI workloads to data and users, and compliance with relevant regulations.
Stocks to Watch
$Singtel (Z74.SG)$: Shares of Singtel (Z74) closed up 1.3%, gaining S$0.04 to finish at S$3.16 on Tuesday, following a report by Bloomberg News about a cyber breach. According to the report, a China state-linked hacking group breached the telecommunications giant in June as part of a global campaign targeting telecom companies and critical infrastructure operators. The incident is suspected to be a preparatory move by China for potential future cyberattacks on US telecommunications firms. Despite the unsettling news of the cyberattack, Singtel's market performance showed resilience with a positive close.
$Prudential USD (K6S.SG)$: Prudential (K6S) announced an 11% increase in new business profit, reaching US$2.35 billion on a constant exchange rate basis for the nine months ending September 2024. The insurer attributes this growth to its multi-channel distribution model, which has effectively driven new business profit across various regions, including Greater China, ASEAN, and Africa. Despite this positive performance, shares of Prudential closed flat at US$8.65 on the Singapore Exchange on Tuesday.
$SIA Engineering (S59.SG)$: SIA Engineering Company (SIAEC) reported a 10.2% increase in net profit to S$35.6 million for the second quarter ending September 2024. The company experienced revenue growth across all operating segments during the half-year period, driven by sustained demand for maintenance, repair, and overhaul (MRO) services. This demand was bolstered by the growth in air travel and delays in new aircraft deliveries, prompting airlines to maintain older aircraft longer and seek additional MRO services. Prior to the announcement, shares of SIAEC closed up 1.63% at S$2.49.
$CapitaLandInvest (9CI.SG)$: CapitaLand Investment (CLI) reported a total revenue of S$2.1 billion for the year to date as of end-September, marking a slight improvement attributed to increased contributions from fee income-related businesses. However, the company noted a 2% decline in revenue from its real estate investment business compared to the previous year. Despite the mixed financial performance, shares of CLI closed up 1.39%, or S$0.04, at S$2.91 on Tuesday.
$Frasers L&C Tr (BUOU.SG)$: Frasers Logistics & Commercial Trust (FLCT) reported a decline in its distribution per unit (DPU) for the second half ended September 2024, falling 5.7% year-on-year to S$0.0332 from S$0.0352. Despite an 8.4% increase in revenue, the distributable income was impacted by higher property expenses and financing costs. Units of FLCT closed down 0.93%, or S$0.01, at S$1.06 on Tuesday.
$SingPost (S08.SG)$: Singapore Post (SingPost) announced a substantial increase in its net profit for the first half ended September 30, with figures nearly doubling to S$22.6 million. This marks a 97.3% increase from the S$11.5 million reported in the first half of the previous fiscal year. Revenue for the period also saw a robust increase of 20%, climbing to S$992.4 million, largely driven by growth in the Australia and Singapore segments. Following this positive financial update, shares of SingPost rose by 0.91%, ending the day at S$0.555.
$ManulifeReit USD (BTOU.SG)$: Manulife US Real Estate Investment Trust (MUST), which focuses exclusively on U.S. office properties, has reported a decline in portfolio occupancy, dropping from 78.4% in the previous quarter to 77% for the third quarter ending in September. This decrease follows the trust's divestment of a substantial office property in California, which included 510,308 square feet of space. The announcement was made by the REIT's manager this Wednesday. Subsequent to the news, the trading of MUST units saw a decrease, closing down 1.8% or US$0.002, settling at US$0.109 on Tuesday.
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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