SG Morning Highlights | Sabana REIT Reports 16.8% Fall in H1 DPU
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Wednesday; STI down 0.28%
●Mas Unlikely to Ease Monetary Policy on Jul 26, Even as June Surprises with Softer Inflation
●Property Investment Sales Rise in Q2, Driven by State Land Tenders and Residential Deals: Savills
●Prime Residential Properties Account for Majority of Loss-Making Resale Deals in Q2
●Stocks to watch: Best World, HPH Trust, Sabana Reit
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.28 percent to 3451.51 as at 9:34 am.
Advancers / Decliners is 120 to 123, with 187.12 million securities worth S$141.38M million changing hands.
Breaking News
Mas Unlikely to Ease Monetary Policy on Jul 26, Even as June Surprises with Softer Inflation
Economists predict that Singapore's central bank will maintain its current monetary policy settings at the upcoming meeting on July 26, despite the latest inflation figures, which were released on Tuesday, falling below expectations. In June, the headline inflation rate dropped to a three-year low of 2.4%, which was surprising. However, the core inflation rate, which the central bank primarily considers and excludes private transport and accommodation, was only slightly lower than anticipated at 2.9%.The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) announced on Tuesday that the official full-year forecast range for headline inflation will be reviewed and updated in Friday's monetary policy statement.
Property Investment Sales Rise in Q2, Driven by State Land Tenders and Residential Deals: Savills
According to a report released on Tuesday (Jul 23) by Savills Singapore, real estate investment activity in Singapore has experienced a substantial increase of 52.6% quarter on quarter (qoq) to S$6.48 billion in the second quarter of 2024. This surge was mainly driven by higher proceeds from the sale of state land under the government land sales (GLS) programme and residential deals. The award of four GLS housing sites and one industrial site during the quarter contributed S$3.16 billion to the total investment amount. Additionally, private-sector investment sales also witnessed an increase of 14% qoq to S$3.32 billion in Q2.
Prime Residential Properties Account for Majority of Loss-Making Resale Deals in Q2
In the second quarter of 2024, Singapore's prime residential properties suffered significant losses, with a decrease in value ranging from S$780,000 to S$2.1 million, which accounted for the majority of unprofitable deals. However, according to data analyzed by Cushman & Wakefield for The Business Times, 80% of resale transactions in the Core Central Region (CCR) remained profitable during the same period. The most profitable deal in Q2 was for a 2,885 square foot (sq ft) unit in Ardmore Park, located in the exclusive District 10.
Stocks to Watch
$Best World(CGN.SG$: The distributor of beauty products has acquired an additional 9.9 per cent stake in the British beauty company Pedal Pulses, raising its total stake to 59.9 per cent, up from 50 per cent. On Tuesday, Best World International announced that it has finalized a sales and purchase agreement with Ian Richardson, a shareholder of Pedal Pulses, for 116 shares at £0.01 each. Prior to the announcement, Best World's shares closed at S$2.51, up 0.4 per cent.
$HPH Trust SGD(P7VU.SG$: The port operator reported a 66.6 per cent increase in earnings for the first half of 2024, reaching HK$158.1 million (S$27.2 million), as compared to HK$94.9 million in H1 2023. However, distribution per unit for the same period decreased to HK$0.05 from HK$0.055 in H1 2023, due to a lower distribution amount. HPH Trust's units closed at US$0.129 on Tuesday, up 0.8 per cent.
$Sabana Reit(M1GU.SG$: Sabana Reit announced on Tuesday (Jul 23) that the distribution per unit (DPU) for the first half of its fiscal year ended Jun 30 was S$0.0134, a 16.8% decrease from S$0.0161 in the corresponding year-ago period. The gross revenue for H1 slipped slightly by 0.2% YoY to S$55.2 million from S$55.3 million, while the overall portfolio occupancy decreased to 78.8% from 93.9% a year ago. This decline was mainly attributed to the repossession of 33 and 35 Penjuru Lane in March and 30 and 32 Tuas Avenue 8 in June. The manager stated that the master tenant was placed under creditors' voluntary liquidation.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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