SG Morning Highlights | Seatrium Records Net Loss of $1.68bn for 2HFY2023 and Reaches Settlement with Brazilian Authorities
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Monday; STI down 0.65%
●Singaporean Marketers Spent $2.34bn on Digital Ads in 2023, with WhatsApp as the Most Popular App
●Stocks to watch: Seatrium, SingLand, Great Eastern
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.65 percent to 3,164.36 as at 9.09 am.
Advancers / Decliners is 76 to 100, with 195.92 million securities worth S$122.22 million changing hands.
Breaking News
Singaporean Marketers Spent $2.34bn on Digital Ads in 2023, with WhatsApp as the Most Popular App
According to Meltwater, advertisers in Singapore spent $2.34 billion on digital ads in 2023, which is 10.5% higher than the previous year and accounts for 59.7% of the total ad spend. On average, advertisers spent US$330.52 per user on digital ads annually. WhatsApp was the most popular social media app in Singapore with 27.2% usage, followed by Facebook with 16.7%. TikTok was the most time-consuming app with users spending 33 hours and 23 minutes per month on it. It was also the most downloaded app in Singapore in 2023, followed by Telegram and Capcut.
Stocks to Watch
$Seatrium (S51.SG)$: Seatrium reported a net loss of $1.68 billion for the 2HFY2023 ending in December, compared to a net loss of $120,529 in the same period the previous year. For the full year, the net loss reached $1.9 billion, mainly due to non-cash write-downs, provisions for contracts, legal and corporate claims, and merger expenses amounting to $2 billion for FY2023. Revenue increased significantly in 2HFY2023 and for the full year on the consolidation of projects following the business combination, strong project execution, and higher repairs and upgrades activities. Seatrium achieved EBITDA of $236 million for FY2023, compared to negative EBITDA of $7 million in the same period last year.
Furthermore, the company achieved order wins of $4.5 billion in FY2023 and year-to-date 2024. Its net order book stands at $16.2 billion, comprising approximately 39% renewables and cleaner/green solutions. Seatrium also announced that it has reached an in-principle settlement agreement with the Brazilian Authorities in relation to the historical event Operation Car Wash, amounting to a settlement payment of R$670.7 million ($182.4 million), subject to post-closing compliance obligations.
SingLand: Singapore Land Group (SingLand) has announced a net profit of SGD102.4m ($75.5m) in H2 FY2023, up 7% from SGD95.3m in the same period the previous year, largely due to a fair-value gain on subsidiaries’ investment properties. Earnings per share for the period stood at 7.1 Singapore cents, up from 6.7 Singapore cents the previous year. Revenue for the period increased by 3% to SGD358.7m, boosted by higher income from hotel operations. However, revenue from property trading was partially offset by lower sales for two of the group's residential projects, and lower revenue from property investment due to the closure of Clifford Centre for redevelopment in January 2023. SingLand's board has proposed a final dividend of four Singapore cents per share for FY2023, subject to shareholder approval.
$Great Eastern (G07.SG)$: Great Eastern Holdings, a member of the OCBC Group, reported earnings of $774.6 million for FY2023 ended in December, up 27% YoY, driven by favourable investment performance in its Singapore life business and shareholders fund. Its insurance business was profitable, though dampened by higher medical claims. The group's total weighted new sales (TWNS) for FY2023 decreased 12% against the previous year, reflecting lower single premium sales in the Singapore market. The board has recommended a final one-tier tax-exempt dividend of 40 cents per ordinary share, payable on May 17. Including the interim dividend, the total dividend for FY2023 would be 75 cents per ordinary share.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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