SG Morning Highlights | Seatrium Reports Net Order Book of S$25.8 Billion in Q1FY2024 Business Update
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Tuesday; STI up 0.25%
●DBS, UOB, and OCBC Lead SG Stocks with $500m Net Institutional Inflow
●Experts Caution on Q2 24 GDP Growth After April Manufacturing Drop
●Stocks to watch: Seatrium, YZJ Shipbuilding
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.25 percent to 3326.71 as at 9:10 am.
Advancers / Decliners is 83 to 54, with 71.84 million securities worth S$100.83 million changing hands.
Breaking News
DBS, UOB, and OCBC Lead SG Stocks with $500m Net Institutional Inflow
DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation continue to be the most traded stocks in Singapore, with the trio booking a combined net institutional inflow of $500 million from 1 January to 23 May and averaging 15.6% total returns. Individually, DBS booked $37.9 million, UOB booked $248.1 million, and OCBC booked $214.2 million. Other SGX-listed stocks in the financial sector that booked NII include Yangzijiang Financial, Great Eastern, and UOB Kay Hian. The banks also maintained a combined market capitalisation of $218 billion, and in Q1 2024, reported a combined net interest income of $8.3 billion, marking the sixth quarter that their combined NII surpassed $8 billion.
Experts Caution on Q2 24 GDP Growth After April Manufacturing Drop
Experts are raising red flags for Singapore's second-quarter GDP growth following the 1.6% year-on-year April manufacturing drop. RHB predicts that the GDP growth may slow to around 1.5% despite expectations of acceleration in the second half of the year. Nomura shares a similar sentiment, stating that services will benefit from the strong tourism recovery and improvements in the trade-related segment. UOB, on the other hand, remains optimistic, especially about recovery prospects in the electronics and semiconductor sectors, citing supportive base effects and strong underlying demand fundamentals. Despite the cautionary outlook for 2Q24, longer-term prospects remain positive, with Nomura expecting full-year GDP growth of 3.0%, underpinned by the global tech turnaround that should ultimately provide a strong boost to the manufacturing sector.
Stocks to Watch
$Seatrium Ltd(5E2.SG$: Seatrium has reported a net order book of $25.8 billion in its business update for the first quarter of FY2024 ended March 31. The order book comprises 31 projects with deliveries until 2030. The group achieved order wins of over $11.4 billion year-to-date, including an $11 billion contract to build two floating production storage and offloading vessels for Petrobras. During the quarter, the group delivered Singapore's first membrane liquefied natural gas bunker vessel and completed 67 repairs and upgrades projects. The group also secured a $400 million green revolving loan facility to support business growth in the offshore renewables space and completed the early redemption of its $500 million floating rate bonds due in 2026.
$YZJ Shipbldg SGD(BS6.SG$: Yangzijiang Shipbuilding's order book has reached a record value of US$16.1 billion as of May 24, with 193 vessels in its backlog to be delivered by 2028 and a total compensated gross tonnage of 7.45 million. The shipyard is contracted to build 193 vessels, up from 182 vessels worth US$14.5 billion at the end of 2023, with around 54% of the new order wins being greener vessels that use engines capable of running on alternative fuels like methanol or liquefied natural gas. Yangzijiang Shipbuilding built the methanol dual-fuel cargo vessel used by Singaporean carrier X-Press Feeders, which carried out Asia's first simultaneous methanol bunkering and cargo operations in Tuas Port on May 24.
$OUEREIT(TS0U.SG$: OUE Real Estate Investment Trust has completed an interest rate swap transaction with a set of voluntary carbon credits worth S$75 million, according to its manager, OUE Reit Management. The transaction enables the Reit to hedge against interest rate risk and is the first of its kind completed by OUE Reit. The carbon credits will be used to invest in a carbon reduction nature-based project in Southeast Asia, which has been certified by the Verified Carbon Standard Programme. OUE Reit Management said the carbon credits will be used to offset the Reit's residual emissions, which they claim is challenging to eliminate in the short term due to limited renewable energy capacity in Singapore.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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