SG Morning Highlights | Seatrium Secures S$400M Green Refinancing from DBS
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Thursday; STI up 0.46%
●Singapore SMEs navigate Suez Canal disruption
●Singapore F&B sector faces new outlet delays
●Singapore anticipates disinflation in 2024
●Stocks to watch: Seatrium, ComfortDelGro
●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 0.46 per cent to 3,185.43 as at 9.00 am.
Advancers / Decliners is 66 to 13, with 32.23 million securities worth S$30.38 million changing hands.
Breaking News
Singapore SMEs navigate Suez Canal disruption
The ongoing conflict in the Red Sea, prompting reroutes from the Suez Canal, has led to mixed consequences for Singapore's SMEs, with potential delays and increased shipping costs for imports from Europe. While the full impact is yet to unfold, some reroutes are expected to extend shipping times by several days to two weeks, and oil prices have seen fluctuations in response to the security situation and resumed shipping activity.
Singapore F&B sector faces new outlet delays
Singapore's F&B industry is experiencing a significant slowdown in new outlet openings, with a 20 to 30 percent drop reported by payment service provider EPOS. Plans for year-end launches are being postponed to the first quarter of 2024 or later, a departure from the typical surge of openings seen in previous festive seasons.
Singapore anticipates disinflation in 2024
Singapore is poised for a period of disinflation in 2024, moving away from the rapid inflation that followed the Covid-19 pandemic. While the Monetary Authority of Singapore shifts to more frequent policy reviews, economists are split on the outcomes. Core inflation is forecasted to settle around 3 percent, aligning with the central bank's projections of 2.5 to 3.5 percent, according to a Business Times poll.
Stocks to Watch
$Seatrium (S51.SG)$: Seatrium has successfully refinanced a S$400 million loan due in February 2024 through its subsidiary Seatrium Financial Services, with a sustainability-linked option from DBS. This facility aligns with the company's ESG ambitions, contributing to its year-to-date green financing totaling over S$2 billion. The move reaffirms Seatrium's dedication to sustainable business practices and energy transition within the industry.
$ComfortDelGro (C52.SG)$: ComfortDelGro will raise the commission it collects from drivers to 7% for app- and phone-booked rides starting January 1, 2024, a 2% increase from the current rate. This change, confirmed by a company spokesperson, is due to higher operational costs, including technology and cashless transaction fees. To mitigate the impact on drivers, commissions on bookings under $9 will be waived for the first quarter of 2024.
Share Buy Back Transactions
Source: Business Times, SG investors
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