SG Morning Highlights | Second Chance Properties Records Net Profit of $4.35 Million for 1HFY2024
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI down 0.01%
●Over 80 Singapore Stocks Show Positive Returns in Q1
●Singapore Plans to Raise Retirement Age, Sparks Debate
●Stocks to watch: Second Chance Properties, ESR-Logos Reit, Banyan Tree
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.01 percent to 3,251.53 as at 9.05 am.
Advancers / Decliners is 81 to 40, with 44.46 million securities worth S$75.08 million changing hands.
Breaking News
Over 80 Singapore Stocks Show Positive Returns in Q1
More than 80 Singapore stocks have added gains or maintained their positive total return as of March 25, 2024, according to a report by the SGX. The group maintained an average and median return-on-equity ratio of 11%, with a median price-to-earnings ratio of 9x and a median price-to-book ratio of 1x. The industrial sector had the most representation across the 80+ stocks at 30%, while 20% were listed on the Catalist board. The most traded stocks included DBS, OCBC, Singtel, YZJ, Keppel, ST Engineering, UMS, Frencken, Golden-Agri, and NetLink NBN Trust.
Singapore Plans to Raise Retirement Age, Sparks Debate
Singapore is set to increase the retirement and re-employment ages to 64 and 69, respectively, by 2026, with the goal of setting the retirement threshold at 65 and re-employment at 70 by 2030. The move aims to provide more opportunities for seniors to participate in the labour market and enables businesses to tap into a wider workforce. However, it may lead to consequential reactions in the increasingly inter-generational workforce, such as generational gaps in values and work ethics and rapid changes in technology in relation to skill sets across different generations. The government has prepared measures to alleviate these effects, including incentives for employers to offer jobs tailored to seniors' needs, financial support and free training for companies to redesign jobs and workplaces to be more age-friendly, and the establishment of Career Conversion Programmes for senior workers.
Stocks to Watch
$Second Chance (Delisted) (528.SG)$: Second Chance Properties reported a net profit of $4.35 million for 1HFY2024 ended February 29, down 52.77% compared to the previous corresponding period. Revenue also fell 10.4% YoY to $13.3 million, but adjusted EBITDA increased by $1.23 million to $5.27 million. The company did not declare a dividend for the period, but management will declare one at the end of the financial year with the full year results announcement. Second Chance Properties operates in the retail of gold, jewellery, and ready-made garments in Singapore and Malaysia and will continue to look for opportunities to dispose of its remaining investment properties.
$ESR-LOGOS REIT (J91U.SG)$: ESR-LOGOS REIT has secured a SGD 200,000,000 sustainability-linked unsecured revolving credit facility, marking the company's first foray into sustainability-linked financing. The funds will be allocated to various corporate needs, such as refinancing debt, funding acquisitions, and general working capital. The credit facility involves multiple leading banks as arrangers, lenders, and coordinators.
$Banyan Tree (B58.SG)$: Banyan Tree Holdings has collaborated with Maybank Singapore on its first sustainability-linked senior unsecured syndicated term loan facility worth SGD 70 million. Maybank served as the sole mandated lead arranger, underwriter, bookrunner, and sustainability coordinator, with Bank of India (Singapore Branch) and Hua Nan Commercial Bank, Ltd. (Singapore Branch) as the lead arrangers. The funds will support Banyan Tree's commitment to advancing responsible tourism and supporting the industry's decarbonisation pathway. Maybank has mobilised RM68 billion ($19 billion) in sustainable finance across the group from 2021 to 2023, on track to achieve its target of RM80 billion by 2025.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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