SG Morning Highlights | Singapore Airlines Records 4.9% Rise in Q3 Net Profit on Robust Passenger Demand
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Wednesday; STI down 0.37%
●Manufacturing-Related Stocks in Singapore Record Net Institutional Inflows of $22M in 2024
●Singaporeans Express Concerns on Impact of AI on Job Security
●Lendlease Finance Reports Rebound in H2'23, with Revenue More than Doubling
●Stocks to watch: SIA, First Sponsor, UOI
●Latest share buy back transactions
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Market Snapshot
Singapore shares opened lower on Wednesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.37 percent to 3,232.11 as at 9.04 am.
Advancers / Decliners is 49 to 63, with 81.96 million securities worth S$86.50 million changing hands.
Breaking News
Manufacturing-Related Stocks in Singapore Record Net Institutional Inflows of $22M in 2024 Manufacturing-related stocks in Singapore have recorded net institutional inflows of $22M in the first seven weeks of 2024, according to data from the Singapore Exchange. The indicative iEdge SG Advanced Manufacturing Index saw diversified returns, with more stocks in the index posting net inflows compared to those that booked net outflows, led by firms in the technology and healthcare sectors. Venture Corp outperformed its peers by booking the largest net inflow of $43M. However, stocks in the consumer, energy, and material, and resources sectors suffered from net outflows at the start of the year. The report showed that stocks in the iEdge SG Advanced Manufacturing Index contributed about 18 cents to every dollar invested in the Singapore stock exchange market.
Singaporeans Express Concerns on Impact of AI on Job Security
Singaporeans from different generations have expressed concerns over the impact of automation and AI on job opportunities, according to a survey by Reeracoen. Nearly half of Gen Z and Y (48%) and 52% of Gen X and Baby Boomers are expecting automation and AI to eliminate certain job roles. A third of Gen Z and Y and 30% of Gen X and Baby Boomers stressed the need for upskilling of existing talent. Technical and soft skills were found to be the most crucial skills in future workplaces. Both generational groups agreed that continuous learning would be essential for career growth in the future job market. The study also showed younger generations see remote work as the most significant change in the future of the workplace, while older generations prioritise the impact of changes in technology in daily work.
Lendlease Finance Reports Rebound in H2'23, with Revenue More than Doubling
Lendlease Finance rebounded in the second half of 2023, with profits reaching $569,000 compared to a loss of $8.1 billion in 2022. Finance revenue jumped 50.9% to $80.3 billion, while finance costs grew 50.8% to $71.9 billion. Net finance revenue increased 51.2% to $8.41 billion. However, expenses grew larger to $12.6 billion versus $10.9 billion during the same period in 2022. Total assets climbed 6.4% YoY to $10.1 billion, while liabilities surged 6.6% YoY to $10 billion. Total equity during the period dipped 11.1% to $80 billion.
Stocks to Watch
$SIA (C6L.SG)$: Singapore Airlines (SIA) has reported a net profit of S$659 million for the third quarter ended Dec 31, 2023, a 4.9% rise from S$628 million in the corresponding year-ago period. The rise in net profit was driven by robust passenger demand, led by a rebound in North Asian markets as China, Hong Kong, Japan, and Taiwan reopened. Revenue for the third quarter increased by 4.9% to S$5.1 billion from S$4.8 billion YoY, surpassing the S$5 billion mark in quarterly revenue for the first time in SIA's history. SIA and its budget arm Scoot flew 9.5 million passengers in Q3 FY2024, up 29.4% YoY. The group's passenger traffic for the quarter also grew 19.1% to 37.1 billion.
$First Sponsor W240530 (QNHW.SG)$: First Sponsor Group has reported a net profit slide of 96.8% to S$1.9 million for the second half ended Dec 31, 2023, from S$59.9 million a year earlier. The group's top line for the period decreased 52.9% YoY to S$147 million, from S$312.2 million, due to lower revenue from the sale of properties and property financing, although it was partially offset by revenue increases from hotel operations and rental of investment properties. Revenue from the sale of properties plunged 90.1% to S$18.2 million in H2 FY2023, driven by the absence of significant inventory handover from The Pinnacle project in China's Guangdong province. Despite the falls, the group's overall gross margin for the period remained fairly consistent at 45.2%, compared to 44.8% a year earlier.
$UOI (U13.SG)$: United Overseas Insurance (UOI) has reported a net profit of S$17.3 million for the second half of the 2023 financial year, a 6% fall from a net profit of S$18.5 million for the same period a year ago. Insurance revenue fell 14% to S$48 million for the second half of FY2023 due to the lower release of contractual service margin for services provided. Insurance service expenses dropped 59% year on year to S$10.8 million, mainly due to a reduction in claims reserves from lower incurred claims. Net expenses from reinsurance contracts increased by 112% year on year to S$22.3 million on lower claims recovery, resulting in a 23% fall in net insurance financial result to S$14.7 million. Non-underwriting income rose by 20% year on year to S$4.4 million due to favourable gains in both dividend and interest income from investments.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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