SG Morning Highlights | Singapore's PMI Rises in August, Indicating Continued Manufacturing Recovery
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI up 0.49%
●HDB Resale Prices See Incremental Rise in August 2024, Driven by Executive Flats
●Singapore's PMI Rises in August, Indicating Continued Manufacturing Recovery
●Stocks to watch: CapitaLand Integrated Commercial Trust, IHH
●Latest share buy back transactions
- Moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.49 percent to 3458.17 as at 9:02 am.
Advancers / Decliners is 79 to 25, with 61.05 million securities worth S$72.51 million changing hands.
Breaking News
HDB Resale Prices See Incremental Rise in August 2024, Driven by Executive Flats
In August 2024, the Housing & Development Board (HDB) resale market in Singapore experienced a 0.5% month-on-month (MoM) increase, with a notable 7.5% rise year-on-year (YoY), as reported by 99.co and SRX. The growth was predominantly led by Executive flats, which saw a 1% MoM increase in resale prices. Conversely, non-mature estates witnessed a 1.2% MoM price rise, while mature estates observed a slight decrease of 0.2% MoM. Among different room types, 3-room flats led the annual growth with an 8% increase, followed by 4-room and 5-room flats at 7.5% and 6.8% YoY respectively, while Executive flats saw a 5.7% YoY rise. The resale market in non-mature estates outperformed mature estates with an 8.2% YoY increase compared to 6.3%.
Singapore's PMI Rises in August, Indicating Continued Manufacturing Recovery
Singapore's Purchasing Managers' Index (PMI) for August indicated a positive shift, rising to 50.9, a 0.2 point increase from July. This improvement, reported by the Singapore Institute of Purchasing and Materials Management (SIPMM), reflects a faster expansion in several key sectors including new orders, new exports, factory output, and input purchases. The employment index also showed growth, reverting to expansion territory. Additionally, faster expansion rates were recorded in the indexes of finished goods, imports, input prices, order backlog, and future business, while the supplier deliveries index also returned to expansion. Stephen Poh, executive director of SIPMM, commented that the data suggests a steady recovery in the manufacturing sector.
Stocks to Watch
$IHH (Q0F.SG)$: IHH Healthcare, a leading integrated healthcare provider, is set to expand its footprint in Malaysia with the acquisition of Island Hospital in Penang for RM3.9 billion (approximately S$1.17 billion). The acquisition, conducted through IHH’s subsidiary Pantai, will encompass the full equity interest of the 600-bed facility, currently owned by Comprehensive Care under majority control of Affinity Equity Partners. The deal also includes a parcel of vacant land valued at RM223.4 million, earmarked for future development. This strategic purchase will make Island Hospital the 18th hospital under IHH Healthcare in Malaysia and its third in Penang, significantly enhancing its capacity to serve medical tourists, with Dr. Prem Nair, Group CEO of IHH Healthcare, noting that post-acquisition, over one-third of medical tourists in Malaysia will utilize IHH facilities. The acquisition is expected to be earnings per share (EPS) accretive by 2026, reinforcing IHH's position in the region’s healthcare sector.
$CapitaLandInvest (9CI.SG)$: CapitaLand Integrated Commercial Trust (CICT) has announced a significant acquisition plan to purchase a 50% interest in the prestigious Ion Orchard shopping mall and its connecting underpass, Ion Orchard Link, from CapitaLand Investment (CLI) for S$1.1 billion. This strategic move includes transaction-related expenses and adjustments for 50% of a secured bank loan. To finance this acquisition, CICT will undertake a combination of private placement and preferential offering, aiming to raise at least S$1.1 billion. The transaction is anticipated to be DPU accretive and is expected to enhance CICT’s portfolio by adding a high-profile asset with a strong tenant mix that includes about 300 international and local brands. CLI has committed to fully subscribe to its entitlement under the preferential offering, and the acquisition is projected to complete in the fourth quarter of 2024, pending unitholder approval. This move is part of CICT’s broader strategy to solidify its presence in Singapore’s luxury retail segment and leverage the limited retail supply in the Orchard Road area.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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