SG Morning Highlights | Singtel Reports 42.4% Decline in Net Profit, Raises Dividend
Good morning mooers! Here are things you need to know about today's Singapore markets:
● Singapore shares opened lower on Wednesday; STI down 0.72%
● Singapore Commits US$500 Million to Support Decarbonization in Asia
● Significant Decline in Singapore Shophouse Sales in 2024
● Stocks to watch: Singtel, Bumitama Agri, The Hour Glass, etc.
● Latest share buy back transactions
- Moomoo News SG
Market Snapshot
Singapore shares opened lower on Wednesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.72 percent to 3684.69 as at 9:02 am.
Advancers / Decliners is 42 / 74 , with 41.23M securities worth S$79.76M changing hands.
Breaking News
Singapore Commits US$500 Million to Support Decarbonization in Asia
Singapore has announced a commitment of up to US$500 million to aid decarbonization efforts across Asia through the Financing Asia's Transition Partnership (FAST-P). This contribution is part of a broader initiative aimed at mobilizing up to US$5 billion with the help of concessional capital from various partners. The funds will be used to attract commercial capital and other financial resources needed for Asia's transition to green energy. The focus will be on financing projects in sectors that are difficult to decarbonize, promoting low-carbon technologies, and exploring sustainable industrial opportunities. This move underscores Singapore's commitment to environmental sustainability and its role in supporting regional green transitions.
Significant Decline in Singapore Shophouse Sales in 2024
In the first nine months of 2024, Singapore's shophouse market experienced a sharp decline, with sales dropping 46.1% year-over-year to just 62 transactions. The total value of these transactions amounted to $519 million, indicating a 48.5% decrease from the previous year. This trend was particularly evident in the third quarter, where only 18 caveats were lodged, resulting in a total quarterly transaction value of $138.9 million, which is a decrease of 28.8% from the previous quarter and 50% from the same period in 2023. High-value sales were concentrated in Districts 1, 2, and 7, with notable transactions on streets such as Amoy Street, Neil Road, and Telok Ayer Street.
Stocks to Watch
$Singtel (Z74.SG)$: Singtel, a major telecommunications operator, reported a significant 42.4% decline in net profit for the first half ending September, with earnings dropping to S$1.23 billion from S$2.14 billion the previous year. The decrease largely reflects the absence of a S$1.2 billion exceptional gain that was recorded in the same period last year. Despite the profit decline, Singtel's board declared an increase in the interim dividend to S$0.07 per share, up from S$0.052 in the second half of FY2024. Following the announcement, Singtel shares fell by 1.3%, closing at S$3.16 on Tuesday.
$Bumitama Agri (P8Z.SG)$: Bumitama Agri, an Indonesian palm oil producer, experienced a 31.6% decrease in net profit for the third quarter ending September 30, with profits falling to 598 billion rupiah (S$51 million) from 874 billion rupiah in the same period last year. The company attributed the decline primarily to reduced operational output, impacted by extreme weather conditions in past years. Despite the financial setback, Bumitama Agri's stock remained stable, closing at S$0.84 on Tuesday.
$TheHourGlass (AGS.SG)$: The Hour Glass, a luxury watch retailer, reported a 20% decrease in earnings for the first half of fiscal year 2025, with profits falling to S$61.4 million from S$77 million in the corresponding period last year. The decline in earnings is attributed to increased operating expenses, including heightened advertising and promotional activities, depreciation of right-of-use assets, and losses from the disposal of property, plant, and equipment. Despite the downturn in earnings, shares of The Hour Glass rose by 0.7%, closing at S$1.54 on Tuesday before the earnings announcement was made.
$Bukit Sembawang (B61.SG)$: Bukit Sembawang, a Singapore-based property developer, reported a substantial increase in earnings for the first half of fiscal year 2025, with profits soaring 149% to S$62.9 million from S$25.2 million in the same period last year. The company's gross profit also saw a significant rise of 128% year-over-year, driven by higher recognized profits from its development projects. Prior to the announcement of these robust results, shares of Bukit Sembawang closed up 0.3%, at S$3.56 on Tuesday.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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