SG Morning Highlights | Singtel's Optus Appoints Rue as CEO to Restore Trust
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Monday; STI up 0.2%
●Singapore's PMI slips to 50.5 in April
●Infrastructure and Residential Developments Drive Construction Boom in Singapore
●Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.2 percent to 3299.64 as at 9.21 am.
Advancers / Decliners is 143 to 86, with 117.94 million securities worth S$124.42 million changing hands.
Breaking News
Singapore's PMI slips to 50.5 in April
April's PMI dipped slightly to 50.5, still indicating sector expansion. UOB Macro notes reduced new and export orders, and production as factors. Manufacturing faces challenges from global rate hikes impacting demand. The Electronics PMI edged up to 50.9, its sixth month of growth, and supplier delivery times improved, hinting at easing supply issues. UOB remains optimistic about Singapore's manufacturing, especially electronics, expecting AI demand to drive growth in 2024's mid-year. Possible central bank rate cuts may relax financial conditions, potentially stimulating global investment and consumption.
Infrastructure and Residential Developments Drive Construction Boom in Singapore
Singapore's construction sector is facing high material costs but continues to grow, driven by infrastructure and private housing projects. However, agribusiness and non-residential private sectors have declined. The 12-month outlook is positive despite challenges like rising costs, increased competition, and skill shortages. RICS highlights a critical issue: the lack of skilled labor, including tradespeople, managers, and Quantity Surveyors.
Stocks to Watch
$Singtel (Z74.SG)$: Optus, the Australian subsidiary of telecommunications heavyweight Singtel, has appointed Stephen Rue as its incoming chief executive, starting November 2024. Currently the CEO of Australia's National Broadband Network, Rue is set to succeed Optus'acting chief Michael Venter, who will remain in position until Rue's tenure begins. On Monday, Singtel announced the executive transition.
$Venture (V03.SG)$: On Friday, the provider of technology solutions reported a net profit of S$60.1 million for the first quarter ending March 31, marking an 18.3% decline from the S$73.6 million recorded in the same period last year. The company also saw its Q1 revenue fall by 18.9% to S$666.7 million compared to the previous year's S$821.7 million.
$Acro HTrust USD (XZL.SG)$: ARA US Hospitality Trust (ARA H-Trust) reported a 1.1% increase in net property income to US$6.4 million for Q1 2024. Gross revenue was slightly up by 0.2% to US$36.2 million, while gross operating profit rose 2.1% to US$10.7 million. Occupancy declined by 2.2 points to 59.5% due to weather disruptions and an earlier Easter, alongside a softer domestic leisure demand influenced by a strong US dollar. Occupancy was also affected by renovation projects at four Hyatt Place properties. ARA H-Trust comprises a real estate and a business trust.
$YHI Intl (BPF.SG)$: YHI Corporation (Singapore), a YHI International subsidiary, faces charges for allegedly not ensuring an employee's safety and health, resulting in their death. The company was charged on October 13, 2023, under the Workplace Safety and Health Act 2006. Alex Ong Chin Kiong, COO of YHI International and director of YHI Singapore, is also charged for the same offence. YHI Singapore has engaged legal counsel regarding the charge and will keep shareholders informed of significant developments.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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