SG Morning Highlights | ThaiBev Set to Sell Entire Stake in Frasers Property
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower onThursday; STI down 0.52%
●Singapore Emerges as Hub for Family Offices, Challenges London
●Analysts Predict H2 Rebound for Singapore's Non-Oil Domestic Exports
●Stocks to watch: Frasers Property, OCBC, UMS, Singapore Airlines
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ dropped 0.52 percent to 3471.49 as at 9:19 am.
Advancers / Decliners is 68 to 126, with 114.63 million securities worth S$157.68 million changing hands.
Breaking News
Singapore Emerges as Hub for Family Offices, Challenges London
Singapore is becoming a strong rival to London as a hub for family offices, with more than half (56%) of Asia's family offices located in the city-state. In a joint report, KPMG and Agreus noted that Singapore has developed specific structures and regimes tailored for family offices, including tax incentives, to attract both families and professionals. The consistent promotion of family offices in markets like Singapore, coupled with growing wealth in Asia, is expected to drive up demand for family office CEOs. The report also found that while there is a large pool of qualified professionals in the major financial hubs in Asia, it is important to find candidates who understand the workings of a family office. Over a quarter of family office CEOs in Asia have backgrounds in investment management (36%) or banking (27%), with over half holding a master's degree and 31% being family members.
Analysts Predict H2 Rebound for Singapore's Non-Oil Domestic Exports
Singapore's non-oil domestic exports (NODX) could rebound in the second half of the year, according to RHB economists, even after posting a worse-than-expected fall in June. The 8.7% YoY drop in June marked the fifth consecutive month of decline, primarily driven by weak electronic and non-electronic shipments. However, the economists believe that NODX could gradually increase through the rest of the year and post a 0.5% increase for the whole of 2021. The improving global economic climate could help lift Singapore's exports, with manufacturing and trade-related sectors likely to be the main drivers of growth for NODX in the second half thanks to the upswing in the global tech cycle.
Stocks to Watch
$FRASERS PROPERTY LIMITED(TQ5.SG$: Thai Beverage Pcl, controlled by Thailand's richest person Charoen Sirivadhanabhakdi, plans to sell its entire stake in Frasers Property Ltd., the Singapore-based real estate firm he controls. ThaiBev has proposed a share swap with TCC Assets, which the billionaire also owns, to increase its stake in Singapore-based food and beverage company Fraser & Neave Ltd. and fully divest its holding in Frasers Property. The proposed transaction will "cement our pure-play status by exiting the property business," said ThaiBev's Chief Financial Officer Prapakon Thongtheppairot. The transaction is subject to approval from shareholders at an extraordinary general meeting in Thailand. ThaiBev's 28.78% stake in Frasers Property will be reduced to zero after the transaction.
$OCBC Bank(O39.SG$: Oversea-Chinese Banking Corp (OCBC) has accepted an offer of over SGD20m ($15m) for a land plot in Sentosa Cove that was seized from a convict involved in Singapore's biggest money laundering case, according to the Straits Times. Su Baolin, a Cambodian passport holder, owes more than SGD20m in housing loan and credit card debts to the bank. The land plot transacted about 24.5% lower than a guide price of SGD26.5m offered in May, underscoring a downturn in Singapore's luxury property market. OCBC's earlier attempt to auction the bungalow in May received no bids. The lender accepted an offer for 69 Ocean Drive via private treaty and all overdue loans will be recovered upon completion of the sale, an OCBC spokesperson said. The buyer's identity has not been disclosed.
$UMS(558.SG$: Singapore-based UMS Holdings intends to seek a secondary listing on Malaysia’s stock exchange, Bursa Malaysia, according to a release filed on 17 July. The move will broaden the company’s investor reach and potentially increase the liquidity of its shares through separate trading platforms, while providing it with the flexibility to access different equity markets to raise funds. No application has yet been made. The news comes amid Malaysia’s ambition to become a semiconductor hub in Southeast Asia, with tensions between the US and China forcing global supply chains to diversify. UMS Holdings held its IPO on the Singapore Exchange in 2001.
$SIA(C6L.SG$: SATS, SIA Engineering Company (SIAEC) and Changi Airport Group (CAG) are collaborating to develop a proof of concept for autonomous buses to transport staff around Changi Airport’s airside. The project aims to automate routine driving tasks so airside professionals can focus on more complex activities, while also presenting opportunities for job redesign and upskilling. The POC will commence in Q3 2024 and be monitored by an "on-board safety driver". The initial two-year collaboration is co-funded by the Civil Aviation Authority of Singapore’s Aviation Development Fund. The initiative will further SATS's vision of transforming aviation hub handling through digitalisation and automation, according to Henry Low, COO at SATS and CEO designate at SATS Singapore Hub.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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Dinie Hamdan : ok
On Paris : Good morning
101550592 :