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-- 119.160 SG Morning Highlights | UOL and CapitaLand Singapore Sign Agreement to Acquire Thomson View Condo for S$810 Million
Good morning mooers! Here are things you need to know about today's Singapore markets:
● Singapore shares opened higher on Monday; STI up 0.04%
● Singapore's Industrial Output Rises 9.8% in September, Prompting Potential Q3 GDP Revision
● Singapore and Italy Launch Fintech Showcase Featuring Six Italian Startup
● Stocks to watch: MPACT, Frasers Centrepoint Trust, Suntec Reit, CapitaLand India Trust, etc.
● 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 0.04 percent to 3594.67 as at 9:02 am.
Advancers / Decliners is 63 / 55, with 48.16M million securities worth S$51.98M million changing hands.
Breaking News
Singapore's Industrial Output Rises 9.8% in September, Prompting Potential Q3 GDP Revision
Singapore is poised for an upward revision of its third-quarter economic growth, potentially by at least half a percentage point, following September's better-than-expected industrial production figures, according to economists. Expectations for the third-quarter gross domestic product (GDP) now range between 4.6% and 4.8%. This adjustment follows preliminary estimates which recorded a 4.1% increase, surpassing initial market forecasts of 3.8%. The increase in industrial output, which climbed 9.8% year-on-year (yoy) in September, was reported by the Singapore Economic Development Board (EDB) on Friday (Oct 25).
Singapore and Italy Launch Fintech Showcase Featuring Six Italian Startup
Singapore and Italy have initiated the Global Startup Program Demo Day at Marina Bay Cruise Centre. Organized by the Italian Trade Agency (ITA) in partnership with Singaporean pre-seed investor Tenity Singapore, this marks the third collaboration between the two nations under this initiative. The program features six pioneering Italian fintech startups: Appeaty, Finanz, Herclec Srl, Startgram, Twiper Srl, and Volvero.
Stocks to Watch
$CapLand Ascendas REIT (A17U.SG)$ reported a slight decrease in portfolio occupancy, falling from 93.1% to 92.1% in the third quarter. Meanwhile, rental reversions experienced a positive shift, increasing to 14.4% from 11.7%, and aggregate leverage escalated slightly to 38.9% from 37.8% in the previous quarter. Clar's shares remained stable at S$2.75 on Friday, ahead of this business update.
$UOL (U14.SG)$, $SingaporeLandGrp (U06.SG)$ and CapitaLand Singapore have agreed to acquire the 99-year leasehold Thomson View Condominium for S$810 million through a collective sale, marking the largest en bloc transaction in Singapore since the Chuan Park sale in May 2023. Slated for completion by February 2026, the acquisition will primarily be funded through bank loans and internal resources. Prior to the announcement, SingLand's shares dropped by 1.7% to S$1.76, and UOL's shares decreased by 0.7% to S$5.39.
$IFAST (AIY.SG)$ reported a substantial 97.3% increase in net profit for the third quarter, ending September 30, reaching S$16.8 million up from S$8.5 million the previous year. This financial growth was accompanied by a 49.7% surge in revenue to S$99.1 million from S$66.2 million. Additionally, the earnings per share rose to S$0.0564 from S$0.0288. iFast shares remained steady at S$7.75 on the eve of these announcements.
$Q&M Dental (QC7.SG)$ disclosed a strategic shift on Monday, opting to suspend the laboratory operations of its 51% subsidiary, Acumen, with "no immediate plans" to renew its expired laboratory license. The Ministry of Health has also mandated the closure of a joint testing vaccination center operated by Acumen at Sengkang, effective from December 1. Following these updates, Q&M Dental's shares dipped slightly by S$0.005 or 1.6% to S$0.30, whereas Aoxin Q&M shares stayed unchanged at S$0.048.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moo Live
Jan 23 16:54
MicroStrategy Q4 2024 earnings conference call
KB trader : Looks like the developers see the start of the next upcycle is coming.
InvestorGod :
The Group is steadily increasing our capability and presence as a global digital banking and wealth management group, with iGB expected to become an important growth driver in 2025 and beyond.
InvestorGod : The way Lim sees it, getting one million clients for the bank in five years is a reasonable target.
“If on average, each of them just put S$10,000-S$20,000, that’s already S$10-20 billion,” he said.
Apart from banking, iFast also has another growth driver coming from its Hong Kong business as it executes its ePension business there.
iFast has targets for its Hong Kong business to hit net revenue of over HK$1.3 billion (S$208.1 million) and over HK$500 million in profit before taxes (PBT) in 2025 – higher than the entire group’s PBT of S$35.8 million in FY2021.
“In the next three years, the Hong Kong side will be the bigger growth driver,” Lim said. “But in the long run – the next 10 years – I feel that what our iFast Global Bank has opened up for us can lead to something much bigger.”