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Rigetti Computing
-- 10.9600 SG Morning Highlights | Yangzijiang Financial to Invest $1B Outside China Over Next 5 Years
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Monday; STI down 0.17%
●SG companies to adjust finances amidst 1% GST increase
●Stocks to watch: Yangzijiang Financial, Straco, LHN, Sats
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 0.17 per cent to 3,089.61 as at 9.08 am.
Advancers / Decliners is 68 to 68, with 56.58 million securities worth S$62.50 million changing hands.
Breaking News
SG companies to adjust finances amidst 1% GST increase
Singapore's Minister of Finance announced that the GST rate will be increased from 7% to 8% from January 1, 2023 and then from 8% to 9% from January 1, 2024. Singaporean businesses are gearing up for a significant financial shift with the upcoming 1% Goods and Services Tax (GST) increase taking effect from January 1, 2024. Keith Tnee, Senior Partner at Tan Kok Quan Partnership, said that the GST increase has been long anticipated as he advised companies to consider the financial impact of this additional 1% on their goods and services. “This can only mean that there will be a broad-based impact across various companies in Singapore. So, for GST-registered companies, this may require them to relook at some of the operations and revise some of your practices and to also consider when and whether to pass on the GST increases for your customers,” he said.
Stocks to Watch
$YZJ Fin Hldg (YF8.SG)$: Yangzijiang Financial Holdings reported $4b asset under management as of Q3, with $3.84b net asset value as of 30 June 2023. Market cap stood at $1.15b as of 23 November 2023. Yangzijang plans to increase its investments outside China over the next five years to 50% with over $1b of its proprietary capital deployed into investments outside China by Q3 2023.
$NetLink NBN Tr (CJLU.SG)$: Netlink NBN Management, trustee-manager of NetLink NBN Trust , announced on Monday (Nov 27) that the Infocomm Media Development Authority (IMDA) has completed its review of the wholesale prices, terms, and conditions of the NetLink Trust interconnection offer. With effect from Apr 1, 2024, the monthly recurring charge of residential end-user connection will be reduced to S$13.50 from S$13.80. Pricing for non-building address point connection service will be lowered to S$70.50 from S$73.80. The fee for non-residential connection will be kept unchanged at S$55.
$Straco (S85.SG)$: Tourism facilities operator Straco Corporation reported a net profit of S$16.3 million for its third quarter ended Sep 30, 2023. This put the company firmly in the black, compared to the narrow profit of S$175,000 in the same quarter last year. Revenue for Q3 rose to S$35.5 million from S$11.7 million a year earlier, Straco said in a bourse filing on Friday (Nov 24).
$LHN (41O.SG)$: LHN Group posted a 55.9 per cent rise in net profit to S$21.3 million for its second half ended Sep 30, 2023, from S$13.6 million in the previous corresponding period. This was while the Catalist-listed company’s revenue for the period was up 30.7 per cent to S$50.8 million, from S$38.8 million the previous year, it said in a bourse filing on Friday (Nov 24) evening. LHN Group has businesses in space optimisation, facilities management and logistics. Earnings per share stood at 0.82 Singapore cent for the second half, down from 4.33 cents a year ago.
$SATS (S58.SG)$: In-flight caterer and ground handler Sats has given notice that it has recorded three consecutive years of losses. Based on audited full-year consolidated accounts, the mainboard-listed group recorded pre-tax losses for the last three consecutive financial years, it said in a bourse filing on Sunday (Nov 26). However, Sats will not be placed on the Singapore Exchange (SGX) watch list, as its six-month average daily market capitalisation was nearly S$3.9 billion as at Nov 23.
$MM2 Asia (1B0.SG)$: Media and entertainment company MM2 Asia has given notice that it has recorded three consecutive years of losses. Based on audited full-year consolidated accounts, the mainboard-listed company recorded pre-tax losses for the last three consecutive financial years, it said in a bourse filing late on Friday (Nov 24). However, it will not be placed on the Singapore Exchange (SGX) watch list as its six-month average daily market capitalisation was S$105.4 million as at Nov 15.
Share Buy Back Transactions
Source: Business Times, SG investors
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