Manufacturing and Export Growth Bolster Singapore Corporates
Manufacturing and Export Growth Bolster Singapore Corporates
Overall, corporate earnings are expected to improve in the second half of 2024, reflecting the economic growth pick-up in the third quarter of the year, MAS said, citing its macroeconomic review published in October 2024.Corporate debt servicing capabilities are expected to remain resilient, says MAS.
MAS表示，预计企业偿债能力将保持弹性。
Singapore corporates benefitted from the growth in the manufacturing and export activities as well as less restrictive financial conditions in Q3 2024, according to the Monetary Authority of Singapore (MAS).
根据新加坡金融管理局（MAS）的数据，新加坡企业受益于2024年第三季度制造业和出口活动的增长以及较宽的金融条件。
Corporate balance sheets remained generally stable, the central bank said in its Financial Stability Review published in November 2024. Defaults– including those of small and medium enterprises (SMEs)-- have reportedly remained low.
央行在2024年11月发布的《金融稳定报告》中表示，企业资产负债表总体保持稳定。据报道，违约率——包括中小型企业（SME）的违约率——一直很低。
Overall, corporate earnings are expected to improve in the second half of 2024, reflecting the economic growth pick-up in the third quarter of the year, MAS said, citing its macroeconomic review published in October 2024.
新加坡金融管理局援引其于2024年10月发布的宏观经济报告称，总体而言，预计2024年下半年企业收益将有所改善，这反映了今年第三季度的经济增长回升。
Manufacturers and services firms anticipate improved business prospects between October 2024 and March 2025, compared to Q3 2024, according to a separate survey by the Economic Development Board (EDB) and the Department of Statistics (DOS).
根据经济发展委员会（EDB）和统计部（DOS）的另一项调查，制造商和服务公司预计，与2024年第三季度相比，2024年10月至2025年3月的业务前景有所改善。
The strength of the tech cycle and less restrictive global financial conditions will also support improving earnings and stabilising domestic financing costs.
科技周期的强劲和较宽松的全球金融条件也将支持收益的提高和国内融资成本的稳定。
"In the year ahead, corporate debt servicing capabilities are expected to remain resilient with less restrictive domestic financial conditions," MAS said in the report.
新加坡金融管理局在报告中表示：“在未来的一年中，预计企业偿债能力将保持弹性，同时减少国内金融条件的限制。”
Most firms have adequate buffers to manage unfavourable earnings and interest rate shifts that could arise from inflationary shocks, negative growth surprises, trade frictions or an escalation in geopolitical tensions, the central bank added, based on stress tests it conducted.
央行根据其进行的压力测试补充说，大多数公司都有足够的缓冲来管理不利的收益和利率变化，这些变动可能源于通货膨胀冲击、负增长意外、贸易摩擦或地缘政治紧张局势的升级。
Corporate debt levels remain below pre-COVID levels.
公司债务水平仍低于COVID之前的水平。
However, corporates continue to suffer from weaker earnings and still-high borrowing costs, which contributed to an increase in leverage risk.
但是，企业继续遭受收益疲软和借贷成本居高不下的困扰，这导致了杠杆风险的增加。
'Less restrictive financial conditions'
The global easing of interest rates has also led to less restrictive financial conditions in Singapore. Bank credit to resident corporations has started to expand following the prolonged contraction in 2023, MAS said.
'减少对金融条件的限制'
全球放宽利率也导致新加坡放松了金融条件的限制。新加坡金融管理局表示，在2023年长期收缩之后，向居民企业提供的银行信贷已开始扩大。
Borrowing costs rose in 2024, however, with corporates refinancing debt in a still high-interest rate environment.
但是，借贷成本在2024年上升，企业在仍然高利率的环境中为债务进行再融资。
"Most firms in Singapore have continued to generate sufficient earnings to service their debt despite higher interest expenses," the central bank said.
央行表示：“尽管利息支出增加，但新加坡的大多数公司仍继续创造足够的收益来偿还债务。”
