SG Morning Highlights: Grab revenue rises, loss narrows on delivery, ride demand

Good morning mooers! Here are things you need to know about today's Singapore:

●Singapore shares opened higher on Friday; STI up 0.81%

●Grab revenue rises, loss narrows on delivery, ride demand

●Stocks to watch: Centurion, FLCT, Yeo Hiap Seng, PEC

●Latest share buy back transactions

-moomoo News SG

Market Trend

Singapore shares opened higher on Friday. The $富時新加坡海峽指數(.STI.SG)$increased 0.81 per cent to 3,216.65 as at 9:00 am.

Advancers / Decliners is 87 to 20, with 51.34 million securities worth S$59.28 million changing hands.

Breaking News

Grab revenue rises, loss narrows on delivery, ride demand

$Grab Holdings(GRAB.US)$ said revenue rose 6% in the first quarter after the ride-hailing and delivery company won back consumers as the pandemic receded in Southeast Asia.

Revenue increased to $228 million after the Singapore-based company added sales from Jaya Grocer, a platform it acquired in January. That was more than the $139.2 million analysts were expecting, according to data compiled by Bloomberg. Grab's net loss narrowed to $435 million, as the company fights to gain profitability following years of heavy spending in pursuit of market share.

Stocks to Watch

$Centurion(OU8.SG)$ : Centurion Corp will acquire a 103-bed freehold student accommodation asset in Nottingham in the United Kingdom for £10.4 million (S$18 million), the mainboard-listed company said in a late-night bourse filing on Thursday (May 19).

The group expects the acquisition to enlarge its purpose-build student accommodation (PBSA) portfolio in the UK to 2,910 beds in 11 assets across 5 cities. This includes 5 assets in Manchester, 3 in Nottingham, and 1 each in Liverpool, Bristol and Newcastle.

$FRASERS LOGISTICS & COM TRUST(BUOU.SG)$ : Frasers Logistics & Commercial Trust (FLCT) plans to acquire a fully-leased freehold suburban commercial property in Victoria, Australia for A$60.25 million (about S$58.4 million).

In a filing to the Singapore bourse on Thursday, FLCT said that the purchase price took into consideration an independent valuation of A$60.25 million conducted by consultancy CIVAS (VIC) as at April, 30, 2022. The deal is slated for completion on May 20.

$Yeo Hiap Seng(Y03.SG)$ : BEVERAGE manufacturer Yeo Hiap Seng on Thursday (May 19) announced that its chief finance officer Chan Ying Jian, as well as its Malaysia, Indonesia and Brunei chief executive officer Jerson Go Uy have tendered their resignations.

Chan, whojoined Yeo'sin July last year, will leave the company on Aug 10. The mainboard-listed company said in a bourse filing that he will be leaving to pursue other career opportunities, and more details on his replacement will be provided soon.

$PEC(IX2.SG)$ : Engineering firm PEC has won new contracts totalling S$80 million for engineering, procurement and construction (EPC) as well as mechanical works across various projects in the energy and chemicals, and the floating production storage and offloading (FPSO) sectors.