SG Morning Highlights | Keppel O&M receives US$160 million payment for delivery of first jackup rig
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Friday; STI down 0.32%
●Global growth to be as weak next year as 2009, IIF forecasts
●Stocks and REITs to watch: Chip Eng Seng, Kimly, Marco Polo Marine, Keppel Corp, Golden Agri
●Latest share buy back transactions
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Market Trend
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index(.STI.SG$ decreased 0.32 per cent to 3,242.54 as at 9.19am.
Advancers / Decliners is 84 to 76, with 199.65 million securities worth S$131.41 million changing hands.
Breaking News
The world economy will be as weak next year as it was in 2009 after the financial crisis as the conflict in Ukraine risks becoming a "forever war", the Institute of International Finance (IIF) said.
Global growth is expected to slow to 1.2 per cent in 2023, economists including Robin Brooks and Jonathan Fortun wrote in a note Thursday (Nov 24). When adjusted for base effects, that's as weak as it was in 2009.
"The severity of the coming hit to global GDP depends principally on the trajectory of the war in Ukraine," the analysts wrote. "Our base case is that fighting drags on into 2024, given that the conflict is 'existential' for Putin."
The General Insurance Association of Singapore (GIA) has raised concerns about Singapore's plans to introduce employee-like insurance coverage for ride-hailing drivers and on-demand delivery persons, based on the Work Injury Compensation Act (Wica).
The industry body, whose members include Chubb, Etiqa and Income Insurance, is instead calling for some tweaks to existing insurance products for this group.
On Wednesday (Nov 23), the government accepted a set of recommendations to strengthen basic protections for platform workers. Among these is a proposal for platform companies – such as Grab and foodpanda – to insure workers to the same level of employees under Wica.
Stocks to Watch
$Chip Eng Seng(C29.SG$ : Chip Eng Seng's chairman Celine Tang and her husband Gordon Tang have together tabled a voluntary conditional cash offer to acquire all issued ordinary shares in the property player at a price tag of S$0.72 apiece, with the end goal of privatising and delisting the company from the Singapore Exchange (SGX) should they attain more than 90 per cent of shares.
The offeror is Tang Dynasty Treasure – an investment holding company owned by the Tang couple who also recently privatised SingHaiyi Group at a significant discount to its net asset value. SingHaiyi was delisted from SGX on Jan 31.
In a press release on Thursday (Nov 24) evening, Chip Eng Seng said this consideration represents a year-to-date return of some 80.5 per cent, and a premium of about 36.9 per cent over the volume weighted average price (VWAP) for the company’s shares for the 12-month period prior to and including the holding announcement date of Sep 7.
$Kimly(1D0.SG$ : Catalist-listed Kimly posted a 13.4 per cent drop in net profit to S$34 million for the 2022 full year, from S$39.3 million a year earlier, despite a revenue jump. This was mainly due to lower non-taxable government grants, the company said in a Thursday (Nov 24) bourse filing.
Earnings per share stood at 2.74 Singapore cents for the year ended Sep 30, down from 3.30 cents previously.
The coffeeshop operator said its revenue for 2022 rose 33.1 per cent to S$317.7 million, from S$238.6 million in the previous year, on the back of a S$73.5 million revenue contribution from newly-acquired Tenderfresh Group.
$MarcoPolo Marine(5LY.SG$ : Integrated marine logistics company Marco Polo Marine on Thursday (Nov 24) reported a net profit of S$10.5 million for the second half of the fiscal year ended September, a 19 per cent increase from earnings of S$8.8 million in the year-ago period.
No dividend was proposed for the period under review, unchanged from the corresponding year-ago period. The company said it would like to "conserve cash" for its capital expenditure requirements in the coming financial year.
This took the group's profit for the full year to S$21.3 million, some 44 per cent higher than earnings of S$14.8 million in the previous year, according to a bourse filing.
$Keppel(BN4.SG$ : Keppel Corporation's offshore and marine (O&M) arm, Keppel O&M, has received a payment of about US$160 million following the delivery of the first of three jackup rigs to ADNOC Drilling Company PJSC (ADNOC Drilling).
In a press statement on Thursday (Nov 24), Keppel said the three rigs were part of a series of five rigs that Keppel Fels – Keppel O&M's wholly-owned subsidiary – had been building for Borr Drilling.
The construction contracts for the three rigs have since been novated by Borr Drilling to ADNOC Drilling, Keppel said.
$Golden Agri-Res(E5H.SG$ : Kopernik Global Investors LLC – an investment management company headquartered in Tampa, Florida – has ceased to be a substantial shareholder of local palm oil player Golden Agri-Resources.
In a bourse filing on Thursday (Nov 24), the company announced that Kopernik Global Investors had sold some 37.3 million shares of Golden Agri via a market transaction at a price of S$0.2934 apiece on Nov 3.
The date on which Kopernik Global Investors "became aware" of the change in interest was listed as Nov 22 in the filing, with the accompanying explanation that the investment manager "regrets the delay in meeting the filing notification deadline". The date of notification to the listed issuer was Nov 22.
Latest Share Buy Back Transactions
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