SG Morning Highlights | SIA Group Posts Highest Net Profit in Its 76-year History
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Thursday; STI up 0.50%
●Singapore GDP growth moderating but has "ample fiscal space" against downside risks: IMF
●Stocks to watch: SIA, Ever Glory, Oiltek, ST Engineering
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ gained 0.5 per cent to 3,189.68 as at 9.17 am.
Advancers / Decliners is 138 to 56, with 133.55 million securities worth S$149.00 million changing hands.
Breaking News
Singapore's recovery momentum has been moderating amid the global economic slowdown, but the city-state has "ample fiscal space to deploy if downside risks materialise", a team from the International Monetary Fund (IMF) has said.
IMF economist Lamin Leigh, who led the team in discussions in Singapore from May 8 to May 17, said: "The tighter fiscal stance in the FY2023 budget, combined with targeted support to the most vulnerable, will appropriately help moderate price pressures...
"Singapore is well-positioned to absorb rising fiscal pressures to address medium and long-term challenges, including those arising from the rapidly ageing population and from climate-change risks."
In the wake of Covid-19 isolation, Hong Kong is taking a targeted approach to reviving its position as a global business hub – an image that waned during the pandemic as expats left in droves amid tough restrictions.
To draw back talent, the government has rolled out a special visa programme, which has hooked tens of thousands of applicants. It is also pitching the industry hard as a sandbox for innovation, particularly with tech and phenomena such as the metaverse and Web3, where it is taking a comparatively lighter regulatory touch.
Stocks to Watch
$SIA(C6L.SG$: The rolling good times are back for Singapore Airlines (SIA).
A week after announcing it would be redeeming half of its outstanding mandatory convertible bonds (MCBs), and a day after posting strong monthly passenger numbers, the airline unveiled record revenue and profit numbers for the 2022/23 financial year.
The company posted net profit of S$2.16 billion ($1.62 billion) for the year ended March 31, rebounding from a loss of S$962 million a year earlier.
$Ever Glory(ZKX.SG$: Mechanical and electrical engineering service provider Ever Glory United Holdings on Tuesday (May 16) announced that it had raised about S$3.1 million from the full subscription of 14 million placement shares, after the public offer for its Catalist listing closed at noon.
The company had on May 11 registered its final offer document, offering 14 million placement shares at S$0.22 apiece.
The company said in a filing to the Singapore bourse that there were 215 placees. About half the placees (108 of them) were allotted between 1,000 and 9,000 shares. Three placees were allotted at least a million shares each.
$Oiltek(HQU.SG$: Oiltek International on Wednesday (May 17) announced that its wholly-owned subsidiary, Oiltek Sdn Bhd, has secured new contracts in Indonesia worth about RM62.1 million (S$18.4 million).
These latest contracts bring the group's current order book to a record RM393.4 million, Oiltek said in a bourse announcement.
The company's current order book is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.
$ST Engineering(S63.SG$: The board of Singapore Technologies Engineering Ltd has announced that it will pay a dividend of SGD0.04 per share on the 6th of June. Based on this payment, the dividend yield on the company's stock will be 4.3%, which is an attractive boost to shareholder returns.
Latest Share Buy Back Transactions
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