Morning Wrap | CapitaLand Ascendas REIT Acquires Tuas Logistics Asset

Key Takeaways:

• Singapore Shares Opened Higher on Friday

• Dow Hits All-Time High While Nasdaq Slips on Big Tech Weakness

• Singapore Manufacturing Expands for 10th Straight Month

• Stocks to Watch: CapitaLand Ascendas REIT, Samudera Shipping Line Ltd, etc.

📌 Market Snapshot

Today's Volume / Value: 16.88M / S$31.65M

Advancers / Decliners: 79 / 36

🇺🇸 Wall Street Summary

Dow Hits All-Time High While Nasdaq Slips on Big Tech Weakness

The $Dow Jones Industrial Average (.DJI.US)$ soared 874.86 points (1.7%) to a record close of 51,561.93 on Thursday, after touching an intraday all-time high of 51,657.89 — surpassing records set just days earlier. The rally was driven by non-tech heavyweights like $UnitedHealth (UNH.US)$ and $Goldman Sachs (GS.US)$.

The $S&P 500 Index (.SPX.US)$ edged up 0.4% to 7,584.31, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ slipped 0.1% to 26,830.96, dragged down by weakness in Big Tech names including $Broadcom (AVGO.US)$, $Micron Technology (MU.US)$, and $CrowdStrike (CRWD.US)$.

🇸🇬 Breaking News

Singapore Manufacturing Expands for 10th Straight Month, Led by AI-Driven Demand

Singapore's manufacturing PMI rose 0.3 points to 51.0 in May — the highest since December 2024 and the tenth consecutive month of expansion — while the electronics PMI edged up to 51.9, according to UOB. Gains were broad-based across new orders, output, and employment, with SIPMM attributing the momentum to sustained AI-driven technology demand. However, higher input costs and slower supplier deliveries continue to pressure margins.

Revised Merger Rules to Speed Up Approvals in Singapore

Singapore's competition regulator revised its merger guidelines effective 1 May, shortening Phase 1 reviews to 25 from 30 working days and Phase 2 to 100 from 120, while requiring upfront disclosure of whether a deal is unlikely to be cleared before advancing to Phase 2. Lawyers said the changes give deal parties earlier certainty and reinforce Singapore's position as an efficient merger review jurisdiction. The updates come as M&A involving Singapore fell 9.1% to S$90.1b in 2025.

🔔 Stocks to Watch

$CapLand Ascendas REIT (A17U.SG)$ will acquire 5 Tuas Avenue 5, a seven-storey modern logistics facility completed in 2021, from Hup Hin Transport for S$133.9m — a 1.5% discount to its S$136m independent valuation. The total investment cost is S$136.5m including fees. The fully occupied property offers a first-year NPI yield of 6.5%–6.6% with a five-year WALE and 2% annual rental escalation under triple-net leases.

$SamuderaShipping (S56.SG)$'s subsidiary has agreed to sell two chemical tankers, built in 2006 and 2008, to an unrelated third party for a combined S$29.46m (US$22.95m), below an independent valuation of S$32.09m. The company expects a gain of about S$1.67m and will use proceeds for working capital and fleet renewal, including its newly launched Korea–Japan shuttle service.

$Thakral (AWI.SG)$'s adjusted attributable profit more than doubled to S$3.3m in Q1, driven by its Lifestyle segment where revenue rose 47.3% to S$109.0m with strong growth in South Asia and Greater China. The group recorded a S$31.5m unrealised fair value loss on its GemLife and TBTG holdings but noted recovery signs in Q2. It expects Lifestyle revenue to grow about 25% in FY2026 and completed a S$93.9m acquisition to gain control of a 2.5m sq ft healthcare-led development in Gurugram.

$ResourcesGbl (V7R.SG)$ plans to subscribe for 111,795,000 rights shares in PT Singaraja Putra Tbk at its pro rata entitlement, for approximately S$40.0m.

$TAP (TAP.SG)$ has formed a joint venture with TS Home to redevelop Phoenix Park, a 610,487 sq ft historic site on Tanglin Road, into Singapore's largest co-living development with over 700 keys.

🧾 Share Buy Back Transactions

Source: Business Times, SGinvestors.io, Business Review, Poems

149K Views