Morning Wrap | Keppel Gains US Approval for 20,000km Singapore-US Subsea Cable Project

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

- Singapore shares opened lower on Monday

- UOB and RHB Forecast Singapore's 2025 Inflation at 1.5%-2.5% Amid Mixed Pressures

- Singapore's Data Center Market to Triple by 2032, Fueled by Cloud and Green Tech

- Stocks to watch: Keppel, City Developments Ltd, etc.

- Latest share buy back transactions

Market Snapshot

Singapore shares opened lower on Monday:

Today's Volume / Value: 84.22M / S$151.99M

Advancers / Decliners: 65 / 80

Markets retreated on Friday, capping off a turbulent week that saw record highs on Thursday amid speculation about a major government-corporate initiative to construct a Stargate. By the closing bell, major indices were in the red, with $S&P 500 Index (.SPX.US)$, $Dow Jones Industrial Average (.DJI.US)$, and $Nasdaq Composite Index (.IXIC.US)$ all falling, dropping 0.29%, 0.32%, and 0.50% respectively.

Economic indicators were mixed, as the S&P Manufacturing PMI showed marginal improvement, while Michigan's inflation outlook remained elevated at 3.3% and consumer sentiment dipped slightly. Notably, weightloss drug stocks bucked the trend, gaining ground following Novo-Nordisk's announcement, despite potential increased competition in the sector.

Breaking News

UOB and RHB Forecast Singapore's 2025 Inflation at 1.5%-2.5% Amid Mixed Pressures

Analysts from UOB and RHB project Singapore's 2025 inflation to remain within 1.5%-2.5%, balancing rising food costs due to wage policies against overall subdued trends.They expect the Monetary Authority of Singapore to maintain current settings, with UOB suggesting a potential slight easing.Despite global uncertainties, both banks remain cautiously optimistic, anticipating gradual inflation moderation supported by stable commodity prices and controlled domestic costs.

Singapore's Data Center Market to Triple by 2032, Fueled by Cloud and Green Tech

Credence Research projects Singapore's data center market to grow from $1.3b in 2023 to $3b by 2032, with a 9.53% CAGR. This surge is driven by increasing cloud adoption, government initiatives like IMDA's Data Center Development Blueprint, and advancements in 5G and IoT. The industry is also embracing sustainability, with operators investing in energy-efficient solutions to meet growing demand while aligning with green policies.

Stocks to Watch

$American Express (AXP.US)$ fell despite posting Friday morning fourth-quarter results that rose year over year and came in slightly ahead of market estimates. The company's profit increased to $3.04 a share in the quarter, one cent more than the average estimate with revenue of $17.18 billion vs estimates for $17.16 billion.

$Twilio (TWLO.US)$ shares climbed 19% Friday after the company raised its Q4 guidance to 11% growth year-over-year, up from its original range of 7% to 8%. It led to analyst upgrades from JP Morgan and William Power.

$Novo-Nordisk A/S (NVO.US)$ The stock rose 8% in the U.S. after the Danish drug company revealed promising data for a new weight-loss drug, amycretin, which appears more effective than Ozempic and Wegovy. Patients on the highest dose lost 22% of their body weight after 36 weeks.

$Verizon (VZ.US)$ was up just 0.9% after the telecommunications giant's fourth-quarter earnings topped expectations.

$Keppel (BN4.SG)$ has received US approval to construct a 20,000 km undersea cable system connecting Singapore to the United States. The Bifrost Cable System, a joint venture with Edge Cable Holdings USA and Telekomunikasi Indonesia International, is set to begin commercial operations in late 2024. CEO Loh Chin Hua anticipates significant returns for Keppel and its co-investors.

$CityDev (C09.SG)$ reported a decrease in its distribution per stapled security for the second half of 2024, dropping 11.9% to S$0.0281. This decline is attributed to reduced income from a Manchester property, increased interest expenses, lower net property income, and the absence of a one-time capital distribution.

Share Buy Back Transactions

SG Investors

Source: Business Times, SGinvestors.io, Business Review

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