SG Morning Highlights | Analysts Cut Targets on Sea, Mixed on E-commerce Growth Pursuits
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Thursday; STI down 0.59%
●Median Salary in Singapore to Increase by 4.0% in 2024: Report
●Analysts cut targets on Sea, mixed on e-commerce growth pursuits
●Stocks to watch: Singapore Airlines, Silverlake Axis
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.59 per cent to 3,113.70 as at 9.07 am.
Advancers / Decliners is 63 to 99, with 69.10 million securities worth S$87.01 million changing hands.
Breaking News
Median Salary in Singapore to Increase by 4.0% in 2024: Report
Compared to other Southeast Asian countries (SEA), salaries in Singapore will stay flat in 2024. According to global professional services firm Aon plc, the median salary in Singapore will rise by 4.0%, the same level of increase in 2023. Amongst sectors in Singapore, technology will likely have the highest increase in median salary at 4.5%. Aon reported that across SEA, particularly in Singapore, Malaysia, and the Philippines, more than half of the roles have had salary increases outrun inflation. In Singapore and the Philippines, 71.7% of salary increases outran inflation.
Analysts cut targets on Sea, mixed on e-commerce growth pursuits
Analysts have cut their target prices on Internet company Sea, amid mixed sentiment over the group’s ability to resist intense competition and reap the fruits from planned investments to bolster its e-commerce segment. Maybank on Wednesday lowered its target price by 22.5 per cent to US$62 from US$80, after cutting Shopee's growth outlook in view of increased expenses. The move affected its net profit forecasts for FY2023-25, which are now down by 31 per cent to 42 per cent. Similarly, OCBC Investment Research revised its fair value estimate on Sea to US$64 from US$70 after fine-tuning its assumptions. It said that Sea’s management is adopting the right strategy for long-term growth, as e-commerce penetration remains low in the markets it currently operates in – suggesting significant growth potential.
Stocks to Watch
$SIA(C6L.SG$: Singapore Airlines (SIA) Group on Wednesday (Nov 15) posted a 24.5 per cent year-on-year (yoy) increase in passenger traffic in October, amid robust passenger traffic across all its route regions. Its bourse filing indicated that revenue passenger-kilometre, which measures the number of passengers carried multiplied by the distance flown, rose to 12.1 billion during the month, from 9.7 billion the year before. The growth in passenger traffic outpaced the 23 per cent expansion in its capacity. As a result of this, the group's passenger load factor (PLF) rose by one percentage point to 87.4 per cent. (Passenger load factor is expressed as a percentage of available seat-km.)
$Silverlake Axis(5CP.SG$: Enterprise technology company Silverlake Axis on Wednesday (Nov 15) posted a 15 per cent fall in its earnings for the first quarter of FY2024, on the back of flat revenue and higher operating costs. The company's net profit for the three months ended September stood at RM48.9 million (S$14.1 million) down from RM57.6 million a year earlier. On a per-share basis, its earnings fell to 1.93 sen, from 2.28 sen previously. Silverlake's revenue for the quarter was flat, inching up 1 per cent to RM189.2 million, on the absence of a large software-licensing transaction from a client in Indonesia, recognised in the year-ago period.
Share Buy Back Transactions
Source: Business Times, SG investors
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