SG Morning Highlights | CapitaLand Investment Issues Inaugural Sustainability-linked Panda Bond
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Wednesday; STI up 0.20%
●Restructuring of companies dampens demand for homes
●HDB Rents Increase in February, Executive Rooms Record Highest Rent Increase
●Stocks to watch: Wilmar, CLI
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.20 percent to 3,180.01 as at 9.05 am.
Advancers / Decliners is 80 to 29, with 130.75 million securities worth S$69.40 million changing hands.
Breaking News
Restructuring of companies dampens demand for homes
RHB has raised its target price for the Singapore Exchange (SGX) and increased its earnings forecast for the financial year 2024 by 2%. This comes as SGX's derivatives volume continues to meet expectations, with year-to-date derivatives volume and derivatives daily average volume rising 5% and 4% year-on-year, respectively. Despite higher-than-expected results, RHB notes that SGX's "valuation and dividends are still unexciting" and sees limited upside. However, Singapore remains the second most actively traded equities market in Southeast Asia, with $1.25bn in securities daily average value in February, up 13% year-on-year and 34% higher from the previous month.
HDB Rents Increase in February, Executive Rooms Record Highest Rent Increase
According to data from 99.co and SRX, HDB rents increased by 1.0% MoM and 8.4% YoY in February, with non-mature estates recording a 0.5% MoM increase and mature estates recording a 1.3% MoM increase. All HDB room types recorded MoM rent increases, with Executive rooms recording the highest increase at 2.6%, followed by 4 Room (+1.5% YoY), 3 Room (+0.4% Mom), and 5 Room (+0.3%). However, rental volumes fell by 19.1% MoM and 8.4% YoY to 2,448 HDB flats, which is 6.9% lower than the five-year average volume for February.
Stocks to Watch
$Wilmar Intl(F34.SG$: Wilmar Pakistan Holdings, a wholly owned subsidiary of Wilmar International, is planning to increase its stake in Pakistan-listed Unity Foods through a public offer. Wilmar Pakistan, its 52% subsidiary Unity Wilmar Agro, and certain shareholders of Unity Foods intend to acquire up to 277.1 million shares, or 23.2%, of Unity Foods at a price that complies with pricing formula and other applicable Pakistan laws and regulations. Unity Foods is involved in manufacturing and processing edible oils, industrial fats, flour, and various feed ingredients for Pakistan's poultry and livestock sectors. After the acquisition, Wilmar Pakistan's total effective shareholding interest in Unity Foods will be 28.97%.
$CapitaLandInvest(9CI.SG$: CapitaLand Investment (CLI) has issued its first sustainability-linked panda bond, raising RMB1 billion (approximately S$187.1 million) from investors. CLI's panda bond is tied to its target of lowering energy consumption intensity by at least 6% at its properties in China, contributing to the company's efforts in achieving its 2030 Sustainability Master Plan targets. The three-year tenor panda bond has a fixed coupon rate of 3.5% per annum and enables CLI to access lower-cost RMB capital and expand its domestic funding channels and investor base. The proceeds from the issuance will be used to refinance existing borrowings.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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