SG Morning Highlights | ClearMotion to Supply Smooth Suspension Tech for Nio's ET9 EV
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Tuesday; STI down 0.12%
●S-Reits boost balance sheets ahead of financial year end
●Stocks to watch: Nio, Jardine Matheson
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.12 per cent to 3,136.64 as at 9.12 am.
Advancers / Decliners is 103 to 54, with 94.24 million securities worth S$43.08 million changing hands.
Breaking News
S-Reits boost balance sheets ahead of financial year end
As 2023 draws to a close, some Singapore-listed real estate investment trusts (S-Reits) have been taking steps that will help boost their balance sheets ahead of the financial year end. Over the past week, five Reits have announced various actions, including raising equity, paring down debt, as well as asset divestments. Active capital management has been a priority for Reit managers this year, amid heightened investor attention on gearing levels, with higher interest rates putting pressure on valuations. While regulatory requirements allow S-Reits to have a gearing limit of 45 to 50 per cent – depending on their interest coverage ratio – managers often seek to keep gearing levels within the psychological barrier of 40 per cent that some investors have.
Stocks to Watch
$DigiCore Reit USD(DCRU.SG$: Units of the Digital Core Reit have been rallying over the past month-and-a-half, after the manager announced it had entered into agreements that would resolve the bankruptcy of its second-largest customer. It is the best-performing S-Reit for the year to date as at Dec 22, with its units gaining 15.5 per cent so far this year. The counter beat out other Reits such as Mapletree Industrial Trust and Frasers Hospitality Trust; which were up 10.8 per cent and 9 per cent, respectively. By contrast, over half the S-Reits are in the red this year.
$NIO Inc. USD OV(NIO.SG$: US Startup ClearMotion will supply its active suspension technology for Chinese EV maker Nio's upcoming ET9 in a contract covering 750,000 cars over the lifetime of the luxury sedan model, the two companies said on last Saturday (Dec 23). Nio was due to launch the ET9 on Saturday and the electric vehicle (EV) should go into production in late 2024. ClearMotion founder and chief technology officer Zack Anderson told Reuters that the company's ClearMotion1 suspension system uses a combination of hardware – a small unit containing a motor and power electronics sits in each wheel well of a vehicle – and software to read the road ahead and cut motion inside the car by "about 75 per cent compared to the best technology in the market today".
$Man Oriental USD(M04.SG$& $JMH USD(J36.SG$: Mandarin Oriental International has signed an option to sell its interests in Mandarin Oriental, Paris for 205 million euros (S$298.9 million). The hotel, which opened in 2011, is one of the leading luxury hotels in the French capital. Announcing this on last Friday (Dec 22), the company – which has a secondary listing in Singapore – said sale proceeds will go towards the group's general development strategy. Mandarin Oriental is a member of the Jardine Matheson Group, a Straits Times Index constituent.
$MM2 Asia(1B0.SG$: MM2 Asia's chairman has paid S$6.1 million to participate in the media and entertainment company's one-for-two rights issue at S$0.02 per rights share which shareholders approved at an extraordinary general meeting (EGM) on last Friday (Dec 22). In a bourse filing on Friday night, the company said Melvin Ang made the payment following his intention to fully subscribe for more than 307 million rights shares. He had indicated that he does not intend to apply for any excess rights shares.
$Abundance Intl(541.SG$: Abundance International on last Friday (Dec 22) reported that one of its indirect wholly-owned subsidiaries lost goods valued at 3.3 million yuan (S$620,000). If the unit is not able to recover the full value of the missing goods and claim for damages, the financial performance of Abundance may be materially and adversely impacted, the company said in a bourse filing. The potential impact relates to that of the current financial year ending Dec 31.
Share Buy Back Transactions
Source: Business Times, SG investors
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