SG Morning Highlights | DBS Provides A$207 Million Green Loan to Malaysian Pension Fund KWAP
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Wednesday; STI up 0.51%
●Condo resale volume jumps 14.7% MoM in October
●Singapore's FIs ready for asset quality risks: MAS
●Stocks to watch: DBS, Jumbo, ARA H-Trust
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.51 per cent to 3,081.65 as at 9.04 am.
Advancers / Decliners is 102 to 35, with 48.55 million securities worth S$51.66 million changing hands.
Breaking News
Condo resale volume jumps 14.7% MoM in October
The number of condo units resold in October hit 838, translating to a 14.7% increase from September's record of 731 units. The October volume, however, was 9.2% lower than the October 2022 record, according to 99.co and SRX. The latest figure is also 12.7% lower than the five-year average volumes for October. Of the total units resold during the month, 51.8% of the volumes were from the Outside Central Region (OCR), 29.4% from the Rest of Central Region (RCR) and 18.8% from the Core Central Region (CCR).
Singapore's FIs ready for asset quality risks: MAS
Singapore's financial institutions (FIs) may face higher credit costs and asset quality deterioration in 2024 amidst persistently high interest rates, authorities warned. In a report, the Monetary Authority of Singapore (MAS) affirmed that the Lion City's financial sector maintains a strong balance sheet position and is well-positioned to deal with risks. “Asset quality is good, and banks have increased provisioning coverage in anticipation of a potential rise in credit cost,” MAS wrote in the 2023 edition of the Financial Stability Review.
Stocks to Watch
$DBS Group Holdings(D05.SG$: DBS has provided a A$207 million (S$180 million) green loan to Retirement Fund (Incorporated) (KWAP) – Malaysia's largest public sector pension fund. The loan will be used to refinance a Grade A green office tower in Australia that KWAP owns. It is also the first green loan obtained by the pension fund, the lender said on Tuesday (Nov 28). The building spans 17 floors and is located at 747 Collins Street in Melbourne, Australia. It has a six-star Nabers (National Australian Built Environment Rating System) energy rating without green power – the highest rating for building energy efficiency in Australia.
$Jumbo(42R.SG$: Restaurant operator Jumbo Group on Tuesday (Nov 28) reported earnings of S$6.7 million for the second half of the fiscal year ended September, up 52 per cent from its net profit of S$4.4 million in the year-ago period. The stronger showing in H2 pushed the group's full-year earnings to S$14.6 million, a turnaround from its net loss of S$91,000 in the previous year.
$ARA HTrust USD(XZL.SG$: ARA US Hospitality Trust has proposed to sell hotel Hyatt Place Pittsburgh Airport at its valuation of US$7.7 million. The move will free up capital that can be redeployed to acquire accretive, higher yield properties or pare down existing borrowings, the managers said on Tuesday (Nov 28). They noted that the hotel is the smallest within ARA H-Trust's portfolio, accounting for 1 per cent of its total valuation as at Dec 31, 2022. It is also one of the stapled group's older assets and will require “sizeable capital expenditure outlay relative to its value”.
Share Buy Back Transactions
Source: Business Times, SG investors
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