SG Morning Highlights | GIC Acquires Two More Logistics Facilities in Japan
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.19%
●GIC acquires two more logistics facilities in Japan
●SGX ready to list active ETFs
●Singapore's carbon tax should increase higher than currently planned: MAS' Menon
●Singapore hotel room rates in October down again amid falling tourist arrivals
●Stocks to watch: CDL, Singtel
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.19 per cent to 3,089.82 as at 9.15 am.
Advancers / Decliners is 76 to 69, with 39.82 million securities worth S$56.08 million changing hands.
Breaking News
GIC acquires two more logistics facilities in Japan
GIC has bought two logistic facilities developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount. The assets in Takatsuki city of Greater Osaka and Tosu city of Greater Fukuoka were completed in 2023 and 2021, said the Singapore sovereign wealth fund on Monday (Dec 4). “Both properties have modern building specifications that cater to a wide range of tenants,” GIC noted, adding that the assets are located in “regional logistics hubs with convenient transportation access via major roads and expressways”.
SGX ready to list active ETFs
Singapore Exchange Regulation (SGX RegCo) on Monday (Dec 4) launched new listing requirements for actively managed exchange-traded funds (ETFs) to meet evolving market needs. An active ETF is one in which the investment manager makes decisions on the portfolio of the ETF without being subject to set rules of an index, according to the newly released practice note by SGX RegCo. “The measures address transparency for investors, with requirements for fund managers to publish indicative net asset value throughout the trading day, disclose net asset value daily, and publish fund performance and portfolio holdings on a monthly basis,” said the Singapore Exchange.
Singapore's carbon tax should increase higher than currently planned: MAS' Menon
Singapore's carbon tax needs to go even higher to accelerate climate action to address global warming, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said on Monday (Dec 4). While the city-state has done its part in implementing a carbon tax, Menon said it is “not quite enough”. Singapore's carbon tax is currently set at S$5 per tonne of emissions, but will increase to S$25 per tonne from 2024 and to S$45 per tonne between 2026 and 2027. The official guidance is for the tax to land between S$50 and S$80 per tonne by 2030.
Singapore hotel room rates in October down again amid falling tourist arrivals
Singapore hotels' performance in October fell from September highs, with average room rate (ARR) and other key measures posting sequential declines for the month, latest data from the Singapore Tourism Board (STB) showed on Monday (Dec 4). The latest figures came amid a continued downward trend in tourism arrivals, with 1.13 million visitors to Singapore in October. ARR slipped 14.6 per cent to S$278.08, from Singapore's S$325.46. It was down 2.6 per cent from the year-ago period, marking the first such on-year decline since March 2021.
Stocks to Watch
$CityDev(C09.SG$: City Developments Limited (CDL) has taken out a £200 million (S$338.2 million) three-year sustainability-linked revolving credit facility from OCBC to be utilised for refinancing, generate corporate funding and working capital purposes. This brings the group's total sustainable financing secured to date to around S$6 billion, said the property developer on Monday (Nov 4). CDL is the first corporate to obtain the OCBC 1.5°C loan: a financing solution launched by the lender in March this year, offering corporates interest rate incentives pegged to annual decarbonisation targets.
$Singtel(Z74.SG$: Singtel's data centre subsidiaries have secured a S$535 million five-year green loan from DBS, OCBC, UOB and Standard Chartered. The banks have also been appointed as green loan coordinators. This marks the first green loan obtained by Singtel, said the telecommunications provider on Monday (Dec 4). Proceeds will go into refinancing borrowings and supporting the operations of two of Singtel's data centres, DC West and DC Kim Chuan. These two facilities offer a combined 62 MW of capacity.
$Centurion(OU8.SG$: Property player Centurion is selling two of its assets in Malaysia to the country’s largest public sector pension fund, Kumpulan Wang Persaraan (KWAP), for a total consideration of RM227 million (S$65.2 million). This is above the properties' collective net tangible asset value of RM224.3 million as at Jun 30, 2023, noted the group on Monday (Dec 4). The company has also agreed to lease back the properties from KWAP for a period of 15 years from completion of the sale.
$BRC Asia(BEC.SG$: BRC Asia has announced that its replacement of a steel-supply contract with a cheaper deal amid sliding steel prices has enabled it to save at least S$25 per tonne – even after taking into account the S$2.1 million it had to pay to compensate the first supplier. In its regulatory filing in response to queries from the Singapore Exchange (SGX) on Monday (Dec 4), the mainboard-listed steel reinforcement solutions provider described the settlement sum to Shanghai Emetal Hong Energy as “commercially justifiable”. BRC also stated that the move did not prejudice the interests of the company and its minority shareholders.
Share Buy Back Transactions
Source: Business Times, SG investors
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