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SG Morning Highlights | Keppel Reit Q1 Net Property Income Rises 7.2% on Robust Operational Performance

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Moomoo News SG wrote a column · May 19 20:10
SG Morning Highlights | Keppel Reit Q1 Net Property Income Rises 7.2% on Robust Operational Performance
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Monday; STI up 0.02%
●Deal activity in Singapore drops 15% YoY in the first 4 months of 2024
●Johor-Singapore SEZ to spur trade, labour and investments: Maybank
●Singapore firms score 82% on ethical culture, according to new report
●Stocks to watch: Keppel Reit, RE&S, Cordlife
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.02 percent to 3314.20 as at 9:08 am.
Advancers / Decliners is 99 to 56, with 76.28 million securities worth S$75.12 million changing hands.
Breaking News
Deal activity in Singapore drops 15% YoY in the first 4 months of 2024
Deal activity in Singapore has dropped by 15% YoY in the first four months of 2024, including mergers and acquisitions, private equity, and venture financing deals, according to data from GlobalData. The entire Asia-Pacific region also saw a decline in deal volume, falling 9.3% YoY to 4,935 deals. Apart from Singapore, China, Japan, Australia, Malaysia, Hong Kong, Indonesia, and Thailand also saw declines in deal volume. However, the region's relatively modest decrease suggests resilience in the face of broader economic challenges, highlighting its potential for sustained growth in the deal landscape. Strategic dealmakers are advised to remain vigilant and identify pockets of value amidst the shifting market tides.
Johor-Singapore SEZ to spur trade, labour and investments: Maybank
Maybank Investment Banking Group foresees the Johor-Singapore Special Economic Zone (SEZ) as unlocking opportunities and spurring trade, labour, investments, and green energy initiatives between the two countries. The SEZ is expected to create high-value added jobs, address talent and labour shortages, and ease the shortage of talent. Additionally, faster and streamlined connectivity is expected to attract more Johor workers to work at Singapore-based companies, as well as boost the appeal of the Malaysian city as a business hub. Experts also see the SEZ boosting the appeal of Singapore and Johor as a manufacturing base for multinational companies diversifying their supply chains away from China. Lastly, the analysts also see opportunities created in the green space, with the potential for joint investments in renewable energy projects.
Singapore firms score 82% on ethical culture, according to new report
Companies in Singapore scored high in terms of ethical culture, according to a new report by LRN Corporation. The "Benchmark of Ethical Culture 2024" revealed that Singapore scored 82%, higher than the global and APAC averages of 80%. The report surveyed over 8,500 employees in companies across 15 countries, 6% of which were from Singapore. Meanwhile, the report also revealed that 23% of employees around the world agreed that "it is OK to break the rules if needed to get the job done," and 14% said they "engaged in behavior that violated their company's Code of Conduct or standards" in the past year. The report noted that companies with strong ethical cultures have lower rates of observed misconduct and report their observation at a rate 1.5x higher than those in companies with weak cultures.
Stocks to Watch
$Keppel Reit(K71U.SG)$: Keppel REIT has reported a 7.2% YoY increase in net property income (NPI) to $48.2m in 1Q24, driven by strong operational performance. The REIT's NPI attributable to unitholders also rose by 7.1% YoY to $43.4m, with property income increasing by 6.3% YoY to $61.3m. This improvement was attributed to higher rentals from Ocean Financial Centre and contribution from 2 Blue Street. Despite the stronger operating performance, the REIT's distributable income, including anniversary distribution, remained steady at $55.2m, mainly due to increased borrowing costs.
$RE&S Hldg(1G1.SG)$: Food and beverage operator RE&S Holdings has received a privatisation proposal from Euphoria Investments, a special purpose vehicle managed by Southern Capital Group. The offer is priced at S$0.360 in cash per share or S$0.33 in cash and 0.083143 new shares in the special purpose vehicle, representing a 56.5% premium to the last traded price and more than two times the company's audited net asset value per share. RE&S operates Japanese food and beverage outlets in Singapore and Malaysia, including popular brands such as Ichiban Boshi, Kuriya Japanese Market, and Gokoku. The privatisation proposal is expected to provide the company with flexibility to focus on long-term execution and save costs and resources associated with maintaining its listed status.
$Cordlife(P8A.SG)$: Cordlife Group Limited has clarified ahead of its AGM that any significant changes to its Board's key appointment holders will comply with regulatory requirements, including a potential notice period exceeding one month. The company is committed to ensuring the suitability of any new appointees in line with the Healthcare Services Act and will keep shareholders informed of any material developments.
Share Buy Back Transactions
SG Morning Highlights | Keppel Reit Q1 Net Property Income Rises 7.2% on Robust Operational Performance
Source: Business Times, SGinvestors.io, Business Review
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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