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SG Morning Highlights | Mapletree Logistics Trust Set to Divest 119 Neythal Road Property for S$13.8 Million

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Moomoo News SG wrote a column · Jun 13 20:18
SG Morning Highlights | Mapletree Logistics Trust Set to Divest 119 Neythal Road Property for S$13.8 Million
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Friday; STI down 0.10%
●Economists maintain 2.4% full-year GDP growth prediction for Singapore in Q2, with growth drivers changing
●Singapore's major banks set emissions reduction and net-zero targets for Scope 3 financed emissions
●Stocks to watch: Mapletree Logistics Trust
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index(.STI.SG)$ dropped 0.10 percent to 3321.20 as at 9:15 am.
Advancers / Decliners is 60 to 63, with 107.20 million securities worth S$63.59 million changing hands.
Breaking News
Economists maintain 2.4% full-year GDP growth prediction for Singapore in Q2, with growth drivers changing
Economists and analysts have maintained their prediction of a 2.4% full-year GDP growth for Singapore in Q2 2024, despite a stronger-than-expected expansion in Q1 2024. The MAS Survey of Professional Forecasters noted that whilst the 2.4% full-year GDP growth prediction remained unchanged, the composition of growth drivers has changed, with experts downgrading their growth forecast for manufacturing and construction. Forecasters also cut their growth forecast for non-oil domestic exports. The mean probability distribution of 2024 GDP growth forecasts suggests that Singapore's economy will likely grow by 2.0% to 2.4% this year, with GDP expected to expand by 2.5% in 2025. The survey also showed a lowered expected CPI-All Items inflation growth for 2024 to 2.8%, with headline and MAS core inflation expected to ease to 2.1% and 2.0%, respectively, in 2025.
Singapore's major banks set emissions reduction and net-zero targets for Scope 3 financed emissions
Singapore's major banks, DBS, OCBC, and UOB, have set emissions reduction and net-zero targets for their Scope 3 financed and facilitated emissions, covering over S$200 billion in loan portfolios across ten carbon-intensive sectors. The banks aim for 40% intermediate reductions by 2030 and long-term reductions of 96% by 2040 or 2050, with net-zero targets for three sectors and nearly net-zero for most others, supported by science-based decarbonisation pathways specific to each sector. These targets are crucial for managing climate-related risks and opportunities, and setting them provides valuable data for climate risk management and stress testing. Additionally, facilitating clients' transitions helps banks identify new climate-related opportunities.
Stocks to Watch
$Mapletree Log Tr(M44U.SG)$: Mapletree Logistics Trust (MLT) has announced its plan to divest 119 Neythal Road in Singapore for S$13.8 million to an unnamed third party. The property is a five-storey cargo lift warehouse and a single-storey detached factory building with a net lettable area of approximately 11,188 square metres, and a remaining land lease of about 15 years. The sale price represents a 34% increase from its latest valuation of S$10.3 million as of March 31, 2024. The divestment is aligned with MLT's strategy to refresh its portfolio through selective sales and is not expected to have a material impact on its net asset value and net property income for the fiscal year. The transaction is expected to be completed by the second quarter of the 2024/2025 fiscal year.
Share Buy Back Transactions
SG Morning Highlights | Mapletree Logistics Trust Set to Divest 119 Neythal Road Property for S$13.8 Million
Source: Business Times, SGinvestors.io, Business Review
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