SG Morning Highlights | OCBC Securities Launches Fourth ETF for Steady Dividend Yields
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Friday; STI down 0.05%
●Singapore Bank Interest Rates to Remain Elevated Until Q3: Analyst
●F&B Sector Offers Silver Lining in Singapore's Dampened Retail Leasing Market
●Stocks to watch: OCBC, CLI, and CDL
●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 0.05 percent to 3,225.93 as at 9.06 am.
Advancers / Decliners is 74 to 52, with 84.15 million securities worth S$75.04 million changing hands.
Breaking News
Singapore Bank Interest Rates to Remain Elevated Until Q3: Analyst
According to UOB Kay Hian analyst, Jonathan Koh, Singapore banks' domestic interest rates will remain elevated until the last three months of 2024, with rates set to begin declining in Q4. Koh stated that the US Federal Reserve is expected to push for two rate cuts in H2 2024, which will be a factor in Singapore's DBS and OCBC maintaining higher interest rates for longer. Koh added that DBS and OCBC are expected to provide a 2025 dividend yield of 7.4% and 6.5%, respectively, with their 2025 earnings forecasts raised by 6% and 5%.
F&B Sector Offers Silver Lining in Singapore's Dampened Retail Leasing Market
According to data from CBRE, retail leasing sentiment in Singapore has dropped, with retail leasing sentiment as of Q1 2024 hovering above 40%, lower than the almost 60% recorded in December 2023. However, the F&B sector in Singapore is offering a silver lining, with Singapore seeing the highest demand from F&B amongst retail trades. CBRE noted that the global shift in consumer spending towards eating out and experiences has driven F&B retailers to expand into other markets, including Singapore.
Stocks to Watch
$OCBC Bank(O39.SG$: OCBC Securities and Lion Global Investors are launching the Lion-OCBC Securities APAC Financials Dividend Plus Exchange Traded Fund (ETF) on the Singapore Exchange (SGX). This marks the fourth ETF launch by OCBC Securities in Singapore and targets investors seeking steady dividend yields. The ETF guarantees a minimum 5% annual dividend for the first two years and offers significant capital gain potential by investing in APAC financial firms poised for growth. The ETF will be listed on May 13 and available in SGD and USD denominations.
$CapitaLandInvest(9CI.SG$ & $CityDev(C09.SG$: CapitaLand Investment (CLI) and City Developments Limited (CDL) have led share buybacks in the Singapore Exchange in Q1 2024. CLI bought back 31.2 million shares at an average price of $2.96, while City Developments bought back 6.7 million shares at an average price of $5.91 per share, leading the primary-listed buyback consideration tally in Q1. The $232m buyback consideration recorded in Q1 is higher than the Q1 2023 record of $111m, with 50 primary-listed companies buying back shares by way of market acquisition in Q1.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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