SG Morning Highlights | Prudential's New Business Sees 37% Profit Growth in 9M23
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Tuesday; STI down 0.66%
●Experts cut retail sales growth forecast to 3.0% in 2023
●Singapore cap rates remain flat in Q3
●Stocks to watch: CapitaLand Ascott Trust, Raffles Medica,Prudential
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.66 per cent to 3,159.67 as at 9.08 am.
Advancers / Decliners is 58 to 121, with 106.35 million securities worth S$84.32 million changing hands.
Breaking News
Experts cut retail sales growth forecast to 3.0% in 2023
UOB has downgraded its retail sales growth forecast to 3.0% from 3.5%, citing three downside risks. In a report, experts from UOB said the weakening external environment, greater-than-anticipated easing in domestic and regional labour market conditions, and a slower-than-expected recovery of inbound Chinese tourists may affect retail sales for the rest of the year. Data from the Ministry of Manpower (MOM) showed that in 3Q23, the labour market softened.
Singapore cap rates remain flat in Q3
Singapore cap rates remained flat across sectors given the lack of sales evidence to support any movement, Collier's Q3 2023 APAC Cap Rates Report showed. As of 3Q23, interest rate and inflation rates in Singapore were at 3.71% and 4.00%, respectively. The report also said that increasing lending costs are putting pressure on many investors and owners.
Stocks to Watch
$CapLand Ascott T(HMN.SG$: CapitaLand Ascott Trust is to divest two hotels in Sydney, Australia for A$109 million (S$95.6 million) to an unrelated third party, the managers said in a press statement on Monday (Nov 6). The properties – Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Parramatta – are located outside Sydney's city centre. They will be sold at 5 per cent above book value with an exit yield of 4.4 per cent on an expected net gain of A$14.2 million.
$Raffles Medical(BSL.SG$: Raffles Medical Group posted a 67.4% YoY lower profit after tax of $12.4m in 3Q23. The healthcare company's revenue likewise declined in 3Q23, dropping 24.6% YoY to $161.6m. In a bourse filing, Raffles Medical attributed the moderation in its financial performance to the“discontinuation of COVID-19 activities,” which affected the profitability of its Singapore operations. Cost inflation likewise eroded the company's margin.
$Prudential USD(K6S.SG$: Prudential's new business profit increased by 37% to $2.14b, in the nine months to September. This growth continued into the third quarter (Q3). Excluding economic impacts, new business profit increased by 48%, with improved margins attributed to positive developments in channel and geographic mix. Year-to-date APE sales rose by 40% to $4.42b, driven by strong performance in Hong Kong.
Share Buy Back Transactions
Source：Business Times, SG investors
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