SG Morning Highlights | Sats Sells US Military Contractor Unit Maytag Aircraft for US$46 Million
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Monday; STI down 0.04%
●Developers' sales decline due to Lunar New Year, lack of project launches
●New home sales dwindle in February 2024
●Stocks to watch: SIA, Sats
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index(.STI.SG$ dropped 0.04 percent to 3,171.82 as at 9.10 am.
Advancers / Decliners is 66 to 61, with 112.96 million securities worth S$83.33 million changing hands.
Breaking News
Developers' sales decline due to Lunar New Year, lack of project launches
Trip.com has reported a 60% MoM increase in bookings from China to Singapore in February, representing a 459% YoY increase. The company also saw a 38% MoM increase in average expenditure per booking in February, compared to 30% in January. The number of visitors from China travelling to Singapore soared 825.9% YoY in February 2024, reaching over 326,000 in total. While the average length of stay declined by 55.9% YoY, this is seen as a positive sign for Singapore tourism as it indicates increased interest from Chinese travellers and higher spending per traveller.
New home sales dwindle in February 2024
Sales of new private homes in Singapore dropped by 47% in February compared to January, with only 149 units sold, according to data from the Urban Redevelopment Authority. This is the lowest monthly sales since December 2023 and the lowest February sales since 2008. The overall new home sales, including executive condominiums (ECs), witnessed a sharp decline of 68.9%, dropping from 588 units in January to 183 units in February 2024. The top three best-selling projects were The Botany at Dairy Farm, Pinetree Hill, and Grand Dunman. URA Realis data also indicated that no new condominiums were sold for more than $10m in February 2024, although eight condos were sold for at least $5m but less than $10m.
Stocks to Watch
$SIA(C6L.SG$: Flag carrier Singapore Airlines (SIA) carried 3.1 million passengers on a group level in February, up 28.2 per cent from a year ago, it said in its operating results filed to the bourse on March 15. Passenger traffic for the group was up 20.4 per cent from a year ago. The growth in passenger traffic was in line with its capacity increase of 20.7 per cent over the same period, added the carrier. Passenger demand was boosted by the Chinese New Year holiday season across Asia, said the group.
$SATS(S58.SG$: SATS, the inflight catering and ground handling company, has sold its ground handling unit, Maytag Aircraft, for an enterprise value of $46m to private direct investment firm Albion River. Maytag provides aircraft refuelling, fuel storage, base operations support, ground handling and weather observation and forecasting services as a contractor for the US Department of Defense, at its US and international military bases. Albion River is a "private direct investment firm focused on acquiring companies that produce highly technical defence products and services". The funds from the sale will be used "to deleverage and/or expand the group's existing core business".
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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