SG Morning Highlights | Sea Reports Q4 Revenue Growth of 4.8% YoY, Expects Positive Shopee EBITDA in H2 2024

Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.17 percent to 3,127.67 as at 9.04 am.

$Olam Group(VC2.SG)$: Olam Agri has acquired Avisen SARL, Senegal's second largest poultry feed supplier, for €17 million ($24.8 million). The acquisition is expected to be earnings accretive from 2024 onwards. Olam Agri plans to fund the acquisition from a combination of existing cash and debt facilities. The acquisition will extend Olam Agri's feed and protein presence in West Africa, as Avisen's facility in Rufisque produces over 100,000 metric tons of feed.

$Sea(SE.US)$: Sea Limited has reported fourth-quarter fiscal 2023 revenue growth of 4.8% YoY to $3.62 billion, beating the consensus of $3.55 billion. The company still posted an EPS loss of $(0.19), down from $0.72 YoY, beating the consensus of $(0.25). The stock price climbed after the results. Shopee's core marketplace revenue grew 40.6% YoY, while gross orders rose 46.0% YoY and 13.4% quarter-on-quarter. Sea expects Shopee's full-year GMV growth to be in the high teens range and its adjusted EBITDA to turn positive in the second half of this year.

$DBS Group Holdings(D05.SG)$, $OCBC Bank(O39.SG)$ and $UOB(U11.SG)$: DBS Group Holdings, OCBC, and UOB have reported a combined net interest income (NII) of $8.3 billion in Q4 2023, marking the fifth consecutive quarter that their combined NII was above $8 billion. The trio reported an NII of $33 billion and a non-interest income of $15 billion for the full year 2023, with the combined NII up 22% from the previous year and the combined non-interest income up 18%. The banks saw a significant increase in their combined quarterly NII since Q2 2022 due to higher interest rates.