SG Morning Highlights | Seatrium Secures Major Contracts Worth $350 Million
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Wednesday; STI down 0.80%
●Singaporean Investors Show Interest in Bitcoin Ahead of Halving Event
●Contactless and Mobile Payments Overtake Cash in Singapore
●Stocks to watch: Seatrium, OCBC, Dyna-Mac
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ dropped 0.80 percent to 3,221.64 as at 9.04 am.
Advancers / Decliners is 39 to 90, with 76.96 million securities worth S$99.67 million changing hands.
Breaking News
Singaporean Investors Show Interest in Bitcoin Ahead of Halving Event
As the Bitcoin halving event approaches this month, a report by Independent Reserve has found that nearly half or 48% of crypto investors in Singapore plan to double down on Bitcoin in the next year. Those holding more than 50% of their portfolio in crypto are the most likely to increase their Bitcoin holdings, with 68% planning to do so. Singaporeans have shown a growing interest in crypto following recent policy developments in the sector, including the US SEC's approval of Bitcoin exchange-traded funds (ETFs). The survey showed 39% now view Bitcoin favorably and 33% are open to investing overseas as product offerings are not available in the city-state. The halving event occurs approximately every four years, with Bitcoin miner rewards halved, potentially seeing a 10-fold increase in value.
Contactless and Mobile Payments Overtake Cash in Singapore
According to data from Yahoo, Singaporeans now prefer using contactless credit, debit, or prepaid cards (34%) and mobile e-wallets or digital payment services (31%) over cash for their purchases. While cash is still the least preferred payment option for 54% of Singaporeans, it is still used more (18%) than physical credit, debit, or prepaid cards. The shift towards contactless and mobile payments is in line with global trends towards greater digitalization and the growing popularity of e-commerce.
Stocks to Watch
$Seatrium(S51.SG$: Seatrium has announced that its repairs and upgrades department has secured a series of major contracts worth $350 million, to be completed by the end of 2025. The range of contracts includes upgrades and conversions of floating storage regasification units (FSRU), maintenance and upgrade of a floating production storage and offloading system (FPSO), major remediation work for Chevron Thailand Exploration and Production, and vessel retrofits for long-term partners Carnival Corporation and Royal Caribbean Group. The contracts also involve major repairs of the Hakuryu 5 and series of LNGCs dry docking under the favoured customer contract with Hyundai LNG Shipping of South Korea and a series of naval work for 2024.
$OCBC Bank(O39.SG$: OCBC is reportedly exploring a redevelopment of its Chulia Street property in Singapore's central business district, which sits on over 120,000 square feet of land. The bank is said to have put out a request for proposals last year to find a property consultant to help it identify a potential partner to carry out the redevelopment, with JLL understood to have been appointed for the job. The move comes as part of OCBC's efforts to optimize its property portfolio and enhance its presence in the city-state's competitive commercial property market.
$Dyna-Mac(NO4.SG$: Dyna-Mac Holdings Ltd. has achieved a milestone with a record order book valued at S$896 million, including a historic contract for process module construction and additional agreements for various services on vessels, extending project deliveries up to 2026. The company's recent expansion and upgrades have improved construction efficiency and productivity, enabling it to deliver more with less manpower and time. However, these new contracts are not expected to materially affect the Group's earnings per share or net tangible assets for the financial year ending in December 2024.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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