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SG Morning Highlights | Seatrium Signs MOU with Shell to Strengthen Collaboration in Floating Production Systems

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Moomoo News SG wrote a column · Apr 18 20:06
SG Morning Highlights | Seatrium Signs MOU with Shell to Strengthen Collaboration in Floating Production Systems
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Friday; STI up 0.17%
●Private Home Sales Down 5.3% in Q1, Resale Sub-Market Drives Decline
●Singapore's Export Decline in March Not Tied to Global Demand, Says Expert
●Stocks to watch: Seatrium, Keppel DC Reit, UOB
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Friday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.17 percent to 3,192.98 as at 9.05 am.
Advancers / Decliners is 63 to 50, with 51.56 million securities worth S$83.18 million changing hands.
Breaking News
Private Home Sales Down 5.3% in Q1, Resale Sub-Market Drives Decline
The private home market in Singapore experienced its third consecutive quarter of contraction in 1Q24, with sales dropping by 5.3% to 4,060 units year-on-year. The decline was driven by the resale sub-market, which saw sales drop 7.2% to 2,603 units from 2,806 units in 4Q23, likely due to the Chinese New Year festivities and March school holidays. However, new home sales increased by 7.6% from 1,090 units to 1,173 units over the same period, attributed by OrangeTee to developers stepping up on launches.
Singapore's Export Decline in March Not Tied to Global Demand, Says Expert
RHB Group Chief Economist Barnabas Gan has stated that the deeper-than-expected decline in Singapore's non-oil domestic exports (NODX) in March does not reflect global demand conditions, citing three factors. Firstly, Singapore's total exports accelerated in March, highlighting higher outbound shipments of oil. Secondly, the decline in NODX was due to a shortfall in shipments in volatile components, especially pharmaceutical exports which saw a 70.3% YoY drop. Lastly, the high base year in March 2023 NODX contributed to a higher hurdle from a YoY growth perspective. Despite the weaker NODX print, UOB projects a 6.0% NODX growth this year, while Nomura believes that the decline in electronic exports in March should be short-lived.
Stocks to Watch
$Seatrium(S51.SG)$: Singapore-based Seatrium Ltd. has signed a non-binding memorandum of understanding (MOU) with Shell Global Solutions International BV to enhance their collaboration in floating production systems by leveraging their engineering technologies. The MOU focuses on driving project standardization and replication and seeks to promote best practices in the design and construction of floating production systems. Seatrium and Shell have worked together on several projects, including the recently announced Sparta floating production unit (FPU), which is designed to be replicable. Seatrium also announced that it has secured contracts with a total value of $257.2 million to be completed by the end of 2025, including upgrades and conversions of floating storage regasification units and repairs and refurbishments of cruise ships.
$Keppel DC Reit(AJBU.SG)$: Keppel DC Reit has reported a 13.7% YoY decrease in Q1 distribution per unit (DPU) to S$0.02192, compared to S$0.02541 in the same period last year. Gross revenue, however, increased by 18.4% to S$83.4 million from S$70.4 million in Q1 FY2023, mainly due to a settlement sum received in relation to a dispute with DXC Technology Services and positive reversions and escalations, said the manager. Net property income grew 11.2% YoY to S$71 million for the quarter, while distributable income declined 16.3% YoY to S$38.8 million, impacted by higher finance costs and less favorable foreign exchange hedges.
$UOB(U11.SG)$: United Overseas Bank (UOB) announced that it would pay out 85 cents per share for 2HFY2023 or S$1.70 for the full year, with a 50% payout ratio premised on the bank's common equity tier 1 (CET1) ratio staying between 12.5% to 13.5%. In his opening speech at the bank's FY2023 AGM, group CEO Wee Ee Cheong confirmed that UOB's core net profit had risen 26% to a new record of S$6.1 billion, while CFO Lee Wai Fai elaborated on the future earnings model, which he described as a steady dividend growth model. Wee also stated that UOB aspires to be the best trade bank in ASEAN with a 5% share of the US$3.8 trillion market and would focus on connectivity within ASEAN.
Share Buy Back Transactions
SG Morning Highlights | Seatrium Signs MOU with Shell to Strengthen Collaboration in Floating Production Systems
Source: Business Times, SGinvestors.io
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