SG Morning Highlights | SGX Listcos' Q3 Profits Fall 6.8%; Tech, REITs Expected to Lead Recovery in 2024
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Monday; STI down 0.48%
●SGX listcos' Q3 profits fall 6.8%; tech, Reits expected to lead recovery in 2024
●Singapore narrows the gap with Hong Kong on real estate deals
●Stocks to watch: CapitaLand Investment, Keppel Corp, Genting Singapore
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.48 per cent to 3,095.81 as at 9.14 am.
Advancers / Decliners is 73 to 103, with 144.10 million securities worth S$94.56 million changing hands.
Breaking News
SGX listcos' Q3 profits fall 6.8%; tech, Reits expected to lead recovery in 2024
The earnings of companies listed on the Singapore Exchange (SGX) fell for the third quarter of 2023 ended September amid high interest rates, persistent inflation. A compilation of results by The Business Times as at Nov 30 showed that the aggregate profits of the 111 companies that had released their quarterly financial results or updates for the quarter stood at S$8.7 billion, down 6.8 per cent from the corresponding period last year. While analysts expected earnings for Q4 to remain weak for most sectors, they were optimistic that some sectors such as technology and real estate investment trusts (Reits) would see some recovery in 2024.
Singapore narrows the gap with Hong Kong on real estate deals
Singapore is closing in on Hong Kong's lead in real estate deals as the city-state benefits from its status as a wealth haven, while distressed property sales afflict the rival Asian financial hub. So far this year, Hong Kong's seen 107 entity-level property transactions across sectors including office, residential and hotels, and Singapore's had 96, according to data from MSCI Real Assets. Deals in Hong Kong are 62 per cent lower than in 2021, while Singapore has largely managed to hold its ground despite high borrowing costs. Figures include deals of at least US$10 million.
Stocks to Watch
$Keppel(BN4.SG$: Keppel's infrastructure division and AM Green, which is wholly owned by the founders of Hyderabad-based Greenko, are teaming up to explore opportunities in producing biogenic carbon-based sustainable fuels in South-east Asia and the Middle East. The partners estimate that these two regions can harness and aggregate at least a million tonnes of biogenic carbon dioxide per year. The carbon dioxide can be used to produce sustainable fuels such as bio and green menthol, second-generation ethanol, and sustainable aviation fuel at AM Green's plants.
$CapitaLandInvest(9CI.SG$: CapitaLand Investment expects to report a "significant" decrease in net profit for FY2023 compared to last year. The real estate investment manager provided the profit guidance in a regulatory filing on Friday (Dec 8) and expects fair value losses on its portfolio of investment properties, primarily those in China, Australia, Europe, the United Kingdom and the United States. CapitaLand Investment had, in its third-quarter business update published in November, pointed out a dampening macro-economic sentiment together with persistently higher interest rates and geopolitical tensions.
$Genting Sing(G13.SG$: Genting Singapore's Resorts World Sentosa has been slapped with financial penalties of S$2.25 million for lapses in performing customer due diligence measures for certain transactions for three years from December 2016. The Gambling Regulatory Authority directed casino operators Resorts World Sentosa and Marina Bay Sands to conduct a review of certain patrons’ activities in 2020. The operator owned by Genting Singapore then discovered non-compliances for some transactions and reported them to the authority, said the Gambling Regulatory Authority in a media statement on Friday (Dec 8).
$Keppel DC Reit(AJBU.SG$: Keppel DC Reit's manager said that the data centre-focused Reit has issued S$90 million of floating rate notes due 2026. The notes come with an interest rate based on the compounded daily Singapore Overnight Rate Average plus an agreed spread. In a filing to the Singapore Exchange on Friday (Dec 8), Keppel DC Reit Management announced that Keppel DC Reit MTN on Friday issued the floating rate notes at a price of 100 per cent of the principal amount and in denominations of S$250,000. Interest on the debt will be payable quarterly.
Share Buy Back Transactions
Source: Business Times, SG investors
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safri_moomoor : i ok