SG Morning Highlights | SIA Prices US$500 Million Notes Due 2034 at 5.296% Yield
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Friday; STI down 0.68%
●Trip.com posts a 60% rise in China-Singapore bookings in February
●Singapore one of top sources and destinations of property investments: study
●Stocks to watch: SIA, Seatrium
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index(.STI.SG$ dropped 0.68 percent to 3,164.71 as at 9.10 am.
Advancers / Decliners is 59 to 97, with 154.60 million securities worth S$139.50 million changing hands.
Breaking News
Trip.com posts a 60% rise in China-Singapore bookings in February
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.
Singapore one of top sources and destinations of property investments: study
Singapore has been named as the world's second-biggest source of global cross-border capital, with over $5.6bn of capital invested coming from the city in H2 2023, according to a report by Colliers. Singapore was also named the ninth-biggest global capital destination, with $2.12bn in standing assets as of 2023. By asset class, Singapore firms invested $2.33bn in industrial property assets, $1.7bn went to office property assets, and $785m were invested in hotel properties. Meanwhile, Singapore's office properties received $742m in investments; its retail properties clinched $738m in investments; and its industrial property sector got $458m from overseas investors. The US remained the largest source of global cross-border capital, with over $12.74bn, followed by Singapore, and Hong Kong.
Stocks to Watch
$SIA(C6L.SG$: Singapore Airlines (SIA) has priced its US$500 million 10-year, 5.25% bonds at a re-offer price of 99.646% of their nominal value to yield 5.296%. DBS and Citigroup are joint global coordinators for the bond, and the joint bookrunners are HSBC and JPMorgan. The yield represents a spread of 110 basis points over 10-year US Treasuries, which were yielding 4.196%. The net proceeds from the proposed issue will be used for aircraft purchases, aircraft-related payments, as well as for general corporate or working capital purposes, including refinancing existing borrowings of SIA. The airline will issue the notes under its multicurrency medium-term note programme.
$Seatrium(S51.SG$: Seatrium, formed via the merger of Sembcorp Marine and the offshore and marine unit of Keppel Corp, has set a target of growing its EBITDA four times to over $1bn by FY2028 at its investor day. The company aims to achieve this by maintaining the delivery of its legacy projects, achieving better margins, and optimising costs and its asset base. It has identified $300m in annualised synergies and cost savings via standardised pricing with customers and overhead reduction, and aims for $200m in procurement savings by managing a more efficient supply chain. Seatrium has an order book of around $16.2bn, and is aiming to win a share of the $500bn addressable market from the "energy trilemma" in the next five years.
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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