SG Morning Highlights | Sembcorp to Buy Wind Assets in China, India for S$200 Million
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Tuesday; STI down 0.14%
●Singapore services receipts growth slows for 5th straight quarter to 3.2% in Q3
●Stocks to watch: Sembcorp, Sri Trang Agro-Industry, Kimly
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.14 per cent to 3,082.00 as at 9.07 am.
Advancers / Decliners is 71 to 59, with 66.78 million securities worth S$83.80 million changing hands.
Breaking News
Singapore services receipts growth slows for 5th straight quarter to 3.2% in Q3
Singapore's services industries posted a 3.2 per cent year-on-year rise in business receipts in Q3, easing from the revised 3.8 per cent increase in the preceding quarter, data from the Department of Statistics (Singstat) showed on Monday (Nov 27). The latest print marked the fifth consecutive quarter of slowing growth. This reflects continued normalisation from a high base after reopening in 2022, said DBS economist Chua Han Teng. Maybank economist Chua Hak Bin expects growth to stabilise at around the current rate in Q4, before recovering more meaningfully to about 5 per cent to 7 per cent in 2024.
Stocks to Watch
$Sembcorp Ind(U96.SG$: Sembcorp Industries on Monday (Nov 27) said it has inked two separate agreements to acquire wind assets in China and India for a total consideration of S$200 million. The assets collectively amount to 428 megawatts (MW), the group said in an announcement on the Singapore bourse. Sembcorp's wholly-owned unit Sembcorp Energy (Shanghai) Holding signed an agreement with Envision Energy Co to acquire the full share capital of Qinzhou Yuanneng Wind Power Co for an equity consideration of about S$130 million. Qinzhou Yuanneng owns 200 MW of operational wind assets in Guangxi, China, the company said.
$Sri Trang Agro(NC2.SG$: Rubber group Sri Trang Agro-Industry on Monday (Nov 27) reported a net loss of 410.2 million baht (S$15.6 million) for the third fiscal quarter ended September. This is a reversal from earnings of 1.5 billion baht in the corresponding year-ago period. In a business update, the group said revenue for the quarter under review was down 42.5 per cent to 16.9 billion baht. This was due mainly to a 37.9 per cent decline in the sales volume of natural rubber, as well as a 20.6 per cent fall in the average selling price of natural rubber to US$1,428 per tonne from US$1,799 per tonne.
$Kimly(1D0.SG$: Coffeeshop operator Kimly reported a 7.2 per cent rise in net profit to S$36.5 million for the full year ended Sep 30, 2023, from S$34 million previously. The increase was due primarily to a S$2.5 million gain from the disposal of its confectionery business. Excluding the gain on disposal, net profit for FY2023 fell 0.2 per cent to S$34 million, when compared with the year-ago period, Catalist-listed Kimly said in a bourse filing on Monday (Nov 27).
Share Buy Back Transactions
Source: Business Times, SG investors
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