Market Snapshot

Singapore stocks opened higher on Wednesday. STI up 0.3%; YZJ Shipbldg up 3.85%; CityDev up 2.4%; Genting Sing up 1.4%.

The subsidiaries of Yangzijiang Shipbuilding will not have to pay the US$832.2 million ($1.12 billion) to its claimants, according to the arbitration tribunal in London. The amount comprises the loss of bargain and profits not upheld, according to a filing by Yangzijiang dated March 3.

Stocks to Watch

Hotel Properties Ltd (HPL) : The property developer, through a wholly owned subsidiary, proposed to acquire InterContinental Auckland in New Zealand for NZ$180 million (S$138.5 million), the group announced on Tuesday. This will be its first asset in New Zealand and second InterContinental property, after InterContinental Maldives Maamunagau Resort. The deal will be funded by a third-party loan financing and internal resources. It is not expected to have a material impact on its net tangible assets, earnings per share and operating results for the current financial year. Shares of HPL closed 0.3 per cent or S$0.01 higher at S$3.60, before the announcement.

Singapore Exchange (SGX) : The bourse operator launched its second batch of Hong Kong Singapore Depository Receipts (SDRs) on Wednesday, in partnership with Phillip Securities. The new offerings include Xiaomi and Meituan in artificial intelligence and electric vehicles, as well as Ping An Insurance in financials, targeting “yield-seeking investors”. Each SDR represents a fraction of a Hong Kong-listed stock. Xiaomi and Ping An Insurance SDRs have a 2:1 ratio, meaning each SDR represents half a share, while Meituan SDRs have a 5:1 ratio, representing one-fifth of a share. SGX plans to include more Thai and Hong Kong depository receipts by mid-2025. The counter ended Tuesday 0.8 per cent or S$0.10 down at S$13.20.

City Developments Ltd (CDL): Dr Catherine Wu, the woman said to have a “long relationship” with CDL executive chair Kwek Leng Beng, has resigned from her role as an “unpaid independent adviser” to the board of Millennium & Copthorne Hotels (M&C), said Kwek in a statement on Tuesday. M&C is a subsidiary of CDL. Prior to this role, she was a director on the board from June 2022 to January 2024. The father-son rift at the property group came to light in late February, and a hearing has been fixed for Apr 11 to hear evidence from both parties. Shares of CDL closed 0.6 per cent or S$0.03 lower at S$4.97, before the announcement.

SG Local News

Sea Shares Jump After It Makes Headway in Fight With Alibaba

Southeast Asia e-commerce leader Sea Ltd. predicted sales volumes for this year above analysts’ estimates, a signal it’s succeeding in fending off hard-charging rivals including TikTok and Lazada.

The company’s American depositary receipts jumped as much as 7.1% in New York after Sea said gross merchandise volume, or the value of goods sold, will rise about 20% at online retail arm Shopee. That suggests GMV of $120.6 billion, topping the $116.6 billion average analyst estimate. Singapore-based Sea’s fourth-quarter revenue of $4.95 billion also exceeded estimates.

Singapore Mulls Caning as Punishment for Severe Scam Offenses

Singapore’s government will consider caning as punishment for some scam-related offenses, Minister of State for Home Affairs Sun Xueling said during a parliamentary debate Tuesday.

The Southeast Asian city-state has doubled down on legislation to combat a spike in scam and cybercrime cases in recent years. Singapore’s parliament passed a bill in January allowing the police to control the bank accounts of potential targets, aiming to protect them from scams conducted remotely.