Market Snapshot

Singapore stocks opened higher on Monday. STI up 0.3%, SingPost fell 8%, Nio up 0.2%.

Stocks to Watch

Top Glove: The glove manufacturer last Friday posted a net profit of RM5.5 million (S$1.7 million) for the first fiscal quarter ended November, reversing the prior year’s Q1 net loss of RM57.7 million, amid higher sales volume and healthier margins. Shares of Top Glove on the Singapore bourse closed 4.8 per cent or S$0.02 lower at S$0.40, after the results announcement.

TalkMed: The tertiary healthcare services provider on Monday announced that it received a privatisation proposal from TW Troy, a special purpose vehicle managed by Tamarind Health. The offer is made by way of a scheme of arrangement and TW Troy is offering S$0.456 per scheme share in cash. The counter closed 3.3 per cent or S$0.015 lower at S$0.435 on Friday.

SG Local News

China's Nio Launches RMB788,000 EV to Take on Porsche, Mercedes

Chinese electric car maker NIO Inc.  started sales of its most expensive car as it seeks to double deliveries in 2025 and eventually become profitable. 

The 10-year-old automaker officially launched the flagship ET9 battery-electric sedan at its annual customer event Saturday in Guangzhou. Priced from 788,000 yuan ($146,364), or 660,000 yuan if the owner opts to rent the battery, the executive four-seater is set to take on Porsche’s Panamera series and Mercedes-Benz Group’s luxury S range.  

The ET9 will be able to drive 650 kilometres on one charge with a 100 KWh battery, and its high-voltage charging system will provide 225 kilometres of range in as little as five minutes. It will also come equipped with Nio’s intelligent driving system powered by chips that were developed in-house, 35 speakers, and features including extended legroom. Deliveries will start as soon as March. 

Singapore Post Fires CEO, Executives Over Whistleblowing Report

SingPost fired its chief executive officer and several other senior leaders following allegations related to its international e-commerce logistics parcels business.

The Temasek Holdings Pte-backed firm said on Sunday it began investigations after receiving a whistleblowing report alleging several employees manually submitted information with the intent of avoiding contracted penalties with one of Singapore Post’s largest customers. The whistleblowing report was also sent to the government regulator, according to a company statement.

Three managers were dismissed for the violations, and a police report was filed against them. CEO Vincent Phang, Chief Financial Officer Vincent Yik and Li Yu, CEO of its international business unit, were also terminated after the company found they were “grossly negligent” in handling the matter and made “serious misrepresentations” to the audit committee over the allegations.

Soup Holdings Expects to Make a Loss for FY2024

Soup Holdings has warned it will report a loss for its current FY2024 ending Dec 31.

The company, known for running the chain of Soup Restaurants, attributes the losses to various reasons, such as outlets that were closed for renovation and also due to redevelopment works by landlords.

The company says two of its newly opened outlets and its newly established central kitchen will incur losses too.