Market Snapshot

Singapore stocks opened higher on Wednesday. STI up 0.2%, Nio fell 4%, Yoma Strategic up 5%, SingPost up 2%.

Stocks to Watch

SingPost: The national postal service provider said on Tuesday it was in exclusive talks with a third party for a potential sale of its Australia business, while stating no definitive deal has been reached. The company’s Australia segment includes fourth-party logistics services, third-party logistics solutions including transportation and distribution, last-mile courier delivery, as well as warehousing services. Its Australian business had logged a revenue of S$574.8 million for the half year ending Sep 30, up from S$398.8 million a year earlier. Its shares closed 0.9 per cent or S$0.005 higher at S$0.555, before the announcement.

EliteComREIT GBP: The real estate investment trust is divesting Hilden House in Warrington, England, for £3.3 million (S$5.6 million), representing a 6 per cent premium above the property’s valuation of £3.1 million as at Jun 30. On Wednesday, its manager said net proceeds from the transaction will be used to repay debt. Units of Elite UK Reit closed on Tuesday 1.8 per cent or £0.005 higher at £0.29.

SG Local News

Singapore Trader Pleads Not Guilty to $1.1 Billion Fraud

An ex-accountant accused of running a billion-dollar nickel scam that rocked Singapore’s business community pleaded not guilty on Tuesday to 42 charges including fraud and money laundering.

Prosecutors alleged that Ng Yu Zhi, 37, raised money for trades that did not exist. Hundreds of clients, many of them high-profile figures in the city-state, put their money into a $1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted impressive average quarterly gains of 15%.

Ng, meanwhile, spent millions to fund an extravagant lifestyle, including several luxury homes and jewelry, as well as Pagani, Ferrari and McLaren sports cars.

Barclays Plans to Open New Private Bank Booking Centre in Singapore by 2026

Barclays said on Tuesday it planned to set up a new private banking booking centre in Singapore by 2026 to tap into the city-state's expanding pool of ultra-wealthy clients, financial institutions, and family offices.

The new booking centre comes eight years after the British bank divested its wealth and investment management business in Singapore and Hong Kong to a unit of Oversea-Chinese Banking Corp.

Haidilao Operator Super Hi Bounces Back from Year-Ago Loss with $50.7 Million Q3 Profit

Haidilao restaurant operator Super Hi International posted a net profit of US$37.7 million (S$50.7 million) for the third quarter ended Sept 30, reversing a net loss of US$1.4 million in the year-ago period.

Singapore-based Super Hi said it enjoyed an increase in revenue, driven by ongoing business expansion, as well as higher dining-out demand – buoyed by the recovery of the tourism industry.

Revenue for the quarter rose 14.6% to US$198.6 million from US$173.3 million a year ago.

SIA to Adjust Conversion Prices of 1.625% Convertible Bonds Due 2025 After Interim Dividend

SIA will adjust its conversion price of its 1.625% convertible bonds due 2025 to $4.8945 after it declared an interim dividend of 10 cents per share for the 1HFY2025 ended Sept 30.

The conversion price, which was adjusted from $4.9714 previously, will take effect from Nov 27. The record date for the interim dividend was at 5pm on Nov 26.

SIA has about $849.75 million worth of convertible bonds as at Nov 26.