Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.2%; MarcoPolo Marine rose 1.9%; NIO rose 1.3%; Sats rose 1.1%; Seatrium rose 1%; Singtel rose 0.6%; DBS rose 0.5%; SingPost fell 0.9%.

Stocks to Watch

DigiCore Reit USD: It will convene its extraordinary general meeting on Wednesday to vote on the proposed acquisition of an additional stake in a data centre in Frankfurt, Germany. The independent financial adviser, independent directors, as well as the audit and risk committee have recommended that unitholders vote in favour of the resolution, said the Reit’s manager. Units of Digital Core Reit ended Tuesday flat at US$0.595.

MarcoPolo Marine: The integrated marine logistics company’s net profit for the second half ended Sep 30 fell 41.5 per cent to S$10.7 million, from S$18.3 million in the previous corresponding period. This comes as H2 revenue declined 12.9 per cent on the year to S$62 million amid lower contributions from the company’s shipyard segment. The counter closed 1.9 per cent or S$0.001 lower at S$0.053 on Tuesday, after the news.

Hai Leck: Industrial equipment supplier Hai Leck called for a trading halt on Wednesday morning, pending the release of an announcement. The counter closed flat at S$0.41 on Tuesday.

SG Local News

Exxon Is Said to Weigh Sale of $1 Billion Singapore Stations

Oil major Exxon Mobil Corp. is considering a sale of its gas stations in Singapore, which could raise about $1 billion, according to people familiar with the matter.

Exxon is working with financial advisers on the potential disposal, the people said, asking not to be identified because the matter is private. Other industry players and investment funds have shown preliminary interest, they added.

A sale of the gas stations in Singapore would allow the US-based company to raise cash to deploy in other areas of higher growth potential, the people said. Considerations are preliminary and no final decisions have been made, they added.

DBS Hires Private Bankers for Rich Russians as Rivals Baulk

DBS has beefed up its wealth management team to cater to rich Russians at a time when many global rivals are staying away from the business amid concerns over widening sanction risks.

Singapore’s biggest lender hired two people in recent months, expanding the number of Russian-speaking private bankers in the city-state to at least nine, according to public records.

One of the hires joined in June from Union Bancaire Privee while the other banker who was previously with Credit Suisse started in September.

Singapore Medical Insurance Costs Projected to Rise by 12% Next Year: Survey

Medical insurance costs in Singapore are projected to remain high, with a 12 per cent increase expected in 2025, going by the findings of the WTW Global Medical Trends Survey released on Tuesday (Dec 3).

In the wider Asia-Pacific (Apac), insurers are expecting medical costs to go up by 12.3 per cent next year, up from 11.9 per cent in 2024.

But Audrey Tan, WTW’s head of health and benefits for Singapore and South-east Asia, said the medical inflation rate of the city-state appears to be moving into “a stable trend” in the coming year.