Market Snapshot

Singapore stocks opened higher on Monday. STI up 0.2%; SIA up 0.6%; UOB up 0.2%; NIO down 1%.

Stocks to Watch

UOB: Chief executive officer Wee Ee Cheong’s annual salary for 2024 dipped, despite the bank reporting a record net profit for the full year. Wee, who is also deputy chairman of the bank, was paid S$15 million, which comprises a salary of S$1.44 million and a bonus of S$13.56 million, UOB’s 2024 annual report showed on Friday. His annual package is down 5.5 per cent from the S$15.9 million he was paid in 2023. UOB shares rose S$0.15, or 0.4 per cent, to S$37.95 on Friday.

Singapore Airlines (SIA) : The Competition and Consumer Commission of Singapore (CCCS) said it has conditionally approved a proposed commercial cooperation between SIA and All Nippon Airways (ANA) after accepting their commitments to not infringe competition laws. The two airlines made their first application to CCCS in June 2021, and submitted an updated application in July 2023 after market data signalled “a degree of market recovery” from the Covid-19 pandemic. In assessing the proposal, CCCS noted in a statement that SIA and ANA have “substantial market shares” offering direct flights between Singapore and Tokyo, and have “sustained a high combined market share in recent years”. The counter closed flat at S$6.80 on Friday. 

Nio: The Chinese electric vehicle maker’s net loss deepened to 7.1 billion yuan (S$1.3 billion) in the fourth quarter ended Dec 31, 2024, despite delivering a record number of vehicles in the same period. The net loss was 27.5 per cent deeper than in the year-ago period, and 38.7 per cent wider than the net loss recorded in Q3, the company’s financial results showed on Friday. Its loss per share for Q4 was 3.45 yuan, worse than the 3.18 yuan in the same period the year before. Nio believes that its financial resources “will be sufficient” to support its operations in the ordinary course of business over the next 12 months. Shares of Nio on the Singapore Exchange fell US$0.39, or 7.7 per cent, to close at US$4.66 on Friday.

Starhill Global Real Estate Investment Trust (Starhill Global Reit) : The Reit has obtained a S$600 million loan from “a club of banks”, said its manager on Friday. The five-year unsecured facility agreement is for sustainability-linked term facilities of S$300 million, and sustainability-linked revolving credit facilities of S$300 million. The term facilities are for refinancing the S$100 million unsecured medium-term notes maturing in June, as well as the Reit’s unsecured term loans in September ahead of their maturities in 2026 and 2027. The revolving credit facilities will be available for working capital requirements and general corporate funding purposes of the Reit. Units of Starhill Global Reit rose S$0.005, or 1 per cent, to close at S$0.505 on Friday.

SG Local News

OCBC to lower interest rates for 360 Account from May 1

Oversea-Chinese Banking Corporation (OCBC) will lower its interest rates for its 360 Account in line with prevailing market conditions, the bank announced on March 21.

From May 1 onwards, account holders under the 360 Account will receive a maximum rate of 6.3% per annum (p.a.), down from its prevailing rate of 7.65% p.a.

No other conditions have changed as yet. The account will offer up to 6.3% a year on account holders’ first $100,000 if they credit their salary, as well as spend, save, insure and invest with the bank.

Singapore logs 95% share in SEA tech funding in Q1 2025

Singapore’s share of tech funding amongst Southeast Asian (SEA) cities rose 22% YoY, reaching 95% in Q1 2025, up from 78% in Q1 2024, according to Traxcn.

Total funding from the SEA region reached $909m during the period, with Singapore-based tech firms contributing $865m.

Thu Duc came next with $28.0m, followed by Jakarta ($6.2m), Da Nang ($4.0m), and Chatuchak ($2.4m).