Market Snapshot

Singapore stocks opened higher on Monday. STI rose 1%; DBS up 2.5%, ocbc up 1%, UOB up 1%.

Stocks to Watch

DBS posted net profit for the fourth quarter that was 11 per cent higher compared with the year-ago period, but fell slightly short of expectations. Net profit for the three months ended Dec 31, 2024, was at S$2.52 billion, compared with S$2.27 billion from the year-ago period. Excluding one-off items – a S$100 million corporate social responsibility commitment to DBS Foundation and other charitable causes – Q4 net profit would have been up 10 per cent at S$2.62 billion.

The manager of Elite UK Reit on Monday (Feb 10) posted a distribution per unit (DPU) of 1.47 pence for the second half ended Dec 31, representing a payout ratio of 95 per cent.

This was 5.8 per cent higher than the 1.33 pence paid in the year-ago period, which was based on a payout ratio of 90 per cent. DPU for the year-ago period was adjusted based on FY2024’s weighted average units in issue of 593.4 million.

This brings full-year DPU to 2.87 pence, an increase of 5 per cent on the year. This was attributed to interest and tax savings.

Market News

Budget 2025 expected to bring tax rebates, no ‘significant’ tax hikes

Singapore is unlikely to see “significant” tax hikes in Budget 2025, following tweaks in the last two years, observers told The Business Times. While rates may not be lowered either, rebates could be on the way.

“We do not expect significant tax hikes this year, as various adjustments in tax rates have already been effected to the Singapore tax system over the past years,” said See Wei Hwa, property tax and dispute resolution partner at KPMG in Singapore.

Singapore must adapt to 'new reality' where US is no longer prepared to underwrite global order: SM Lee

Singapore must adapt to a “new reality” of a far less orderly and predictable international environment - one where the United States is no longer prepared to underwrite global order, Senior Minister Lee Hsien Loong said on Saturday (Feb 8).

Speaking at a Chinese New Year celebration dinner at Teck Ghee Community Club, Mr Lee said that international geopolitics is “as tense as ever” with “much uncertainty” awaiting in the new year. He pointed to the new US administration as a “significant new factor” shaping global affairs.