Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 0.3%; Nio fell 4%; OCBC fell 2%; YZJ Shipbldg up 2%; SingPost up 1%.

Stocks to Watch

ocbc bank: The lender on Wednesday reported a net profit of S$1.69 billion for the fourth quarter ended December, up 4 per cent from S$1.62 billion in the previous corresponding period. This fell short of the S$1.78 billion consensus forecast in a Bloomberg survey of five analysts. The lender has proposed a slightly lower final dividend of S$0.41 per share for the half-year period. A special dividend of S$0.16 per share has also been recommended. This is part of OCBC’s plans to return S$2.5 billion of capital to shareholders over two years via special dividends and share buybacks. Shares of OCBC closed S$0.09 or 0.5 per cent lower at S$17.60 on Tuesday.

CityDev: The property giant on Wednesday reported a net profit of S$113.5 million for the second half ended Dec 31, down 54.7 per cent from S$250.8 million in the previous corresponding period. Revenue was 23.6 per cent lower at S$1.7 billion compared with S$2.2 billion previously. This brought its profit for FY2024 to S$201.3 million, down 36.6 per cent from S$317.3 million in the year-ago period. Shares of CDL ended Tuesday 0.4 per cent or S$0.02 lower at S$5.12. It called for a trading halt on Wednesday morning, pending the release of an announcement.

SingPost: The postal-service provider on Wednesday said it will hold an extraordinary general meeting (EGM) to seek shareholders’ approval for the proposed divestment of its Australia business, Freight Management Holdings. The EGM will be held on Mar 13 at 3.30 pm. The transaction represents an enterprise value of A$1.02 billion (S$867 million), and is expected to generate a gain on disposal of around S$289.5 million. Shares of SingPost closed flat at S$0.55 on Tuesday.

Food Empire: The food and beverage company reported on Tuesday that net profit fell 3.2 per cent to US$28.9 million for the second half ended Dec 31, from US$29.8 million in the same period the year before. Meanwhile, revenue rose 10.4 per cent to US$251.1 million from US$227.5 million. The group proposed a dividend per share of S$0.08, comprising a final dividend of S$0.06 and a special dividend of S$0.02. Shares of Food Empire closed 1 per cent or S$0.01 lower at S$0.975, before the announcement. 

SingaporeLandGrp: It reported a net profit of S$180.5 million for the second half ended Dec 31, up 76 per cent from S$102.4 million in the year-ago period. Revenue rose 9 per cent to S$390.5 million from S$358.7 million. Earnings per share, excluding fair-value gains on investment properties, rose to S$0.093 from S$0.07. Shares of SingLand closed S$0.01 or 0.5 per cent lower at S$1.92 on Tuesday, before the announcement.

SG Local News

Singaporeans Lose Record $822 Million to Scams in 2024, Police Say

Singaporeans lost a record S$1.1 billion ($822 million) to scams last year, with cryptocurrency schemes accounting for almost a quarter of the losses, the city-state's police force said on Tuesday.

The amount lost to scams increased by 70.6% from S$651.8 million in 2023, while the number of cases rose by about 11% to 51,501, the Singapore Police Force (SPF) said in a report.

Cryptocurrency scams accounted for 24.3% of total money lost, while the e-commerce scams were the most numerous, with S$17.5 million lost in 11,665 cases.

OCBC, UOB Poised to Gain Most from JS-SEZ; DBS Could Seek to Expand Malaysia Footprint: Analysts

Among the trio of local banks, ocbc bank and UOB stand to gain the most from the Johor-Singapore Special Economic Zone (JS-SEZ) as facilitators of investment and trade, given their sizeable operations in both markets, analysts said.

The landmark JS-SEZ, signed in January this year, is expected to create 100 projects, and 20,000 jobs and investments across 11 sectors.

The zone will likely strengthen cross-border cooperation, enabling the banks with networks that are entrenched in the two markets to gain from stronger investment and business flows.