Market Snapshot

Singapore stocks opened higher on Monday. STI rose 0.12%; NIO up 2.8%; ST Engineering up 1.8%; CityDev fell 6.25% after lifting a trading halt.

Stocks to Watch

City Developments Ltd.’s lifts a trading halt on Monday, following a family feud playing out in public. The company said that Sherman Kwek, the younger scion of the family, will remain as chief executive officer of the firm, according to an exchange filing. Last week, CDL’s chairman and billionaire family patriarch Kwek Leng Beng sued his son Sherman, along with other board directors, accusing them of leading a boardroom coup against him.

The Straits Trading Company (STC) has posted a shallower loss after tax and non-controlling interests of $7.2 million in FY2024 ended Dec 31, 2024, improving from a $28.6 million loss in FY2023. In financial statements released on Feb 28, STC says the improved performance was mainly due to net fair value gain from investment properties, partially offset by fair value loss from the derivative component of exchangeable bonds, which had returned a fair value gain in the previous year. 

Haw Par; United Overseas Insurance (UOI): Minority shareholders of UOB’s insurance arm proposed resolutions to distribute its holding of 4.27 million shares in healthcare player Haw Par Corporation to shareholders of UOI, as well as to appoint an independent financial adviser to unlock further shareholder value. The shareholders, who represent around 2.8 million shares or 4.5 per cent of UOI’s total shares, proposed to table the resolutions at its upcoming annual general meeting. Shares of Haw Par closed Friday 0.7 per cent or S$0.09 down at S$12.71. Shares of UOI closed Friday 0.7 per cent or S$0.05 down at S$7.40.

Japfa: The agri-food group posted net profit of US$61.9 million for H2 FY2024 ended December as revenue rose and cost of sales shrank. It posted US$2.4 billion in revenue, up 2 per cent year on year, while cost of sales contracted 5 per cent. It made a turnaround in profitability for FY2024 with US$113.6 million in earnings against a US$30.8 million loss for FY2023. The counter closed flat at S$0.61 on Friday, before the financial results were published.

Cordlife: The private cord-blood bank sunk into the red with a net loss of S$6.3 million for its second half ended Dec 31, 2024, compared with a net profit of S$1.3 million in the previous corresponding period. Loss per share for the half-year period came in at S$0.0247, from earnings per share (EPS) of S$0.0051 in the corresponding year-ago period. For the full-year, it posted a net loss of S$18.7 million, compared with a net profit of S$3.6 million a year earlier. Shares of Cordlife closed S$0.003 or 1.9 per cent higher at S$0.16 on Friday, before the announcement.

UMS: UMS Integration posted a 29 per cent year-on-year fall in earnings to S$11.1 million for the fourth quarter of FY2024 ended December on lower revenue and higher expenses. EPS stood at S$0.0146 for Q4 FY2024, lower than S$0.0234 for the year-ago period. UMS shares closed down 1 per cent or S$0.01 at S$1.02 on Friday, before the financial results were made public.

Elite UK Reit: The manager on Monday said it has divested Crown Buildings, Caerphilly at Claude Road for £710,000 (S$1.2 million). This represents a 18 per cent premium above its valuation of £600,000 as at end-December, based on an independent valuation conducted by CBRE. Net proceeds from the divestment will be used for the repayment of Elite UK Reit’s outstanding borrowings. Units of Elite UK Reit ended Friday 1.6 per cent or £0.005 lower at £0.30.

SG Local News

Singapore Corporate Insolvencies Reach Highest Level Since 2010

Companies in Singapore were forced to wind-up in record numbers last year, as compulsory liquidations in the city-state soared.

As many as 307 firms were shuttered in 2024, up from 201 the previous year, according to the Ministry of Law. That’s the highest since 2010, the earliest data provided. In January, 38 companies were wound up.

Singapore expects growth to come in at 1%-3% this year, down from 4.4% in 2024. Bloomberg Economics expects Singapore’s sharp rebound in 2024 to falter this year given it is one of the most trade-exposed economies in the region, making it vulnerable to the rise in protectionism.

Property Tycoon Ong to Plead Guilty Over Singapore Ex-Minister Scandal

Billionaire Ong Beng Seng plans to plead guilty to one charge related to a case involving a former Singapore minister who was jailed for obtaining gifts from the property tycoon.

Ong, 79, also consented to have a second charge taken into consideration for the purposes of sentencing at an April 2 court hearing, according to a statement Friday from Hotel Properties Ltd., where he’s a managing director.