Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.6%; SIA rose 0.3%; DBS rose 0.5%; UOB rose 0.7%; Seatrium rose 1%; NIO rose 2%; Sembcorp Industries rose 4%.

Stocks to Watch

Singapore Airlines (SIA): The national carrier and its low-cost arm Scoot posted a 0.5 per cent year-on-year increase in passenger traffic in February, as travel demand tapered following the end of the Chinese New Year festive season, the company’s operating update showed on Monday. Scoot’s 9.3 per cent year-on-year drop in passenger traffic was a drag on group performance. Passenger traffic for SIA rose 3.6 per cent. SIA shares climbed S$0.06 or 0.9 per cent to S$6.75 on Monday.

ST Engineering: The company on Tuesday announced plans to propose an increase in its total dividend to S$0.18 per share for FY2025, up from the prior financial year’s proposed dividend of S$0.17 per share. It also announced a new dividend policy for FY2026 where it plans to pay out about one third of its year-on-year increase in net profit as incremental dividends. Shares of ST Engineering ended Monday 1.8 per cent or S$0.11 higher at S$6.32.

CapLand IntCom T: The manager on Monday announced the appointment of current deputy chief executive Tan Choon Siang as chief executive and executive non-independent director from May 1. Tan will also be appointed as a member of the executive committee. He succeeds current CEO Tony Tan, who will take on the role of chief corporate officer of CapitaLand Development from May 1. Units of CICT closed 0.5 per cent or S$0.01 lower at S$2.12 on Monday.

Sembcorp Industries: The company responded to a Bloomberg report released on Monday (Mar 17), which said Sembcorp could be considering going private or selling assets as part of its strategic review of its business. Sembcorp said it “continually reviews” its portfolio and “may from time to time engage with external advisers to consider available options”. The company added that it would make necessary announcements when there are material developments and warned shareholders to exercise caution in dealing with its shares. Shares of Sembcorp ended Monday 2.4 per cent or S$0.14 higher at S$6.10.

First Resources: Its subsidiary PT Ciliandra Perkasa on Tuesday entered a conditional agreement to buy 3.1 billion shares or 91.2 per cent of the issued and paid-up capital of PT Austindo Nusantara Jaya, Tbk, a publicly-listed Indonesian company, for US$329.8 million. The group hopes the proposed acquisition will help it expand its upstream oil palm plantation footprint and enhance feedstock availability for its growing downstream operations, it said. Shares of First Resources ended Monday 1.2 per cent or S$0.02 higher at S$1.68.

SG Local News

Singapore Home Sales Hit Three-Month High as Boom Persists

Singapore private home sales climbed to a three-month high in February, spurred by locals seeking suburban residences and some trying to make a quick profit.

Developers sold 1,575 units last month, according to data released Monday by the Urban Redevelopment Authority.

The city-state is seeing a rebound in apartment sales as interest rates fall and some buyers try to make money from flipping condos. That’s prompted analysts to forecast a growing chance of the government introducing more curbs to cool the market.

Sea’s Billionaire Founder Forrest Li Confirms Bid to Become Singapore Football Chief

Tech billionaire Forrest Li has officially thrown his hat into the ring in the contest for Singapore football’s top post.

A spokesman for Li told The Straits Times on Monday (Mar 17) that the chairman of Singapore Premier League club the Lion City Sailors will be running for the role of president at the Football Association of Singapore (FAS) elections on Apr 28.

“Forrest Li has confirmed that he will be running for the FAS presidency, and he looks forward to sharing more about his team in the coming fortnight,” said the spokesman.