SG Morning Call | Singapore's November Exports Rise 11.6% Y/Y, Stronger Than Expected

Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 0.4%; ST Engineering fell 1%; OCBC and Yangzijiang Shipbuilding fell 0.9%; SGX fell 0.7%; SIA fell 0.6%; DBS and UOB fell 0.5%;

Stocks in Focus

$Keppel(BN4.SI)$, $Keppel DC Reit(AJBU.SI)$: Asset manager Keppel announced on Tuesday that its connectivity division has agreed to sell its stakes in two data centres for a total cash consideration of S$50.5 million to Keppel DC Reit. The remaining stakes held by Keppel are the 10 per cent interest in data centre Keppel DC Singapore 3, and the 1 per cent interest in Keppel DC Singapore 4. The transactions are expected to occur by the first quarter of 2026. Shares of Keppel closed 0.4 per cent or S$0.04 down at S$10.06 on Tuesday, while units of Keppel DC Reit closed 1.8 per cent or S$0.04 lower at S$2.20 prior to the news.

$CapitaLand Integrated Commercial Trust(C38U.SI)$ (CICT), $Singapore Land(U06.SI)$ (SingLand), $UOL(U14.SI)$: A consortium involving a CICT vehicle, Singapore Land, UOL, Kheng Leong and CapitaLand Development put in the top bid of S$1.5 billion or S$1,179 per square foot per plot (psf ppr) for a Hougang Central mega project. The bids beat analyst expectations for S$800 to S$1,000 psf ppr for the 4.7 hectare site. Analysts expect the new homes in the project to be priced at S$2,500 to S$2,600 psf. Units of CICT rose 0.4 per cent or S$0.01 to close at S$2.33 on Tuesday. Shares of SingLand rose 0.6 per cent or S$0.02 to close at S$3.15 and shares of UOL rose 0.1 per cent or S$0.01 to close at S$8.45.

$Jardine Cycle and Carriage(C07.SI)$ (Jardine C&C), $Fraser and Neave(F99.SI)$ (F&N): The dairy subsidiary of F&N, F&N Dairy Investments (FNDI), is set to acquire up to 4.6 per cent in additional shares in Vietnam Dairy Products Joint Stock (Vinamilk) from Jardine C&C. The number of shares is slightly above 96 million, with an aggregate consideration at around six trillion dong (S$295 million), F&N said in a Tuesday bourse filing. The proposed transaction will raise F&N’s effective interest in Vinamilk to about 25 per cent. Shares of F&N closed 0.7 per cent or S$0.01 down at S$1.47 on Tuesday, while shares of Jardine C&C closed 0.7 per cent or S$0.25 lower at S$33.38.

$Suntec Reit(T82U.SI)$: Property tycoon Gordon Tang’s Acrophyte Asset Management said on Tuesday that it plans to acquire the Suntec Reit manager, ESR Trust Management (Suntec). Acrophyte will enter into an agreement with ESR Group subsidiaries to acquire 100 per cent of its indirect interest in the manager. Suntec Reit units rose S$0.01, or 0.7 per cent, to close at S$1.40 on Tuesday, before the announcement.

SG Local News

Singapore's November Exports Rise 11.6% Y/Y, Stronger Than Expected

Singapore's non-oil domestic exports rose by 11.6% in November from the same month a year earlier, government data showed on Wednesday, led primarily by pharmaceuticals and supported by electronic products, such as integrated circuits and PCs.

The export growth compared with a Reuters poll forecast of a 7.0% increase, and followed a revised rise of 21.7% in October.

Among key markets, exports to the U.S., European Union and Taiwan rose strongly, while shipments to Thailand and Japan were markedly lower than a year earlier, Enterprise Singapore said.

Property Tycoon Gordon Tang to Acquire Suntec Reit’s Manager

Acrophyte Asset Management, controlled by property tycoon Gordon Tang, has signed a deal to acquire ESR Trust Management (Suntec) Ltd, the manager of Suntec Real Estate Investment Trust (Reit).

The manager said Acrophyte has entered a conditional sale and purchase agreement with subsidiaries of ESR Group to acquire ESR’s 100 per cent indirect interest in the manager. It said in a statement on Tuesday (Dec 16) that Tang currently owns, directly and through his affiliates, a 35.7 per cent stake, or about one billion units, in Suntec Reit, while ESR owns a 10.8 per cent stake in Suntec Reit.

“We have consistently shown our confidence in Suntec Reit, via our significant long-term unitholding,” said Tang, a China-born billionaire. “Acquiring the manager is an extension of our commitment to Suntec Reit.”

Keppel Divests Remaining Interests in Two Singapore Data Centres for S$50.5 Million to Keppel DC Reit

Asset manager Keppel announced on Tuesday (Dec 16) that its connectivity division has agreed to sell its stakes in two data centres for a total cash consideration of S$50.5 million to Keppel DC Real Estate Investment Trust (Reit).

The remaining stakes held by Keppel are the 10 per cent interest in data centre Keppel DC Singapore 3 (KDC SGP 3), and 1 per cent interest in another data centre, Keppel DC Singapore 4 (KDC SGP 4).

The transactions are expected to occur by the first quarter of 2026.