SGX Weekly Review | Sea Soars 6% This Week; Japfa Jumps 10%; Seatrium Rises 4%; Top Glove Falls 5%
Singapore shares slightly rallied this week, with the $STI(STI.SI)$ up 0.24% in the last five trading days.
$Japfa(UD2.SI)$ rose 10% this week, $Seatrium Ltd(5E2.SI)$ up 4%. $Top Glove(BVA.SI)$ fell 5%, $ComfortDelGro(C52.SI)$ fell 4%.
Market News
Singapore's $SEMBCORP INDUSTRIES LTD(U96.SI)$ to Build Green Hydrogen Plant in India's Odisha State
Sembcorp Industries has signed a deal with the eastern Indian state of Odisha to develop a green hydrogen plant and industrial park, the company backed by Singapore state-owned investor Temasek said on Friday.
Singapore-based energy and urban development company Sembcorp through its subsidiary Sembcorp Green Hydrogen India will build a facility in Odisha with a 720,000 metric tonne capacity, it said in a statement.
The project is expected to create over 2,000 jobs, the company said.
$Sea Ltd(SE)$ Stock Rises 6% This Week After 162% 2024 Rally
Sea is looking to build off a big 2024. The stock rocketed 162% last year and is up 6% this week. As highlighted in a recent New America profile, Sea's gains have been powered by accelerating growth and a return to core profitability for its e-commerce operations. Its Shopee offering is the largest e-commerce platform in Southeast Asia and has also expanded to parts of Latin America.
$SEMBCORP INDUSTRIES LTD(U96.SI)$, $Seatrium Ltd(5E2.SI)$ Win on Energy Transition Cooperation
Singapore and Malaysia agree to cooperate on renewable energy projects under the Johor-Singapore Special Economic Zone.
DBS Group Research believes Sembcorp Industries and Seatrium will benefit from the JS-SEZ.
SP Group and TNB are conducting a feasibility study to expand interconnector capacity between Singapore and Malaysia.
Singapore Developers Could Sell More New Homes in 2025
Developers in Singapore could sell more new homes this year, excluding executive condominiums, says Tricia Song, CBRE's head of research for Singapore and Southeast Asia, in a commentary. Developers are more likely to push ahead with launches this year, as buying appetite returned in 4Q 2024 amid lower mortgage rates, she adds. CBRE projects that 7,000-8,000 new homes will be sold in 2025, up from 6,560 units in 2024, driven by easing interest rates and improved buying sentiment. However, buyers may remain selective amid a wide range of new launch options, Song notes. "Attractive developer pricing remains key to healthy new launch performance," she adds.
$Top Glove(BVA.SI)$ Proposes Bonus Warrants Issue
Top Glove proposed a bonus issue of up to 405.8 million warrants, based on one warrant for every 20 existing shares, according to a Thursday Malaysian bourse filing.
The bonus warrants will be listed and quoted on the Main Market of Bursa Malaysia Securities and on the Main Board of the Singapore Exchange.
UOB Kay Hian Adjusts $ComfortDelGro(C52.SI)$'s Price Target to SG$1.77 from SG$1.83, Keeps at Buy
ComfortDelGro has an average rating of buy and price targets ranging from SG$1.60 to SG$1.80, according to analysts polled by Capital IQ.
The Week Ahead
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