To The Moon

Market Snapshot

Singapore stocks opened lower on Thursday. STI fell 0.34%; Frencken, UMS down nearly 5%; AEM SGD, PC Partner down over 4%; PanUnited, ThaiBev, Sembcorp down around 1%.

Stocks in Focus

$Singapore Airlines(C6L.SI)$ (SIA): The national carrier on Wednesday reported a combined 3.7 million passengers flew on SIA and Scoot in June, up 6.3 per cent on the year. Passenger traffic also rose 4.1 per cent year on year, underpinned by robust demand for air travel, it said on Wednesday in a bourse filing of its operating results for June. Shares of SIA closed at S$7.60 on Wednesday, down 0.3 per cent or S$0.02, before the announcement.

$Frasers Property(TQ5.SI)$: A Frasers Property-led consortium placed the top bid for a large mixed-use commercial and residential site in the new Bayshore neighbourhood, bidding nearly S$2.13 billion – around S$1,323 per square foot per plot ratio. If awarded the site, Frasers Property, Sunway MCL, Sekisui House and $Lum Chang(L19.SI)$, would jointly develop the residential component, while the retail component would be developed and fully owned by $Frasers Centrepoint Trust(J69U.SI)$, Sunway MCL and Sekisui House. Shares of Frasers Property ended at S$1.07 on Wednesday, S$0.01 or 0.9 per cent higher.

$ComfortDelGro(C52.SI)$: The transport giant on Wednesday said that it has appointed Yap Chee Khean as its first group chief operating officer. This is a newly created role, as part of the company’s wider strategy to strengthen global operations and grow across markets. His role is effective from Oct 15. Shares of ComfortDelGro closed up 0.8 per cent or S$0.01 at S$1.34, before the news.

$CapitaLand Ascendas Reit(A17U.SI)$ (Clar): The trust on Wednesday said it is divesting Kim Chuan Telecommunications Complex, a 10-storey data centre, for about S$200.4 million to an unrelated third party. The sale consideration is more than double the S$100 million that Clar paid for the property at 38 Kim Chuan Road when it acquired it in March 2005. It also represents a premium of around 32 per cent to the independent market valuation of S$151.8 million as at Jun 30. Units of Clar closed unchanged at S$2.49 on Wednesday, before the announcement.

$Lum Chang Creations(L19.SI)$ (LCC): The company’s wholly owned subsidiary Lum Chang Interior (LCI), secured a contract valued at about S$32.9 million, it said on Wednesday. It concerns the supply, fabrication, installation, construction and completion of the architectural and associated sub-contract works to Teck Ghee Station. The period of the contract is around 36 months. LCI has commenced work on Jul 10. LCC will also be making its mainboard debut on Thursday. LCC shares ended 2.7 per cent or S$0.01 higher at S$0.385 before the news.

SG Local News

GovTech retrenches 93 staff in first phase of agency’s 2-year workforce transformation 

The Government Technology Agency (GovTech) has launched what it calls a workforce transformation exercise, retrenching 93 employees in the first phase of a two-year restructuring that is expected to affect between 7 and 9 per cent of its workforce. 

The agency, which has roughly 3,900 employees, said on Wednesday (Jul 15) that as it supports a wide range of ministries and statutory boards, carrying out its workforce transformation in phases will not only “minimise disruption to public services”, but also give its employees “sufficient time and support to make the transition successfully”.