Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.1%; Food Empire up 6%; CityDev, SIA and DBS up 0.4%.

Stocks in Focus

City Developments Limited (CDL) : The property player will be repurchasing 10 per cent of its preference shares – or about 26.8 million shares – at S$0.78 a share, it announced on Tuesday. CDL has offered to repurchase these shares through the off-market equal access manner, with each pref share holder entitled to sell 10 per cent of such shares held as at 5.30 pm on Jun 2. However, pref share holders may tender shares over 10 per cent of their holding if others do not accept their full entitlement. The offer will be open for acceptance to pref share holders for 10 calendar days from the date of the letter. CDL said there will be no implications for takeovers or mergers arising from this scheme, as these shares do not carry voting rights, and will be scrapped. CDL shares were trading 0.8 per cent or S$0.04 lower at S$4.81 at Tuesday’s market close, before the pref shares repurchase announcement. The pref shares last changed hands at S$0.995.

BRC Asia : The steel solutions provider reported on Tuesday a 9 per cent year-on-year increase in net profit for the first half to S$42.1 million, from S$38.5 million in the year-ago period. Revenue fell 6 per cent to S$715.6 million from S$758.3 million in the year before. The decline in revenue comes amid broad-based softness in steel prices, but delivery tonnage remains stable, reflecting continued demand and the group’s ability to maintain its market share amid volatility, the mainboard-listed company added. Shares of BRC Asia closed flat at S$3.11 on Tuesday.

Food Empire : The company posted a 16.3 per cent rise in its top line to US$136.6 million for the first quarter ended March, as most major markets delivered better performance. However, it did not give its net profit for the period in the update filed on Tuesday. Contributing to the better performance was its dynamic pricing approach to cushion against inflationary pressures, rising operating costs and surging coffee bean prices, Food Empire said. Its shares rose 1.3 per cent or S$0.02 to S$1.53 at market close on Tuesday, before the update was published.

Sri Trang Agro-Industry : The rubber group posted net profit of 688.7 million baht (S$27 million) in the first quarter ended Mar 31. This was a reversal from the net loss of 329.7 million baht in Q1 the year before, when El Nino had a significant impact on the group’s operations, the company said on Tuesday. Revenue rose to 34.4 billion baht in Q1, 45.2 per cent higher than the 23.7 billion baht recorded in the year-ago period, on the back of higher sales of natural rubber. Shares of Sri Trang Agro-Industry closed 7.3 per cent or S$0.04 higher at S$0.59 on Tuesday, before the announcement.

Sri Trang Gloves : The Thai glovemaker posted net profit of 424.2 million baht in the first quarter ended Mar 31, a 189 per cent increase from 146.8 million baht in the year-ago period. Revenue rose to 6.5 billion baht in Q1, 8.2 per cent higher from 6.1 billion baht the year before. Sales volume over the same period rose 8.9 per cent year on year to 9.1 billion pieces. Earnings per share stood at 0.15 baht, up from 0.05 baht in the corresponding year-ago period. The group said on Tuesday that its increase in net profit reflects the continued recovery of the industry and its diversified customer base. Shares of Sri Trang Gloves ended Tuesday flat at S$0.395, before the announcement.

United Hampshire US Real Estate Investment Trust (Reit) : The manager of the Reit announced in a Q1 business update on Wednesday that its distributable income for the quarter ended Mar 31 was down 1.4 per cent at US$6.3 million, from US$6.4 million in the previous corresponding period. Net property income declined 8.4 per cent to US$11.7 million, and revenue fell 2 per cent to US$18.1 million from US$18.5 million in the same period a year prior. This comes on the back of the divestment of Freestanding Lowe’s and Sam’s Club properties within Hudson Valley Plaza in August 2024, and the Albany Supermarket in January 2025. Its units closed 1.1 per cent or US$0.005 higher at US$0.445 on Tuesday.

Asian Pay Television Trust : The manager of the trust posted on Wednesday Q1 net profit of S$7.3 million, down 47.2 per cent from S$13.8 million in the previous corresponding period. Revenue fell 6.5 per cent to S$59.4 million, down from S$63.5 million in the first quarter of 2024. This was despite broadband growth momentum continuing during the quarter and the addition of about 8,000 new subscribers. The television and broadband company reaffirmed its full-year distribution guidance of S$0.0105 per unit for 2025, to be paid half-yearly. Shares of Asian Pay Television Trust closed flat at S$0.08 on Tuesday.

SG Local News

New tranche of S$500 CDC vouchers launched by PM Lawrence Wong

Singaporean households can now claim and use S$500 (US$380) in Community Development Council (CDC) vouchers, Prime Minister Lawrence Wong announced on Tuesday (May 13) at Nee Soon South Community Club.

The CDC vouchers, meant to help households manage cost-of-living challenges, will be divided equally as per previous tranches – S$250 for spending at participating heartland merchants and hawkers, and S$250 for spending at participating supermarkets.

Royal Group puts six HDB shophouses up for sale for S$73 million

A portfolio of six HDB shophouses located across Toa Payoh, Ang Mo Kio and Tanjong Pagar is up for sale for S$73 million.

Based on checks by The Business Times, the shophouses are owned by Royal Group, a Singapore-based, single-family office founded by billionaire Asok Kumar Hiranandani.

The units can be acquired individually or as a portfolio, said marketing agent Savills Singapore on Wednesday (May 14).