Market Snapshot

Singapore stocks opened higher on Wednesday. STI up 0.17%; CityDev up 4%; UMS, JMH USD up over 3%; Golden AgriRes, Raffles Medical up 2%.

Stocks in Focus

Singapore Airlines (SIA): The national carrier and its low-cost arm Scoot reported a 4.5 per cent year-on-year increase in passenger traffic in June, according to the group’s operating results released on Tuesday. This was driven by strong demand for air travel across all route regions, supported by the start of the summer travel season and the mid-year school holidays in Singapore, noted SIA. The growth in passenger traffic of the group outpaced the 3.1 per cent year-on-year increase in passenger capacity in the same month. Shares of SIA closed Tuesday up 0.8 per cent or S$0.06 at S$7.36 on a cum dividend basis.

City Developments Limited (CDL): The property conglomerate announced on Tuesday the retirement of Philip Yeo, who backed executive chairman Kwek Leng Beng’s bitter boardroom battle against his son, chief executive officer Sherman Kwek earlier this year. Yeo had served the board for 16 years since May 2009, and “has given notice of his retirement as a non-independent non-executive director of CDL”, wrote CDL on Tuesday. The group’s shares closed down 0.2 per cent or S$0.01 at S$5.57 on Tuesday, before the announcement.

UOL Group: UOL Treasury Services (UTS), a special purpose entity and unit of UOL has issued S$225 million notes at 2.78 per cent yield, said the property developer on Tuesday. The notes are expected to be listed on the Singapore Exchange (SGX) on Wednesday. They are issued as the first tranche of the fifth series of notes under a S$2 billion multicurrency medium-term note programme established by UTS in November 2014. DBS and UOB have been appointed as the joint lead managers and book-runners for the notes. The counter closed Tuesday down 1.3 per cent or S$0.09 at S$6.75, before the announcement.

Talkmed: Shareholders of TalkMed on Tuesday approved a proposed privatisation offer from Tamarind Health. Ninety-eight shareholders, representing 89.1 per cent of those present and voting at an extraordinary general meeting of the comapny, voted for the scheme meeting resolution. The shareholders in favour held a total of 1.2 billion shares, or 99.9 per cent of the total shares represented at the meeting. TalkMed requested the lifting of its trading halt in a separate filing on Tuesday evening, which began earlier in the day. Shares in Talkmed last traded at S$0.455.

Amara: Special-purpose vehicle DRC Investments on Tuesday exercised its right to compulsorily acquire the hotel group’s shares at S$0.89 apiece, having earlier offered to privatise Amara at S$0.895 apiece on Apr 28. Once the compulsory acquisition is complete, Amara will become a wholly owned subsidiary of the offeror and will delist from the mainboard of SGX at a date and time that will be announced in due course, the group said. The counter has been suspended from trading since Jun 11, 2025.

Seatrium: The company on Wednesday announced its impending delivery of Petrobras 78, a series of floating production storage and offloading (FPSO) vessels, to Brazilian state-owned oil company Petrobras. This comes as the sailaway ceremony took place two weeks ago at Seatrium’s Singapore yard, said the offshore and marine specialist. Upon delivery, the FPSO vessels will be deployed to Buzio, a deepwater oil field in Brazil. The counter ended on Tuesday 2.8 per cent or S$0.06 higher at S$2.18.

SG Local News

Singapore AUM up 12.2% in 2024, Exceeds S$6 Trillion for the First Time

Total assets under management (AUM) in Singapore rose 12.2 per cent to hit S$6.07 trillion as at Dec 31, 2024, surpassing the S$6 trillion mark for the first time.

In 2024, the financial services sector grew by 6.8 per cent, more than double the 3.1 per cent growth a year earlier, according to the Monetary Authority of Singapore’s (MAS) annual report released on Tuesday (Jul 15).

On average, the sector grew 4.7 per cent each year between 2021 and 2024.

Las Vegas Sands Bets on Asia’s Young Rich in Singapore Expansion

Las Vegas Sands Corp. is targeting Southeast Asia’s young and wealthy as it kicks off an ambitious $8 billion expansion of its luxury resort in Singapore that’s core to the casino operator’s future growth plans.

“As those younger people create wealth for themselves, they want experiences that allow them the benefits of their success,” President and incoming Chief Executive Officer Patrick Dumont said during an interview Tuesday. Customers who visit the Marina Bay Sands complex on business trips often then return with their families for a holiday, he said.