Market Snapshot

Singapore stocks opened lower on Thursday. STI down 0.17%; Singtel up 1.8% as it returns to the black with S$2.8 billion H2 profit; ThaiBev, YZJ Fin Hldg down over 2%.

Stocks in Focus

Singtel: The telco giant returned to the black with a net profit of S$2.8 billion for its second half ended March, compared with a net loss of S$1.3 billion for the previous corresponding period. This translates to a basic earnings per share of S$0.1688, against a loss per share of S$0.0813. The group also authorised its first share buyback programme of up to S$2 billion, as part of the company’s capital management strategy, in addition to incorporating its wholly owned subsidiaries in Singapore such as Singtel International Digital Services and IDS Cloud. Both subsidiaries were incorporated with an issued and paid-up capital of S$2 respectively. The counter ended Wednesday 1.1 per cent or S$0.04 higher at S$3.85 before the news.

CapitaLand Ascott Trust (Clas): The hospitality player priced S$260 million in perpetual securities at 4.2 per cent, it announced on Wednesday. The issuance is expected to be on or around May 28. The move is part of Clas’ S$2 billion multicurrency debt issuance programme established in September 2009. OCBC has been appointed the lead manager and bookrunner in the latest issuance. The net proceeds will be used for the redemption of S$250 million in fixed-rate perpetual securities issued by DBS Trustee on Jun 30, 2015. Units of Clas ended flat at S$0.86 on Wednesday.

SG Local News

Singapore Kicks Off 2025 on Strong Note, Flags Downside Risks

Singapore’s economy kick-started 2025 on a faster-than-expected note, enjoying a flurry of manufacturing and export activity as businesses rushed to avoid the imposition of higher US tariffs.

Gross domestic product grew 3.9% in the three months through March from a year earlier, the Ministry of Trade and Industry said in its final estimate on Thursday. The figure compares with a median forecast of a 3.6% growth in a Bloomberg survey of economists, and the government’s advanced estimate of 3.8%.

On a seasonally adjusted quarterly basis, GDP fell 0.6%, versus a forecast of 1% contraction.