Market Snapshot

Singapore stocks opened higher on Friday. STI up 0.2%. HPH Trust up 2.4%; Keppel DC Reit up nearly 1%; YZJ Shipbldg down 1.9%.

Stocks in Focus

Yangzijiang Shipbuilding: The marine vessel manufacturer reported that its year-to-date order wins for the first quarter of 2025 amounted to six vessels worth US$300 million. This was around 5 per cent of its US$6 billion target for the 2025 financial year, it said in a business update on Thursday. In the same period the year before, it had clinched orders for 38 vessels worth US$3.3 billion, or 74 per cent of its target. Yangzijiang Shipbuilding’s total order wins for FY2024 stood at 126, with a value of US$14.6 billion – the highest since its listing in 2022. Ren Letian, the shipbuilder’s executive chairman and chief executive, said that US policies and global tariff actions prompted customers to adopt a wait-and-see approach, pushing back their decisions to order ships. Shares of Yangzijiang Shipbuilding closed 0.5 per cent or S$0.01 higher at S$2.14, before the update.

Metro: The mainboard-listed property investment and development group sank into the red for its second half ended March with a net loss of S$228.1 million, against a net profit of S$6.4 million in the previous corresponding period. This translated to a loss per share of S$0.276, from an earnings per share of S$0.008, the group said on Friday. The counter ended Thursday 1.2 per cent or S$0.005 higher at S$0.415.

SG Local News

Over a Third of Businesses in Singapore Already Hurting from Tariff Pain

Over one-third of businesses in Singapore are already hurting from the global tariff war, with almost 90 per cent expecting to feel its fallout within the next six months.

According to a Singapore Business Federation (SBF) survey of multinationals (MNCs), small-and-medium enterprise (SMEs) and large enterprises, three-quarters of businesses are staring at a revenue slide over the next six to 12 months.

Results of the poll, released on Thursday (May 22), also highlight the impact on companies’ wage, hiring and investment plans.

Public Trust In Singapore Banks Remains Strong At 72% In 2024

Public trust in Singapore’s banking industry remains strong, with 72% of respondents expressing high confidence and only 4% reporting low trust, according to the 2024 Banking Trust Index for Singapore (BTIS) released by the Association of Banks in Singapore (ABS).

The sector earned an Edelman Net Trust Score (ENTS) of 68, slightly down from 70 in 2022, but still firmly in the upper quartile of trust ratings.

The report attributed the dip in trust not to poor performance but to shifting public expectations. Purpose—defined as the industry’s contribution to social good—has become increasingly important to respondents, overtaking more traditional drivers like ability and integrity.

S-REITs Gain Appeal As Borrowing Costs And Bond Yields Fall: RHB

RHB is maintaining its overweight stance on Singapore REITs (S-REITs), citing “benign sector valuations” and a “medium-term risk-reward still in favour.”

In its latest sector update, RHB named CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, Frasers Centrepoint Trust, Keppel REIT, and AIMS APAC REIT its top picks.

The firm noted that recent financial results were “largely in line,” with most REITs showing resilience amidst macroeconomic headwinds. One of the most encouraging signs was a broad-based decline in interest costs, particularly for Singapore-centric REITs.