Market Snapshot

Singapore stocks opened higher on Friday. STI rose 0.27%; First Sponsor up 2.88%; UOB up 1.24%; CapitaLand Investment down 6.9%; Mapletree Industrial Trust down 2.5%.

Stocks to Watch

CapitaLand Investment (CLI): The real estate investment manager reported a total revenue of S$496 million for the first quarter ended Mar 31, down 24 per cent from S$650 million in the corresponding period the year before. On Wednesday, the company said that much of the decline came from the deconsolidation of CapitaLand Ascott Trust (Clas). In December 2024, CLI sold a 4.9 per cent stake in Clas for S$162 million to an unrelated party. On a like-for-like basis, revenue remained “stable” since that of Q1 2024 would have been S$496 million, after accounting for Clas’ deconsolidation in both periods. Shares of CLI rose S$0.07 or 2.6 per cent to S$2.75 on Wednesday, ahead of the business update.

Nio: Chinese electric vehicle (EV) maker delivered 23,900 vehicles in April 2025, marking a 53 per cent year on year increase, the company said on Thursday. The total comprises initial deliveries from Firefly, the company’s newly launched small smart high-end EV brand, alongside 19,269 vehicles from its premium smart EV brand Nio, and 4,400 vehicles from its family-oriented brand Onvo. This has taken its cumulative deliveries to 737,558 as at Apr 30. Firefly was officially launched on Apr 19, with deliveries in China beginning later that month. Nio said it plans to expand the brand to global markets in the near future. Shares of Nio closed down US$0.18 or 4.2 per cent at US$4.13 on Wednesday.

Mapletree Industrial Trust(MIT): The trust on Wednesday posted a distribution per unit of S$0.0336 for the fourth quarter ended Mar 31, unchanged from the same period last year. This came even as revenue dipped 0.5 per cent to S$177.8 million, from S$178.7 million in the corresponding period in the previous year. In a bourse filing on Wednesday, the manager attributed the decline in revenue to the non-renewal of leases in its North America portfolio and loss of income from divesting a cluster of factories in Tanglin Halt in March last year. Units of MIT closed S$0.01 or 0.5 per cent lower at S$2.02 on Wednesday, before the announcement.

Jardine Cycle & Carriage (JC&C): The investment holding company reported lower contributions across most of its business units in the first quarter of 2025 on Wednesday. Astra in Indonesia, which JC&C has a majority stake in, reported a decrease in underlying profit, with contributions affected by the weaker Indonesian rupiah. The financial services segment of Astra, agribusiness and infrastructure units saw improved performance. Financial services posted higher earnings driven by larger loan portfolios, showing strong growth in multipurpose financing and increased market share of new vehicle financing. The agribusiness earnings were driven by higher crude palm oil prices and sales volumes. Shares of JC&C closed up 0.04 per cent or S$0.01 at S$25.93 on Wednesday.

iFast: The digital bank and wealth management platform announced on Friday that its global trust, a Singapore-incorporated entity within the group, has been granted a trust business licence by the Monetary Authority of Singapore. This development expands iFast’s wealth management capabilities, further enhancing its platform to support clients across the entire wealth lifecycle, from accumulation and growth to preservation and legacy planning. Shares of iFast closed on Wednesday 1.3 per cent or S$0.08 lower at S$6.22.

SG Local News

Prosecutors May Widen Charges in Singapore Nvidia Fraud Case

Singaporean prosecutors secured eight more weeks to deepen a probe and potentially bring more charges against three men accused of fraud in shipping servers likely containing Nvidia Corp. chips banned from China.

Prosecutors asked for an extension in court proceedings to gather more evidence, and told the court on Friday they may bring additional charges. The judge set the next court hearing for June 27 and told the prosecution to present more evidence at that session.