Market Snapshot

Singapore stocks opened lower on Monday. STI rose 0.2%; YZJ Fin Hldg up 3.6%; OCBC Bank up 0.6%; ST Engineering up 0.55%; SIA up 0.3%; iFast down 3.9%; UOB down 2.3%.

Stocks to Watch

ST Engineering: The group announced on Monday it secured new contracts worth about S$4.4 billion in the first quarter of 2025. These comprised S$1.3 billion from the commercial aerospace segment, S$2.7 billion from the defence and public security segment, and S$500 million from the urban solutions and satcom segment. The counter closed on Friday 1.2 per cent or S$0.09 lower at S$7.23, before the news.

Seatrium: It announced on Friday that Stephen Lu, its executive vice-president (EVP) for strategy, has been appointed as its new chief financial officer (CFO). Lu, whose new role will take effect from Apr 29, will continue to concurrently serve as EVP for strategy. This follows the resignation of Seatrium’s current CFO, Adrian Teng, who is leaving to pursue personal interests, the company said. Units of Seatrium closed 1.6 per cent or S$0.03 higher at S$1.96 on Friday, before the announcement.

Olam Group: The company announced on Monday that its wholly owned subsidiary Olam Food Ingredients (ofi) secured a US$350 million term loan facility. The facility has a two-year tenor, with Olam Treasury as a borrower, and is initially guaranteed by Olam Group but will transfer to ofi after its initial public offering. Proceeds from the facility will be used for the refinancing of ofi’s existing loans and general corporate purposes. The counter ended on Friday 1.6 per cent or S$0.015 higher at S$0.965.

CapitaLand Ascott Trust: The trust’s manager said on Monday that its gross profit rose 4 per cent year on year in the first quarter of 2025. Gross profits from new properties in the quarter had replaced the gross profit lost from divestments in 2024, the manager said, driven by stronger performance from properties the trust renovated in 2024. The counter closed 1.8 per cent or S$0.015 higher on Friday to reach S$0.855.

Yangzijiang Financial Holding: The financial arm of Yangzijiang Shipbuilding, Yangzijiang Financial, is exploring the possibility of spinning off its maritime investment segment into a newly incorporated company to be listed separately on the mainboard of the Singapore Exchange. The group said on Sunday that the proposed transaction would involve transferring its maritime investment assets into a new entity (spin-off group) to be listed by introduction. The plan is to establish the spin-off group as a pure-play maritime fund manager, with the remaining group continuing its focus on funds, diversified asset management capabilities, and investment operations. Units of Yangzijiang Financial closed on Friday, 1.45 per cent or S$0.01 up at S$0.70, before the announcement.

iFast: The digital bank and wealth management platform saw its net profit rise 31.2 per cent year on year to S$19 million for the first quarter ended Mar 31, driven by a turnaround in its UK bank. Continuing growth in the group’s core wealth management platform business also contributed. Its revenue gained 24.4 per cent to S$106.9 million, and the group’s assets under administration grew 22 per cent to a record high of S$25.7 billion as at the end of Q1, from net inflows of S$938 million, iFast said on Friday. Units of iFast gained S$0.07, or nearly 1 per cent, to close at S$7.19 on Friday, before the company announced its results.

SG Local News

Singapore Banks Dominate Surge in Share Buybacks

Singapore lenders are taking advantage of recent weakness in their share prices to purchase stock, making up the bulk of total corporate buybacks that are set to be the biggest in the city-state in four years.

The value of buybacks by DBS Group Holdings Ltd., Singapore’s largest bank, account for nearly half of all the stock repurchases in Singapore from April 1 to April 23, followed by United Overseas Bank Ltd. at 25% and Oversea-Chinese Banking Corp. at just over 8%, according to data compiled by Bloomberg.

Singapore banks, among the most well capitalized in the region, pledged in recent months to hand over billions of dollars in surplus capital to investors on the back of record-high earnings. Such action came in handy during global stock selloffs triggered by US President Donald Trump’s tariff measures.

Fewer Passengers and Goods in the Air as a Result of US Tariffs Impact Could Hurt Singapore’s Aviation Hub

Wide-ranging US tariffs could weaken demand not just for air freight of goods, but also passenger travel – which could hurt Singapore as a regional air hub, said industry watchers. But Singapore’s reputation for stability and its lower tariff rates could help it weather the storm.

“These tariffs are like a receding tide that will ground all boats,” said Subhas Menon, director-general of the Association of Asia Pacific Airlines (AAPA). “Aviation may be badly affected in terms of passenger travel, cargo and its supply chain.”

Apart from lowering both cargo and passenger demand, the tariffs could worsen lingering supply chain issues and thus drive up aircraft prices.

Allianz-Income Deal Was Done in Good Faith, Says Labour Chief Ng Chee Meng

The Allianz-Income deal was done in good faith and in compliance with regulations from the law and the Monetary Authority of Singapore, said labour chief Ng Chee Meng on Sunday (Apr 27) night.

Addressing the proposed S$2.2 billion sale of the homegrown insurer to the German insurance giant which stirred much controversy, Ng said: “In NTUC (National Trades Union Congress), we will do our best, and sometimes I’m sorry that it’s not good enough. But we will learn the right lessons and we will do better.”

The labour movement thought the deal was reasonable, said Ng, the People’s Action Party (PAP) candidate for Jalan Kayu SMC, in a rally speech.

Singapore Seeks Drug Concessions in US Tariff Talks, ST Says

Singapore is seeking concessions on pharmaceutical exports to the US, acknowledging that a 10% baseline tariff will not be eased.

Following a call with US Secretary of Commerce Howard Lutnick on Friday, Singapore Deputy Prime Minister Gan Kim Yong told local media that the Asian trading hub is negotiating with the US over pharmaceutical exports as new levies loom over the drugs. Gan said the products makes up over 10% of the city-state’s exports to the US, the Straits Times reported Sunday.