Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.14%; NIO up nearly 5%; SingPost up 1.8%; OCBC Bank up 0.8%; Genting SIng up 0.7%; UOB up 0.6%; SIA up 0.5%.

Stocks to Watch

CapitaLand Ascendas Reit (Clar): The Reit reported a growth in portfolio rental reversions of 11 per cent in the first quarter of 2025, despite occupancy dipping, in a bourse filing on Monday. All geographies across Clar’s portfolio saw a fall in occupancy, with a 1.3 per cent quarter-on-quarter (qoq) decline in total portfolio occupancy. Australia saw the biggest decrease, falling 3.3 per cent qoq to 89.2 per cent. Units of Clar closed up 0.8 per cent or S$0.02 at S$2.68 on Monday.

Sats: Worldwide Flight Services (WFS) – a wholly owned subsidiary of inflight caterer and ground handler of Sats, has partnered the Port Authority of New York and New Jersey and global investment manager Realterm to open a US$270 million cargo terminal at John F Kennedy International Airport in the US. This is the airport’s first new cargo terminal in 30 years, and will help to reduce congestion and streamline operations, said the three entities in a joint press release on Monday. Units of Sats closed flat at S$2.81 on Monday, before the news.

Frasers Centrepoint Trust (FCT): The manager of the trust on Tuesday posted a 0.5 per cent increase in distribution per unit (DPU) for the first half ended Mar 31 to S$0.0654, from S$0.0622 in the same period a year before. The DPU for H1 2025 will be paid on May 30. Distributions to unitholders for the period rose 4.9 per cent on the year to S$110.1 million, from S$104.9 million. Units of FCT closed unchanged on Monday at S$2.25.

First Sponsor: The company reported in a bourse filing on Monday that weak market sentiments in the first quarter of 2025 continued to have an impact on its property development business in China. This was despite the easing of property-related measures and the implementation of pro-market fiscal and monetary policies by the Chinese government in the second half of 2024. First Sponsor remains cautiously optimistic that further government support this year will contribute to a gradual market recovery. Shares of First Sponsor closed up 3.8 per cent or S$0.04 at S$1.09 on Monday, before the news.

Stoneweg European Real Estate Investment Trust (Stoneweg E-Reit): The DPU of Stoneweg European Real Estate Investment Trust (SERT) declined 3.7 per cent to 3.374 euro cents for the first quarter ended Mar 31, from 3.505 euro cents in the year-ago period. This was despite a 2.4 per cent increase in net property income to 33.5 million euros (S$49.9 million), driven by higher rental income from assets and a reversal of bad-debt provisions. Gross revenue was up 0.5 per cent to 53.6 million euros in the first quarter, with “stable leasing activity supporting income levels”, said the manager in a statement on Monday. The counter closed 2.3 per cent or S$0.05 higher at S$2.21 on Monday.

United Overseas Insurance (UOI): Its profit before tax for Q1 FY2025 fell marginally by 3 per cent to S$7.8 million, from S$8 million in the previous corresponding period. The fall was attributed to a decrease in non-underwriting income but partly offset by stable underwriting results, said the general insurance arm of United Overseas Bank in a financial highlight released on Monday. The counter closed Monday unchanged at S$7.75 before the news.

Lippo Malls Indonesia Retail Trust (LMIRT): The Indonesian mall property trust announced on Monday a 2.4 per cent decline in net property income to S$29.2 million for the first quarter ended Mar 31, from S$29.9 million a year prior. This came amid a 3.4 per cent depreciation of the rupiah to the Singapore dollar, said the trust’s manager in a media release accompanying the results. In rupiah terms, net property income inched up by 1 per cent to 352.1 billion rupiah. This was mainly from a net reversal for an impairment loss on trade receivables, following a successful collection from a certain credit impaired tenant, it said. Units of the trust closed flat at S$0.013 on Monday, before the announcement. 

SG Local News

Singapore Negotiating for US Concessions on Pharmaceuticals, Chips

Singapore is negotiating concessions for pharmaceutical exports to the U.S. while ensuring it still has access to high-end AI chips from the American market, said Trade and Deputy Prime Minister Gan Kim Yong.

Gan had a call with U.S. Secretary of Commerce Howard Lutnick on Friday and Lutnick expressed concern about export controls of chips "not just to Singapore, but generally" and wanted to explore "creative solutions" to strengthen bilateral trade, according to a transcript published by the trade ministry on Sunday.

"We took the opportunity to explain to Secretary Lutnick about Singapore’s export control system and how we have been working together with the U.S. counterparts in this area, to the extent that our law permits," Gan said.

Singapore's Q1 Employment Growth Slows, Unemployment Edges up

Employment growth slowed and unemployment rose in the first quarter of 2025, with the Ministry of Manpower $(MOM.AU)$ expecting the labour market to continue softening due to greater uncertainty in external growth prospects.

Total employment grew 2,300 in Q1, based on advance figures from MOM on Monday (Apr 28).

This was below the previous quarter’s increase of 7,700 – which MOM described as seasonal – and also lower than the year-ago increase of 3,200.

This was due to smaller increases in both resident and non-resident employment.

Global Tensions Cloud Outlook For Singapore Housing Market: Analysts

Singapore's private residential market continued its cautious ascent in the first quarter of 2025, but industry players are warning of mounting risks from global economic tensions.

According to the Urban Redevelopment Authority (URA), private home prices rose 0.8% in Q1 2025, slowing from the 2.3% gain seen in the previous quarter.

Sales volumes dipped slightly, reflecting a market adjusting to external uncertainties and intense competition among developers.

OrangeTee & Tie noted that whilst prices have risen for two straight quarters, "the resale market exhibited a more subdued performance due to increased competition from the primary market," leading to a 3.7% drop in resale volumes.