Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 0.4%; UOB fell 2.5%; OCBC and DBS fell 0.6%; while Yangzijiang Shipbuilding rose 1.9%; Keppel and Seatrium rose 1%.

Stocks to Watch

UOB: The bank’s net profit for its first quarter was flat amid broad-based growth, it said on Wednesday. Net profit for the three months ended Mar 31, 2025, stood at S$1.49 billion, almost unchanged from S$1.487 billion a year ago. The earnings missed the S$1.54 billion consensus forecast in a Bloomberg survey of five analysts. Wee Ee Cheong, chief executive and deputy chairman of UOB, noted that macroeconomic uncertainties from the US tariffs have triggered significant market volatility and disruptions in global trade. Shares of UOB closed flat at S$34.98 on Tuesday.

Sats: The catering and ground handling company on Tuesday announced the appointment of Sandeep Sakharkar as chief digital officer, a newly created role. The appointment, which took effect on Mar 17, sees Sakharkar leading the development and execution of Sats’ digital strategy, focusing on integrating advanced data analytics, automation, artificial intelligence and operational improvements across the company’s global operations. The announcement comes after Timothy Tang’s designation as group chief financial officer on Apr 24, as part of Sats’ leadership renewal process. Shares of Sats closed S$0.01 or 0.3 per cent lower at S$2.89 on Tuesday, before the news.

Frasers Logistics & Commercial Trust (FLCT): The manager of the Reit on Wednesday posted a 13.8 per cent fall in distribution per unit (DPU) to S$0.03 for its first half ended Mar 31, from S$0.0348 in the corresponding year-ago period. This decline reflected the transitional challenges in the commercial portfolio and foreign exchange volatility in a higher interest rate environment. It will be paid out on Jun 18, and represented an annualised distribution yield of 6.5 per cent, based on the annualised DPU and market closing price of S$0.92 per unit as at Mar 28 (the last trading day of that month). Units of FLCT ended on Tuesday at 0.6 per cent or S$0.005 higher at S$0.905.

Aims Apac Reit: The manager reported higher DPU of 2.6 per cent to S$0.096, citing resilient operational performance. The Reit’s revenue rose 5.3 per cent year on year to S$186.6 million on strong portfolio performance and rental reversions, said the manager on Wednesday. Net property income was up 2.1 per cent year on year to S$133.7 million. The counter closed at S$1.27 on Tuesday, up S$0.01 or 0.8 per cent.

Acrophyte Hospitality Trust: The stapled group’s managers on Wednesday reported 7.7 per cent lower revenue in Q1 at US$33.5 million, from US$36.2 million in Q1 2024, they said in a business update. This was due to the trust’s 8.3 per cent reduction in portfolio size. Operating profit also dropped 12.8 per cent to US$9.3 million, from US$10.7 million previously. Net property income fell 18.1 per cent year on year to US$5.3 million, from US$6.4 million. Stapled securities of Acrophyte Hospitality Trust closed on Tuesday flat at US$0.205.

SG Local News

Singapore's UOB Drops 2025 Guidance Due to US Tariffs, Posts Stable Q1 Net Profit

Singapore's United Overseas Bank, or UOB, will resume giving 2025 guidance when the impact of U.S. tariffs becomes clearer, it said on Wednesday after posting a stable first-quarter net profit that missed expectations.

UOB, Southeast Asia's third-largest bank by assets, reported S$1.49 billion ($1.16 billion) in net profit, unchanged from the year-ago quarter, due to factors including record fee income and robust loan growth. This was slightly below the mean estimate of around S$1.5 billion of two analysts polled by LSEG.

Net fee income rose 20%, boosted by strong growth in loan-related and wealth activities, but non-interest income eased from lower trading and investment income.

Emirates Opens First Retail Store in Singapore, with Carrier Expecting Higher Air Traffic

Dubai-based airline Emirates on May 6 opened its first retail store in Singapore, where customers can experience its first-class suite and be assisted with services like ticket purchases or upgrades.

The Emirates World store, which spans over 330 sq m, is located at Odeon 333, across the street from Raffles Hotel.

This comes as Emirates said it has flown more than 800,000 passengers between Singapore and Dubai in 2024, with the airline expecting the numbers to grow.