Market Snapshot

Singapore stocks opened lower on Monday. STI fell 0.5%; Yangzijiang Financial fell 57%; MM2 Asia fell 25%; SingPost fell 4%.

Stocks in Focus

Singtel: Singtel sold 0.8 per cent of its direct stake in Indian telecommunications company Bharti Airtel for about S$1.5 billion on Friday. The latest transaction will result in an estimated gain of S$1.1 billion. The counter climbed to an all-time high of S$4.63, closing S$0.13 or 2.9 per cent up on Friday after the announcement.

UMS: UMS Integration on Friday reported a 1 per cent year-on-year rise in net profit to S$10.5 million for the third quarter ended Sep 30, on an improved gross margin due to productivity improvements and changes in product mix. However, the group’s revenue dipped 9 per cent to S$59.3 million. Shares of UMS dropped 1.9 per cent or S$0.03 to S$1.51 on Friday, before the news.

Cortina: Luxury watch retailer Cortina on Friday posted a 10 per cent rise in net profit to S$30.5 million for the six months ended Sep 30, up from S$27.8 million a year ago. Revenue for the half year rose 13 per cent to S$468.7 million, from around S$413 million a year earlier. Shares of Cortina ended Friday flat at S$3.41, before the announcement.

MM2 Asia: The entertainment company, alongside subsidiaries mm2 Entertainment, UnUsUaL Management, mm2 Connect and mm Plus, each received a letter of demand from UOB for debts owed to the lender. The former Cathay Cineplexes cinema operator said in a bourse filing on Monday that UOB was demanding about S$74.6 million with all interest, fees, charges, costs and expenses. In the filing, mm2 Asia said it was seeking legal advice on the matter. Shares of mm2 Asia ended Friday flat at S$0.004.

SG Local News

SingPost H1 Profit Down 12.8% at S$19.7 Million Amid Divestments, Tough E-Commerce Business

SingPost posted a 12.8 per cent drop in net profit to S$19.7 million for its first half year ended Sep 30, from S$22.6 million in the previous corresponding period.

This was mainly due to the lack of contributions from the divested Australia business, which had offset the exceptional gains from other divestments in the half year, the postal service provider said on Monday (Nov 10).

Earnings per share from the continuing and discontinued operations excluding distributions to holders of perpetual securities stood at S$0.0063 for the period, down from S$0.0076 the previous year.

The discontinued operations refer to the Australia logistics business under SingPost Australia Investments and its subsidiaries, as well as the freight forwarding business of Famous Holdings, Rotterdam Harbour Holdings and subsidiaries of Quantium Solutions.

Circles.Life Warns M1-Simba Telco Merger Could Hurt Consumers in Submission to IMDA

Mobile network operator Circles.Life has raised concerns about the proposed deal between rivals M1 and Australian-backed Simba Telecom, warning that consumers could suffer without proper regulatory safeguards.

In a formal submission to the Infocomm Media Development Authority (IMDA), Circles.Life said the merged entity would control 77 per cent of the wholesale market and have a postpaid retail market share exceeding 38 per cent.

“The need to retain competition for consumers is a central focus of this regulatory process,” it argued.