Daily Morning Note – 27 July 2021

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Asia stocks look set for a steady open Tuesday as traders assess steep losses in Chinese stocks sparked by Beijing’s sweeping regulatory overhaul as well as another record Wall Street close. Equity futures edged up in Japan and Australia and were little changed in Hong Kong. The S&P 500 hit a new peak with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs. U.S stock futures fluctuated.


SG News

Singapore’s manufacturing output rose 27.5 per cent year on year in June on a low year-ago base, but shrank 3 per cent on a seasonally-adjusted month-on-month basis, according to Singapore Economic Development Board figures on Monday. Excluding the outperforming biomedical manufacturing cluster, manufacturing output grew 24.8 per cent in June.

Raffles Medical on Monday announced a net profit of S$39.4 million for the six-month period ended June 30, 2021, more than double the S$17.2 million the previous year in part due to stronger revenue growth from supporting the government’s Covid-19 initiatives.

Keppel DC Reit is acquiring its first data centre in China for 635.9 million yuan (S$132 million), its manager said on Monday as it announced a 12.5 per cent growth in distribution per unit (DPU) to 4.924 Singapore cents for the first-half ended June 30, 2021.

CSE Global’s business sectors secured S$104.4 million in new orders for Q2 2021, bringing its order book to S$212.1 million as at the end of the quarter. The total order value was lower than the S$114.9 million secured a year ago due to a lower order intake in the energy segment.

Ground handler Sats is setting up a S$37 million central kitchen at an airport in Bengaluru – its first such investment in the Indian market, it said on Monday. The 14,000 square metre (150,695 square foot) facility at Kempegowda International Airport is slated to open in 2022, with capacity for 170,000 ready-to-eat meals a day.

Office-focused Keppel Pacific Oak US Reit (KORE) on Monday announced a half-yearly distribution per unit (DPU) of 3.16 US cents, up from 3.10 US cents the year before. This came from positive rental reversions and built-in rent increases, which lifted second-quarter distributable income to US$15.0 million for the three months to June 30; this is 2.1 per cent higher than a year ago.

US News

US electric carmaker Tesla reported its first-ever quarterly profit above US$1 billion on Monday as it reiterated its 2021 production targets despite supply chain upheaval. Profits surged to US$1.1 billion in the quarter ending June 30, up from US$104 million in the year-ago period as revenues nearly doubled to US$12.0 billion.

Toymaker Hasbro posted a better-than-expected 54% jump in quarterly revenue, helped by rising demand for its “Dungeons & Dragons” tabletop game, while its film and television production unit rebounded after a year of pandemic-led shutdowns. The company’s revenue was boosted by its TV production business, which benefited from vaccine rollouts and easing restrictions.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, CNBC, PSR

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