DAILY MORNING NOTE | 28 February 2025

Singapore equities rose 0.3 per cent on Thursday (Feb 27). The top gainer was CapitaLand Investment, which added 4.8 per cent or S$0.12 to close at S$2.62. At the other end, the top loser was Yangzijiang Shipbuilding, which plunged 9 per cent or S$0.24 to S$2.44. The performance of the three local banks was mixed. DBS slipped 0.1 per cent or S$0.06 to S$46.61, UOB added 0.2 per cent or S$0.07 to S$38.51, and OCBC gained 0.9 per cent or S$0.16 to S$17.37.

Wall Street stocks tumbled on Thursday (Feb 27), extending a rough period as disappointment with Nvidia earnings and fresh tariff rhetoric from Donald Trump pressured the market. The Dow Jones Industrial Average finished down 0.45 per cent at 43,239.50. The broad-based S&P 500 dropped 1.59 per cent to 5,861.57, while the tech-rich Nasdaq Composite Index fell 2.78 per cent to 18,544.42.

Singapore Technical Highlights

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

The cut-off yield for Singapore’s latest six-month Treasury bill (T-bill) fell to 2.75 per cent, based on auction results released by the Monetary Authority of Singapore on Thursday (Feb 27). This was down from the 2.9 per cent offered in the previous six-month auction that closed on Feb 13. Demand for the latest tranche fell as the auction received a total of S$20.1 billion in applications for the S$7.5 billion on offer, representing a bid-to-cover ratio of 2.69. By comparison, the previous auction received a total of S$23.3 billion in applications for the S$7.3 billion on offer, representing a bid-to-cover ratio of 3.19. Median yield for the latest auction stood at 2.69 per cent, down from 2.78 per cent in the previous auction. Average yield slipped to 2.36 per cent, from 2.52 per cent previously. Singapore will issue up to another S$450 billion in government securities, with a parliamentary motion having been passed in November last year to raise the government’s issuance limit to S$1.515 trillion, from S$1.065 trillion previously. The new limit is expected to last until 2029.

City Developments Limited (CDL) group chief executive Sherman Kwek and six board directors, called out by CDL executive chairman Kwek Leng Beng for an “attempted coup” to take control of the board, have appointed lawyers to represent them in court. On Feb 26, court hearing information showed they had no legal representation, but by Feb 27, the records were updated to reflect their engagement of law firm Lee & Lee. This move escalates the court battle over control of the CDL board. On one side is Mr Kwek Leng Beng, supported by board directors Philip Yeo, Colin Ong and Chong Yoon Chou. He alleges that a faction led by his son Sherman Kwek, alongside directors Philip Lee Jee Cheng, Wong Ai Ai, and others, attempted to consolidate power over the board and CDL.

Lendlease Global Commercial REIT has secured approximately 13% increase over the prevailing base rent for Jem office for five years effective from 3 December 2024. Jem office is fully leased to the Singapore’s Ministry of National Development (MND) until 2044 with a rental review provided for once every five years. By gross rental income (GRI), the MND is the top tenant contributing 11.2% to LREIT’s portfolio as at 30 June 2024. Following this rental review, GRI contribution from the MND is expected to increase to approximately 12% on a proforma basis as at 31 December 2024. Separately, LREIT has recently priced S$120 million 4.75% fixed rate perpetual securities. The net proceeds will be utilised towards the refinancing of the 5.25% fixed rate perpetual securities in April 2025.

Daiwa House Logistics Trust announced financial results for the financial year ended 31 December 2024 (FY2024). Of the leases that expired during FY2024, approximately 90% of the space was renewed or filled. For one of the expired leases, the existing tenant was replaced by a new tenant with rent uplift. Including this new lease, the weighted average rent uplift for the leases renewed and the new lease entered into during FY2024 was approximately 5%. As a result of the healthy renewal and leasing activities, portfolio occupancy rate remained high at 97.6%, while weighted average lease expiry (WALE) of the portfolio remained relatively long at 6.6 years, as at 31 December 2024. Due mainly to the contribution of DPL Ibaraki Yuki, which was partially offset by lower portfolio occupancy in FY2024, the net property income (NPI) of the Japan Portfolio for FY2024 grew by 2.1% y-o-y in JPY terms. However, the improvement in performance of the Japan Portfolio and the contribution from D Project Tan Duc 2 were negated by weaker JPY against SGD, which resulted in a lower NPI in SGD terms for FY2024. Due mainly to the lower NPI, lower realised foreign exchange gain as well as higher financial expenses from the additional loans drawn for the acquisitions, the distributable income for FY2024 declined y-o-y. As a result, DHLT recorded distribution per unit (DPU) of 4.79 cents for FY2024.

First Resources Limited delivered a strong performance for the 12 months ended 31 December 2024 (FY2024), driven by record production and higher average selling prices. In FY2024, the Group’s topline grew by 5.9% year-on-year to US$1,038.8 million, bolstered by stronger market prices, with CPO prices on a free-on-board Belawan basis rising 11.8% to US$1,006 per tonne from US$900 per tonne in FY2023. Supported by the higher sales, EBITDA surged 41.4% to US$398.9 million, while underlying net profit expanded 56.1% to US$228.8 million. The Board of Directors has proposed a final dividend of 6.30 Singapore cents per share for the financial year ended 31 December 2024. This brings the full year ordinary dividend to 9.80 Singapore cents per share, representing 50% of the Group’s underlying net profit.

Olam Group delivered 9.2% EBIT growth in 2024 driven by ofi and Olam Agri. Ofi saw double-digit EBIT growth of 29.1% year-on-year (YoY), led by Ingredients & Solutions segment that reported an increase of 41.8%. Olam Agri’s EBIT grew 5.8% YoY led by 32.2% YoY growth in Fibre, Agri-industrials & Ag Services. The Board has recommended a second and final dividend of 3.0 cents per share, taking total dividends to 6.0 cents per share for 2024 (2023: 7.0 cents). In a re-organisation update, Olam Group to sell 44.58% in Olam Agri to SALIC for approximately US$1.78 billion, at an implied 100% equity valuation for Olam Agri of US$4.00 billion; Olam Group to sell its remaining 19.99% stake in Olam Agri to SALIC at the end of three years from completion of the above sale at the Closing Valuation plus 6% IRR. The Group will focus on seeking strategic options to unlock value for the Remaining Olam Group businesses and Ofi, including the pursuit of an Ofi IPO.

ComfortDelGro (CDG) has reported PATMI of S$210.5 million for the FY2024 ended Dec 31, 2024, 16.6% higher y-o-y. Revenue for the year grew by 15.4% y-o-y to S$4.48 billion. CDG’s FY2024 operating profit also increased by 18.7% y-o-y to S$322.9 million thanks to higher operating profit from its public transportation segment and the taxi and private hire segment. CDG has proposed a final dividend of 4.25 cents per share, bringing its total dividend for FY2024 to 7.77 cents. The total dividend represents a payout ratio on PATMI of 80%.

Sheng Siong Group has reported earnings of S$137.5 million for FY2024 ended Dec 31, 2024, up 2.9% y-o-y. For the 2HFY2024, earnings decreased 1% y-o-y to S$67.6 million. For the reporting period FY2024, revenue for the group grew 4.5% y-o-y to S$1.43 billion, driven by the opening of six new stores in FY2024, and two comparable new stores opened in FY2023 in Singapore, and the improved performance of the existing stores. Revenue for 2HFY2024 came in 5.5% y-o-y higher at S$714.5 million. In line with revenue, gross profit grew by 6.1% in FY2024 to S$435.5 million with a slight increase in the gross margin of 0.5 ppts to 30.5%. This was primarily attributed to the improvement in sales mix that helped offset elevated business costs. The board of directors has proposed a final dividend of 3.20 cents per share, and combined with the interim dividend of 3.20 cents per share, the total dividend for FY2024 amounts to 6.40 cents per share. Payout ratio remains at 70%.

AEM Holdings reversed into earnings for the FY2024 and 2HFY2024 ended Dec 31, 2024, with earnings of S$11.4 million and S$10.5 million respectively. Revenue for FY2024 decreased 21% y-o-y to S$380.4 million, while revenue for 2HFY2024 remained steady at S$206.8 million. AEM Holdings says that 4QFY2024 revenues were up q-o-q due to its key customer pulling in systems from FY2025 into 4Q2025 for inventory management purposes. The group is providing a revenue guidance of S$155 million to S$170 million for the 1HFY2025, reflecting both lower revenue due to the pull-in to 2HFY2024 by the group’s key customer.

Frencken Group has reported earnings of S$37.1 million for the FY2024 ended Dec 31, 2024, up 14.3% y-o-y. However, the group reported a 7% y-o-y decline in earnings of S$19.0 million for 2HFY2024. The group reported a revenue for FY2024 of S$794.3 million, up 6.9% y-o-y. Revenue for the 2HFY2024 grew 7.6% y-o-y to S$421.6 million. The group says that its revenue growth was driven by its Mechatronics Division, which offset a dip in revenue of its Integrated Manufacturing Services (IMS). The group recommends paying a final tax-exempt dividend of 2.61 cents per share for FY2024. Frencken says that based on current indicators and barring any adverse changes in the operating environment, it expects to post higher revenue in 1HFY2025 compared to 2HFY2024.

Zheneng Jinjiang Environment reported net profit reached RMB621.2 million in FY2024. Revenue from core Waste-to-Energy (WTE) business increased by 6.0% y-o-y to RMB3.6 billion in FY2024. Gross profit rose by 18.1% to RMB1.3 billion, with a 5.7 pts increase in margin. With 7 WTE projects under construction and 13 in the planning stage, the total installed waste treatment capacity is set to reach 59,305 tonnes per day and 1,300 megawatts upon completion. The Board is recommending a final dividend of 2.30 Singapore cents per ordinary share for FY2024, representing a 76.9% increase from 1.30 Singapore cents in FY2023. This translates to a dividend payout ratio of 29.0%.

Rex International Holding Limited announced its financial results for the six months and full year ended 31 December 2024 (FY2024). For FY2024, the Group recorded revenue of US$298.14 million, from the sale of crude oil from the Yumna Field (after the Oman government’s share of oil), and the Brage and Yme Fields. This was a 34 per cent increase from revenue of US$222.39 million in the year ended 31 December 2023 (FY2023). Adjusted EBITDA for FY2024 was a positive US$160.64 million, as compared to an adjusted EBITDA of US$109.19 million in FY2023, a 47 per cent increase. The Group recorded loss after tax of US$50.20 million in FY2024, as compared to loss after tax of US$69.36 million in FY2023 mainly due to non-cash items including i) goodwill impairment for the Yme Field transaction; ii) impairment loss on oil & gas properties; and iii) depletion from produced oil and gas properties.

Yanlord Land Group Ltd announced its unaudited condensed financial statements for the six months and full year ended December 31, 2024 (FY 2024). The Group’s revenue for FY 2024 was RMB36.397 billion, a decrease of 16.1% compared to FY 2023. Gross profit decreased by 58.6% to RMB3.432 billion in FY 2024 with gross profit margin decreased by 9.7 percentage points to 9.4%, compared to FY 2023, after taking into account a write-down of completed properties for sale and properties under development for sale amounting to RMB3.370 billion. The Group reported a loss for the year of RMB3.763 billion and a loss attributable to owners of the Company of RMB3.422 billion in FY 2024, mainly due to a write-down of completed properties for sale and properties under development for sale, net impairment losses on financial assets, and a fair value loss on investment properties amounting to a total of RMB5.696 billion (before tax and non-controlling interests).

Integrated healthcare operator IHH Healthcare on Thursday (Feb 27) announced net profit of RM732 million (S$221 million) for the quarter ended Dec 31, 2024, up 1 per cent from RM728 million in the corresponding year-ago period. The group declared a final dividend per share of RM0.055, to be paid on Apr 28. This brings the total dividend per share for FY2024 to RM0.10, compared to RM0.09 in FY2023. Revenue for the period gained 26 per cent on-year to RM6.7 billion, from RM5.3 billion. On a full-year basis, profit declined 10 per cent year on year to RM2.7 billion, from about RM3 billion a year ago. This was attributed to the absence of the one-off gains from the sale of International Medical University and Gleneagles Hospital Chengdu in FY2023, which amounted to RM989 million. Revenue for the year increased 16 per cent year on year to RM24.4 billion, from RM20.9 billion.

Jardine Cycle & Carriage (JC&C) has reported earnings of US$946 million (S$1.3 billion) for FY2024 ended Dec 31, 2024, down 22% y-o-y. Revenue for the FY2024 came in at US$22.3 billion, and underlying profit declined 5% y-o-y to US$1.10 billion. The board is proposing a total dividend of 112 US cents per share, 5% lower than in FY2023.

UOL Group has reported earnings of S$358.2 million for the FY2024 ended Dec 31, 2024, down 49% y-o-y. The group similarly reported lower 2HFY2024 earnings of S$227.8 million, down 60% y-o-y. UOL’s revenue for the FY2024 came in 4% higher y-o-y at S$2.79 billion, and revenue for the 2HFY2024 came in 16% higher y-o-y at S$1.52 billion. This increase was mainly due to higher revenue from property investments and hotel operations. The decline in earnings was due to the absence of a large one-time gain from the sale of PARKROYAL on Kitchener Road in October 2023. The Board has proposed a first and final dividend of S$0.18 per share for the financial year ended 31 December 2024.

Real estate services player Apac Realty posted a 53.6 per cent fall in net profit to S$3.1 million for the six months ended Dec 31, 2024, hit by a fall in new home sales. The company’s revenue for the half-year dipped 0.6 per cent to S$295.9 million, on the back of a 30.5 per cent drop in revenue from new home sales to S$50 million. For the full year, Apac Realty posted a 38.8 per cent fall in net profit to S$7.2 million, while FY2024 revenue rose 0.7 per cent to S$561 million. There was a low number of new project launches in the first nine months of 2024, noted Apac Realty chief executive Marcus Chu in a press statement on Thursday (Feb 27). Nevertheless, Apac Realty partly offset the drop in total revenue in the second half of the 2024 financial year with a 9.4 per cent rise in revenue from the resale and rental of properties to S$241.5 million. The company’s board declared a final dividend of 1.2 cents per share, slightly lower than last year’s final dividend of 1.4 cents per share. The latest dividend will be paid out on May 8.

Sunpower Group Ltd. announced its results for the financial year to 31 December 2024 (FY 2024). Total steam sales volume rose 9.5% YoY to 11.46 million tons in FY 2024 due to the continued ramp-up of the centralised Green Investment (GI) projects mainly including Shantou Project. GI recurring revenue rose 1.7% YoY to RMB3,316.5 million in FY 2024, with the growth attributed to higher steam sales volume, moderated by the continuing execution of the price adjustment mechanism that links feedstock cost to industrial steam price. FY 2024 GI recurring EBITDA and GI recurring PATMI (including provision for bad debt in 3Q 2024) fell 0.2% and 14.1% YoY to RMB942.7 million and RMB292.0 million respectively. Excluding the impact of the one-off provision for bad debt in 3Q 2024 however, GI recurring EBITDA and GI recurring PATMI grew 12.4% and 9.5% YoY to RMB1,062.2 million and RMB372.1 million respectively in FY 2024.

Real estate company Tuan Sing Holdings reverted to earnings of S$9 million for 2HFY2024 ended Dec 31, 2024. The group’s FY2024 earnings came in 52% higher y-o-y at S$2.3 million. Revenue for FY2024 was 37% y-o-y lower at S$192.5 million, and revenue for 2HFY2024 was 46% y-o-y lower at S$86 million. The group says that lower earnings for the full year was driven by decline in occupancy rate due to ongoing asset enhancement works at Link@896, one-off expenses related to the termination of the Hyatt Regency Perth Hotel Management Agreement and the property’s subsequent rebranding, as well as reduced contributions from other investments. The board of directors has proposed an unchanged first and final one-tier tax exempt dividend of 0.7 cents per share for FY2024, payable on June 26, 2025.

Nordic Group has reported earnings of S$17.5 million for the FY2024 ended Dec 31, 2024, up 10% y-o-y. Earnings for the 2HFY2024 came in 53% y-o-y higher at S$9.0 million. Revenue for FY2024 was 1% y-o-y lower at S$158.4 million, but grew 15% y-o-y in 2HFY2024 to S$82.2 million. The group says that the higher revenue for 2HFY2024 was driven by strong recovery in project services in Singapore and Malaysia. This follows the orderbook replenishment in 1HFY2024. The board is recommending a final dividend of 0.8987 cents per ordinary share. Together with the interim dividend of 0.8526 cent already paid, the group’s total dividend for FY2024 sums up to 1.7513 cents, equivalent to a dividend payout ratio of 40% and a dividend yield of 5%. The group holds an orderbook amounting to S$201.6 million as at Dec 31, 2024, and has prioritised the acquisition of more maintenance contracts to increase the recurring portion of its revenue which is reflected in its maintenance services business which contributes 58% to the orderbook.

Thakral Corporation has reported earnings of S$28.8 million for the FY2024 ended Dec 31, 2024, 3.5 times higher than its FY2023 earnings of S$8.2 million. The 252% y-o-y surge also marked the highest set of earnings in seven years. FY2024 revenue rose by 36% y-o-y to S$288.8 million as revenue from the investment and lifestyle segments rose. Thakral has proposed a final dividend of 2 cents, bringing its total FY2024 dividend to 4 cents. The year’s dividend translates to a yield of 6% as at Dec 31, 2024.

Goodwill Entertainment Holding Limited announced its financial results for the 6 months and 12 months ended 31 December 2024 (2H2024 and FY2024 respectively). Revenue of S$29.72 million and S$52.99 million for both 2H2024 and FY2024 respectively was higher than the previous corresponding periods – up by S$16.48 million (124.4%) for 2HY2024 and S$29.06 million (121.4%) for FY2024. The Group saw growth across all segments, with key contributions coming from the new Live show segment that commenced in FY2024, and F&B and Manufacturing, which started in 2H2024. 2H2024 profit after tax and net profit attributable to owners grew 176.9% and 138.8% to S$3.05 million and S$2.29 million respectively y-o-y, while FY2024 profit after tax and net profit attributed to owners saw an expansion of 71.6% and 51.8% to S$5.56 million and S$4.41 million respectively. A final dividend of 0.75 Singapore cents per share has been proposed, pending shareholders’ approval at the upcoming annual general meeting.

Asian Pay Television Trust (APTT) announced its financial results for the quarter and year ended 31 December 2024. APTT reported revenue of S$62.5 million for the quarter and S$252.0 million for the full year ended 31 December 2024. Earnings before interest, tax, depreciation and amortisation (EBITDA) and EBITDA margin stood at S$36.8 million and 58.9% for the quarter, and S$148.5 million and 58.9% for the year. Foreign exchange contributed to a negative variance of 3.0% for the quarter and 3.5% for the year compared to the prior corresponding period (pcp) due to a relatively weaker Taiwan dollar (NT$). In constant NT$, revenue decreased by 1.4% for the quarter and 1.9% for the year compared to the pcp. EBITDA was marginally lower by approximately 0.4% for the quarter and 0.2% for the year compared to the pcp in constant dollar terms. EBITDA margin improved to 58.9% for the quarter and full year due to tighter cost controls. The Board of Directors has declared an ordinary distribution of 0.525 cents per unit for the half-year ended 31 December 2024. The record date will be 21 March 2025 and the distribution will be paid on 28 March 2025. The Board is re-affirming the distribution guidance for the full year ending 31 December 2025. The distribution for 2025 is expected to remain unchanged at 1.05 cents per unit, subject to no material changes in planning assumptions.

Alpina Holdings reverses into earnings of S$2.4 million for FY2024 ended Dec 31, 2024, as compared to a loss of S$225,000 reported in FY2023. Earnings for 2HFY2024 came in at S$1.64 million. Revenue for FY2024 grew 37.3% y-o-y to S$88.1 million, and revenue for 2HFY2024 grew 14% y-o-y to S$44.0 million. The group has a proposed a final dividend of 0.1899 cents per share.

PSC Corporation Ltd announced a 4.4% uplift in net profit attributable to shareholders to S$22.8 million for the full year ended 31 December 2024. This was achieved on the back of a 1.4% increase in Group revenue, reaching S$488.6 million, driven by higher sales from the Consumer Business in Singapore and Malaysia. The overall gross profit margin was comparable to the previous year, at 24.0%. A final dividend of 1.3 Singapore cents is proposed. Combined with the interim dividend of 0.5 cent per share paid earlier in 2024, the total dividend payout for FY24 will be 1.8 cents. If approved at the Annual General Meeting on 25 April 2025, the final dividend will be paid on 18 June 2025.

KTMG Limited, a Malaysia-based integrated textile and apparel manufacturer, reported a net loss attributable to shareholders of S$5.5 million for the full year ended 31 December 2024 (FY2024). The Group’s revenue increased by 17.8% to S$104.5 million in FY2024, primarily driven by orders from a new customer in Japan amounting to S$15.1 million. Gross profit decreased by 7.8% year-on-year to S$7.5 million in FY2024, mainly due to rising raw material costs attributable to changes in the product mix and increased labour costs. As a result, the gross profit margin fell by 2.0 percentage points, from 9.1% in FY2023 to 7.1% in FY2024.

Union Gas has reported earnings of S$12.5 million for FY2024 ended Dec 31, 2024, up 2.3% y-o-y. The group reported earnings of S$7.3 million, up 13.6% y-o-y for 2HFY2024. For FY2024, revenue for the period decreased 2.6% y-o-y to S$125.5 million. Gross profit for the full year came in 2.9% y-o-y lower at S$47.4 million, and gross profit margin decreased by 0.1 percentage points (ppts) to 37.8. The board of directors has proposed a final dividend of 1 cent per ordinary share. Together with the interim dividend of 0.60 cents per ordinary share, total dividend per share in FY2024 is 1.60 cents.

Geo Energy has reported earnings of US$37.1 million (S$49.78 million) for FY2024 ended Dec 31, 2024, down 40% y-o-y. Earnings for 2HFY2024 came in 70% y-o-y lower at US$10.4 million. Revenue for the reporting period came in 18% y-o-y lower at US$401.9 million, while revenue for 2HFY2024 came in 7% y-o-y lower at US$232.5 million. Geo Energy says that for FY2024, its average selling price (ASP) of US$50.69 per tonne was lower than the ASP of FY2023 which was US$57.88 per tonne. The group delivered total coal sales of 7.9 million tonnes for FY2024, lower than the 8.4 million tonnes of coal sales recorded in FY2023. The Indonesian coal index (ICI4) recorded lower prices in FY2024, but the group said that its cash profit per tonne from coal mining for FY2024 remained strong at an average of US$10.37 per tonne compared to US$12.19 per tonne in FY2023. Geo Energy has declared a final dividend of 0.4 cents per share, bringing the total dividends declared in FY2024 to 1 cent per share with a dividend yield of about 3.8% y-o-y. For the coming year, the group is targeting a total coal sales of 10.5 million to 11.5 million tonnes. As of the date of announcement, the group has already delivered coal sales of about 2 million tonnes for Sungai Danau Jaya and Tanah Bumbu Resources, and 0.4 million tonnes for Triaryani mine since the start of FY2025.

Mermaid Maritime has reported earnings of US$14.2 million (S$19.09 million) for the FY2024 ended Dec 31, 2024, up 43.6% y-o-y. Revenue for FY2024 came in 86.4% y-o-y higher at S$513.3 million. The revenue growth was due to the growth in all service sectors which were subsea inspection, repair and maintenance (IRM) services, cable laying services and subsea transportation and installation (T&I) and decommissioning services. Gross profit for FY2024 grew 16.8% y-o-y to US$38.2 million, due to an improvement in gross margin of cable laying service and other subsea IRM service. The group reported reversal of impairment losses on property, plant and equipment for FY2024 of US$9.9 million. As such, the group reported net profit for FY2024 of US$14.2 million. However, the net profit for FY2024, excluding the reversal of the impairment loss would be US$4.3 million, representing a decline of US$5.1 million compared to FY2023. No dividend has been declared for the year.

ValueMax announced earnings of S$82.8 million for the FY2024 ended Dec 31, 2024, up 56.7% y-o-y. The group’s 2HFY2024 earnings grew 70.6% y-o-y to S$47.4 million. The group’s revenue for FY2024 grew 37.8% y-o-y to S$456.2 million, and for 2HFY2024 revenue grew 26.3% y-o-y to S$226.4 million. Gross profit for FY2024 increased 29.5% y-o-y to S$129.8 million, and for 2HFY2024, gross profit increased 21.5% y-o-y to S$66.3 million. The group says that revenue for the year increased due to the growth in revenue from retail and trading of jewellery and gold, pawnbroking and moneylending. All of which saw increases of S$116.7 million, S$6.2 million and S$2.3 million respectively. The group has proposed a final dividend of 2.68 cents per ordinary share for FY2024.

China Aviation Oil (CAO) reported a 8.1 per cent fall in net profit to US$36 million for the second half ended Dec 31, from US$39.1 million in the previous corresponding period. This was mainly attributed to a decrease in gross profit, partially offset by a fall in expenses, said the jet fuel trader on Thursday (Feb 27). Gross profit for the period was US$17.7 million, down 55.7 per cent from US$40 million in the prior year due to lower gains from jet fuel supply and trading of other oil products. Revenue fell slightly by 2.1 per cent to US$8 billion from US$8.2 billion, on the back of a decline in oil prices. CAO proposed a final dividend of S$0.0372 per share for FY2024, compared with a S$0.0271 per share final dividend and a one-off special cash dividend of S$0.0234 per share for FY2023. The payment date and record date are to be announced in due course. For the full year, net profit rose 33.1 per cent to US$78.4 million from US$58.9 million. Revenue rose 7.6 per cent to US$15.5 billion from US$14.4 billion, on the back of a rise in business volume.

Tin miner and metal producer, Malaysia Smelting Corporation Berhad (MSC) announced the financial results for its fourth quarter (4QFY24) and the full-year period ended 31 December 2024 (FY2024). For 4QFY24, MSC’s revenue rose 10.8% year-on-year (YoY) to RM448.5 million versus RM404.6 million in the previous year’s corresponding quarter (4QFY23). This performance was supported by higher average tin prices, rising to RM133,700 per metric tonne (MT) from RM116,000/MT in the 4QFY23. Fuelled by strong revenue growth, the Group’s net profit attributable to owner of the company grew three-fold to RM30.2 million in 4QFY24 (4QFY23: RM9.4 million). This improvement led to an expanded net profit margin of 6.7% in 4QFY24 from 2.3% in 4QFY23. For the full year 2024, MSC’s revenue climbed 17.8% YoY to RM1,691.8 million, up from RM1,435.7 million in the previous year (“FY2023”). Overall, the Group reported a net profit of RM79.4 million in FY2024, from RM85.1 million in the previous year. For 4QFY24, the Board has proposed a final single-tier dividend of 7 sen per share, subject to approval at the forthcoming Annual General Meeting. This brings the total dividend per share for FY2024 to 31 sen.

Hotel Properties Limited has reported earnings of S$27.2 million for the FY2024 ended Dec 31, 2024, 95.1% lower y-o-y, even though revenue grew on a y-o-y basis. The earnings plunge was due to lower net fair value gains reported during the year. In FY2024, HPL reported net fair value gains of S$96.6 million compared to FY2023’s S$645 million. The gains were for the group’s Singapore investment properties. FY2024 revenue rose by 7.9% y-o-y to S$692.9 million mainly due to the opening of Six Senses Kanuhura in late 2023 and Four Seasons Hotel Osaka in August 2024. The board has recommended a first and final dividend of 4 cents per share, unchanged from last year’s dividend. The date payable will be announced at a later time.

JEP Holdings, a solutions provider for the aerospace industry, reported earnings for 2HFY2024 of S$2.1 million, up 838% y-o-y. However, revenue for the FY2024 dropped 2.1% y-o-y to S$56.9 million, and revenue for the 2HFY2024 increased by 3.4% y-o-y to S$29.6 million. The group says that its bottom line largely benefitted mainly due to a foreign exchange gain of S$0.1 million, and the improved performance of its aerospace business. No dividend has been declared for the FY2024 as the group is retaining funds for working capital use.

Shanaya Limited announced that the Company had on 26 February 2025 entered into a share subscription agreement with Blue Orshina Capital Horizon Limited. Pursuant to the Subscription Agreement, the Subscriber has agreed to subscribe for an aggregate of 96,000,000 new ordinary shares in the capital of the Company at an issue price of S$0.055 per Subscription Share for a cash consideration of S$5,280,000.

Malaysian-listed property developer UEM Sunrise and Singapore-listed real estate group GuocoLand Limited have signed a memorandum of understanding (MOU) to establish a strategic partnership to jointly develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor. The signing underscores both parties’ commitment to developing the Johor-Singapore Special Economic Zone (JS-SEZ), reinforcing Iskandar Puteri’s position as a key economic hub, according to a joint announcement. As part of this collaboration, both developers will together “review and activate Iskandar Puteri’s potential and in turn enhance its investment attractiveness”. It will focus on improving connectivity, fostering talent development and creating a business-friendly ecosystem. The MOU covers UEM Sunrise’s selected plots of land in Gerbang Nusajaya and Puteri Harbour, which are the two key master plans within Iskandar Puteri.

US

President Donald Trump on Thursday said that his proposed tariffs on Mexico and Canada will go into effect on March 4, and that China will be charged an additional 10% tariff on the same date. The sweeping 25% tariffs on imports from Mexico and Canada had been paused on Feb. 3 for one month. But the Trump administration has recently sown confusion about whether they would go back into effect when the delays expired. In a Truth Social post Thursday morning, Trump clarified that they would. Trump added “The April Second Reciprocal Tariff date will remain in full force and effect.”

Initial filings for unemployment benefits hit their highest level of the year last week in another potential signs of weakness in the labour market. Jobless claims for the week ending Feb. 22 totaled a seasonally adjusted 242,000, up 22,000 from the previous week’s revised level and higher than the estimate for 225,000, according to a Labor Department report on Thursday. The level of claims matched the highest since early October 2024 and comes amid questions over broader economic growth and worrying signs in recent consumer sentiment surveys.

The Securities and Exchange Commission issued guidance Thursday evening saying it does not deem most meme coins securities under U.S. federal law. Meme coins “typically have limited or no use or functionality” and are “more akin to collectibles,” according to the agency’s Division of Corporation Finance.

Dell reported fourth-quarter sales that fell short of estimates but earnings topped Wall Street expectations. Revenue was US$23.9 billion, versus US$24.55 billion estimated while EPS was US$2.68, adjusted, versus US$2.53 estimated. Dell said it sold about US$10 billion of AI-optimized servers in its fiscal 2025, and expects to sell about US$15 billion in AI system sales in the current year. Current quarter revenue will be between US$22.5 and US$23.5 billion, Dell said, trailing the average estimate of US$23.59 billion. The company guided for adjusted earnings per share during the quarter of US$1.65, versus US$1.76 estimated. Dell expects between US$101 billion and US$105 billion of revenue in its fiscal 2026, about inline with estimates of US$103.17 billion. Earnings per share for the full year will be US$9.30, the company said, topping estimates of of US$9.23. Dell raised its dividend by 18% and announced $10 billion in share repurchase authorization.

For the first quarter of fiscal year 2025, HP Inc. reported net sales of US$13.5 billion (+2.4% year over year) vs. US$13.38 billion estimate. Diluted earnings per share (EPS) was US$0.74 (-8.6% year over year) vs. US$0.74 estimate (guidance: US$0.70-$0.76). Quarterly operating margins dropped to 9.6% from 10.4% a year ago. Fiscal second quarter EPS guidance was US$0.75 to US$0.85 vs. US$0.85 estimate. Full-year EPS guidance was US$3.45 to US$3.75 vs. US$3.59 estimate (prior guidance: US$3.45 to US$3.75).

SoundHound AI reported fourth quarter EPS of -US$0.050, better than estimates of -US$0.090. Revenue for the quarter came in at US$34.5 million versus the consensus estimate of US$33.74 million. For guidance, SoundHound AI sees FY 2025 revenue of US$157 million – US$177 million versus the analyst consensus of US$165.3 million.

Duolingo on Thursday beat Wall Street’s targets for subscribers, total users and revenue in the fourth quarter. The company added 900,000 paying customers in the December quarter, ending the period with 9.5 million subscribers. Wall Street had expected 9.26 million subscribers. Duolingo also reported 40.5 million daily active users and 116.7 million monthly active users, topping consensus estimates of 40.2 million and 116.5 million, respectively. On a year-over-year basis, paid subscribers increased 43%. Meanwhile, daily active users rose 51% and monthly active users rose 32%. Duolingo’s revenue rose 39% year over year to US$209.6 million in Q4. Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 49% to US$52.3 million. Analysts had expected earnings per share of 48 cents on sales of US$205.5 million in the fourth quarter. In the year-earlier period, Duolingo earned 26 cents a share on sales of US$151 million. Based on the midpoint of its guidance, Duolingo expects first-quarter revenue of US$222 million, up 32.5% from the year-ago period. Wall Street had been looking for US$220.8 million. For the full year, Duolingo is targeting revenue of US$970.5 million, up about 30%. Analysts were modeling US$965.5 million.

Rocket Lab saw its highest annual revenue ever posted of US$436.2 million and a record Q4 2024 revenue of US$132.4 million. There was a record number of 16 launches for Electron in 2024 (a 60% increase in launch cadence compared to 2023) and more than US$450 million in newly-secured launch and space systems contracts. The company rounded out the year with significant advancement across the Neutron program ahead of a planned debut launch in the second half of 2025. For the first quarter of 2025, Rocket Lab expects revenue between US$117 million and US$123 million, GAAP Gross Margins between 25% and 27%, Adjusted EBITDA loss of US$33 million and US$35 million.

Amazon on Thursday revealed its first chip for quantum computing, and said the design is a step toward building efficient high-scale systems. The processor is called Ocelot, and the announcement comes as more tech companies tout their advancements in quantum. Last week, Amazon cloud rival Microsoft showed off its inaugural quantum chip.

Meta on Thursday revealed the latest version of its experimental smart glasses intended to help bolster research into artificial intelligence, robotics and machine perception. The Aria Gen 2 glasses, as they’re called, are designed for researchers to use as tools to assist with their studies into robotic systems, advanced sensors and other technologies, Meta said in a blog post. The Aria Gen 2 represent the latest step by Meta in its efforts to build out smart glasses into the next major computing platform after the smartphone. The company also intends to debut a Meta AI standalone app during the second quarter.

Apple on Thursday said it will introduce a way for parents to share the age of a child with app developers without revealing sensitive information such as birthdays or government identification numbers. The move comes as a number of U.S. state and federal lawmakers consider age-verification laws for social media and other apps.

For the year ended Dec. 31, 2024, Vistra reported Net Income of US$2,812 million. Net Income for the full-year 2024 increased US$1,320 million from the full-year 2023, driven primarily by unrealized mark-to-market gains on derivative positions, the addition of Energy Harbor, and an increase in revenues due to estimated nuclear production tax credits (PTC) recorded in the fourth quarter of 2024. Ongoing Operations Adjusted EBITDA for the full-year 2024 increased by US$1,516 million compared to the full-year 2023, driven primarily by the inclusion of results from the acquisition of Energy Harbor and an increase in revenues due to estimated nuclear PTC recorded in the fourth quarter of 2024. As of Feb. 24, 2025, Vistra had hedged approximately 100% of its expected generation volumes for 2025 and approximately 80% for 2026. Vistra’s comprehensive hedging program supports the company’s reaffirmed 2025 guidance ranges and its previously announced Ongoing Operations Adjusted EBITDA midpoint opportunity for 2026. Vistra is anticipating the 2026 midpoint opportunity to be more than US$6,000 million.

Norwegian Cruise Line Holdings Ltd reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share (EPS) of US$0.26, compared to the forecast of US$0.11. Norwegian Cruise Line demonstrated robust performance in 2024, achieving record revenue of US$9.36 billion and net yield growth of 10%. The company’s adjusted EBITDA reached US$2.45 billion, marking a significant improvement in profitability. The company maintained its revenue forecast of US$2.1 billion, aligning with projections.

Warner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers. Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled US$2.65 billion, up 5% from US$2.53 billion in the same quarter last year. Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at US$409 million, compared to an adjusted EBITDA loss of US$55 million in the fourth quarter of 2023. In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of US$1.3 billion for its streaming business for the year — roughly double the US$677 million adjusted EBITDA it reported for 2024 — and said it has a “clear path” to hit 150 million global subscribers by the end of 2026.

Google told staffers in its “People Operations” and cloud organizations this week that it plans to cut employees as a part of internal reorganizations. The company will offer a voluntary exit program to U.S.-based, full-time employees in People Operations, Google’s human relations division, starting in early March, according to a memo issued by HR chief Fiona Cicconi on Tuesday. The latest cuts come after finance chief Anat Ashkenazi said one of her top priorities would be to drive more cost-cutting as Google expands its spending on AI infrastructure in 2025.

Blackstone is in advanced talks to sell three logistics projects in China to Ping An Insurance (Group), according to sources familiar with the matter, in a major exit from the business amid rising appetite among domestic investors. The US firm plans to offload the real estate in the China Greater Bay Area to Ping An Life Insurance for about 2.7 billion yuan (S$499 million). The projects include a 49-acre park in Foshan city and two others in Dongguan.

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

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