DAILY MORNING NOTE | 31 October 2023

Singapore shares ended the first trading day of the week slightly higher, amid a mixed performance in the region. The index rose 0.1 per cent or 2.44 points to close at 3,064.29 on Monday (Oct 30), with real estate investment trusts (Reits) leading the gainers. CapitaLand Ascendas Reit rose 2.8 per cent to end at S$2.58, finishing at the top of the index performance table. CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust were also among the top performers, climbing 2.3 per cent and 1.4 per cent, respectively

WALL Street stocks rallied on Monday, ahead of an interest rate decision by the US central bank and as investors weigh the risk of a regional conflict in the Middle East. The Dow Jones Industrial Average surged 1.6 per cent to end the day at 32,928.96. The broad-based S&P 500 bounced 1.2 per cent to 4,166.82, and the tech-heavy Nasdaq Composite Index was up 1.2 per cent too at 12,789.48.

Top gainers & losers

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EVENTS OF THE WEEK

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SG

Property company Capital World will resume trading on the Singapore Exchange (SGX) on Tuesday (Oct 31). Shares of the Catalist board-listed company were suspended on Feb 14, 2020. The counter had closed at 0.5 Singapore cent then.

Food and beverage company GS Holdings announced on Monday (Oct 30) that it is assisting the authorities in an investigation into offences under the Securities and Futures Act. The Catalist board-listed company has been ordered by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore to provide “certain documents” for the probe.

GOTO Group will not be pursuing an international initial public offering (IPO) mentioned in its prospectus and approved by shareholders. In an earnings call for its Q3 2023 results, Patrick Walujo, GoTo’s CEO, said the company’s cash position remains strong with ample liquidity, and that it has no immediate need for further external funding. Cash and cash equivalents stood at 24.6 trillion rupiah (S$2.1 billion) as at Sep 30, down from 29 trillion rupiah as at Dec 31, 2022.

OUE Commercial Real Estate Investment Trust on Monday (Oct 30) reported a 29.8 per cent increase in its net property income (NPI) to S$62.7 million for the third quarter ended Sep 30, from S$48.3 million in the year-ago period. Revenue rose 27.5 per cent year on year to S$75.8 million, from S$59.5 million. The growth was driven by overall improvements in the Reit’s portfolio, especially in the hospitality sector as Singapore’s tourism industry recovers post-pandemic, the manager said in a business update.

LHN Logistics will be delisted from the Singapore Exchange’s (SGX) Catalist board from 9 am on Nov 1 upon the completion of its compulsory acquisition, the company announced on Monday (Oct 30). This is a day after the counter’s expected delisting date on Oct 31, as indicated by LHN Logistics’ board on Oct 27, when the group announced that China’s Milkyway Chemical was expected to complete its compulsory acquisition around Oct 30.

US

A Rolex subsidiary bought a building, which houses rival brand Omega’s flagship boutique, on Geneva’s priciest shopping street in the latest battle between between top Swiss watch brands for prime real estate. Marconi Investment paid 120 million Swiss francs (S$181.4 million) for the building on Rue du Rhone, according to a filing with Geneva’s land registry.

US retail chain Walmart on Monday (Oct 30) said it is investing more than US$9 billion over a two-year period to upgrade and modernise some US stores with improved layouts, expanded product selections and new tech additions.

Western Digital will split into two separate, publicly traded companies after talks to merge with Kioxia Holdings fell apart. The storage maker will spin off its flash business, which focuses on memory for computers, devices and portable drives, it said in a statement on Monday (Oct 30). The company’s remaining HDD business will focus on selling high-capacity memory to cloud data centres, according to an investor presentation.

A non-profit organisation funded by cryptocurrency billionaire Jed McCaleb bought roughly US$500 million ofNvidia advanced chips, and plans to lease computing capacity to companies for artificial intelligence (AI) projects. The AI cloud-computing organisation, called Voltage Park, has 24,000 Nvidia H100 chips, CEO Eric Park said.

Apple is expected to unveil at an event on Monday (Oct 30) new Mac computers and possibly a new chip to power them as it gears up for a fresh bout of competition against Windows-based personal computers (PCs) with better battery life starting next year, analysts said.

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


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