SG Equities Digest (Thursday, 10 October 2024)
Announcement: Due to outside work commitments on Monday, 14 October, the SG Equities Digest will not be published. It will return on Tuesday, 15 October, covering updates between Friday, 11 October, to Monday, 14 October. I apologise for the inconveniences caused.
Find updates of the following companies in the news in today’s post: ComfortDelGro Corporation Ltd, Dyna-Mac Holdings Ltd, Fortress Minerals Ltd, Frasers Logistics & Commercial Trust, GSS Energy Ltd, Noel Gifts International Ltd, Rex International Holdings Ltd, SGX Ltd, SingPost Ltd, SingTel Ltd, Straits Trading Company Ltd, and Top Glove Corporation Bhd:
ComfortDelGro Corporation Ltd (SGX: C52)
10 Oct 2024: Moove Media, ComfortDelGro’s outdoor advertising arm, has begun a 6-month trial of Dynamic Cab Advertising, featuring Singapore’s first taxi top smart digital billboards. The new platform allows advertisers to deliver personalised ads based on location, time, and weather, while also reducing environmental impact by eliminating the use of printed materials.
Dyna-Mac Holdings Ltd (SGX: NO4)
10 Oct 2024: The estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong, has rejected Hanwha Group’s offer of 60 Singapore cents per share, stating it lacks an “attractive control premium” compared to industry standards. The estate highlighted that Dyna-Mac’s share price has consistently traded above the offer, reflecting investor confidence in the company’s growth potential.
Fortress Minerals Ltd (SGX: OAJ)
03 Oct 2024: Fortress Minerals reported a 3.3% year-on-year decline in earnings for 1H FY2025 to US$6.8 million, with 2Q FY2025 earnings also down 1% year on year to US$4.5 million, due to higher financing costs and administrative expenses. Despite a 10.4% year-on-year drop in revenue to US$15.5 million for 2Q FY2025, the company benefited from economies of scale, achieving a gross profit margin of 66.2%, while demand for high-grade iron remains strong amid global decarbonisation efforts in the steel industry.
Frasers Logistics & Commercial Trust (SGX: BUOU)
10 Oct 2024: The manager of Frasers Logistics & Commercial Trust has renewed a 12-year lease with the Commonwealth of Australia for the entire lettable area of the Caroline Chisholm Centre, starting 5 July 2025. This renewal secures a long-term commitment from Services Australia, ensuring stable occupancy for the property.
GSS Energy Ltd (SGX: 41F)
10 Oct 2024: Wong Sie Kai has become a substantial shareholder of GSS Energy after purchasing 605,000 shares for S$16,940, or 2.8 Singapore cents apiece, raising his stake to 5.08% from 4.98%. Crossing the 5% threshold requires disclosure of interest to the Singapore Exchange (SGX: S68).
Noel Gifts International Ltd (SGX: 543)
10 Oct 2024: Wong Siu Hong Alfred, managing director and CEO of Noel Gifts International, has increased his stake in the company to 47.15% after purchasing 76,500 shares for S$27,540, or 36 Singapore cents a share. Wong holds a direct interest of 29.58% and a deemed interest of 17.57%, with indirect holdings through his wife and children.
Rex International Holdings Ltd (SGX: 5WH)
10 Oct 2024: Rex International Holdings reported a 21.2% month-on-month decline in production from its Norway and Oman oil fields in September, totalling 9,163 boepd. The decline was attributed to scheduled and unscheduled shut-ins for well interventions, along with maintenance and testing activities at its Brage and Yme fields in Norway and Yumna field in Oman.
Singapore Exchange Ltd (SGX: S68)
10 Oct 2024: SGX remains committed to growing its cash equities business, with CEO Loh Boon Chye affirming its importance to Singapore’s financial ecosystem at the 25th annual general meeting on 10th October. Meanwhile, Chairman Koh Boon Hwee highlighted the need for a holistic approach to improving liquidity, with a focus on the demand side, as the Monetary Authority of Singapore’s review group works on recommendations to enhance the market.
Singapore Post Ltd (SGX: S08)
10 Oct 2024: Singapore Post Ltd has partnered with U Stars Supermarket to introduce POPStop services within their outlets, with the first 2 locations opening soon and a phased expansion planned. This collaboration is aimed at improving convenience for customers in heartland areas by leveraging U Stars Supermarket’s extensive 24/7 store network.
Singapore Telecommunications Ltd (SGX: Z74)
10 Oct 2024: Singtel has launched RE:AI, its AI cloud offering, targeting sensitive sectors such as banking and healthcare, as well as the public sector, by providing localised AI solutions. The service includes access to Nvidia’s advanced GPU chips, and aims to overcome cost and complexity barriers for AI adoption in industries like manufacturing, while also expanding its reach into regional markets through partnerships.
Straits Trading Company Ltd (SGX: S20)
10 Oct 2024: Straits Trading Company has partnered with Singapore’s Digital Asset Exchange (SDAX) to provide members of its Shareholders’ Club access to private markets and alternative investments, including commodity notes and social bonds. SDAX clients will also gain access to Straits Trading’s investment offerings, further strengthening the relationship between the two companies as part of Straits Trading’s transformation efforts.
Top Glove Corporation Bhd (SGX: BVA)
10 Oct 2024: Top Glove reported a net loss of RM3.6 million (S$1.1 million) for Q4 FY2024, a significant improvement from the RM461.7 million loss in the same quarter last year, driven by higher sales volume and improved cost efficiency. The company anticipates further growth in sales volume as US tariffs on China-made medical gloves increase, and has proposed a bonus issue of warrants to strengthen its capital base and reward shareholders, while expecting to return to profitability in the next financial year.
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Disclaimer: The information provided in this post is based on my interpretation of various news reports and is intended solely for informational purposes. It does not constitute any buy or sell recommendations for the mentioned companies. Please conduct your own thorough research before making any investment decisions.