Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.1%; Keppel DC Reit rose 2.8%; SGX rose 1.5%; Yangzijiang Shipbuilding rose 1.3%; Sembcorp Industries rose 0.9%; Keppel rose 0.6%.

Stocks to Watch

CapitaLand Integrated Commercial Trust: Its manager on Wednesday posted a distribution per unit of S$0.0545 for the second half ended December, unchanged from the previous corresponding period. This came amid an enlarged unit base due to the distribution reinvestment plan in March last year and an equity fundraising in September. Units of CICT closed flat on Tuesday at S$1.93.

Keppel: It recorded a profit of S$528 million from its continuing operations for the second half ended Dec 31, up 19.9 per cent from S$440 million from the year-ago period. Its revenue was up 3.9 per cent at S$3.4 billion from S$3.3 billion. For the full-year its profit from its continuing operations stood at S$832 million, down 6 per cent from S$885 million in the previous corresponding period. Shares of Keppel closed down 1.6 per cent or S$0.11 at S$6.63 on Tuesday.

Frasers Logistics & Commercial Trust (FLCT): The trust leased 175,000 square metres of space across its portfolio in the first quarter ended Dec 31, with a portfolio occupancy rate of 94.3 per cent. Its entire portfolio of 114 logistics and industrial, as well as commercial properties, has a portfolio value of S$6.8 billion. Units of FLCT closed flat at S$0.88 on Tuesday, before the announcement.

Sabana Reit: The trust’s internalisation committee and incoming directors said on Monday that they intend to vote against all the resolutions in the extraordinary general meeting requisitioned on Jan 17. They also urged unitholders to vote against the requisitioned resolutions. Units of Sabana Reit ended 1.4 per cent or S$0.005 higher at S$0.36 on Tuesday, before the announcement.

SG Local News

Singapore's GIC Appoints Bryan Yeo as Group Chief Investment Officer

Singapore sovereign wealth fund GIC said on Tuesday that it has appointed Bryan Yeo, currently deputy group chief investment officer, as group CIO, taking over from Jeffrey Jaensubhakij who will retire and be appointed a GIC adviser.

GIC added in the statement that it has also appointed Boon Chin Hau as CIO for infrastructure, taking over from Ang Eng Seng who will retire and be appointed a GIC adviser.

The appointments will come into effect on April 1, 2025, GIC said.

Grab Weighs Takeover of Rival GoTo at $7 Billion Valuation

Grab Holdings Ltd. is weighing a takeover of rival GoTo Group at a valuation of more than $7 billion, accelerating talks for a combination to end years of losses in Southeast Asia’s competitive internet market.

One scenario being discussed is an all-stock purchase valuing shares of Indonesia’s GoTo at more than 100 rupiah apiece, according to people familiar with the situation. That would represent a premium of about 20% over its current stock price level.

Discussions have intensified in recent weeks and the companies see 2025 as an opportune year for a deal, the people said. The firms — the two biggest ride-hailing providers in Southeast Asia — have held on-and-off talks for years, targeting a combination that would reduce costs and competitive pressure in the region of more than 650 million consumers.