Market Snapshot
Singapore stocks opened lower on Wednesday. STI fell 0.59%; AEM SGD down over 4%; UMS, China Aviation down around 3%; NIO, ThaiBev, Frencken down 2%; SATS, DBS, Singtel down around 1%.
Stocks in Focus
Nio: The electric vehicle giant denied allegations by the US that it is aiding the Chinese military, a statement on Tuesday noted. This comes after it was put on a Chinese military companies list by the US Department of Defense, along with other Chinese tech companies. Nio added that its inclusion is “not justified” since it is “not a Chinese military company or a... contributor to the Chinese defence industrial base”.
Wee Hur: The group on Tuesday announced its acquisition of a Grade-A commercial building in Tai Kok Tsui, Kowloon, in Hong Kong for an undisclosed sum. The property – One Bedford Place – has 26 storeys and will be repurposed into purpose-built student accommodation with around 500 beds. It is Wee Hur’s second student accommodation investment in the city. Operations are expected to commence in H1 2028.
SG Local News
Grab, EnterpriseSG Launch Scheme to Help Small F&B Businesses Grow Customer Demand and Capabilities
Superapp Grab and Enterprise Singapore (EnterpriseSG) have launched a programme to help small food and beverage (F&B) merchants grow customer demand for dine-in and delivery services, and to strengthen their digital capabilities.
Called “Grab Full House Mission”, the programme was unveiled on Tuesday (Jun 9), and comes at a time smaller F&B operators are facing rising operating costs and pressure on their dine-in and delivery channels; their limited resources are also making it tough for them to keep investing in digital tools and efforts to generate demand.
CGSI upgrades Singapore banking sector to ‘overweight’ on net interest income upside
CGS International (CGSI) has upgraded its outlook on the Singapore banking sector from “neutral” to “overweight”, amid robust capital inflows and continued loan growth.
In a note on Tuesday (Jun 9), the brokerage said it believes local lenders are well-positioned for return on equity (ROE) expansion, driven primarily by net interest income (NII) growth and ongoing structural gains within their wealth management businesses.
In line with this upgrade, CGSI raised its financial year 2027 to 2028 earnings per share (EPS) estimates across the three local banks, with increases ranging from 2.6 to 6.3 per cent.
