Singapore Market Week Ahead: Earnings Releases, March Inflation, Latest Industrial Production and Private Home Prices Data

April 22, 2024

In the upcoming Singapore Market Week, there’s a packed agenda including earnings releases, March inflation data, industrial production figures, and updates on private home prices.

The Singapore Exchange (SGX) will witness numerous earnings reports from a range of companies, including CapitaLand Ascendas Real Estate Investment Trusts (REIT), Aztech Global, Keppel REIT, and others.

Some highlights to watch out for:

  1. CapitaLand Ascendas REIT (CLAR) (SGX:A17U): Despite a slight year-on-year (y-o-y) decrease in distributable income due to higher borrowing costs, CLAR offers a 5.3% distribution yield in 2023, with a diversified portfolio spanning across different regions.
  2. Keppel Ltd (SGX:BN4): Noteworthy for achieving its highest net profit of S$4.1 billion in FY23, Keppel, backed by Temasek Holdings, saw substantial growth bolstered by divestment of its offshore and marine business. Its recurring income surged, primarily driven by its infrastructure segment.
  3. CapitaLand China Trust (CLCT) (SGX: AU8U): Positioned as a proxy to China’s economic turnaround, CLCT is closely watched amidst China’s stimulus measures to stabilize its property market. Insights into China’s real estate trends from CLCT’s earnings release are significant for investors.
  4. Aztech Global Ltd (SGX: 8AZ): Achieving a better product mix in FY23, Aztech Global witnessed a notable increase in pre-tax profit margin and a substantial rise in its dividend per share (DPS). With a robust order book scheduled for completion in FY24, Aztech Global remains a company to watch.
  5. iFAST Corporation Ltd (SGX: AIY): Despite offering improving net profit growth prospects in FY24-25F, iFAST faces downside risks due to potential implementation delays and opacity in its ePension project. Investors will closely monitor the progress of its digital pension specialist services.

Additionally, notable ex-dividends dates include Aztech Global‘s SGD 0.05 per share and Kasikorn Bank TH SDR‘s THB 5.346 per share. Keppel Ltd and United Overseas Bank Ltd (UOB) (SGX:U11) stand out for their higher dividends, offering SGD 0.19 and SGD 0.85 per share, respectively. Meanwhile, DBS Group Holdings Ltd (SGX: D05) offers a bonus of 1 share for every 10 shares held.

Scheduled for Tuesday, the March Consumer Price Index (CPI) will provide insight into Singapore’s price stability and purchasing power. CPI in Singapore increased to an all-time high of 115.77 points in February 2024, boosted by seasonal factors associated with Chinese New Year. With the Monetary Authority of Singapore (MAS) projecting core inflation to ease to an average of 2.5% to 3.5% for 2024, investors are keen to gauge the impact on various sectors.

Singapore will also hear March’s Industrial Production figures this week, following a 3.8% y-o-y growth in manufacturing production recorded in February 2024. Moreover, Friday will mark the release of data by the Urban Redevelopment Authority (URA) on Private Home Prices. The URA in Singapore is entrusted with monitoring and releasing data related to property prices, rentals, vacancies, and the supply of private residential and commercial properties. Private home prices saw a cumulative increase of 6.7% in 2023, moderating from the 8.6% growth observed in 2022.

In the United States, all eyes are on first quarter (Q1) advanced gross domestic product (GDP). The US GDP is anticipated to grow by 2.1%, marking a slowdown from the 3.4% rate recorded in Q4. Other key data, including Personal Consumption Expenditures (PCE) Price Index, Personal Income, and Personal Spending growth, will also be closely monitored by investors. Furthermore, the US market will prepare for over thirty companies boasting market caps exceeding $100 billion to unveil their financial reports.

In China, attention is focused on China’s Loan Prime Rates. The central bank maintained benchmark lending rates unchanged at the March fixing, which stands at a record low as part of efforts to spur an economic turnaround amidst challenges from the property sector.

As Singaporean retail investors prepare for the week ahead, a holistic understanding of both local and global economic developments, coupled with insights from corporate earnings releases, will be instrumental in making informed investment decisions.

Disclaimer: ProsperUs Manager of Content Hailey Chung doesn’t own shares of any mentioned companies.

Hailey Chung

As a lifelong learner, Hailey strives to simplify finance for everyday investors, making it relatable and enjoyable. She desires to support investors with various background, whether they are grappling with limited time and resources in seeking financial freedom or are sincere in stewarding their money well as a token of gratitude for God's provision. With a focus on responsible investing, Hailey balances caution and opportunity, believing life's too short to stress over market fluctuations. Beyond the pursuit of profits, she advocates for investments aligned with building a better world. As Manager of Content at ProsperUs, she leverages her journalism background from The Edge Malaysia, where she honed her skills at the capital and corporate desk.

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