SG Morning Call | UOB’s Digital Wealth Sales, Transactions Jump Almost 50% as Clients Invest More Online
Market Snapshot
Singapore stocks opened lower on Monday. STI fell 0.8%; Sembcorp Ind rose 1%; UOB fell 0.2%; Keppel, OCBC, DBS fell 0.3%; Singtel fell 0.5%.
Stocks in Focus
$Straits Trading Company(S20.SI)$: The group on Friday posted a net loss of S$11.1 million for the first half ended Jun 30, narrowing from a net loss of S$40.8 million in the same year-ago period. This was mainly due to stronger performance by the company’s resources segment, and the absence of non-cash remeasurement loss on the exchangeable bonds recognised in H1 the year prior. Revenue for H1 was up 49.5 per cent on the year to S$400 million, from S$267.5 million. The counter closed unchanged at S$1.62 on Friday, before the release of the results.
$OUE(LJ3.SI)$: The real estate and healthcare group swung into the red for the six months ended Jun 30 with a loss of S$114.6 million, from a net profit of S$35.6 million a year earlier, it reported on Friday. This arose from an impairment loss of S$47 million recognised on its investment in its Hong Kong-headquartered Gemdale Properties and Investment. Revenue was up 5.3 per cent on the year at S$308.3 million in H1. Shares of OUE rose 1 per cent or S$0.01 to close at S$0.985 on Friday, before the results were announced.
$Hotel Properties Limited(H15.SI)$; The company on Friday posted a net loss of S$39.1 million, compared with a net profit of S$11.4 million in the corresponding year-ago period. It said conflict in the Middle East disrupted air travel and drove up airfares, which weighed on travel demand during the period. Revenue for the half year slipped 1.9 per cent to S$371.1 million, down from S$378.4 million in H1 FY2025. The counter ended flat at S$4.70 on Friday, prior to the release of results.
SG Local News
UOB’s Digital Wealth Sales, Transactions Jump Almost 50% as Clients Invest More Online
UOB’s digital wealth sales and transactions grew close to 50 per cent year on year in the 12 months up to April, driven by a wider regional roll-out and growing customer comfort with investing online.
UOB is starting to reap the benefits of expanding its digital wealth capabilities in the region, following the integration of the consumer banking businesses it acquired from Citi.
The lender is also handling a growing demand for investment strategies developed by its private bank’s chief investment office (CIO), which it has made available to its broader retail customer base.
OpenAI Steps up Singapore Footprint, in Talks to Lease 100,000 Sq Ft in Shaw Tower
Amid the current wave of artificial intelligence companies on an expansion trail into Singapore, ChatGPT creator OpenAI is said to be in talks to lease about 100,000 square feet of offices at the new Shaw Tower in Beach Road.
The space that OpenAI is negotiating to lease spans five floors.
The 32-storey Shaw Tower, with 435,000 sq ft of office space, received its Temporary Occupation Permit in mid-June.
If a lease is concluded, this will mark a big step-up in the San Francisco-based technology company’s real estate footprint in Singapore. OpenAI currently operates out of flexible space operator The Work Project’s facility in CapitaSpring, where it is understood to be leasing about 100 desks.
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