To The Moon

Market Snapshot

Singapore stocks opened flat on Monday. Golden Agri-Res, SingPost up nearly 2%; Seatrium, Keppel Reit up over 1%.

Stocks in Focus

$Keppel(BN4.SI)$, $Seatrium(5E2.SI)$: Keppel’s wholly owned subsidiary Rigco and Seatrium will collaborate to complete four offshore rigs under a contract worth over S$500 million. The drillship and jackup rig are expected to be delivered in 2027 and 2028, respectively, while construction plans for the remaining two rigs are still being assessed. Shares of Seatrium closed S$0.03 or 1.7 per cent higher at S$1.81 on Friday, while shares of Keppel closed S$0.05 or 0.5 per cent lower at S$10.

$OUE Reit(TS0U.SI)$: The real estate investment trust’s (Reit) manager announced on Friday it is acquiring an additional 50 per cent stake in Sydney’s Salesforce Tower for A$864 million (US$606.4 million), raising its ownership to 69.9 per cent. The deal is expected to be 3.2 per cent accretive to distribution per unit on a pro forma basis. Units of the Reit rose 4.5 per cent or S$0.015 to close at S$0.345 before the deal was announced.

Singapore Exchange-listed plantation firms: Several companies received notices from the National Environment Agency on Friday night. The agency issued them amid concerns over transboundary haze from forest and land fires in Indonesia, seeking information on the companies’ land concessions, corporate links and measures taken to prevent and combat fires. The companies include:

• $Bumitama Agri(P8Z.SI)$

• $Golden Agri International(E5H.SI)$

• $First Resources(EB5.SI)$

• $Indofood Agri Resources(5JS.SI)$

• $Kencana Agri(BNE.SI)$

• Two subsidiaries of $TSH Resources(TSH.SI)$

• $Wilmar International(F34.SI)$

SG Local News

Singapore’s Wong Vows More Support for Workers, Energy Security

Singapore Prime Minister Lawrence Wong pledged more support for workers and households, and said the government would step up efforts to secure energy supplies and attract investment as the city-state confronts growing global uncertainty.

Wong said at the ruling People’s Action Party convention on Sunday that major semiconductor companies were keen to expand in Singapore and artificial intelligence firms were establishing a presence. He acknowledged that the benefits of economic growth remained uneven, as some workers struggle to keep pace with rising costs and others worry about job security.

“Our task is not just to keep the economy growing,” Wong said. “It is to make sure that growth translates into better lives for all Singaporeans.”

Indonesia Begins Trimming Pipeline Gas Exports to Singapore

Indonesia reduced natural gas exports to neighboring Singapore from Saturday as President Prabowo Subianto seeks to shore up domestic supply and strengthen energy security for Southeast Asia’s largest economy.

Pipeline gas deliveries are being cut by about 31 million standard cubic feet per day, said Djoko Siswanto, who leads SKK Migas, the government agency overseeing Indonesia’s upstream oil and gas industry. Singapore has sufficient energy supplies and the cuts represent less than 2% of its total daily gas demand, the city-state’s Energy Market Authority said late Saturday.

On Sunday, Prime Minister Lawrence Wong took a tougher stance, saying Singapore expects energy pacts to be kept. The gas supplies are covered by commercial contracts, he said.