In today’s briefing:
- Sea Ltd (SE US) – Shifting into Overdrive
- Indonesian Rubber Sector Falters As Production, Exports Slide
- HLA Chair Kwek Leng Peck Increases Stake After 35% Rise in FY24 Net Profit
- REIT Watch – Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024
- Institutional Investors Book Highest Net Weekly Inflows Since December
Sea Ltd (SE US) – Shifting into Overdrive
- Sea Ltd booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company.
- E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee’s lead position.
- Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. Sea Ltd remains a core holding.
Indonesian Rubber Sector Falters As Production, Exports Slide
- Output hits 2.04 million tons and exports 1.6 million tons in 2024
- ANRPC anticipates Indo rubber production to slip by 9.8% in 2025
- Chinese tire firms pitching tent in Indo may benefit from trade war
HLA Chair Kwek Leng Peck Increases Stake After 35% Rise in FY24 Net Profit
- Institutions were net sellers of Singapore stocks, with a net outflow of S$117 million from Feb 28 to Mar 6.
- DBS Group Holdings led share buybacks with 700,000 shares at S$46.15 each, totaling S$39,960,047 across 23 companies.
- Hong Leong Asia’s Executive Chairman increased his stake to 1.29% by acquiring 767,000 shares at S$0.989 each.
REIT Watch – Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024
- Elite UK REIT’s FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.
- IREIT Global’s FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.
- Stoneweg European REIT’s FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.
Institutional Investors Book Highest Net Weekly Inflows Since December
- Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January’s last week.
- Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.
- ISDN Holdings’ share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.
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