In today’s briefing:
- Helixtap China Report: Higher Raw Material Costs Drive Rubber Market Recovery; Expectation Of Demand Revival
- REIT Watch – Hospitality S-REITs focus on active portfolio management to drive growth
- Buybacks Surge as Earnings Season Nears End
- Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition
- Lucror Analytics – Morning Views Asia
Helixtap China Report: Higher Raw Material Costs Drive Rubber Market Recovery; Expectation Of Demand Revival
- Chinese buying concentrated on warehouse cargoes
- Arbitrage narrows for international cargoes on wintering
- Gradual return of the tire makers expected
REIT Watch – Hospitality S-REITs focus on active portfolio management to drive growth
- CapitaLand Ascott Trust’s H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.
- Far East Hospitality Trust’s H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.
- CDL Hospitality Trusts’ DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.
Buybacks Surge as Earnings Season Nears End
- Institutions were net sellers of Singapore stocks, with a net outflow of S$265 million from Feb 21-27, 2025.
- DBS Group Holdings led share buybacks with 350,000 shares at S$46.73 each; total buybacks amounted to S$31,062,634.
- Wilmar International’s FY24 core net profit declined 26% to US$1.16 billion, with sales volume growth in most divisions.
Sheng Siong Group (SSG SP): Miss on Q4 2024/But Strong Pipeline Addition
- Sheng Siong (SSG SP) posted stable FY24 results, with revenue/profit increasing by 4.5%/ 3.1% YoY; however, Q4 2024 saw revenue/profit +6%/- 14% YoY due to higher SG&A.
- The company opened two stores in 2025 YTD to take the store count in Singapore to 77. There are eight more tenders for stores released by HDB.
- The stock trades at 17.8x FY24 PE, with 15% of the market cap in cash and a 3.9% dividend yield.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo
- In the US, January personal spending unexpectedly declined 0.2% m-o-m (0.2% e / 0.8% revised p), driven by an outsized drop in motor vehicle purchases, as well as decreases in categories such as recreational goods amid the harsh winter weather. Meanwhile, personal income rose 0.9% m-o-m (0.4% e / 0.4% p).
- Separately, the PCE inflation data for January was in line with estimates, showing a slight deceleration on a y-o-y basis. The PCE price index rose 2.5% y-o-y (2.5% e / 2.6% p) and 0.3% m-o-m (0.3% e / 0.3% p) in January, while the core PCE price index (the Fed’s preferred measure of inflation) advanced 2.6% y-o-y (2.6% e / 2.9% revised p) and 0.3% mo-m (0.3% e / 0.2% p).
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