SG Morning Call | STI Fell 1%; Centurion, YZJ Shipbldg, DBS Group, Seatrium Fell over 2%; Sats, SingPost, UOB Fell over 1%

Market Snapshot

Singapore stocks opened lower on Friday. STI fell 1%; Centurion, YZJ Shipbldg, DBS Group, Seatrium fell over 2%; Sats, SingPost, UOB fell over 1%.

Stocks to Watch

$Far East Orchard(O10.SI)$: The developer announced on Thursday that it will be acquiring a purpose-built student accommodation (PBSA) site in Manchester in the UK, for £10.9 million (S$19.2 million). The 275-year leasehold site is expected to be completed in 2028, and will be developed into a 239-bed PBSA property. This move marks the group’s maiden entry into the city of Manchester, and brings its portfolio of existing and pipeline PBSA assets to over 4,900 beds. Shares of Far East Orchard closed 1 per cent or S$0.01 lower at S$1.03, before the announcement.

$BYD HK SDR(HYDD.SI)$: The Chinese automotive company plans to increase its sales network in South Korea as it pushes for more deliveries outside China, reported Bloomberg. “We will increase our sales network to 30 by end of this year from 15 to meet demand from Korean consumers,” Liu Xueliang, the general manager of BYD’s Asia-Pacific auto sales division, said at the Seoul Mobility Show in Ilsan city on Thursday. BYD has set a goal of selling around 5.5 million vehicles this year. The BYD Singapore Depository Receipt on the Singapore Exchange closed on Thursday 1.4 per cent or S$0.09 lower at S$6.49.

$Oversea-Chinese Banking Corp.(O39.SI)$’s private-banking arm is considering adding between 20 and 30 relationship managers this year for its Greater China team, marking a substantial expansion in one of the world’s major wealth centers.

Financial activities in Hong Kong are picking up, while more high-net-worth people are looking to keep assets with a Singapore bank, said Rickie Chan, who oversees Bank of Singapore’s Greater China market. His Hong Kong-based team is on track to boost client assets by 50% by the end of 2026, a target the former Credit Suisse executive set after joining the firm about a year ago.

SG Local News

Singapore Government, Economists May Cut Growth Forecasts as Trump’s Tariffs Bite

Both official and private-sector forecasts for Singapore’s full-year growth may be cut after US President Donald Trump slapped a blanket 10 per cent import duty on all countries and more extensive reciprocal tariffs on the “worst offenders”.

The official gross domestic product growth forecast may be downgraded from the current range of between 1 and 3 per cent, as the situation has “turned out to be worse” than expected when the projection was made, Minister for Trade and Industry Gan Kim Yong told reporters on Thursday (Apr 3).

He warned of a “significant impact” from the 10 per cent tariff alone, adding that the government will give more help to households and businesses if needed.

Car Dealer, Candy Maker Could Be First Listings on SGX This Year

Automotive-solutions provider Vin’s Holdings could be the first listing on the Singapore Exchange (SGX) this year.

The car dealer, whose businesses include the sale of new parallel-import and pre-owned motor vehicles, maintenance and repair services, as well as rental and leasing, in mid-March lodged preliminary offer documents for listing on the SGX Catalist board.

In the same month, candy maker YLF Group Marketing, which manufactures and distributes its range of products in Singapore, Malaysia and Thailand, also lodged its preliminary prospectus as it mulls a Catalist listing.