Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.04%; Grab US SDR 2to1 up over 7%; UMS, AEM SGD, iFast up around 2%; Frencken, OUEREIT, ThaiBev, JMH USD up over 1%.
Grab raised its annual revenue forecast on Tuesday, betting on stronger demand for its ride-hailing and delivery services, helped by promotional offers and platform expansion efforts by the company.
Stocks in Focus
Parkway Life Real Estate Investment Trust: Parkway Life Reit’s distribution per unit (DPU) rose 14.6 per cent to S$0.0877 for its first half ended Jun 30, from S$0.0765 in the year-ago period, the manager reported on Tuesday. Revenue was down 1.6 per cent at S$77.1 million for the half-year period, from S$78.3 million in the previous corresponding period. Units of Parkway Life Reit closed flat at S$4.22 on Monday.
Lendlease Global Commercial Reit: The Reit on Monday reported a DPU of S$0.0185 for the second half ended June, up 3 per cent from S$0.018 in the previous corresponding period. Distributable income for H2 rose 40 per cent to S$61.7 million, from S$44.1 million in the year-ago period. Units of the Reit ended Monday 2.5 per cent or S$0.015 lower at S$0.575, before the release of its results.
First Sponsor: The property developer on Monday posted a net loss of S$92.8 million for the first half ended June, from a net profit of S$19 million in the previous corresponding period. Loss per share stood at S$0.0874 in H1, compared to earnings per share of S$0.0116 in the year-ago period. Despite being in the red, the board said it is proposing an interim dividend of S$0.011 a share for H1 2026, unchanged from the previous year. Shares of First Sponsor ended Monday flat at S$0.955, before the release of its results.
Apac Realty: The real estate services player on Monday reported a net profit of S$9.4 million for the first half ended June, down 16.8 per cent from S$11.3 million in the year-ago period. Earnings per share decreased to S$0.0217 in H1 from S$0.0314; overall revenue slid 3.6 per cent to S$329.3 million. Still, the board is proposing a dividend payout of S$0.055 a share for the half year, comprising an interim dividend of S$0.019 a share and a one-off special dividend of S$0.036 apiece. Shares of Apac Realty ended Monday 0.9 per cent or S$0.005 lower at S$0.575, before the release of the results.
Kore US Reit: The manager of the Reit on Monday said it inked a 10-year lease agreement for about 32,000 square feet of space at its freehold business campus in Redmond, Washington. The lease will increase committed occupancy at The Westpark Portfolio from 73 per cent to 77.1 per cent. It will also lift the Reit’s overall committed portfolio occupancy from 85.3 per cent to 86 per cent on a pro forma basis. Units of Kore US Reit ended Monday 1.1 per cent or US$0.002 lower at US$0.177, before the news.
SG Local News
Singapore's Banking Giants Poised for Strong Q2 Showings on Rate Hikes and Asset Gains
Singapore's major banks are anticipated to deliver resilient financial results for the second quarter this week, supported by elevated interest rates, solid loan expansion, and robust earnings from wealth management operations. Analysts noted that market participants will be closely monitoring whether the pressure on net interest margins (NIMs) has yet to fully subside and if the banks can maintain their earnings momentum into the latter half of 2026.
DBS will initiate the earnings season on August 6, followed by OCBC and UOB on August 7. Industry observers predict a deceleration in margin compression after Singapore's interest rates climbed for a second consecutive month in June, while lending growth continued to be robust. Furthermore, analysts added that strong equity markets and volatile trading conditions are expected to bolster non-interest income, particularly from wealth management and treasury operations.
Temasek Financial Issues S$750 Million Singapore Dollar Bond with 2.65% Annual Yield
Temasek Financial (I) (TFin-I), a subsidiary fully owned by Temasek Holdings, has set the pricing for a S$750 million bond with a 10-year maturity, offering a yield to maturity of 2.65% per annum. According to a statement released on Monday (Aug 3), interest payments to investors will be made semi-annually.
This bond is being issued under the company's US$30 billion Guaranteed Global Medium Term Note Programme, which carries an unconditional and irrevocable guarantee from Temasek. TFin-I plans to channel the net proceeds from the bond issuance to Temasek and its investment holding companies, supporting their regular business operations.
