To The Moon

Market Snapshot

Singapore stocks opened lower on Monday. STI fell 0.1%; Nio up 3%; SingPost rose 2%; AEM rose 1.3%; Seatrium fell 2%; Singtel fell 1%.

Stocks to Watch

$SEMBCORP INDUSTRIES LTD(U96.SI)$ : The energy and urban development company, through its subsidiaries Sembcorp Green Hydrogen India and Sembcorp Development, signed two non-binding memorandums of understanding (MOUs) with the state government of Odisha, on Friday. The company said the signing of the MOUs is not expected to have a material impact on earnings per share and net tangible assets per share for the financial year ending Dec 31, 2025. Shares of Sembcorp closed Friday up 1.3 per cent, or S$0.07, at S$5.63, before the news.

$CityDev(C09.SI)$ : Its wholly-owned subsidiary plans to acquire all the fully-paid ordinary shares in Millennium & Copthorne Hotels New Zealand that it does not already own for NZ$2.25 apiece. On Monday, CDL said the offer is being made with a view to delist and privatise the hotel company, which will “simplify the ownership structure” of CDL New Zealand’s investment entities. Shares of CDL ended Friday 1 per cent or S$0.05 higher at S$5.10.

$Frasers Property(TQ5.SI)$, $CityDev(C09.SI)$ : The property developers and Sekisui have sold 668 units at The Orie, or around 86 per cent of units put up for sale, over its launch weekend at an average price of S$2,704 per square foot. Market watchers said The Orie’s success came as no surprise given pent up demand, although prices are expected to climb even further in H2 2025. Shares of Frasers Property closed Friday down 0.53 per cent, or S$0.005, at S$0.93 and shares of City Developments closed Friday up 0.99 per cent at S$0.05, at S$5.10.

$Sabana Reit(M1GU.SI)$ : The manager of the trust has received a requisition notice for an extraordinary general meeting (EGM) from unitholders with a combined stake of 10 per cent of the Reit. The unitholders had called for the EGM as they believe “significant costs” have been and continue to be incurred by the Reit in relation to the internalisation process, pointing out that the manager and trustee have incurred cumulative expenses of S$10.9 million. Units of Sabana Reit closed flat at S$0.365 on Friday.

SG Local News

Singapore Dollar Set to Weaken as MAS Pivot Comes Into Focus

Singapore’s currency weakness is likely to endure amid expectations that its central bank pivots to easing and US tariffs ripple through the global economy.

The Singapore dollar is already near a two-year low against the greenback, and options data show trading of bearish wagers is dominating the market in anticipation of the Monetary Authority of Singapore adjusting its stance. Investors wager that may take place on Jan. 24, though a move later this year is also possible, which would allow more time to see how Donald Trump retaking the US presidency plays out.

Singapore is one “of the most vulnerable economies to US tariff hikes in the Asean region,” said Lloyd Chan, a currency strategist at MUFG Bank Ltd. in Singapore. He predicts the MAS will ease policy this month by slightly reducing the slope of its currency band.

CPF Board Closes 1.4 Million Special Accounts of Members on Jan 19

About 1.4 million Central Provident Fund members who are aged 55 and above as of Jan 19 will not have a Special Account (SA) any more after their accounts were closed on the day by the CPF Board.

Following the SA closure, they will have an Ordinary Account (OA), a MediSave Account and a Retirement Account (RA), which was created for them on their 55th birthday.

The savings in their SA have been transferred into their RA up to the cohort’s Full Retirement Sum (FRS), which is two times the Basic Retirement Sum (BRS), or $213,000 in 2025, said the CPF Board in a statement on Jan 19.