SG Morning Call | STI Rises 0.16%; AvePoint up Nearly 8%; UOB, OCBC Bank, DBS, Seatrium up Around 1%; Singtel, SGX, CityDev Down over 1%; ThaiBev, AEM SGD Down Around 3%
Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.16%; AvePoint up nearly 8%; UOB, OCBC Bank, DBS, Seatrium up around 1%; Singtel, SGX, CityDev down over 1%; ThaiBev, AEM SGD down around 3%.
Stocks in Focus
$DBS(D05.SI)$: The bank will open 18 new and 36 upgraded wealth centres across the Asia-Pacific by end-2027. The opening of the new centres, in Singapore, Hong Kong, China, India, Indonesia and Taiwan, will start from Q3 2026. The lender on Jun 1 described the move as the largest physical expansion of its wealth franchise to date. DBS shares closed Friday 1.5 per cent or S$0.91 up at S$62.84, before the news.
$Nio(NIO.SI)$: The electric vehicle maker on Monday announced that it delivered 37,705 vehicles in May, a 62.3 per cent year on year increase, bringing its cumulative deliveries to 1.1 million as at end-May. The deliveries comprised 20,013 vehicles from the Nio brand, 12,029 vehicles from the Onvo brand, and 5,663 vehicles from the Firefly brand. Nio shares closed Friday 3.6 per cent or US$0.20 lower at US$5.44 before the news.
$Thomson Medical Group(A50.SI)$: The Peter Lim-controlled group announced on Monday that Cassandra Loh, the current chief commercial officer Thomson Medical Singapore, will assume the role of acting chief executive officer of the Singapore business on Jul 1, 2026. Loh will succeed incumbent CEO, Lee Suen Ming, 56, who will step down after a tenure of close to three years. The counter ended Friday flat at S$0.056 before the news.
$Concord New Energy(SEG.SI)$ (CNE): It entered a 840 million yuan (S$158.2 million) arrangement with Industrial Bank Financial Leasing to refinance leases on its equipment and facilities for its China energy-storage projects. Under the agreement announced on Friday, the financial leasing arm of China’s Industrial Bank will buy certain equipment and facilities from CNE’s wholly owned subsidiary, Fengning Manchu Autonomous County Juting New Energy Development Co, for that sum. The counter ended Friday 3.1 per cent or S$0.002 down at S$0.063, before the news.
$Jumbo Group(42R.SI)$: Its restaurant chain Jumbo Seafood will shutter its flagship East Coast Seafood Centre outlet upon its lease expiry on Sep 30. Jumbo Group said on Friday that the closure is likely to affect its FY2027 revenue, though it is not expected to impact its FY2026 consolidated net tangible assets per share and consolidated earnings per share. The counter closed Friday unchanged at S$0.28, before the news.
$mm2 Asia(1B0.SI)$: The former Cathay Cineplexes operator on Friday posted a net loss of S$166.6 million for its second half ended Mar 31, widening from a net loss of S$101.3 million in the year-ago period. It reported negative revenue of S$1.7 million for the period, down from a revenue of S$46.4 million in H2 FY2025, amid S$10.3 million in fair-value losses from film and entertainment investments. Shares of mm2 Asia last closed at S$0.003 before their Nov 11 suspension.
SG Local News
"Capital Guaranteed" Label for Investment-Linked Policies Misleading: MAS, Life Insurance Association
The Monetary Authority of Singapore (MAS) and Life Insurance Association (LIA) have issued stern warnings against the use of the descriptor “capital guaranteed” for investment-linked policies (ILPs), in their latest effort to stamp out such misrepresentations.
Over the past few months, some insurance agents and financial adviser (FA) representatives have used the term “capital guaranteed upon death” to refer to the death benefit of ILPs.
"Singapore Cannot Afford to Keep Losing Clients to Dubai and Hong Kong": Industry Says Faster Onboarding Vital for Wealth Hub Edge
As the battle for Asia’s ultra-rich gets more heated, Singapore is moving to sharpen its edge as a leading wealth hub by tackling a growing pain point among wealthy clients and family offices: lengthy onboarding processes.
The Monetary Authority of Singapore (MAS) is moving to slash private bank account opening times for ultra-high-net-worth clients to under a month.
The push comes as rival financial centres such as Hong Kong are stepping up efforts for a bigger slice of the wealth pie amid rising global uncertainty.
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