Stocks to watch: Singtel, Wilmar, CapitaLand Investment, City Developments, Yangzijiang Financial, Haw Par Corp
Singtel : The group's Q1 net profit soared 317.4 per cent to S$2.9 billion from S$690 million in the year-ago period, Singtel said in its business update on Wednesday. The bottom-line growth came on the back of exceptional gains of around S$2.2 billion, primarily from the sale of a partial stake in Airtel and the Intouch-Gulf Energy merger. Shares of Singtel closed Tuesday 0.3 per cent or S$0.01 lower at S$3.92.
Wilmar International : The agribusiness group on Tuesday posted a net profit of US$594.9 million for H1, up 2.6 per cent from US$579.6 million in the year-ago period. This was attributed to stronger performances in its plantation and sugar milling, which rose on the back of higher palm oil prices and fresh fruit bunch production. Shares of Wilmar closed flat at S$2.97 on Tuesday, before the announcement.
CapitaLand Investment (CLI) : It will invest more than 192 billion rupees (S$2.8 billion) in Maharashtra by 2030 to deepen its presence in the key Indian markets of Mumbai and Pune, CLI said on Tuesday at the launch of its first India data centre in Navi Mumbai. The planned investments are an 'integral part' of CLI's wider growth strategy for India, where it aims to expand its funds under management from more than S$8 billion currently to around S$15 billion by 2028. CLI shares closed 0.7 per cent or S$0.02 lower at S$2.75 on Tuesday.
City Developments Ltd (CDL) : It posted a 3.9 per cent year-on-year rise in its first-half net profit to S$91.2 million on Wednesday, up from S$87.8 million in the previous corresponding period. This translates to a basic earnings per share (EPS) of S$0.097, compared with S$0.092 in the year-ago period. The board proposed a final dividend of S$0.03 per share, a slight increase from S$0.02 a year prior. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump. The counter closed flat at S$6.35 on Tuesday before the announcement.
Yangzijiang Financial : The investment management company on Tuesday posted a 28 per cent rise in net profit to S$137.7 million for its H1, from S$107.4 million in the year-ago period. This was largely driven by the reversal of credit loss allowances, higher contributions from maritime joint ventures and net foreign exchange gains. The group said that the subsidiary which it is proposing to spin-off, YZJ Maritime Development, intends to raise up to S$250 million through the placement of new shares to accredited investors and institutional investors. The counter ended S$0.015, or 1.5 per cent, higher at S$0.99 on Tuesday.
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Haw Par Corporation : The Tiger Balm ointment maker posted an 18.2 per cent rise in net profit to S$144.1 million for its first half ended June, from S$122 million in the previous corresponding period. H1 revenue rose 7 per cent to S$126.3 million, from S$118.1 million a year earlier, as demand for healthcare products remained resilient. Shares of Haw Par closed S$0.19 or 1.3 per cent lower at S$14.13 on Tuesday, before the results were released.
Hong Leong Asia : The group posted a 13.1 per cent rise in net profit to S$56 million for the first half ended June, from S$49.5 million in the year-ago period. This was mainly due to the strong performance of its subsidiary Yuchai, as well as higher precast concrete volumes, the company said on Tuesday. Shares of Hong Leong Asia closed 1.1 per cent or S$0.02 higher at S$1.86 on Tuesday, before the release of the results.
ValueMax Group : The group on Tuesday posted a net profit of S$48 million for H1 , up 35.5 per cent from S$35.4 million in the year-ago period. This was attributed to 'robust performance' across all its core business segments – pawnbroking, moneylending, gold and jewellery retail and trading. Revenue rose 16.8 per cent to S$268.3 million, from S$229.8 million previously. Shares of ValueMax closed S$0.05 or 6.6 per cent higher at S$0.805 before the announcement on Tuesday.
Trading halt: Ascent Bridge called for a trading halt at 12.05 pm on Tuesday, pending the release of an announcement. Its shares ended the day 1.4 per cent or S$0.01 lower at S$0.68.
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Straits Times
2 hours ago
- Straits Times
President Prabowo aims to go after illegal mining, oil palm plantations; speed up free-meal scheme
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The budget proposal – with a deficit forecast at 2.48 per cent of gross domestic product – is based on an economic growth target of 5.4 per cent, an inflation rate at 2.5 per cent and the rupiah trading at 16,500 per US dollar on average for 2026, along with several other indicators. Mr Prabowo, 73, in both speeches, also outlined other priorities for his five-year term through 2029. These included strengthening recently established sovereign wealth fund Danantara; providing ample financing support to farmers, fishermen and villagers through setting up 80,000 cooperatives nationwide to ensure they obtain the best prices for their produce; expanding edible crops to improve food self-sufficiency; and establishing 20 'gifted schools' for the top one per cent of Indonesia's students. His state of the nation speech in the morning was his first as the country's leader. 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'We have to do more to drive the sector that absorbs a lot of labour, such as agriculture.' Mr Prabowo, in his speeches, pointedly did not renew his commitment to the new Indonesian capital Nusantara, unlike in speeches soon after taking office when he pledged to complete the East Kalimantan project. Adding to uncertainty over his stance on the new capital, Mr Prabowo is slated to host Indonesia's 80th Independence Day celebrations, on Aug 17, in Jakarta. Nusantara is a pet project of Mr Widodo. Both Mr Prabowo and Mr Widodo celebrated Independence Day in Nusantara in August 2024, but ties between the two have since frayed. The government has saved about 300 trillion rupiah by slashing 'expenses which are prone to corruption and manipulation', including unnecessary overseas junkets, excessive meetings and other non-essential expenditures. 'We will not hesitate in unravelling major corruption cases,' he said in his budget announcement. In his state of the nation address earlier in the day, the president said the crackdown on illegal mining and oil palm plantations are part of the government's move to curb corruption. On illegal mining, he noted that there were 1,063 illegal mines – those operating without proper mining licences – in the country and appealed to lawmakers and political parties for their support for government action. He said those behind these illegal mines include very influential persons, active as well as former military or police generals. 'There is no reason the government wouldn't take action for the sake of the people,' Mr Prabowo said, prompting a standing ovation from the House. He said a survey found that palm plantations on 3.7 million ha – or nearly twice the size of Johor state in Malaysia – were operating in violation of the law. Indonesia is the world's biggest producer and exporter of palm oil, with its main growing areas in Sumatra and Kalimantan. 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Business Times
6 hours ago
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Domestic demand drives Malaysia's Q2 GDP up 4.4% amid export slump
[KUALA LUMPUR] Malaysia's domestic demand shielded the economy from a sharper slowdown in the second quarter, and helped deliver a 4.4 per cent year-on-year growth – despite tumbling net exports and the current account surplus being at its smallest in over 20 years. The April-to-June performance announced by Bank Negara Malaysia on Friday (Aug 15) fell just shy of the 4.5 per cent growth forecast by economists in a recent Reuters poll, as well as the advance estimates from the Department of Statistics Malaysia (DOSM). DOSM chief statistician Mohd Uzir Mahidin attributed the economic growth to several key factors, including continued consumer spending, a resilient labour market and sustained trade activity. He noted that the US-China tariff truce had lifted exports in the region's economies, and that moderating inflation at home and abroad had supported purchasing power. Between April and June, Malaysia's private consumption rose 5.3 per cent year on year; public consumption went up by 6.4 per cent, also on the year. Net exports dropped over 70% Lower oil and gas production, the result of planned maintenance activities, was a factor that weighed on Malaysia's economic growth in Q2. PHOTO: BLOOMBERG Despite strong electrical and electronics exports, the overall trade balance weakened. Net exports plunged by 72.6 per cent, dragged down by a decline in mining-related exports and a rise in capital imports. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Mohd Uzir noted: 'Lower oil and gas production due to planned maintenance activities was a factor that weighed on growth in the second quarter.' He added that slower exports were exacerbated by waning support from front-loading activities; however, the continued demand for electrical and electronics products and robust tourism activities would support export growth going forward, he said. Overall growth was weighed down by the mining sector's decline amid lower commodity production, said Bank Negara governor Abdul Rasheed Ghaffour. Malaysia's current-account surplus for the quarter narrowed to RM300 million (S$91.3 million), the smallest in 26 years. The goods account surplus narrowed sharply to RM17 billion, while the services account deficit edged up to RM3.3 billion. Lingering uncertainties Bank Negara Malaysia governor Abdul Rasheed Ghaffour said the country's overall economic growth was weighed down by the mining sector's decline amid lower commodity production. PHOTO: BANK NEGARA MALAYSIA The governor, expressing cautious optimism about Malaysia's economic outlook, said that the country is on a 'solid footing', ready to face future headwinds, even as front-loading normalises. He acknowledged that persistent external challenges, especially the lingering tariff uncertainties, could take time to play out, but that the country is approaching these challenges from a position of strength. The governor highlighted that the economy is underpinned by resilient domestic demand, ongoing electrical and electronics sector growth, and a diversified export base. 'These fundamentals, together with continued structural reforms, ensure Malaysia is well-positioned to navigate the evolving global landscape,' he explained. Last month, Bank Negara lowered the economic forecast range to between 4 and 4.8 per cent for 2025, down from its estimate in March of 4.5 to 5.5 per cent. The revision of economic forecasts is a nod to the rising uncertainty over US trade tariffs, shifting trade alliances and geopolitical instability – all of which are factors weighing on the outlook for the region's export-reliant economies. Economists' 2025 growth forecast: between 4.1% and 4.4% Bank Negara's monetary policies, coupled with the Malaysian government's RM2 billion in Merdeka cash handouts, are expected to boost domestic spending. PHOTO: AFP Mohd Afzanizam Abdul Rashid, Bank Muamalat's chief economist, projects that Malaysia's economy will grow more slowly in the second half of 2025, and come in at between 3.7 and 3.8 per cent; the full-year growth rate would be around 4.1 per cent. He highlighted that Bank Negara has been proactive with its monetary policy, having cut the statutory reserve requirement and the overnight policy rate earlier this year. 'These measures, along with RM2 billion in Merdeka cash handouts, are expected to boost domestic demand and counteract the looming risks of a global slowdown,' he told The Business Times. ANZ Research economists Arindam Chakraborty and Khoon Goh noted that external demand is expected to weaken, but that overall growth should remain supported by resilience in domestic demand and a sustained momentum in investment. The research firm forecasts Malaysia's GDP to expand at 4.1 per cent in 2025. Regarding monetary policy, the ANZ Research economists do not expect another rate cut unless weaker external demand significantly affects incomes and consumption. RHB Bank senior economist Chin Yee Sian has a slightly more positive outlook on the country's economic growth, forecasting a 4.2 per cent GDP expansion, with potential to reach 4.4 per cent. She notes that the outcome hinges on external factors such as clearer guidance on US tariffs, easing US-China tensions, as well as the impact of the domestic stimulus measures. Chin added that some domestically-focused industries remain resilient to global uncertainties because they are insulated by strong local demand; these sectors are retail, consumer goods, and construction. Ringgit gains In Q2, the Malaysian currency had appreciated by 5.9 per cent against the US dollar as at Aug 13. On a nominal effective exchange rate basis, the ringgit rose by 2.1 per cent. As at 4 pm on Friday, the ringgit was trading at 4.2184 against the greenback, nearly 5.7 per cent higher than the RM4.4715 level at the start of the year. Against the Singapore dollar, it depreciated around 0.5 per cent to 3.2893, from RM3.2742 on Jan 1. Commenting on the currency's movement, Abdul Rasheed said that he expected the ringgit to continue being influenced by external factors, but that its value would be supported by Malaysia's favourable economic outlook, structural reforms, and ongoing efforts to encourage capital inflows. Moderate inflation Lower inflation for fuel and food-related items was partially balanced by a smaller decrease in mobile service prices. BT FILE Between April and June, the headline inflation eased to 1.3 per cent. Its core inflation remained broadly stable, at 1.8 per cent. The governor said that the lower inflation for fuel and food-related items were partly offset by a slower decline in prices for mobile services. Abdul Rasheed expects inflation to remain moderate in 2025, and projects headline inflation to average between 1.5 and 2.3 per cent. The headline inflation forecast range for the year was revised down, following the more moderate demand and cost outlook of the earlier projections in March 2025. 'Inflationary pressure from global commodity prices is expected to remain limited, contributing to moderate domestic cost conditions. In this environment, the impact of domestic policy measures on inflation is expected to remain contained,' he added.
