Latest news with #SGX
Business Times
39 minutes ago
- Business
- Business Times
Stocks to watch: SGX, Frasers Centrepoint Trust, NTT DC Reit, BRC Asia
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Jul 15): Singapore Exchange (SGX) : Shares of Hong Kong-listed pharmaceutical group China Medical System are expected to commence trading on the SGX on Jul 15, although there is no guarantee that the proposed listing will happen as it is subject to conditions. The closing price of its shares as quoted on the Hong Kong Stock Exchange on Monday was HK$12.540, the company said in a bourse filing on Monday. SGX shares closed on Monday 1.2 per cent or S$0.18 higher at S$15.64. Frasers Centrepoint Trust (FCT) : The manager of FCT announced that the agreement between the trustee-manager and property manager of retail mall Northpoint City South Wing has been automatically renewed for a further 12 months commencing from Monday. The agreement is generally aligned with the property management agreements across all retail malls owned by FCT and managed by the property manager, and include the adjoining retail mall known as Northpoint City North Wing. Units of FCT closed up 1.4 per cent or S$0.03 at S$2.22 before the news. NTT DC Reit: Units of the real estate investment trust (Reit) commenced trading on the local bourse at 2 pm on Monday, marking the largest Reit initial public offering on the SGX in a decade. Pol de Win, head of global sales and origination at SGX Group, noted that the listing 'underscores Singapore's position as Asia's leading Reit hub'. Units of NTT DC Reit closed flat at the offer price of US$1 on Monday. BRC Asia : The prefabricated steel reinforcement company secured around S$570 million worth of contracts for the Changi Airport Terminal 5 project, where it will supply steel reinforcement for the substructure of the upcoming terminal. The group said on Monday that the new contracts bring its outstanding sales order book to S$2 billion as at Jul 14, and extend its revenue visibility through to 2029. Shares of BRC Asia closed flat at S$3.33 before the announcement.
Business Times
4 hours ago
- Business
- Business Times
Trump, tariffs and the tumble of the US dollar
Trade threats. Sliding currencies. Shifting rate expectations. In the debut episode of Market Focus Weekly by The Business Times, host Emily Liu sits down with Geoff Howie, market strategist at Singapore Exchange (SGX), to break down the headlines roiling Asian markets. From Washington's tariff deadlines to Singapore's stock market highs, this is your Friday must-listen for what's actually moving the region's markets and why it matters. Why listen? Tariffs are back on the table President Trump's July 9 deadline looms. Markets are bracing for a fresh wave of economic uncertainty. The US dollar is down 10% And that's reshaping capital flows into Asia. Will it continue? Fed rate cuts just got downgraded Markets expected 75 basis points. Now it's looking like 50. What changed? BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Gold is quietly surging Inflows into SGD-denominated ETFs are up. Investors are hedging and watching. Oil prices remain volatile Energy counters on the SGX are swinging. Here's where the action is. Market Focus Weekly cuts through the noise so you can follow the signals. Catch Episode 1 now because in markets, timing is everything. Questions or feedback? Reach us at btpodcasts@ --- Written and hosted by: Emily Liu (emilyliu@ Produced and edited by: Howie Lim & Claressa Monteiro Produced by: BT Podcasts, The Business Times, SPH Media --- Follow Market Focus Daily and rate us on: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Feedback to: btpodcasts@ Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents at: BT Podcasts at: BT Branded Podcasts at: BT Lens On:
CNA
12 hours ago
- Business
- CNA
Singapore's largest IPO since 2017 sees muted debut
SINGAPORE: Despite its initial public offering (IPO) being oversubscribed, market reaction to a data centre-focused real estate investment trust (REIT) that was billed as the largest to debut on the Singapore bourse since 2017 was muted on the first day of trade. The NTT DC REIT, which started trading on the Singapore Exchange (SGX) at 2pm on Monday (Jul 14), opened at US$1.02, above its offer price of US$1. During the afternoon, the REIT's share price rose as high as US$1.03, before closing at US$1. The trust raised a total of US$773 million and is backed by Singapore's sovereign wealth fund GIC and Japan's telecommunications giant NTT Group. It is the biggest listing on the exchange since 2017, when fibre network-centred NetLink NBN Trust raised S$2.3 billion (US$1.8 billion). NTT Group is the world's third-largest data centre provider through its global data centre business NTT GDC, according to the IPO's prospectus. Mr Yutaka Torigoe, chief executive officer of the manager of NTT DC REIT, said he was encouraged by the "excellent debut" and said it underscores confidence in the quality of the REIT's portfolio, its growth prospects and the outlook for data centres globally. However, analysts were less impressed by the trading performance. "We were hopeful that unit price should hit US$1.10 but the market reaction is much more muted than we anticipated," said Mr Jonathan Koh, a director of research at UOB Kay Hian. He said investors may be holding back their optimism because of the ongoing trade tensions and threats of higher reciprocal tariffs that have led to business uncertainty. Mr Oriano Lizza, a sales trader at CMC Markets, described the share price moves as "notably measured rather than exuberant", but said he viewed it positively. "While the IPO was 4.6 times oversubscribed overall and the public offer was 9.8 times oversubscribed, the tepid price performance actually demonstrates mature investor behaviour," he said. He said the price action suggests institutional discipline rather than retail speculation, noting that GIC holds a 9.8 per cent stake, and is a long-term holder rather than a short-term trader. Mr Lizza also pointed to the current interest rate environment being elevated, which traditionally pressures REIT valuations. He added that investors are "appropriately pricing in execution risk" given that the portfolio of NTT DC REIT spans three continents. "The measured but positive reception demonstrates that Singapore's capital markets are evolving toward greater maturity and sustainability, focusing on long-term value creation – a positive development for the broader market ecosystem," he said. "BREATH OF FRESH AIR" Analysts also said that the successful listing of NTT DC REIT holds significance, in particular because of the size of the listing and the business being focused on data centres. UOB Kay Hian's Mr Koh said the listing signifies a resumption of large-cap companies going public on the SGX. The interest in the listing shows that investors are keen to invest in REITs with a good sponsor and that data centres remain a sought-after asset class, he said. The IPO raised publicity for Singapore REITs since it was the largest REIT listing on the SGX mainboard in a decade, said Mr Jayden Vantarakis, head of ASEAN equity research at Macquarie Capital. "As such, NTT DC REIT brings a breath of fresh air to the space," he said. The listing will likely elevate Singapore REITs and the SGX if it does well, given that there are limited pure data centre-focused REITs in Asia, he added. Mr Lizza said the listing represents a "watershed moment" for Singapore's capital markets. "Beyond the impressive scale, this listing strategically positions Singapore as a regional hub for AI-related investment opportunities," he said. NTT DC REIT provides investors direct exposure to critical digital infrastructure that is powering artificial intelligence and cloud computing growth, he said. SGX Group's head of global sales and origination Pol de Win said the listing taps into the immense growth potential of data centres, which is gaining strong investor interest globally. "As the first REIT by a global tech powerhouse like NTT, it underscores Singapore's position as Asia's leading REIT hub," he said. The outlook for the company appears fundamentally positive, Mr Lizza said, pointing to exceptional growth in the global data centre market. Locally, the government plans to add 300 megawatts of additional capacity, so the structural demand environment is robust, he said. He also said the IPO sends a "strong positive signal" about renewed confidence in Singapore's capital markets, which the government is trying to revive. The quality of the transaction demonstrates that Singapore can attract premium international assets, and should give a boost of confidence to other potential SGX listings, said Mr Lizza. "The combination of government support measures, improved market infrastructure, and this successful large-scale listing creates a more favourable environment for companies considering SGX as their listing destination," he said. He sees a broad base of potential REIT IPOs on the horizon, including data centre, industrial, logistics, hospitality, commercial and retail assets that could raise between S$600 million to around S$1 billion, he said.
Khaleej Times
13 hours ago
- Business
- Khaleej Times
Data centre focused REIT debuts in Singapore, biggest in years
A real estate investment trust (REIT) focused on data centres made a lukewarm debut on the Singapore exchange on Monday, in the city-state's biggest listing in eight years. Valued at $773 million, the trust NTT DC REIT is backed by the city's sovereign wealth fund and Japan's NTT group. It is expected to give a much-needed boost to the Singapore Exchange (SGX), which has seen lacklustre interest for major listings in recent years. Data centres are an area of phenomenal growth owing to the global need to store massive amounts of digital data and run energy-intensive artificial intelligence tools. NTT DC REIT closed at its offer price of $1.0 per unit on the SGX, after opening at $1.02 and rising to as much as 1.03 after trading began at 2pm (0600GMT). It was the biggest listing on the exchange since 2017, when fiber network-centred NetLink NBN Trust raised S$2.3 billion ($1.8 billion). NTT DC REIT is backed by Singapore's GIC, one of the world's biggest sovereign wealth funds, and Japan's telecommunications giant NTT Group. The NTT Group, through its global data center business NTT GDC, is the world's third-largest data centre provider, according to the IPO's prospectus. It has a portfolio of six data centres in Singapore, Austria and the United States valued at $1.6 billion. Singapore is a leading hub for data centres in Asia, with its strategic location at the crossroads of submarine cable routes providing connectivity to the region and beyond. From 2024 to 2027, the power used by data centres is expected to rise at a compounded annual growth rate of 27.5 per cent, following double-digit expansion over the past five years, the prospectus said. Song Seng Wun, economic adviser at financial services firm CGS International Singapore, said the offer allows investors to ride on the artificial intelligence (AI) boom to diversify their assets. "Demand for data centres is a straightforward proposition because of the demand generated by AI and everyday use of technology," said Song. It is a "less risky investment" compared to assets that are more vulnerable to geopolitical developments and the changing tariff landscape, he told AFP. The listing is also a "feather in the cap of SGX which has been playing second fiddle to Hongkong for a while now," he said.
Malay Mail
14 hours ago
- Business
- Malay Mail
Biggest data centre REIT listing in years hits Singapore exchange
SINGAPORE, July 14 — A real estate investment trust (REIT) focused on data centres made a lukewarm debut on the Singapore exchange today, in the city-state's biggest listing in eight years. Valued at US$773 million, the trust NTT DC REIT is backed by the city's sovereign wealth fund and Japan's NTT group. It is expected to give a much-needed boost to the Singapore Exchange (SGX), which has seen lacklustre interest for major listings in recent years. Data centres are an area of phenomenal growth owing to the global need to store massive amounts of digital data and run energy-intensive artificial intelligence tools. NTT DC REIT closed at its offer price of $1.0 per unit on the SGX, after opening at $1.02 and rising to as much as 1.03 after trading began at 2pm (0600GMT). It was the biggest listing on the exchange since 2017, when fiber network-centred NetLink NBN Trust raised Sg$2.3 billion (US$1.8 billion). NTT DC REIT is backed by Singapore's GIC, one of the world's biggest sovereign wealth funds, and Japan's telecommunications giant NTT Group. The NTT Group, through its global data center business NTT GDC, is the world's third-largest data centre provider, according to the IPO's prospectus. It has a portfolio of six data centres in Singapore, Austria and the United States valued at $1.6 billion. Singapore is a leading hub for data centres in Asia, with its strategic location at the crossroads of submarine cable routes providing connectivity to the region and beyond. From 2024 to 2027, the power used by data centres is expected to rise at a compounded annual growth rate of 27.5 percent, following double-digit expansion over the past five years, the prospectus said. Song Seng Wun, economic advisor at financial services firm CGS International Singapore, said the offer allows investors to ride on the artificial intelligence (AI) boom to diversify their assets. 'Demand for data centres is a straightforward proposition because of the demand generated by AI and everyday use of technology,' said Song. It is a 'less risky investment' compared to assets that are more vulnerable to geopolitical developments and the changing tariff landscape, he told AFP. The listing is also a 'feather in the cap of SGX which has been playing second fiddle to Hongkong for a while now,' he said. — AFP
