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Straits Times
26-05-2025
- Straits Times
Singapore Oceanarium to open in Sentosa on July 23
The Singapore Oceanarium will be three times larger than its predecessor, and will feature 22 immersive zones. PHOTO: RESORTS WORLD SENTOSA Singapore Oceanarium to open in Sentosa on July 23 SINGAPORE – The new Singapore Oceanarium – previously known as S.E.A. Aquarium – is set to welcome visitors in Sentosa from July 23, after about three months of renovation works. The facility will be three times larger than its predecessor and will feature 22 immersive zones, Resorts World Sentosa announced on May 26. Visitors will get to see various spaces of the ocean – from shallow water s to deep sea – and explore the ocean in different time periods, from prehistoric time to the present day. One of the exhibits is Ocean Wonders, home to one of the world's largest kreisel habitats a nd thousands of moon jellies. A kreisel tank is a specialised tank used to house delicate marine creatures such as jellyfish. The Ocean Wonders exhibit feature thousands of moon jellies. PHOTO: RESORTS WORLD SENTOSA Another exhibit, Singapore's Coast, features mangrove-inspired landscapes and interactive habitants that highlight native biodiversity. In the oceanarium's Open Ocean zone, visitors can get up close and personal with reef manta rays and zebra sharks, which swim among thousands of other marine animals behind a 36m-wide viewing panel. Adjacent to the oceanarium will be a research and learning centre, equipped with immersive learning labs, collaborative workspaces, seminar rooms and a rooftop event space. The centre 'enhances Singapore Oceanarium's educational offerings and provides advanced facilities for scientists and researchers to conduct valuable research work and drive marine science outreach on-site', Resorts World Sentosa said. 'Singapore Oceanarium represents the next frontier for marine education and sustainability,' said Mr Tan Hee Teck, CEO of Resorts World Sentosa. 'We have created not just a destination, but a catalyst for change, a place where curiosity transforms into knowledge, and knowledge into real action.' S.E.A. Aquarium closed for renovation on April 30, after 12 years of operations. Singapore Oceanarium's vice-president Lam Xue Ying added that the transformation of the facility has been 'years in the making'. 'We are dedicated to inspiring a new generation of ocean stewards by taking ocean education and interactive storytelling to the next level, through naturalistic habitats and immersive technology,' said Ms Lam. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
19-05-2025
- Business
- Straits Times
SIA, other aviation stocks take off; offers to delist firms from the SGX keep coming
Despite the strong performance, shares of SIA rose by just 2.4 per cent through the week, closing at $6.90 on May 16. ST PHOTO: BRIAN TEO Market Insights SIA, other aviation stocks take off; offers to delist firms from the SGX keep coming SINGAPORE – Aviation companies did well on the local stock exchange last week, with Singapore Airlines (SIA), SIA Engineering and Sats closing in positive territory on May 16. SIA on May 15 announced a 2.8 per cent jump in group revenue to a record $19.5 billion for the 2025 financial year (FY) ended March 31 , thanks to better travel demand and despite rising competition in the industry . Group net profit, which stood at $2.8 billion, was up 3.9 per cent from the year before, another record for the airline. This was boosted by a one-off, non-cash accounting gain of $1.1 billion, following the merger of its 49 per cent-owned Indian carrier Vistara with Air India in November. Despite the strong performance, shares of SIA rose by just 2.4 per cent through the week, closing at $6.90 on May 16. SIA had said that it will be rewarding its employees with a 7.45-month bonus, which is lower than the 7.94-month bonus it paid in FY2024, the highest in its history. The group had 27,821 employees in FY2025, which is up by 8.6 per cent from FY2024. At 40 cents per share in total, SIA's FY2025 dividends will also be less than the 48 cents per share it paid in FY2024. SIA Engineering did better on the exchange, with its shares rising more than 7 per cent through the week to close at $2.42. The company reported its results for FY2025 after the market closed on May 9, revealing that its net profit was up 43.8 per cent year on year to $139.6 million. This was on the back of a 13.8 per cent jump in revenue to $1.2 billion over the same period. SIA Engineering said the stronger performance was supported by growth in air travel, which drove demand for its aircraft maintenance, repair and overhaul services. Total FY2025 dividends amounted to nine cents per share, up from eight c ents per share in FY2024. Sats shares also rose last week, by 2.8 per cent, to close at $2.99 on May 16. The catering and ground handling company on May 15 said it will invest over $250 million to upgrade its ground operations and cargo handling infrastructure at Changi Airport over the next seven years. This is expected to help meet rising cargo demand at Changi Airport until Terminal 5 and the Changi East Industrial Zone open in the mid-2030s. Construction of Changi Airport's fifth and largest terminal commenced on May 14. When complete, it is expected to boost the airport's total annual capacity to around 140 million passengers, up from 90 million now. CEO of Genting Singapore to retire Genting Singapore shares fell last week. On May 14, its chief executive Tan Hee Teck announced a personal decision to retire from the company on May 31. Mr Tan, 69, will also relinquish his position as CEO of Resorts World Sentosa (RWS) as well as his other board roles. He has served the company in various capacities for around 20 years. Executive chairman Lim Kok Thay will assume the role of acting CEO, while RWS president Lee Shi Ruh will take over as CEO of the integrated resort. Both appointments will take effect on June 1. Mr Lim had stepped down as CEO of Malaysia's family-run conglomerate Genting Berhad in March after two decades at its helm, relinquishing the role to chief operating officer Tan Kong Han. Genting Singapore is 52.5 per cent-owned by its Malaysia parent. The announcements came after Genting Singapore released its results for the first quarter of 2025 on May 14. The company said revenue declined 20 per cent year on year to $626.2 million, while net profit fell by 41 per cent to $145 million over the same period. This was due to lower gaming revenues and the temporary closure of Hard Rock Hotel for renovation and rebranding works. There were also fewer visitors to RWS during the quarter. Analysts reckon Genting Singapore will perform better in the second half of 2025, when renovations across RWS are complete and new attractions such as the Singapore Oceanarium open. Shares of Genting Singapore were heavily traded last week. They fell by around 2 per cent through the week and closed on May 16 at 71.5 cents. Three more delisting offers Another three companies received privatisation offers last week. Frasers Property on May 14 made a second attempt to privatise Frasers Hospitality Trust for 71 cents per stapled security. That is one cent higher than what it offered to pay for the trust in September 2022 , although that deal eventually fell through when shareholders voted down the move . On May 15, the controlling shareholders of Ossia International – group executive chairman George Goh Ching Wah, CEO Goh Ching Huat and non-executive director Goh Ching Lai – offered to take the company private for 16 cents a share. It is the second time the three, who are brothers, are attempting to delist the company after their first offer in June 2024, at 14.5 cents per share, was unsuccessful. Mr George Goh had announced his intention to stand in Singapore's 2023 presidential election, but was later informed that he did not qualify. A third company, Cosmosteel Holdings, on May 15 received an offer from a group of investors to take it private at 20 cents per share. Twelve other companies have received privatisation offers in 2025 so far. They are SLB Development, PEC, Sin Heng Heavy Machinery, Paragon Reit, Japfa, Econ Healthcare, Murata Manufacturing, ICP, Amara Holdings, Procurri Corp, Ban Leong Technologies and Sinarmas Land. The offers of Paragon Reit, Japfa and Amara Holdings have been declared unconditional, and they will be delisted from the SGX. Earlier in May, the controlling shareholders of Sinarmas Land also made a second higher offer to take the property developer private. Efforts are being taken to raise the number of initial public offerings (IPOs) on the SGX and offset the tide of firms opting out of the local bourse. The Monetary Authority of Singapore and SGX RegCo on May 15 unveiled proposals to ease the IPO process, including measures to enable better price discovery on the SGX , or how a fair stock price is determined through market supply and demand . These plans are currently under public consultation. Other market movers Shares of Hotel Properties Limited (HPL) closed 2.3 per cent higher at $4.42. They had risen by as much as 9.3 per cent to $4.72 in morning trading on May 16, but pared gains after the jump in trading volumes prompted a query from SGX RegCo. About 545,000 shares had changed hands. In response to the query, HPL said it was unaware of any previously undisclosed information or other explanations for the unusual trading activity, and confirmed compliance with SGX listing rules. In its proposals for better price discovery on the stock exchange released on May 15, SGX RegCo said it is planning to avoid publicly querying firms, acting on market concerns that doing so without regard to materiality can unnecessarily alarm investors. Parkson Retail Asia more than doubled through the week, closing on May 16 at 14 cents. The department store operator said it will be paying a special interim dividend of four cents per share for the year, after announcing a 21 per cent year-on-year jump in first-quarter earnings to $14.7 million. At those levels, the dividend is also 50 per cent of Parkson's group net asset value. Cordlife jumped by almost 65 per cent to 26 cents last week, following an offer by Thailand-listed Medeze Group to acquire a 10 per cent stake at 25 cents per share. SingPost closed 8 per cent down at 57 cents, despite proposing on May 15 a special dividend of nine cents per share after booking a net exceptional gain of $222.2 million from the recent divestment of its business in Australia. SingPost reported a net profit of $245.1 million for the full year, up 212.9 per cent from the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million. At its results briefing, group chief financial officer Isaac Mah ruled out the possibility of nationalisation, even as SingPost continues to collaborate with the Government to find a profitable and sustainable operating model for the business. What to look out for this week Singtel and Sats will announce full-year results for the period ended March 31 on May 22 and May 23, respectively. Shares of Chinese electric vehicle battery maker Contemporary Amperex Technology will start trading in Hong Kong on May 20. With its shares priced at HK$263 each, the offering is expected to raise HK$35.66 billion (S$5.9 billion), making it the world's largest IPO in 2025. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
16-05-2025
- Business
- Straits Times
Changes to Singapore Economic Resilience Taskforce members possible after Cabinet reshuffle: DPM Gan
(From left) SNEF president Tan Hee Teck, Manpower Minister Tan See Leng, NTUC secretary-general Ng Chee Meng, DPM Gan Kim Yong, SBF vice-chairman Mark Lee (representing chairman Lim Ming Yan), National Development Minister Desmond Lee, Digital Development and Information Minister Josephine Teo and Transport Minister Chee Hong Tat at a press conference by the Singapore Economic Resilience Taskforce in April. ST PHOTO: NG SOR LUAN SINGAPORE – Adjustments may be made to the composition of the Singapore Economic Resilience Taskforce when the new Cabinet line-up is announced, said Deputy Prime Minister Gan Kim Yong. Prime Minister Lawrence Wong is widely expected to announce changes to his Cabinet soon, following the May 3 general election. 'We may need to make some adjustments to the membership because the membership is taken from ministers with a specific portfolio,' said DPM Gan, who was providing an update to the media on the task force's progress on May 16. 'We will probably announce a new composition if there are any changes after the Cabinet line-up has been announced,' he added. Post-election reshuffles typically occur within two to three weeks after the polls. The line-up should be firmed up ahead of the annual Shangri-La Dialogue, which is scheduled to take place from May 30 to June 1. Political observers had told The Straits Times that the upcoming Cabinet reshuffle is likely to be considerable, and could include the promotion of some next-generation leaders to political office. In May 2024, then DPM Wong had said that he planned to rotate the fourth-generation or 4G ministers to different portfolios and give them wider exposure and experience after the general election. The current members of the task force, which is chaired by DPM Gan, include: Minister for National Development Desmond Lee, who is also Minister-in-charge of Social Services Integration; Minister for Digital Development and Information Josephine Teo, who is also Second Minister for Home Affairs; Minister for Manpower Tan See Leng, who is also Second Minister for Trade and Industry; and Minister for Transport and Second Minister for Finance Chee Hong Tat. The other members are: Singapore Business Federation chairman Lim Ming Yan; National Trades Union Congress secretary-general Ng Chee Meng; and Singapore National Employers Federation president Tan Hee Teck. The task force was first announced by PM Wong on April 8, after US President Donald Trump on April 2 announced a 10 per cent baseline tariff on all goods, including those from Singapore. In the latest development, China and the United States have agreed to reduce reciprocal tariffs on each other for 90 days starting from May 14. During this period, the US will reduce tariffs on imports from China to 30 per cent from 145 per cent. Meanwhile, China will reduce tariffs on US goods to 10 per cent from 125 per cent. 'This will allow the two countries to come together, to discuss, to engage, to consult one another and to negotiate for a more amicable settlement in terms of the tariffs,' said DPM Gan. But he cautioned that while the development is encouraging, the outlook remains very uncertain. 'What will happen at the end of 90 days is still a big question. It is something that we will need to continue to monitor and be ready to respond as the situation evolves.' Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
16-05-2025
- Business
- The Star
Genting Singapore likely to see better 2H
HLIB Research said it expects GenS to deliver a relatively weaker first half before regaining traction in the second half of the year. KUALA LUMPUR: Genting Singapore Ltd (GenS) may see a weaker first half in 2025 before potentially regaining traction in the second half of this year. This is because of the lower VIP rolling win rate, as well as the temporary closure of Hard Rock Hotel for renovation and rebranding work that had impacted its first-quarter bottomlines. Also, according to Hong Leong Investment Bank Research (HLIB Research), GenS' management had indicated that operating expenses are expected to rise in the first half due to preparations for the hotel's reopening and rebranding as well as the S.E.A. Aquarium which will be closed for 2.5 months in the first half. 'All in, we expect GenS to deliver a relatively weaker first half before regaining traction in the second half of the year,' it said. GenS is majority 52.5% owned by Genting Bhd . HLIB Research said tourist arrivals into Singapore will be supported by the various entertainment events such as the upcoming Lady Gaga concert and attractions. These also include Universal Studios Singapore's new themed zone called Illumination's Minion Land, Mandai Rainforest Wild Asia, and Disney Adventure Cruise Ship; and the mutual 30-day visa exemption between Singapore and China. GenS plans to launch The Laurus, an all-suite luxury hotel that was rebranded from Hard Rock Hotel and the Singapore Oceanarium by the third quarter of this year, it said. It maintained a 'buy' call on GenS with a lower target price of S$1.10 from S$1.22, based on the financial year 2025's (FY25) enterprise value to earnings before interest, taxes, depreciation and amortisation multiples of nine times that is at parity to its three-year, pre-lockdown average. 'We continue to like GenS for its undemanding valuation and attractive FY25 projected dividend yields of 6.1%,' it said. While recent results were below HLIB Research's expectations, it was in-line with Maybank Investment Bank Research's (Maybank IB) projections. 'From the third quarter, we expect operations to be stronger, thanks largely to the opening of The Laurus hotel that will house more VIP and premium mass players,' Maybank IB said. 'Going into the second quarter, we expect operations to be seasonally slower after the Chinese New Year festival in the first quarter. 'We do not get the feeling from management that the short-lived trade war between the United States and China had a marked impact on VIP volumes in the second quarter,' it added. Meanwhile, it also highlighted Tan Hee Teck, the chief executive officer (CEO) of GenS and Resorts World Singapore, will fully retire by Nov 30, 2025. Tan Sri Lim Kok Thay, who is presently the executive chairman of GenS will assume the role of acting CEO from June 1, 2025 while also retaining his role as executive chairman. Maybank IB maintained its earnings estimates, 'buy' call and S$1.01 discounted cashflow target price, noting that the market is presently discounting its huge net cash pile.
Straits Times
15-05-2025
- Business
- Straits Times
Singapore shares gain as investors take stock of earnings reports; STI increases 0.5%
SINGAPORE – A range of robust corporate reports prompted investors to send local shares higher on May 15 despite red ink across much of the region. The optimistic mood drove the Straits Times Index up 0.5 per cent or 20.89 points to 3,891.94 but losers outpaced gainers 283 to 238 on trade of 1.4 billion securities worth $1.5 billion. It was different elsewhere. Hong Kong's Hang Seng declined 0.8 per cent, the Kospi in South Korea fell 0.7 per cent, Japan's Nikkei 225 lost 1 per cent and Malaysian shares retreated 0.7 per cent. Australian stocks bucked the trend, rising 0.2 per cent, their seventh consecutive day of gains. Wall Street was mixed overnight: The S&P 500 rose 0.1 per cent; the Nasdaq added 0.7 per cent; while the Dow Industrials lost 0.2 per cent. The S&P 500 has turned positive for the year for the first time since February, having rallied 18 per cent from its low point in April when investors panicked over tariffs. The STI's largest gainer was ST Engineering, up 1.9 per cent to $7.33, as the shares continue to recoup losses from a low on May 13. Genting Singapore was the biggest loser, down 2.7 per cent to 71.5 cents. This comes after the firm announced that chief executive Tan Hee Teck will retire on May 31. He will also step down as chair and CEO of Resorts World Sentosa. The group reported that net profit after taxation tumbled 41 per cent to $145 million in the first quarter ended Mar 31 Outside the STI, private cord-blood bank Cordlife Group jumped 54.8 per cent to 24 cents after Thai-listed Medeze Group launched a partial offer for a 10 per cent stake at a price of 25 cents a share. The three local banks all gained ground. DBS climbed 1.9 per cent to $45.10, OCBC increased 0.4 per cent to $16.24 and UOB rose 0.6 per cent to $35.49. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
