Singapore stock preview: Singtel, City Developments, Frasers

Here are three SGX-ST mainboard stocks to note for the week of 24 May 2021.

Singtel (SGX: Z74)

Singtel has launched its 5G Standalone (SA) network, becoming the first telco in Singapore to do so.

Compared to 4G, 5G SA delivers twice the responsiveness, 30% faster uploads, and strengthened authentication and encryption capability, according to a press release.

With greater bandwidth and near-instant responses, 5G SA will also be able to power applications like self-driving cars, real-time immersive entertainment, and massive IoT (Internet of Things) connections.

Singtel has teamed up with Samsung, its official 5G SA launch partner, to give selected customers early access to this next-generation mobile network via an exclusive beta release on Samsung Galaxy S21 Ultra 5G handsets.

Since last September, Singtel has been operating its 5G NSA network under a market trial, offering 5G speeds of up to 1.2 Gbps. Since receiving its 5G licence, Singtel has turned on 5G SA and deployed over a thousand 5G sites across Singapore.

On the enterprise front, Singtel is focused on accelerating 5G innovation and 5G adoption, launching Genie, ‘the world’s first portable 5G-in-a-box platform’, and expanding its 5G ecosystem with 5G Multi-access Edge Compute trials in collaboration with Microsoft Azure and Amazon Web Services.

Singtel shares are trading slightly higher at S$2.45 as at 13:20 SGT on Tuesday.

City Developments Limited (SGX: C09)

City Developments Limited (CDL) Group Chairman Kwek Leng Beng has cautioned that ‘there may be a time that further measures could be introduced to control the prices’ of residential properties.

Such a move could be possible if property prices continue to rise, he said in response to a shareholder question during CDL’s 58th Annual General Meeting on Friday (30 April 2021).

On the other hand, he expressed confidence that the office market will continue to improve and noted that Republic Plaza, which it owns, has been performing better than previously, achieving high occupancies.

The chairman also shared that he was optimistic that the hotel industry would be able to recover some time this year, or at the worst, next year with the resumption of air travel between countries being considered.

Meanwhile, group CEO Sherman Kwek Eik Tse said that he was optimistic about the prospects for CDL’s residential projects and office properties in Singapore.

He noted that the total sales volume of residential units sold for the Singapore market had recovered to a healthy level and in spite of the pandemic last year, the residential sales volume in 2020 had equalled that of 2019.

CDL shares are trading 0.8% higher on Tuesday afternoon.

Frasers Logistics & Commercial Trust (SGX: BUOU)

Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust (FLCT), announced that it has successfully raised gross proceeds of approximately S$335.8 million through a private placement of 240,000,000 new units in FLCT at an issue price of S$1.399 per new unit.

The private placement ‘drew strong demand’ from new and existing institutional and other accredited investors, which led to the book being approximately 2.8 times subscribed, inclusive of the upsize option, the manager said.

The issue price was at the top end of the price range and at a 1.5% discount to the adjusted volume weighted average price.

The proceeds raised will be allocated to the acquisition of the six new properties in Germany, the Netherlands and the United Kingdom, said Robert Wallace, CEO of the FLCT’s manager.

The proposed acquisition will further deepen FLCT’s presence in Germany, the Netherlands and the United Kingdom.

DBS Bank Ltd., J.P. Morgan (S.E.A.) Limited and Oversea-Chinese Banking Corporation Limited, are the joint lead managers and underwriters in relation to the private placement.

FLCT shares are down 0.7% on Tuesday, following a day of trading halt.

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