OCBC, SIA, Mapletree Pan Asia Commercial Trust earnings: Weekly Review with SIAS
Stocks
By Beansprout • 05 Aug 2024 • 0 min read
We share about OCBC, SIA and Mapletree Pan Asia Commercial Trust in the latest Weekly Market Review.
What happened?
In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss the fall in the global equity market and also share more about the following:
- OCBC
- SIA
- Mapletree Pan Asia Commercial Trust
Watch the video to learn more about what we are looking out for this week.
Weekly Market Review
Macro Update
- The S&P 500 fell by 2.1% led by tech stocks, with the NASDAQ down by 3.3%.
- The STI fell by 1.3%.
- The correction is due to the US jobs data released on Friday.
- US jobs data showed 114,000 jobs created, below expectations.
- The unemployment rate rose to 4.3%, the highest since late 2021.
- Concerns emerged about the Fed's pace in cutting interest rates, risking a recession.
- The 10-year US government bond yield fell to 3.8%, the lowest this year.
- There's a 78% probability of a rate cut 0.25% or 25 basis points rate cut in September.
- Some investors expect a 0.5% or 50 basis points rate cut in September to spur the economy.
Singapore market updates
STI Top performers:
- Frasers Logistics & Commercial Trust share price
- CapitaLand Ascendas REIT share price
- CapitaLand Integrated Commercial Trust share price
- SATS share price
- Wilmar share price
STI Worst performers:
- SIA share price
- Keppel share price
- Jardine Matheson share price
- Hongkong Land share price
- Yangzijiang share price
OCBC
- 2Q24 net profit grew 13.7% year-on-year, but this was compared with a fairly weaker 2Q23 when higher credit provisions were made.
- On a quarterly trend, 2Q24 net profit came in 1.9% lower than 1Q24 at S$1,944m, due to higher expenses incurred. Total income was flat quarter-on-quarter.
- Interim dividend was raised by 10% to 44 cents, at an unchanged payout ratio of 50%.
Read our analysis of OCBC results here.
Related links: OCBC share price and share price target
SIA
- SIA 1Q FY24/25 net profit fell 38.4% year-on-year to S$452m.
- Operating profit was 37.7% lower year-on-year, as cost increase outweighed revenue growth.
Read our analysis of SIA results here.
Related links: SIA share price and share price target
Mapletree Pan Asia Commercial Trust
- Mapletree Pan Asia Commercial Trust's 1Q FY24/25 distribution per unit (DPU) fell 4.1% year-on-year to 2.09 cents, compared to 2.18 cents in 1Q FY23/24.
- The decline in the DPU was driven largely by an increase in finance costs.
- Mapletree Pan Asia Commercial Trust's 1Q FY24/25 DPU fell 8.7% compared to the DPU of 2.29 cents in the previous quarter.
Read our analysis of Mapletree Pan Asia Commercial Trust here.
Related links: Mapletree Pan Asia Commercial Trust share price and share price target
Technical Analysis
STI Technical Analysis
- STI dropped from 3,400 to below 3,300, using the 200-day exponential moving average as support at 3,276.
- MACD indicator shows negative momentum, and RSI indicates oversold territory.
- Next support level is around 3,200 points, forming an uptrend line.
Dow Jones Technical Analysis
- Dow Jones fell by 1.5% last Friday, reflecting negative data.
- It fell below the 20-day moving average, now using the 50-day moving average as support.
- MACD indicator shows negative momentum, RSI below the 50-point neutral mark.
- Next support level is the 100-day moving average at 39,139 points.
S&P 500 Technical Analysis
- S&P 500 testing the 100-day moving average at 5,300 points.
- Negative momentum exacerbated, with no sign of MACD convergence.
- RSI indicates weak momentum, below the 50-point neutral mark.
- Next support level is the 200-day moving average at 5,071 points.
NASDAQ Composite Technical Analysis
- NASDAQ broke below 20-day, 50-day, and 100-day moving averages, now at 16,776 points.
- MACD shows no sign of convergence, indicating continued negative momentum.
- RSI not yet in oversold territory, suggesting no imminent reversal.
- Next support level is the 200-day moving average at 16,039 points.
What to look out for this week
- Monday, 5 Aug: Paragon REIT earnings
- Tuesday, 6 Aug: Venture Corp, Sembcorp Industries earnings, SIAS Corporate Connect – Lendlease REIT
- Wednesday, 7 Aug: DBS earnings, Beansprout Webinar: Is the worst over for Singapore REITs?
- Thursday, 8 Aug: SGX earnings
- Friday, 9 Aug: Singapore National Day Public Holiday
Get the full list of Singapore stocks, REITs and ETFs with upcoming dividend payments with our dividend calendar.
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