Although we don’t believe in timing the market or panicking over market movements, we do like to keep an eye on changes — just in case they’re material to our investing thesis. In the final day of the week, the Straits Times Index (SGX: ^STI) has slipped by 0.2% to 3,271 points. Out of the index’s 30 constituents, 16 had clocked losses while nine others had made some gains. Let’s take a look at some blue chips that managed to do better than the index. Keppel Corporation (SGX: BN4) has inched up by 0.2% to S$10.81. The conglomerate,…
Although we don’t believe in timing the market or panicking over market movements, we do like to keep an eye on changes — just in case they’re material to our investing thesis.
In the final day of the week, the Straits Times Index (SGX: ^STI) has slipped by 0.2% to 3,271 points. Out of the index’s 30 constituents, 16 had clocked losses while nine others had made some gains.
Let’s take a look at some blue chips that managed to do better than the index.
Keppel Corporation (SGX: BN4) has inched up by 0.2% to S$10.81. The conglomerate, which has interests in real estate, construction of offshore rigs and vessels, and infrastructure, amongst others, had just revealed on Wednesday that it has entered into a conditional contract with Golar LNG.
The contract’s for the conversion of Golar’s (a global liquefied natural gas shipping company) existing LNG carrier into a Floating Liquefaction Vessel (FLNGV). Incidentally, the planned conversion works would be the first of its kind in the world.
There are still several hoops that both companies have to jump through before the contract will be confirmed and when that happens, Keppel Corporation would be making the necessary announcements.
Real estate juggernaut CapitaLand (SGX: C31) is up slightly by 0.3% to S$3.21. This morning, the company revealed that one of its residential development projects in Singapore, The Interlace, has been awarded the “prestigious inaugural Urban Habitat Award given by the Council on Tall Buildings and Urban Habitat (CTBUH).”
The CTBUH is a prestigious organisation and is considered the world’s “leading resource for professionals” who deal with the design, construction, and operation of tall buildings and future cities.
The Interlace is a joint-development by CapitaLand’s subsidiary, CapitaLand Singapore, and Hotel Properties Limited. Winning such awards is a testament to CapitaLand’s capabilities in developing quality residential real estate and would likely aid in the company’s sales efforts for future residential developments.
Commodities trader Olam International (SGX: O32) rounds up the trio with a 1.2% climb to S$2.46. The company had announced a new partnership with Mitsubishi Corporation of Japan on Monday.
The deal would see Mitsubishi invest US$64 million for an 80% stake in Olam’s Australian subsidiary, Olam Grains Australia. Mitsubishi, though it might be more well-known in Singapore as an automobile manufacturer, is actually a conglomerate: It has business interests in environment and infrastructure; industrial finance and logistics; energy; metals; machinery; chemical; living essentials; and business services.
Through Olam Grains Australia, Olam and Mitsubishi plans to “invest in upcountry procurement and logistics to scale up [the subsidiary’s] local presence and further build a differentiated and competitive model in Australia.” There’re a few more details to be ironed out, but if all goes well, Mitsubishi’s investment is expected to be completed in early FY2015 (financial year ended 30 June 2015).
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