📊 Market bytes

⬇️ Ringgit Against SGD
S$1 = RM3.51

⬆️ Straits Times Index up from 3160.25 on Monday (29th Jan) to 3179.77 before closing on Friday (2nd Feb)
→ This was up from 3159.53 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Jardine Cycle &Carriage SGX:C07

2. DBS Group Holdings SGX:D05

3. United Overseas Bank SGX:U11

4. Venture Corporation SGX:V03

5. IFast Corporation SGX:AIY

6. UOL Group SGX:U14

7. Willas-Array Elec (HLDGS) SGX:BDR

8. Oversea-Chinese Banking Corp SGX:O39

   

   Top Gainers of the Week, SG Investors

🇸🇬 Main bytes

1️⃣ Sustaining Success Amid Global Challenges: Singapore Attracts $12.7B in Investments, Creating 20,000 Jobs in 2023

Singapore faced a challenging global economic environment in 2023 but successfully drew $12.7 billion in fixed asset investments, albeit a 44% decline from 2022. The slowdown in demand for semiconductors contributed to this decrease. The chemicals sector led in fixed asset investments, with 35%, followed by electronics (24.2%) and research and development (16.6%).

Despite the hurdles, the projects secured in 2023 are expected to generate 20,045 new jobs, with 58% in services, 26% in research and development, and 16% in manufacturing. The Economic Development Board (EDB) emphasized Singapore's position as a trusted hub for business and innovation, countering challenges like rising global competition and elevated interest rates.

While the total business expenditure reached $8.9 billion, with headquarters and professional services accounting for 70%, the EDB noted increased interest from Japanese businesses. Investment commitments related to research and development activities also rose, showcasing Singapore's appeal for multinational companies and foreign start-ups.

Looking forward, EDB acknowledged the challenging outlook for 2024 due to geopolitical tensions and increased competition for investments. To stay ahead, Singapore plans to focus on collaboration, particularly in healthcare, environmental sustainability, and aerospace. EDB aims to facilitate partnerships between multinational companies and local businesses while addressing manpower needs through training and reskilling initiatives.

2️⃣ Singapore's Job Switching Hits a 6-Year Low Amid Economic Challenges

Job hopping in Singapore has reached its lowest point in six years, with only 14.7% of workers changing jobs in the past two years. This decline is attributed to a challenging economic environment, making it harder for individuals to secure new positions despite a tight labor market.

The trend is evident across all age groups and industries, with workers aged 25 to 29 being the most frequent job switchers. However, even within this group, the rate has decreased, showing a broader reluctance to change jobs.

The Ministry of Manpower's survey highlighted a significant increase in long-term employment, with around 50% of workers having spent at least five years in their current job. Training, reskilling, and policies such as the Retirement and Re-employment Act are credited for the rise in employees staying with the same firm for extended periods, particularly among those over 50.

While job prospects for 2024 remain uncertain, LinkedIn data indicates that 86% of professionals in Singapore are considering a new job this year, suggesting a potential shift. Experts note that businesses have become adept at retaining employees by focusing on factors beyond monetary compensation, such as professional development, career progression plans, and hybrid work arrangements.

3️⃣ Marina Bay Sands Receives Approval for Fourth Tower, Scaling Down to 587 Rooms

Marina Bay Sands (MBS) has secured approval for the construction of a fourth tower, marking an expansion of the iconic integrated resort in Singapore. Initially planned for 1,000 rooms, the new tower will now feature 587 suites alongside 12,185 sq m of retail space. The development approval, granted by the Urban Redevelopment Authority (URA), comes as part of MBS's ongoing efforts to enhance leisure and business tourism appeal in Singapore.

Parent company Las Vegas Sands (LVS) mentioned potential revisions to the project's budget and timing due to the impact of the Covid-19 pandemic and other factors. Project costs are expected to surpass the initial estimate of US$3.3 billion, with ongoing design and development work focused on elevating Singapore's tourism landscape.

MBS has until April 8, 2028, to complete the fourth tower, which will include a live performance arena, MICE facilities, luxury retail, and a sky roof with a swimming pool. The increase in suite numbers aligns with MBS's strategy to target high-spending guests, contributing positively to Singapore's goals for integrated resorts.

This approval follows URA's green light for Resorts World Sentosa's expansion, allowing the construction of a hotel and retail development with 700 rooms. Genting Singapore, RWS's parent company, plans to invest about $6.8 billion to expand and rejuvenate the integrated resort, reflecting the industry's commitment to Singapore's tourism recovery.

In the first 11 months of 2023, Singapore experienced a significant increase in visitors, reaching 12.37 million compared to 6.31 million in 2022. While visitor numbers have not returned to pre-pandemic levels, ongoing developments and approvals signal a positive trajectory for Singapore's tourism industry.

In a related approval, the Ministry of Education received the go-ahead for the Goh Keng Swee Centre for Education, an office and retail development in North Buona Vista Drive, emphasizing the government's commitment to educational infrastructure enhancements.

4️⃣ Singapore Airlines Soars to 29th in Fortune's Most Admired Companies List

Singapore Airlines (SIA) has climbed two spots to secure the 29th position in Fortune magazine's esteemed list of the world's most admired companies. The ranking, based on a survey of 3,720 executives, directors, and securities analysts, evaluates companies on attributes like management quality, innovation, people management, and global competitiveness.

In 2023, SIA was positioned at 31st, showcasing a steady rise in reputation from its 32nd place in 2022 and 34th place in 2021. As the only Singapore-based company in the top 50, SIA stands as the second-highest-ranked Asian company, with Japanese carmaker Toyota Motor leading the Asian pack at 25th place.

SIA's Chief Executive, Goh Choon Phong, expressed the airline's commitment to providing a "world-class end-to-end travel experience" in response to the accolade. The third-highest-ranked Asian company on the list is Samsung Electronics from South Korea, securing the 45th spot.

Apple maintains its dominance as the top-ranking company for the 17th consecutive year, followed by Microsoft in second place and Amazon dropping to third. Among airlines, Delta Air Lines secures the 11th spot, leading the sector with SIA in second place and United Airlines in third.

SIA's strong performance is reflected in its financials, as the SIA Group records a record net profit of $1.44 billion for the half-year to end-September 2023, marking a 55% increase from the previous year. The recognition in Fortune's list further motivates SIA to uphold its commitment to excellence in the ever-competitive airline industry.

🛰️Tech bytes

1️⃣ Genesys Strengthens AI Capabilities with Acquisition of Singapore SaaS Startup, Radarr Technologies

In South Beach's office tower, a fleet of seven robots from start-up QuikBot Technologies is delivering ready-to-eat meals and snacks from a nearby 7-Eleven store to office workers. The autonomous bots navigate lifts, walkways, and office gantries to make deliveries placed through the QuikBot app.

This initiative is part of Hive 2.0, a retail innovation hub at Esplanade Xchange, featuring ten retail concepts by start-ups focusing on automation, robotics, and digital retail services.

One notable concept is the 7-Eleven Shop & Go, the chain's first unmanned and cashier-free store in Singapore. Customers pre-authorise credit cards, select items, and exit, with AI technology and smart cameras tracking and detecting shopping behaviour.

Other featured concepts include Mr.R Robotics, an adaptive robotics retail store, and Le Tach Vending, a vending machine operator offering herbal teas, bak kwa, and fresh fruit.

Minister of State for Trade and Industry Low Yen Ling highlighted the use of AI tools in these businesses to address issues like the manpower crunch, lower operational costs, boost sales, and tackle manpower and logistics challenges faced by retailers. Hive 2.0 was launched on January 22, offering 297 sq m of high-tech retail experiences, and it builds on the success of the first iteration, The Hive, which accelerated the digital transformation of retailers on Stellar Lifestyle’s network.

Tony Heng, President of Stellar Lifestyle, mentioned potential expansion plans, with concepts from Hive 2.0 potentially scaling across the train network. QuikBot Technologies plans to roll out its robot delivery system in other commercial establishments, starting from Suntec City in February, and later in office buildings like Marina One and Centennial Tower. The company aims to serve 400 buildings, servicing about 1.2 million professionals, in the next four years, with plans to expand to cities like Dubai, Tokyo, and Seoul.

💬 Editor’s byte

Welcome to Week 3 of our newsletter, and thank you once again for subscribing! I hope you've been enjoying the content.

As we step into the second month of 2024, we're also on the brink of ushering in the Year of the Dragon in less than a week. This Lunar New Year, byte. extends heartfelt wishes for a prosperous and healthy year ahead!

Your ongoing support is truly valued, and I welcome any feedback you may have – be it about the content or any other aspect of byte. Please don't hesitate to reach out to us at [email protected]

Anticipating the opportunity to share more insightful content with you in the upcoming newsletters. Until then, stay safe and well-informed!

Cheers, D from byte.