This page will explore Singapore stocks to watch, including:
- iFAST Corporation Limited
- Singtel
- City Developments Limited
- Singapore Post
For expats investing abroad, Singapore stocks stand out with the country’s stable and progressive political environment, strategic location in Southeast Asia, and extensive free trade agreements, making it an appealing destination for wealth management and business expansion in Asia.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
These four Singaporean stocks can be worth considering for your portfolio this year if you are looking for promising investment options in the market.
Singapore stocks to watch for 2024
iFAST Corporation Limited (SGX: AIY)
iFAST Corporation Limited, a prominent financial technology (fintech) company, has demonstrated an impressive performance in recent quarters. The group reported a stellar set of results for the third quarter of 2023, with net revenue rising 18.1% year-on-year to S$104.5 million for the first nine months.
Operating profit more than doubled, and net profit nearly tripled during the same period, largely attributable to the initial one-month contribution from iFAST’s Hong Kong ePension contract.
Looking ahead, the fintech firm is well-positioned to continue its growth trajectory. Management expects revenue and profitability for 2024 to showcase “robust growth” compared to 2023, driven by the ongoing implementation of the eMPF system in Hong Kong.
The group is also preparing to launch its ORSO ePension services, which are expected to contribute significantly to AUA from the first quarter of 2025 onwards.
Singtel (SGX: Z74)
Singtel, Singapore’s largest telecommunications company, has reported encouraging results in its latest first-half fiscal 2024 earnings. The blue-chip telco witnessed a 12% year-on-year increase in its underlying net profit, which reached S$1.1 billion.
Additionally, Singtel announced an increase in its interim dividend per share, from S$0.046 a year ago to S$0.052.
The company’s ongoing strategic reset aims to simplify its business structure and carve out growth engines for the future.
Investors could also benefit from Singtel’s revised dividend policy, which now ranges between 70% to 90% of underlying net profit, up from the previous range of 60% to 80%. This move suggests the company’s commitment to delivering enhanced shareholder returns, which adds it as one of the Singapore stocks to watch.
City Developments Limited (SGX: C09)
City Developments Limited (CDL), a leading real estate company with a global presence, recently issued a profit warning for 2023. The warning was attributed to impairment losses for its UK properties and the absence of a significant divestment gain booked in 2022, which is expected to result in a substantial decrease in attributable profit for the current year.
However, it’s essential to note that these adjustments are non-cash in nature, and CDL’s core operating earnings have not been significantly impacted, so it’s still among the top Singapore stocks to watch this year.
The group’s operational update for the third quarter of 2023 revealed strong performance, with four Singapore residential projects selling more than 90% of their units.
Additionally, its office and retail portfolios in Singapore enjoyed committed occupancy of 97.8% and 97.7%, respectively.
Singapore Post (SGX: S08)
Singapore Post (SingPost), the country’s sole postal service provider, has announced a strategic review to assess its various businesses and explore ways to enhance shareholder returns. The strategic review is expected to be finalized and announced together with SingPost’s fiscal 2024 earnings for the year ending March 31, 2024.
Despite the ongoing review, SingPost is not sitting idle. The group has recently expanded its integrated logistics network with the acquisition of Australian company Border Express for A$210 million. SingPost is also executing strategies to transform itself into a global logistics enterprise, eyeing more acquisitions and the potential divestment of non-core businesses or assets to recycle capital.
Moreover, international postage rates will be adjusted upwards from January 1, 2024, providing a small boost to SingPost’s Post and Parcel division.
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