Daily Debrief: What Happened Today

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Volatile pharma drives Singapore non-oil exports up 11.8% in July to beat forecasts

Singapore's non-oil domestic exports (NODX) came in ahead of expectations in July, helped by a jump in seasonally volatile pharmaceuticals, despite the continued slide in electronics shipments.


OCBC prices S$1b perps at 4%, first callable in 2023

OCBC Bank has priced S$1 billion of perpetual capital securities at a distribution rate of 4 per cent, richer than the initial guidance of 4.375 per cent. The perps are first callable in 2023. If they are not called, the distribution rate will be reset on the call date and every five years thereafter to an initial spread of 181.1 basis points over the prevailing five-year Singapore dollar Swap Offer Rate (SOR).


Temasek-backed Chinese travel site aims to raise up to US$300m: sources

A Chinese travel website backed by Singapore state investor Temasek Holdings hopes to raise up to US$300 million in a new funding round that it hopes to value the firm at US$2 billion to US$2.5 billion, two people with knowledge of the matter said. Mafengwo, or "wasps' nest" in Chinese, is an online community for Chinese tourists where they share travel tips and shop for bespoke travel products.


Stratech's current controlling shareholders to preserve 34% stake after private equity takeover

The current husband-and-wife team that controls The Stratech Group will convert more of the company's debt owed to them into equity than previously announced, the company said in a filing on the Singapore Exchange (SGX) on Thursday evening.


Brokers' take: Starhill Global Reit upgraded to 'buy' by OCBC

Starhill Global Reit (SGReit) has been upgraded to a "buy" by OCBC Research with a fair value of S$0.74. In a report on Friday, analyst Andy Wong said he believes that "the worst is likely over" for the retail and office Reit, noting that its committed Singapore office occupancy has moved from a low of 83.5 per cent in its fiscal first quarter ended Sept 30, 2017, to 95 per cent as at June 30, 2018.


The STI Today

Singapore shares end lower on Friday

Share prices on the Singapore bourse closed lower on Friday, with the key Straits Times Index down 2.49 points, or 0.08 per cent, to 3,209.44.

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