SG Morning Call | Singapore Stocks Open Lower; OCBC to Acquire HSBC Indonesia’s Retail, Wealth Assets

Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.1%; SIA Engineering rose 1.2%; YZJ Shipbldg rose 0.5%; OCBC and SIA fell 0.3%; SGX fell 0.4%; Keppel fell 0.5%.

Stocks in Focus

$OCBC(O39.SI)$: The lender on Monday announced that it agreed to acquire the assets and liabilities of HSBC’s retail and wealth management operations in Indonesia, via its subsidiary PT Bank OCBC NISP Tbk. The move is expected to add S$6.6 billion to OCBC Indonesia’s assets under management, comprising S$4.3 billion of customers’ investments in mutual funds and bonds, and insurances and customer deposits of S$2.3 billion. A customer retail loan book of S$0.3 billion will also be transferred to OCBC Indonesia. Shares of OCBC ended 0.1 per cent or S$0.03 down at S$21.87 ahead of the news.

$Frasers Logistics & Commercial Trust(BUOU.SI)$ (FLCT): FLCT reported a 1.7 per cent drop in its distribution per unit (DPU) to S$0.0295 for its first half ended March 31, 2026, from S$0.03 the year before. Distributable income for the period declined 1 per cent year on year to S$111.9 million, from S$113 million. The decline in DPU was impacted by a lower capital distribution of S$6.6 million in H1 2026 compared to S$19.5 million in H1 2025. Units of FLCT closed S$0.01 or 1 per cent higher at S$0.97 on Tuesday before the results were released.

$Keppel Infrastructure Trust(A7RU.SI)$ (KIT): KIT announced on Monday that it will acquire an additional 39 per cent stake in the Keppel Merlimau Cogen plant on Jurong Island for up to S$128.1 million. The transaction will increase KIT’s aggregate interest in the 1,300 megawatt facility to 90 per cent. Units of KIT closed flat at S$0.54 on Monday before the announcement.

$Ultragreen.ai(ULG.SI)$: The mainboard-listed group delivered 280,900 vial shipments for Q1 ended Mar 31, down by 8.7 per cent from 307,600 in the year-ago period. This came as Q1 2025 recorded inflows of back-order fulfilments from the prior quarter, contributing to strong volumes, said the group on Thursday. Separately, the fluorescence-guided surgery and digital health platform announced that it clinched regulatory approval for Verdye, an injectable form of indocyanine green dye, in Singapore, which supports commercialisation and clinical adoption. The counter ended Monday 2.1 per cent or US$0.03 higher at US$1.49, before the news.

SG Local News

Singapore and New Zealand Sign Essential Supply Trade Pact

The leaders of Singapore and New Zealand signed an agreement to keep their supply chains open during times of ​crisis on Monday, and said they hoped the agreement ‌would be a model for other countries to create a network of trusted partners.

Prime Minister Christopher Luxon witnessed the signing with his Singaporean counterpart, ​Lawrence Wong, on his visit to Singapore, which comes as ​global energy supplies are disrupted by the war in ⁠the Middle East. A third of New Zealand's fuel is ​refined in Singapore.

The Agreement on Trade in Essential Supplies was concluded ​during Wong's visit to New Zealand in October last year, before the Middle East conflict broke out. The agreement ensures both countries can continue to ​trade an agreed list of goods during times of crisis, including ​fuel, medical and construction-related products.

OCBC to Acquire HSBC Indonesia’s Retail, Wealth Assets

Oversea-Chinese Banking Corp said on Monday its Indonesian unit has agreed to acquire certain assets and liabilities of HSBC's wealth and premier banking portfolio in Indonesia, expanding the Singapore lender's presence in Southeast Asia's largest economy.

Global ​banks are streamlining retail operations in some markets and shifting capital toward businesses with higher ​returns, while Singapore lenders continue to deepen their wealth and consumer franchises across ⁠Southeast Asia.

HSBC said in a separate statement that the transaction followed a strategic review of its ​Indonesian wealth and premier banking operations and formed part of its broader push to simplify the group.

Singapore's Grab Beats Revenue Estimates on Strong Delivery, Mobility Demand

Singapore's Grab beat Wall Street expectations for first-quarter revenue on Tuesday, benefiting from resilient demand for its ride-hailing and food-delivery services after rolling out promotional offers and bundled features ​to attract more customers.

Southeast Asia's biggest ride-hailing and delivery firm has been ​trying to boost spending on its platform by incorporating artificial-intelligence features into ⁠its superapp and bundling its core ride-hailing, delivery and financial services.

With oil and ​gas prices soaring due to the war in the Middle East, the company has also ​promoted more affordable offerings, including a "saver" option, to woo customers grappling with higher costs of living.