3 Singapore stocks reaching 52-week highs in share prices

SINGAPORE: Some Singapore stocks are surging in price, with major companies hitting their 52-week highs, but investors must understand whether this trend will continue.

According to The Smart Investor, here are three notable Singapore stocks reaching 52-week highs in share prices and whether they’re staying at the top.

1. DBS Group

DBS Group, Singapore’s largest bank, has seen its stock rise by 6.7% this year, hitting a high of S$35.85. The bank reported stellar earnings for 2023, with net profit reaching a record S$10.1 billion, marking a 23% year-on-year increase.

This surge was propelled by a 33% rise in net interest income to S$14.3 billion, attributed to higher interest rates.

DBS also increased its quarterly dividend by 26%, reaching S$0.54 per share, and declared a 1-for-10 bonus issue, enhancing shareholder value.

Looking ahead, the bank anticipates sustained growth, particularly given the full-year impact of its Citigroup Taiwan acquisition.

In addition, there are projections for double-digit year-on-year growth in fee income and anticipation of its return on equity falling between 15% and 17%.

2. Boustead Singapore

Boustead Singapore, a prominent engineering conglomerate, witnessed an 8.1% rise in its shares this year, peaking at S$0.955.

The company reported robust earnings for the first half of fiscal 2024, with revenue surging by 49% year-on-year to S$367.9 million.

Gross profit also increased 42%, reaching S$105.3 million. Net profit rose 19% to S$26.9 million, with adjusted net profit soaring by 89% year over year.

Boustead Singapore’s order book expanded significantly, reaching S$433 million, driven by new engineering contracts worth approximately S$110 million since the beginning of fiscal year 2024.

3. Singapore Technologies Engineering

Singapore Technologies Engineering (STE), a leading defence and engineering group, saw its share price increase by 2.6% this year to S$3.99.

The company reported strong earnings for 2023, with revenue rising by 11.8% year-on-year to S$10.1 billion.

Operating profit climbed by 24.4% to S$914.7 million, while net profit increased by 9.6% to S$586.5 million. Adjusted core net profit rose 24% year-on-year to S$610 million.

STE’s performance was supported by a significant S$14.8 billion of new contracts awarded in 2023, boosting its order book to S$27.4 billion. Approximately S$7.9 billion is expected to be delivered in the current year.

For investors eyeing to invest in these stocks or already investing in them, it’s important to watch each stock’s performance and see if they continue to do well. /TISG

Read also: 4 Singapore Blue-Chip Stocks with at least 5.5% dividend yield

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