A shake-up in Singapore’s property market? Not so fast

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Peter Cowan  Journalist  Hello {NAME} I’m yet to make it onto the property ladder, and as a 30-year-old from the British Isles, that’s a big deal. Owning your own home is seen as incredibly important where I come from, but it’s never something I’ve obsessed over, partly because I don’t want to be tied down but mostly because I lack that kind of wealth. If I was trying to buy or sell a house though, I feel like it’s a decision I would take a long time over. After all, it’s the biggest purchase many of us are likely to make. So I don’t feel like being able to list the house I was trying to sell for free would be a huge draw. What good is penny pinching when we’re talking about a transaction worth at least six figures? Thinking like that is partly why property portals like PropertyGuru (PGRU, NYSE) and 99.co aren’t awfully worried about Singapore’s Housing & Development Board and its plan to shake up the city-state’s real estate market with a new free (for now) listing website. As today’s Big Story by my colleague Samreen dives into, the complexities of buying a property coupled with the incumbents’ market share and experience mean no one is quaking in their boots just yet. -- Peter  ---------------------------------------------------------------  THE BIG STORY [New SG home listings portal poses little threat to PropertyGuru, 99.coÂ]( PropertyGuru leads the market in Singapore, while 99.co emphasizes that property search is a "long journey" involving multiple website visits. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Smooth seas for Sea: Sea Group (SE, NYSE) posted its financial results for the first quarter of 2024 last week, and it’s fair to say the company has enjoyed a [solid start]( to the year. Revenue for the quarter increased to US$3.7 billion, a 23% jump from Q1 2023. However, [adjusted EBITDA]( was down 21% year on year to US$401 million, though that was a 3.2x increase from Q4’s result last year. Much of the revenue growth was driven by Sea’s ecommerce arm Shopee, which enjoyed jumps in both revenue and gross merchandise value, with logistics playing an important role. On an [earnings call]( Sea Group CFO Tony Hou noted that more than half of Shopee’s orders in Asia are fulfilled by SPX Express, the ecommerce firm’s in-house logistics unit. 2️⃣ Grabbing profit: Grab (GRAB, NDAQ) also released its earnings for Q1 2024 last week, with the key takeaway being an all-time high adjusted EBITDA figure of [US$62 million](. The result represents a US$129 million improvement year on year and led the super app to revise its 2024 adjusted EBITDA guidance upward. The new guidance stands at between US$250 million and US$270 million, up from between US$180 million and US$200 million. Grab’s CEO Anthony Tan laid credit for the result on the firm’s “focus on product-led growth.” He also said that on-demand gross merchandise value had hit new heights and that Grab’s “affordability and reliability” push was encouraging more people to use the platform and increase order frequency. 3️⃣ Views from China: It’s Q1 earnings season in nearby China too, where both [Alibaba]( (BABA, NYSE) and [Tencent]( (700, SEHK) recorded bumps in revenue and operating profit. Alibaba’s revenue increased by 7% year on year to hit US$30.7 billion, driven by growth across the firm’s product lineup. Operating profit rose 13% year on year to US$15.7 billion for its 2024 financial year. Meanwhile, Tencent’s total revenue hit US$22.5 billion for Q1 2024, up 6% year on year, led by a 26% revenue growth in its online advertising business. The company’s non-[IFRS]( operating profit jumped 30% year over year to US$8.3 billion.  2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [US$184 billion]( The size of SoftBank Group (9984, TYO)’s portfolio with 477 companies. Vision Fund CFO Navneet Govil told Reuters that the size of the portfolio across so many companies gives SoftBank an edge over smaller rivals when it comes to investing in AI. - [60%]( The year-on-year revenue increase AnyMind Group (5027, TYO) recorded in the first quarter of 2024, hitting US$67 million. The Japan-based ecommerce enabler also generated roughly US$2.3 million in operating profit for the quarter. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Google vs. OpenAI: When the name of a company’s main product becomes a verb, you’d think it means the firm has the market cornered. But that might not be the case much longer for Google. The Alphabet Inc. (GOOGL, Nasdaq)-owned search engine is firmly locked in a [race]( with ChatGPT maker OpenAI to fundamentally change how we surf the internet. The goal is to build a search engine that functions more like conversational AI. The prize? Billions of dollars. The retooled Google search engine will reportedly [favor]( responses generated by the company’s own AI tech over the web links we’re used to. Upstarts like Perplexity AI are trying to do the [same thing]( but a company with more resources such as OpenAI likely poses a far greater threat to Google. That’s not all that’s under threat, as news publishers have [sounded the alarm]( that what Google calls its attempt to “take care of the legwork” will further diminish web traffic to their sites. If Google’s AI search can answer users’ questions, why click through to a link? Regardless of how all this plays out, it does feel like major changes to how we interact with the internet at a fundamental level are coming. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [Saigon Summit Exclusive: Agora Luncheon on May 30]( Tired of chasing likes and shares? It's time to build a community that actually cares. Join your fellow ecommerce, D2C, and social commerce leaders at our exclusive luncheon and discover how real-time engagement can transform passive customers into passionate brand advocates. Learn practical strategies, explore cutting-edge tools, and gain actionable insights. [Apply now - seats are limited!]( [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25]( Get ready to pitch! The highly anticipated Startup Arena Pitch Battle is back. Six founders will have the chance to pitch live to a panel of investors on the conference’s main stage. Don't miss out - [submit your application]( today! [Product Development Conference (Jakarta, 25-26 June 2024)]( We are delighted to announce that Bank Rakyat Indonesia will be joining us as our title partner for Product Development Conference 2024! ✨ Find out how BRI, one of the largest state-owned banks in Indonesia, continues to drive innovation of their products and ecosystem at "Enterprise Product Development by BRI" stage. Stay tuned on this page or through pdc.techinasia.com to get the latest update! Discounted tickets disappearing faster than a beta test bug! Score 35% off before May 22nd. [Get your tickets today!]( [Tech in Asia’s Founders Meetup in Vietnam on May 30]( Whether you’re a founder, an investor, or something in-between, don’t miss this great opportunity to connect with people from across the tech ecosystem, learn about new trends and opportunities, and be part of the exciting energy of Vietnam's tech scene. [Use the code VNTIASPECIAL10 to get 10% off your ticket now!]( [Tech in Asia x Airwallex Startup Night on June 19]( Tired of being stuck in the same old routine? We’re shaking things up with an exclusive launch party and networking mixer! Expect a vibrant mix of entrepreneurs, industry disruptors, and fellow founders who dare to dream bigger. Forge connections that matter and unlock secrets to accelerate your startup growth. Limited seats, maximum impact - [secure your spot now!]( That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894