SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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<h3 class="text-h3">#whatstrending feat. Beansprout</h3>

Ever wondered what is currently driving the local and regional markets? #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors. Designed to be educational, expect to get factual information on what is driving sectors and stocks listed on SGX, featuring insights from professionals in the community.

 

Today, we hear more from Beansprout, Singapore’s next-gen investment research and advisory platform. Gerald Wong, founder and CEO, shares his thoughts on market developments.

 

Q: STI reached near 3,200 levels which was not seen since mid-June. What drove the local market last week?

From Gerald, founder and CEO of Beansprout:

Best performing market in Asia Pacific YTD. Last week, the STI gained 2.7% and broke above its recent five-week consolidation. This makes Singapore the best-performing market in Asia Pacific year-to-date with a total return of 4.0%.

Which stocks were trending? According to SGX fund flow data, retail investors were net buyers of Thai Beverage (+$14.7m), Yangzijiang Financial (+$13.1m), and Wilmar International (+$10.8m). On the other hand, institutional investors were net buyers of UOB (+$26.0m), DBS (+$25.0m), and SIA (+$18.5m).

Acceleration in property price increases. Urban Redevelopment Authority (URA) data showed 2Q22 private home prices growing 3.5% (five times the +0.7% in 1Q22), higher than the prior estimate of +3.2%. The strength in the property market was supported by a sharp turnaround in private home prices in the city fringe. Share prices of Singapore property developers reacted positively, with City Developments +2.8%, UOL Group +2.4%, and GuocoLand +1.3%.

Tourist arrivals hit post-pandemic high. There’s good news for Singapore’s tourism industry as tourist arrivals in June reached a new record since the beginning of the Covid-19 pandemic. According to data from the Singapore Tourism Board (STB), 543,732 visitors arrived in Singapore in June, an increase from the 418,458 recorded in May. The share prices of tourism-related stocks rose from the improvement in sentiment. SIA’s share price +3.3%, CDL Hospitality Trusts +4.8%, and Ascott Residence Trust +1.8%.
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 <img src='https://api2.sgx.com/sites/default/files/2022-07/chart%201.PNG' alt='Singapore's tourist arrivals recovering' />
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Q: Amidst the ongoing earnings season, what were some of the notable company news and announcements last week?

From Gerald, founder and CEO of Beansprout:

There’s never a dull moment in the Singapore market. Last week, we saw notable news on Genting Singapore, Sembcorp Industries, and Mapletree Logistics Trust.

Genting Singapore gets a boost from Las Vegas Sands (LVS). Genting has been in the news a lot recently, but the most recent pop in its share price came through from strong results reported by its peer LVS. Marina Bay Sands saw its 2Q22 EBITDA (earnings before interest, taxes, depreciation and amortisation) almost triple from the previous year, prompting increasing optimism about the recovery of integrated resorts in Singapore.

Sembcorp Industries generated higher profit from increase in electricity prices. Sembcorp Industries issued a positive profit guidance, expecting its earnings for 1H22 to be “materially higher” compared to the previous year. The company attributed the improvement in earnings to higher electricity prices in Singapore and India.
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 <img src='https://api2.sgx.com/sites/default/files/2022-07/chart%202.PNG' alt='Singapore's electricity prices rose in 1H22' />
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 <div class='content-caption'>Singapore's electricity prices rose in 1H22</div>
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Mapletree Logistics Trust (MLT) saw stronger regional contribution. MLT reported 1Q23 (1 Apr 2022 to 31 Jun 2022) distribution per unit (DPU) that grew 5% compared to the previous year. Better portfolio performance in Singapore, India, Vietnam, and Japan led to stronger rental reversion of +3.4% in 1Q23, compared to +2.9% in 4Q22.

 

Many Singapore-listed companies will be reporting their earnings this week. Do check out the SGX economic calendar. 
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 <img src='https://api2.sgx.com/sites/default/files/2022-07/25Jul2022_EarningsSchedule.jpg' alt='Economic calendar' />
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 <div class='content-caption'>Economic calendar</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>For more Beansprout’s Fresh Takes, visit growbeansprout.com.</body></html>



#whatstrending feat. Beansprout

Ever wondered what is currently driving the local and regional markets? #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors. Designed to be educational, expect to get factual information on what is driving sectors and stocks listed on SGX, featuring insights from professionals in the community.

 

Today, we hear more from Beansprout, Singapore’s next-gen investment research and advisory platform. Gerald Wong, founder and CEO, shares his thoughts on market developments.

 

Q: STI reached near 3,200 levels which was not seen since mid-June. What drove the local market last week?

From Gerald, founder and CEO of Beansprout:

Best performing market in Asia Pacific YTD. Last week, the STI gained 2.7% and broke above its recent five-week consolidation. This makes Singapore the best-performing market in Asia Pacific year-to-date with a total return of 4.0%.

Which stocks were trending? According to SGX fund flow data, retail investors were net buyers of Thai Beverage (+$14.7m), Yangzijiang Financial (+$13.1m), and Wilmar International (+$10.8m). On the other hand, institutional investors were net buyers of UOB (+$26.0m), DBS (+$25.0m), and SIA (+$18.5m).

Acceleration in property price increases. Urban Redevelopment Authority (URA) data showed 2Q22 private home prices growing 3.5% (five times the +0.7% in 1Q22), higher than the prior estimate of +3.2%. The strength in the property market was supported by a sharp turnaround in private home prices in the city fringe. Share prices of Singapore property developers reacted positively, with City Developments +2.8%, UOL Group +2.4%, and GuocoLand +1.3%.

Tourist arrivals hit post-pandemic high. There’s good news for Singapore’s tourism industry as tourist arrivals in June reached a new record since the beginning of the Covid-19 pandemic. According to data from the Singapore Tourism Board (STB), 543,732 visitors arrived in Singapore in June, an increase from the 418,458 recorded in May. The share prices of tourism-related stocks rose from the improvement in sentiment. SIA’s share price +3.3%, CDL Hospitality Trusts +4.8%, and Ascott Residence Trust +1.8%.



      
    
    Singapore's tourist arrivals recovering


Q: Amidst the ongoing earnings season, what were some of the notable company news and announcements last week?

From Gerald, founder and CEO of Beansprout:

There’s never a dull moment in the Singapore market. Last week, we saw notable news on Genting Singapore, Sembcorp Industries, and Mapletree Logistics Trust.

Genting Singapore gets a boost from Las Vegas Sands (LVS). Genting has been in the news a lot recently, but the most recent pop in its share price came through from strong results reported by its peer LVS. Marina Bay Sands saw its 2Q22 EBITDA (earnings before interest, taxes, depreciation and amortisation) almost triple from the previous year, prompting increasing optimism about the recovery of integrated resorts in Singapore.

Sembcorp Industries generated higher profit from increase in electricity prices. Sembcorp Industries issued a positive profit guidance, expecting its earnings for 1H22 to be “materially higher” compared to the previous year. The company attributed the improvement in earnings to higher electricity prices in Singapore and India.



      
    
    Singapore's electricity prices rose in 1H22


Mapletree Logistics Trust (MLT) saw stronger regional contribution. MLT reported 1Q23 (1 Apr 2022 to 31 Jun 2022) distribution per unit (DPU) that grew 5% compared to the previous year. Better portfolio performance in Singapore, India, Vietnam, and Japan led to stronger rental reversion of +3.4% in 1Q23, compared to +2.9% in 4Q22.

 

Many Singapore-listed companies will be reporting their earnings this week. Do check out the SGX economic calendar. 



      
    
    Economic calendar

For more Beansprout’s Fresh Takes, visit growbeansprout.com.


What's Trending - Property prices, Tourism recovery, Earnings

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FOR the 5 trading sessions that spanned Jun 10 to 16, the Straits Times Index (STI) declined 3.5 per cent, with the FTSE China A50 Index gaining 1.2 per cent, the Hang Seng Index falling 4.5 per cent and the FTSE Bursa Malaysia KLCI sliding 2.2 per cent. 

 
Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$166 million of net outflow, following the S$52 million of net outflow for the preceding 5 sessions. UOB, OCBC, Singapore Airlines, Thai Beverage and Keppel DC Reit led the net institutional outflows for the 5 sessions through to Jun 16.

 Share buybacks

 
There were 26 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 16, with a total consideration of S$122.8 million, more than doubling the previous week’s consideration tally. Wilmar International and Keppel Corporation led the consideration tally, buying back shares at average prices of S$4.08, and S$6.75 respectively.

 

Director and substantial shareholder transactions

 
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for close to 50 primary-listed stocks. This included 19 company director acquisitions with 2 disposals filed, while substantial shareholders filed 15 acquisitions and 12 disposals.

 

AEM Holdings

 
The Employees Provident Fund Board’s (EPF) deemed interest in AEM Holdings (AEM) has once again crossed above the 5.00 per cent substantial shareholder threshold.  The EPF had reduced its deemed interest in AEM below the 5.00 per cent threshold on Feb 4 to 4.87 per cent when it sold some shares, but on Jun 9, it bought shares again and raised its deemed interest to 5.05 per cent.  EPF’s latest purchase of 550,000 shares at S$4.39 per share, is at a lower average price than the S$4.53 per share it had received when it sold shares and reduced its deemed interest in AEM to below the substantial shareholder threshold in February.

 

On Jun 16, AEM announced that it would create more than 300 additional jobs with the expansion of its Singapore, Malaysian and US operations. AEM’s Penang expansion will include an R&amp;D lab that will enable it to boost its R&amp;D capabilities, while it will also double its headcount in Malaysia to support the expansion, including new roles for technicians, engineers, customer support group, and supply chain management. AEM is also a Gold Sponsor and the sole sponsor of the SEMICON University Program at SEMICON SEA 2022, scheduled this week in Penang.

 

Separately, with effect from Jul 1, Andre Andonian will join the board of AEM as an independent director. At McKinsey &amp; Company, Andonian serves as a member of the global board, senior partner for the Singapore office, chairman of Japan and the managing partner for Korea. Back on May 5, AEM reported its highest quarterly revenue in its history at S$261.9 million for Q1 2022 (ended Mar 31), a 226.4 per cent year-on-year increase, while upwardly revising its FY22 revenue guidance to between S$700 million and S$750 million.

 

Mapletree Industrial Trust 

 
Between Jun 10 and 13, Mapletree Industrial Trust Management non-executive director Chua Tiow Chye acquired 250,000 units of Mapletree Industrial Trust (MIT) at an average price of S$2.49 per unit.

 
With a consideration of S$621,382, this increased his deemed interest from 0.05 per cent to 0.06 per cent. It followed his acquisition of 200,000 units at S$2.49 per unit on Feb 7 and 200,000 units at S$2.60 per unit on Jan 26.

 
Chua is also the deputy group CEO of Mapletree Investments, the sponsor of MIT. He focuses on driving the sponsor’s strategic initiatives including expanding and directing the sponsor’s international real estate investments and developments. He also directly oversees the sponsor’s global lodging sector as well as the private capital management function.

 
For the FY22 (ended Mar 31), MIT reported its gross revenue and net property income increased 36.4 per cent and 34.5 per cent year on year to S$610.1 million and S$472.0 million respectively. MIT owns 141 properties, comprising 85 properties in Singapore and 56 properties in North America, which includes 13 data centres in North America held through the joint venture with the sponsor.

 Uni-Asia Group

 
On Jun 13, Uni-Asia Group executive chairman Michio Tanamoto acquired 150,000 shares of the company for a consideration of S$156,000. At an average price of S$1.04 per share, this increased his total interest in the company from 3.24 per cent to 3.44 per cent. This closely followed his acquisition of 50,000 shares at S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 The Straits Trading Company

 
On Jun 13, The Straits Trading Company independent and non-executive director Tan Tiong Cheng acquired 30,000 shares of the company for a consideration of S$90,300, at an average price of S$3.01 per share. This increased his direct interest in the conglomerate-investment company from 0.03 per cent to 0.04 per cent. He is also an independent and non-executive director of UOL Group, the lead independent director of Heeton Holdings, and a non-executive independent director of Amara Holdings.

 
The same session also saw Straits Trading Company independent and non-executive director Chua Tian Chu acquire 7,000 shares of the company at S$3.00 per share.

 
Chua last acquired shares in the company in March, and both directors acquired shares in the company in January. 

 GKE Corporation

 
On Jun 15, GKE Corporation executive director and CEO Neo Cheow Hui acquired 500,000 shares of the company, for a consideration of S$52,000 at 10.4 cents per share. This increased his total interest in the provider of integrated warehousing and logistics solutions from 3.60 per cent to 3.67 per cent.

 
Neo has extensive experience in the warehousing and logistics industry which has played a pivotal role in developing high level strategies for the group and making major corporate investments over the last 20 years.

 Hong Fok Corporation

 
On Jun 10, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng acquired 43,000 shares of the company, for a consideration of S$41,925 at 98.0 cents per share. Cheong maintains a 20.27 total interest in the property developer.

 
He is principally involved in the group’s overall operations and management, with greater emphasis in Singapore and he has over 37 years of experience in the property development business.

 Grand Venture Technology

 
Between Jun 13 and 15, Grand Venture Technology executive chairman Ricky Lee Tiam Nam acquired 50,000 shares of the company at an average price of 76.8 cents per share. With a consideration of S$38,375, this increased his direct interest in the innovative precision manufacturer from 15.33 per cent to 15.34 per cent. 

 
Responsible for the overall strategic direction and development of the group, Lee was one of the founding directors of the company.

 
He has over 38 years of experience in the manufacturing, assembly/servicing and precision engineering industries, beginning his career in 1982 as a machinist in Pan-World Precision Engineering.

 
On Jun 15, GVT executive director and CEO Julian Ng Wai Yuen also acquired 10,000 shares at an average price of 76.5 cents per share. This increased his direct interest in the company from 3.54 per cent to 3.55 per cent. Ng has more than 20 years of experience in the manufacturing and precision engineering industries.

 
In early May, GVT reported 19.5 per cent year-on-year growth in Ebitda and 8.9 per cent growth in net profit after tax for Q1 FY2022 (ended Mar 31), on the back of a 41.0 per cent revenue increase from S$23.0 million in Q1 FY2021 to S$32.5 million in Q1 FY2022.

 
Lee noted with the results that robust demand from the semiconductor industry saw GVT make good progress in its discussions with potential customers engaged in the manufacture of metrology and inspection, etching, and wafer deposition equipment. Lee added that when fully onboarded, these customers are expected to be the key drivers for the front-end semiconductor activities of GVT in the near future. In Q1 FY2022, the semiconductor sector contributed 67.2 per cent to the group’s total revenue, comparable with the 71.1 per cent contribution in FY21 and 68.7 per cent contribution in 2020.

 Oxley Holdings

 
Between Jun 14 and 15, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at 17.1 cents per share.

 
Low maintains a 28.13 per cent direct interest in the firm and is responsible for the operation of the group including sales and marketing, project development, business development and financial management. He also assists the CEO in charting and executing strategic plans.

 Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/buybacks-surge-mapletrees-chua-tiow-chye-adds-to-mit-stake"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 10 to 16, the Straits Times Index (STI) declined 3.5 per cent, with the FTSE China A50 Index gaining 1.2 per cent, the Hang Seng Index falling 4.5 per cent and the FTSE Bursa Malaysia KLCI sliding 2.2 per cent. 

 
Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$166 million of net outflow, following the S$52 million of net outflow for the preceding 5 sessions. UOB, OCBC, Singapore Airlines, Thai Beverage and Keppel DC Reit led the net institutional outflows for the 5 sessions through to Jun 16.

 Share buybacks

 
There were 26 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 16, with a total consideration of S$122.8 million, more than doubling the previous week’s consideration tally. Wilmar International and Keppel Corporation led the consideration tally, buying back shares at average prices of S$4.08, and S$6.75 respectively.

 

Director and substantial shareholder transactions

 
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for close to 50 primary-listed stocks. This included 19 company director acquisitions with 2 disposals filed, while substantial shareholders filed 15 acquisitions and 12 disposals.

 

AEM Holdings

 
The Employees Provident Fund Board’s (EPF) deemed interest in AEM Holdings (AEM) has once again crossed above the 5.00 per cent substantial shareholder threshold.  The EPF had reduced its deemed interest in AEM below the 5.00 per cent threshold on Feb 4 to 4.87 per cent when it sold some shares, but on Jun 9, it bought shares again and raised its deemed interest to 5.05 per cent.  EPF’s latest purchase of 550,000 shares at S$4.39 per share, is at a lower average price than the S$4.53 per share it had received when it sold shares and reduced its deemed interest in AEM to below the substantial shareholder threshold in February.

 

On Jun 16, AEM announced that it would create more than 300 additional jobs with the expansion of its Singapore, Malaysian and US operations. AEM’s Penang expansion will include an R&amp;D lab that will enable it to boost its R&amp;D capabilities, while it will also double its headcount in Malaysia to support the expansion, including new roles for technicians, engineers, customer support group, and supply chain management. AEM is also a Gold Sponsor and the sole sponsor of the SEMICON University Program at SEMICON SEA 2022, scheduled this week in Penang.

 

Separately, with effect from Jul 1, Andre Andonian will join the board of AEM as an independent director. At McKinsey &amp; Company, Andonian serves as a member of the global board, senior partner for the Singapore office, chairman of Japan and the managing partner for Korea. Back on May 5, AEM reported its highest quarterly revenue in its history at S$261.9 million for Q1 2022 (ended Mar 31), a 226.4 per cent year-on-year increase, while upwardly revising its FY22 revenue guidance to between S$700 million and S$750 million.

 

Mapletree Industrial Trust 

 
Between Jun 10 and 13, Mapletree Industrial Trust Management non-executive director Chua Tiow Chye acquired 250,000 units of Mapletree Industrial Trust (MIT) at an average price of S$2.49 per unit.

 
With a consideration of S$621,382, this increased his deemed interest from 0.05 per cent to 0.06 per cent. It followed his acquisition of 200,000 units at S$2.49 per unit on Feb 7 and 200,000 units at S$2.60 per unit on Jan 26.

 
Chua is also the deputy group CEO of Mapletree Investments, the sponsor of MIT. He focuses on driving the sponsor’s strategic initiatives including expanding and directing the sponsor’s international real estate investments and developments. He also directly oversees the sponsor’s global lodging sector as well as the private capital management function.

 
For the FY22 (ended Mar 31), MIT reported its gross revenue and net property income increased 36.4 per cent and 34.5 per cent year on year to S$610.1 million and S$472.0 million respectively. MIT owns 141 properties, comprising 85 properties in Singapore and 56 properties in North America, which includes 13 data centres in North America held through the joint venture with the sponsor.

 Uni-Asia Group

 
On Jun 13, Uni-Asia Group executive chairman Michio Tanamoto acquired 150,000 shares of the company for a consideration of S$156,000. At an average price of S$1.04 per share, this increased his total interest in the company from 3.24 per cent to 3.44 per cent. This closely followed his acquisition of 50,000 shares at S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 The Straits Trading Company

 
On Jun 13, The Straits Trading Company independent and non-executive director Tan Tiong Cheng acquired 30,000 shares of the company for a consideration of S$90,300, at an average price of S$3.01 per share. This increased his direct interest in the conglomerate-investment company from 0.03 per cent to 0.04 per cent. He is also an independent and non-executive director of UOL Group, the lead independent director of Heeton Holdings, and a non-executive independent director of Amara Holdings.

 
The same session also saw Straits Trading Company independent and non-executive director Chua Tian Chu acquire 7,000 shares of the company at S$3.00 per share.

 
Chua last acquired shares in the company in March, and both directors acquired shares in the company in January. 

 GKE Corporation

 
On Jun 15, GKE Corporation executive director and CEO Neo Cheow Hui acquired 500,000 shares of the company, for a consideration of S$52,000 at 10.4 cents per share. This increased his total interest in the provider of integrated warehousing and logistics solutions from 3.60 per cent to 3.67 per cent.

 
Neo has extensive experience in the warehousing and logistics industry which has played a pivotal role in developing high level strategies for the group and making major corporate investments over the last 20 years.

 Hong Fok Corporation

 
On Jun 10, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng acquired 43,000 shares of the company, for a consideration of S$41,925 at 98.0 cents per share. Cheong maintains a 20.27 total interest in the property developer.

 
He is principally involved in the group’s overall operations and management, with greater emphasis in Singapore and he has over 37 years of experience in the property development business.

 Grand Venture Technology

 
Between Jun 13 and 15, Grand Venture Technology executive chairman Ricky Lee Tiam Nam acquired 50,000 shares of the company at an average price of 76.8 cents per share. With a consideration of S$38,375, this increased his direct interest in the innovative precision manufacturer from 15.33 per cent to 15.34 per cent. 

 
Responsible for the overall strategic direction and development of the group, Lee was one of the founding directors of the company.

 
He has over 38 years of experience in the manufacturing, assembly/servicing and precision engineering industries, beginning his career in 1982 as a machinist in Pan-World Precision Engineering.

 
On Jun 15, GVT executive director and CEO Julian Ng Wai Yuen also acquired 10,000 shares at an average price of 76.5 cents per share. This increased his direct interest in the company from 3.54 per cent to 3.55 per cent. Ng has more than 20 years of experience in the manufacturing and precision engineering industries.

 
In early May, GVT reported 19.5 per cent year-on-year growth in Ebitda and 8.9 per cent growth in net profit after tax for Q1 FY2022 (ended Mar 31), on the back of a 41.0 per cent revenue increase from S$23.0 million in Q1 FY2021 to S$32.5 million in Q1 FY2022.

 
Lee noted with the results that robust demand from the semiconductor industry saw GVT make good progress in its discussions with potential customers engaged in the manufacture of metrology and inspection, etching, and wafer deposition equipment. Lee added that when fully onboarded, these customers are expected to be the key drivers for the front-end semiconductor activities of GVT in the near future. In Q1 FY2022, the semiconductor sector contributed 67.2 per cent to the group’s total revenue, comparable with the 71.1 per cent contribution in FY21 and 68.7 per cent contribution in 2020.

 Oxley Holdings

 
Between Jun 14 and 15, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at 17.1 cents per share.

 
Low maintains a 28.13 per cent direct interest in the firm and is responsible for the operation of the group including sales and marketing, project development, business development and financial management. He also assists the CEO in charting and executing strategic plans.

 Inside Insights is a weekly column on The Business Times, read the original version.



Buybacks surge, Mapletree’s Chua Tiow Chye adds to MIT stake

Digilife Technologies Limited / Equity Bottom-Up

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FOR the 5 trading sessions that spanned Jun 3 to 9, the Straits Times Index (STI) declined 0.5 per cent, with the FTSE China A50 Index adding 3.0 per cent, the Hang Seng Index gaining 4.5 per cent and the FTSE Bursa Malaysia KLCI falling 1.9 per cent. 

 
Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$52 million of net outflow, following the S$102 million of net outflow for the preceding 5 sessions. UOB, Singtel, DBS, Yangzijiang Financial Holding and Thai Beverage led the net institutional outflows for the 5 sessions through to Jun 9.

 Share buybacks

 
There were 23 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 9, with a total consideration of S$53,390,997, a weekly consideration tally similar to the preceding 3 weeks’.

Keppel Corporation again led the consideration tally with 3,035,800 shares bought at an average price of S$6.89 per share. This brought the total number of shares purchased on its current mandate to 1.19 per cent of its issued shares (excluding treasury shares).

 
On Jun 8, Yangzijiang Financial Holding announced the establishment of a S$200 million share buyback programme pursuant to the share buyback mandate granted by shareholders at the EGM held the same day. The company also noted that purpose of the programme is to increase shareholder value and improve the return of equity of the group.

 Director and substantial shareholder transactions

 
The 5 trading sessions saw close 90 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 8 company director acquisitions with two disposals filed, while substantial shareholders filed 11 acquisitions and 8 disposals.

Back on Jun 2, Olam Group executive director, co-founder and group CEO Sunny Verghese acquired 500,000 shares of the company at an average price of S$1.56 per share, with a consideration of S$780,400, increasing his direct interest in Olam Group from 4.29 per cent to 4.31 per cent.

 
Also on Jun 2, Digilife Technologies chairman and non-independent non-executive director Bhupendra Kumar Modi increased his total interest in the company from 52.38 per cent to 53.99 per cent. In a share purchase agreement dated Jun 2, Spice Bulls acquired 217,105 Digilife Technologies shares from Maneesh Tripathi for a consideration of S$577,500, at S$2.66 per share. Spice Bulls is 100 per cent held by Smart Co Holding, which in turn is 100 per cent held by Modi. Tripathi resigned as non-independent non-executive director of Digilife Technologies effective May 31.

 Yangzijiang Shipbuilding Holdings

 
On Jun 6, Yangzijiang Shipbuilding Holdings substantial shareholder T. Rowe Price Associates, increased its deemed interest in the company to above the 8.0 per cent threshold. Acquiring 5,819,100 shares in the Jiangsu-based shipbuilder, at an average price of 99.9 cents per share increased its deemed interest from 7.92 per cent to 8.06 per cent. Previously T. Rowe Price Associates increased its deemed interest above the 7.00 per cent threshold on Dec 7 and above the 6.00 per cent threshold on Apr 8, 2021.

 
According to data from Bloomberg, its deemed interest in Yangzijiang Shipbuilding Holdings is spread across multiple portfolios such as the T Rowe Price Emerging Markets Discovery Stock Fund, T Rowe Price International Discovery Fund and T Rowe Price International Value Equity Fund.

 
In 2021, Yangzijiang Shipbuilding Holdings secured record order wins for 124 vessels with a total contract value of US$7.41 billion. Apart from achieving the group’s highest order wins since its listing on SGX in 2021, the company made the strategic decision to focus on new-build profitability and prioritised on building containerships and clean energy vessels. As of the end 2021, Yangzijiang Shipbuilding Holdings had an existing orderbook of US$8.50 billion for 157 vessels, with containerships accounting for US$7.08 billion or 83 per cent of total existing contract value. Yangzijiang Shipbuilding Holdings was the STI’s strongest performer in 2021 and has ranked as the second strongest STI constituent after Jardine Cycle &amp; Carriage in the 2022 year through to Jun 9. 

 Uni-Asia Group

 
On Jun 9, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares of the company for a consideration of S$54,250. At an average price of S$1.09 per share, this increased his total interest in the company from 3.18 per cent to 3.24 per cent.

 
His preceding acquisitions were on Aug 20, with 30,000 shares acquired at S$1.05 per share and May 21, 2021, with 50,000 shares acquired at 66.5 cents per share.

 
Tanamoto was appointed executive chairman of the Uni-Asia Group in April 2020. He was previously appointed as chairman and CEO in April 2014, before he relinquished his position as CEO in 2020 as part of the group’s succession planning. He is one of the 4 founders who established the company in 1997 and has been a director since then. He has close to 40 years of experience in financial sector, having been based in Japan, Hong Kong and Singapore.

 
In April, Tanamoto noted that as a producer of alternative investment opportunities, Uni-Asia Group’s ongoing mission is to constantly create new investment products and develop new investors sources to increase its assets under management as well and strengthen its investment portfolio to achieve sustainable long-term growth. With 2022 also marking the group’s 25th anniversary, Tanamoto added that the group’s balance sheet is now stronger than before, following its deleveraging strategy, with a strong cashflow, as a result of the strong shipping market.

 Megachem

 
On Jun 3, Megachem managing director Sidney Chew Choon Tee acquired 93,000 shares of the company at 46.5 cents per share. With a consideration of S$43,245, this increased his total interest in the one-stop specialty chemical solutions provider from 35.65 per cent to 35.72 per cent. His preceeding acquisitions were on Apr 13 with 200 shares acquired at 45.5 cents per share and between Mar 15 and 16, with 20,000 shares acquired at 45.0 cents per share. 

 
The company reported back in February that its net profit after tax in FY21 (ended Dec 31) increased 52.0 per cent to S$8.0 million on the back of a 32.0 per cent growth in revenue to S$138.9 million. Chew noted that the group achieved a new record in revenue, as business sentiments improved, and demand recovered, with higher sales volumes and chemical prices supporting a rebound in revenue in FY21 to better than pre-Covid levels.

 
In response to a question on the sensitivity of revenue to oil prices in an online Q&amp;A with Investors in March, Megachem management noted that demand for specialty chemicals had been less sensitive to price fluctuations. The management team reasoned that oil prices had staged a remarkable rebound since the later part of 2020 which had pushed freight rates and chemical prices higher. However, the team noted that specialty chemicals, though not immune to oil price fluctuations, are less susceptible in comparison to bulk commodity chemicals, since they are a more downstream product and usage in the finished product is smaller.

 GSH Corporation

 
Between Jun 2 and 8, GSH Corporation executive chairman Sam Goi Seng Hui acquired 195,200 shares of the company at an average price of 16.7 cents per share, with a consideration of S$32,668. This increased his total interest in the property developer, hotel and resort operator from 63.62 per cent to 63.63 per cent. Goi’s preceding acquisition was on Oct 8, with 99,800 shares acquired at 16.8 cents per share. He has gradually increased his total interest in GSH Corporation from 47.97 per cent in July 2015. Goi was appointed to the GSH Corporation board in July 2012.

 
He is also the executive chairman of Tee Yih Jia Group, in addition to SGX-listed companies Hanwell Holdings and Tat Seng Packaging Group.  Goi also serves on the board of Envictus International Holdings, JB Foods and Tung Lok Restaurants (2000).  For its FY21 (ended Dec 31), GSH posted an attributable net loss of S$21.0 million, which was a decline of 49 per cent from an attributable net loss of S$14.1 million in FY20, with group revenue declining 20 per cent from S$120.2 million in FY20 to S$95.8 million in FY21.

 
GSH Corporation is a growing property developer in South-east Asia, with 5 properties under development in Malaysia and China. It also owns and operates the Sutera Harbour Resort in Kota Kinabalu, comprising 2 5-star hotels, a 104-berth marina and a 27-hole championship golf course, and the Sutera@Mantanani Resort on the Mantanani Islands in Sabah. In FY21, 67 per cent of GSH Corporation’s revenue was reported to Malaysia, with the balance reported to China.

 Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/t-rowe-price-increases-its-yzj-shipbuilding-interest-to-above-8"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 3 to 9, the Straits Times Index (STI) declined 0.5 per cent, with the FTSE China A50 Index adding 3.0 per cent, the Hang Seng Index gaining 4.5 per cent and the FTSE Bursa Malaysia KLCI falling 1.9 per cent. 

 
Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$52 million of net outflow, following the S$102 million of net outflow for the preceding 5 sessions. UOB, Singtel, DBS, Yangzijiang Financial Holding and Thai Beverage led the net institutional outflows for the 5 sessions through to Jun 9.

 Share buybacks

 
There were 23 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 9, with a total consideration of S$53,390,997, a weekly consideration tally similar to the preceding 3 weeks’.

Keppel Corporation again led the consideration tally with 3,035,800 shares bought at an average price of S$6.89 per share. This brought the total number of shares purchased on its current mandate to 1.19 per cent of its issued shares (excluding treasury shares).

 
On Jun 8, Yangzijiang Financial Holding announced the establishment of a S$200 million share buyback programme pursuant to the share buyback mandate granted by shareholders at the EGM held the same day. The company also noted that purpose of the programme is to increase shareholder value and improve the return of equity of the group.

 Director and substantial shareholder transactions

 
The 5 trading sessions saw close 90 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 8 company director acquisitions with two disposals filed, while substantial shareholders filed 11 acquisitions and 8 disposals.

Back on Jun 2, Olam Group executive director, co-founder and group CEO Sunny Verghese acquired 500,000 shares of the company at an average price of S$1.56 per share, with a consideration of S$780,400, increasing his direct interest in Olam Group from 4.29 per cent to 4.31 per cent.

 
Also on Jun 2, Digilife Technologies chairman and non-independent non-executive director Bhupendra Kumar Modi increased his total interest in the company from 52.38 per cent to 53.99 per cent. In a share purchase agreement dated Jun 2, Spice Bulls acquired 217,105 Digilife Technologies shares from Maneesh Tripathi for a consideration of S$577,500, at S$2.66 per share. Spice Bulls is 100 per cent held by Smart Co Holding, which in turn is 100 per cent held by Modi. Tripathi resigned as non-independent non-executive director of Digilife Technologies effective May 31.

 Yangzijiang Shipbuilding Holdings

 
On Jun 6, Yangzijiang Shipbuilding Holdings substantial shareholder T. Rowe Price Associates, increased its deemed interest in the company to above the 8.0 per cent threshold. Acquiring 5,819,100 shares in the Jiangsu-based shipbuilder, at an average price of 99.9 cents per share increased its deemed interest from 7.92 per cent to 8.06 per cent. Previously T. Rowe Price Associates increased its deemed interest above the 7.00 per cent threshold on Dec 7 and above the 6.00 per cent threshold on Apr 8, 2021.

 
According to data from Bloomberg, its deemed interest in Yangzijiang Shipbuilding Holdings is spread across multiple portfolios such as the T Rowe Price Emerging Markets Discovery Stock Fund, T Rowe Price International Discovery Fund and T Rowe Price International Value Equity Fund.

 
In 2021, Yangzijiang Shipbuilding Holdings secured record order wins for 124 vessels with a total contract value of US$7.41 billion. Apart from achieving the group’s highest order wins since its listing on SGX in 2021, the company made the strategic decision to focus on new-build profitability and prioritised on building containerships and clean energy vessels. As of the end 2021, Yangzijiang Shipbuilding Holdings had an existing orderbook of US$8.50 billion for 157 vessels, with containerships accounting for US$7.08 billion or 83 per cent of total existing contract value. Yangzijiang Shipbuilding Holdings was the STI’s strongest performer in 2021 and has ranked as the second strongest STI constituent after Jardine Cycle &amp; Carriage in the 2022 year through to Jun 9. 

 Uni-Asia Group

 
On Jun 9, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares of the company for a consideration of S$54,250. At an average price of S$1.09 per share, this increased his total interest in the company from 3.18 per cent to 3.24 per cent.

 
His preceding acquisitions were on Aug 20, with 30,000 shares acquired at S$1.05 per share and May 21, 2021, with 50,000 shares acquired at 66.5 cents per share.

 
Tanamoto was appointed executive chairman of the Uni-Asia Group in April 2020. He was previously appointed as chairman and CEO in April 2014, before he relinquished his position as CEO in 2020 as part of the group’s succession planning. He is one of the 4 founders who established the company in 1997 and has been a director since then. He has close to 40 years of experience in financial sector, having been based in Japan, Hong Kong and Singapore.

 
In April, Tanamoto noted that as a producer of alternative investment opportunities, Uni-Asia Group’s ongoing mission is to constantly create new investment products and develop new investors sources to increase its assets under management as well and strengthen its investment portfolio to achieve sustainable long-term growth. With 2022 also marking the group’s 25th anniversary, Tanamoto added that the group’s balance sheet is now stronger than before, following its deleveraging strategy, with a strong cashflow, as a result of the strong shipping market.

 Megachem

 
On Jun 3, Megachem managing director Sidney Chew Choon Tee acquired 93,000 shares of the company at 46.5 cents per share. With a consideration of S$43,245, this increased his total interest in the one-stop specialty chemical solutions provider from 35.65 per cent to 35.72 per cent. His preceeding acquisitions were on Apr 13 with 200 shares acquired at 45.5 cents per share and between Mar 15 and 16, with 20,000 shares acquired at 45.0 cents per share. 

 
The company reported back in February that its net profit after tax in FY21 (ended Dec 31) increased 52.0 per cent to S$8.0 million on the back of a 32.0 per cent growth in revenue to S$138.9 million. Chew noted that the group achieved a new record in revenue, as business sentiments improved, and demand recovered, with higher sales volumes and chemical prices supporting a rebound in revenue in FY21 to better than pre-Covid levels.

 
In response to a question on the sensitivity of revenue to oil prices in an online Q&amp;A with Investors in March, Megachem management noted that demand for specialty chemicals had been less sensitive to price fluctuations. The management team reasoned that oil prices had staged a remarkable rebound since the later part of 2020 which had pushed freight rates and chemical prices higher. However, the team noted that specialty chemicals, though not immune to oil price fluctuations, are less susceptible in comparison to bulk commodity chemicals, since they are a more downstream product and usage in the finished product is smaller.

 GSH Corporation

 
Between Jun 2 and 8, GSH Corporation executive chairman Sam Goi Seng Hui acquired 195,200 shares of the company at an average price of 16.7 cents per share, with a consideration of S$32,668. This increased his total interest in the property developer, hotel and resort operator from 63.62 per cent to 63.63 per cent. Goi’s preceding acquisition was on Oct 8, with 99,800 shares acquired at 16.8 cents per share. He has gradually increased his total interest in GSH Corporation from 47.97 per cent in July 2015. Goi was appointed to the GSH Corporation board in July 2012.

 
He is also the executive chairman of Tee Yih Jia Group, in addition to SGX-listed companies Hanwell Holdings and Tat Seng Packaging Group.  Goi also serves on the board of Envictus International Holdings, JB Foods and Tung Lok Restaurants (2000).  For its FY21 (ended Dec 31), GSH posted an attributable net loss of S$21.0 million, which was a decline of 49 per cent from an attributable net loss of S$14.1 million in FY20, with group revenue declining 20 per cent from S$120.2 million in FY20 to S$95.8 million in FY21.

 
GSH Corporation is a growing property developer in South-east Asia, with 5 properties under development in Malaysia and China. It also owns and operates the Sutera Harbour Resort in Kota Kinabalu, comprising 2 5-star hotels, a 104-berth marina and a 27-hole championship golf course, and the Sutera@Mantanani Resort on the Mantanani Islands in Sabah. In FY21, 67 per cent of GSH Corporation’s revenue was reported to Malaysia, with the balance reported to China.

 Inside Insights is a weekly column on The Business Times, read the original version.



T Rowe Price increases its YZJ Shipbuilding interest to above 8%

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For the 5 trading sessions that spanned May 6 to 12, the Straits Times Index (STI) declined 5.3 per cent, with the FTSE China A50 Index declining 3.4 per cent, the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI dipping 2.6 per cent. 

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$145 million of net outflow, following S$67 million of net inflow for the preceding 5 sessions. 
DBS Group Holdings, UOB, Singapore Airlines, Yangzijiang Financial Holdings and Thai Beverage led the net institutional outflows for the 5 sessions through to May 12. Meanwhile, Singapore Telecommunications, OCBC, CapitaLand Investment, Venture Corporation and ST Engineering led the net institutional inflows for the 5 sessions. Overall, the net institutional inflows into Singapore stocks in the 2022 year to May 12 totalled S$307 million. Share buybacks

There were 15 primary-listed stocks conducting share buybacks over the 5 sessions ended May 12, with a total consideration of S$122.8 million, significantly higher than the S$44.5 million for the preceding 5 sessions.

CapitaLand Investment bought back 10 million shares at an average price of S$3.79 per share.

This represented 0.19 per cent of its issued shares (excluding treasury shares), with the buyback conducted in the session immediately after the leading global real estate investment manager provided a March quarter business update. 
For the quarter, CapitaLand Investment reported Q1 FY22 revenue increased 16 per cent year on year to S$598 million on growth in the fund management and lodging management segments, in addition to disciplined capital management. Director and substantial shareholder transactions 
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for more than 40 primary-listed stocks. This included 21 company director acquisitions with no disposals filed, while substantial shareholders filed 12 acquisitions and 2 disposals. UOL Group 
Between May 10 and 11, Wee Investments acquired 500,000 shares of the company at an average price of S$6.99 per share. This took the total interest of UOL Group chairman Wee Cho Yaw in the company from 38.24 per cent to 38.29 per cent. The preceding acquisitions by Wee Investments were on Mar 8 with 899,200 shares acquired at S$6.80 per share, and Mar 7 with 964,000 shares acquired at S$6.85 per share.  
At the annual general meeting held on Apr 27, UOL Group’s CEO Liam Wee Sin maintained that with Singapore decisively moving from the pandemic to the endemic stage, he was cautiously optimistic that the company would emerge stronger from the pandemic with the opening of borders. He added that Singapore’s reconnection with the world would help to restore consumer confidence and give a much-needed boost to the businesses, in particular, the tourism/hospitality sector.  Liam also maintained that the company would continue to pursue asset enhancement initiatives for its investment portfolio while leveraging on its domain knowledge to deliver strong product offerings for residential projects. Challenger Technologies 
Between May 6 and 9, Challenger Technologies executive director and CEO Loo Leong Thye increased his deemed interest in the company, with his spouse Ong Sock Hwee acquiring 863,200 shares. The shares were acquired for a consideration of S$485,811 at an average price of 56.3 cents per share. This increased Loo’s total interest in Challenger Technologies from 47.11 per cent to 47.32 per cent 
Loo is responsible for the overall management of the group. He also charts the corporate directions, strategies and policies and grew the business operations of the group in 1982 from a sole proprietorship, to its present scale. Last year the group incorporated a few subsidiaries under its wholly-owned Challenge Ventures. At the beginning of 2022, 2 of these subsidiaries turned operational. Kingdom Technologies, a builder of customised personal computers, sells its products exclusively online under the Kingdom brand name. The second subsidiary is ITEZ.SG, is an online platform that offers affordable IT equipment rental on a subscription format. Bonvests Holdings 
Between May 6 and 10, Bonvests Holdings executive chairman and managing director Henry Ngo acquired 167,200 shares of the company for a consideration of S$158,340, at an average price of 94.7 cents per share. The acquisition was made though Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.73 per cent to 83.77 per cent. His preceding acquisitions were between Mar 7 and 8, with 40,700 shares acquired at 92.0 cents per share. 
Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group, with Bonvests establishing itself as an experienced player in the property leasing and management industry for more than 30 years. The group’s revenue increased by 11.5 per cent to S$134.4 million in 2021 from S$120.6 million in 2020, mainly due to higher revenue from the hotel division. Tai Sin Electric 
Between May 4 and 10, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock’s deemed interest increased in the company by 500,000 shares at 39.0 cents per share. This was due to acquisitions made by both his spouse and daughter. With a consideration of S$195,000 the acquisitions took his total interest in the company from 17.38 per cent to 17.49 per cent. This followed his acquisition of 115,300 shares in his own name at 39.0 cents per share on Mar 23. Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997.   iFAST Corporation 
On May 11, iFAST Corporation independent director Kok Chee Wai acquired 20,000 shares of the company at S$4.69 per share. With a consideration of S$93,795, this increased his deemed interest in the wealth management Fintech platform from 0.51 per cent to 0.52 per cent. Kok has been a partner in Allen &amp; Gledhill LLP since 1998, where he is currently the co-head of the firm’s financial services department, regional energy, infrastructure &amp; projects practice, and banking &amp; finance practice. He has broad and deep experience in domestic and international financing, and general banking and finance practice includes acting for lenders and major corporates on domestic and cross-border syndicated loans, structured and acquisition financing and debt restructuring. JB Foods 
On May 9, JB Foods executive director and CEO Tey How Keong acquired 97,000 shares of the company for a consideration of S$48,015. At 49.5 cents per share, this increased his total interest in JB Foods from 46.81 per cent to 46.84 per cent. This followed his acquisitions of 82,000 shares at 49.0 cents per share on Apr 29, 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. JB Foods core business is in the production and sale of cocoa ingredient products, with Tey responsible for the overall strategic, management and business development of the group. He has over 25 years of experience in the cocoa business. Q&amp;M Dental Group (Singapore) 
On May 12, Q &amp; M Dental Group (Singapore) independent non-executive director Harry Ng Weng Sui acquired 70,000 shares of the company for a consideration of S$34,500, at 49.3 cents per share. This increased his total interest in the private dental healthcare group from 0.04 per cent to 0.05 per cent. Similarly, on May 14, 2021, Ng acquired 60,000 shares of the company, at 63.0 cents per share. Lendlease Global Commercial REIT 
On May 6, Lendlease Global Commercial Trust Management independent non-executive director Simon John Perrott acquired 30,800 units of Lendlease Global Commercial Reit for a consideration of S$24,640. At 80.0 cents per unit, this took his direct interest to 114,650 units. Perrott was previously the chairman of CIMB Bank Australia from 2012 to 2014 and the chairman of RBS Australia from 2009 to 2012. From 2002 to 2009, he held various roles in ABN AMRO Bank where his last held role was co-head of banking. 
In April, Lendlease Global Commercial Trust Management completed the acquisition of a 100 per cent direct interest in Jem, with the manager maintaining that the enlarged portfolio with high-quality tenants such as the Ministry of National Development, IKEA and NTUC FairPrice Extra provides strong and stable cashflow for unitholders. Oxley Holdings 
Between May 9 and 10, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at an average price of 17.8 cents per share. With a consideration of S$17,750, this increased his direct interest in Oxley Holdings from 28.12 per cent to 28.13 per cent. Low is responsible for the operation of the group including sales and marketing, project development, business development and financial management. Low also assists the CEO in charting and executing the strategic plans for the group. Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/hong-fok-continues-buybacks-as-joint-ceo-raises-stake-0"> </a><a href="https://www.businesstimes.com.sg/companies-markets/cli-leads-buyback-tally-wee-investments-ups-uol-stake">read</a><a href="https://www.businesstimes.com.sg/companies-markets/wilmar-leads-buyback-tally-yzjfh-directors-acquire-shares"> </a>the original version.
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    Share buyback


For the 5 trading sessions that spanned May 6 to 12, the Straits Times Index (STI) declined 5.3 per cent, with the FTSE China A50 Index declining 3.4 per cent, the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI dipping 2.6 per cent. 

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$145 million of net outflow, following S$67 million of net inflow for the preceding 5 sessions.  
DBS Group Holdings, UOB, Singapore Airlines, Yangzijiang Financial Holdings and Thai Beverage led the net institutional outflows for the 5 sessions through to May 12. Meanwhile, Singapore Telecommunications, OCBC, CapitaLand Investment, Venture Corporation and ST Engineering led the net institutional inflows for the 5 sessions. Overall, the net institutional inflows into Singapore stocks in the 2022 year to May 12 totalled S$307 million.  Share buybacks

There were 15 primary-listed stocks conducting share buybacks over the 5 sessions ended May 12, with a total consideration of S$122.8 million, significantly higher than the S$44.5 million for the preceding 5 sessions.

CapitaLand Investment bought back 10 million shares at an average price of S$3.79 per share.

This represented 0.19 per cent of its issued shares (excluding treasury shares), with the buyback conducted in the session immediately after the leading global real estate investment manager provided a March quarter business update.  
For the quarter, CapitaLand Investment reported Q1 FY22 revenue increased 16 per cent year on year to S$598 million on growth in the fund management and lodging management segments, in addition to disciplined capital management.  Director and substantial shareholder transactions  
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for more than 40 primary-listed stocks. This included 21 company director acquisitions with no disposals filed, while substantial shareholders filed 12 acquisitions and 2 disposals.  UOL Group  
Between May 10 and 11, Wee Investments acquired 500,000 shares of the company at an average price of S$6.99 per share. This took the total interest of UOL Group chairman Wee Cho Yaw in the company from 38.24 per cent to 38.29 per cent. The preceding acquisitions by Wee Investments were on Mar 8 with 899,200 shares acquired at S$6.80 per share, and Mar 7 with 964,000 shares acquired at S$6.85 per share.   
At the annual general meeting held on Apr 27, UOL Group’s CEO Liam Wee Sin maintained that with Singapore decisively moving from the pandemic to the endemic stage, he was cautiously optimistic that the company would emerge stronger from the pandemic with the opening of borders. He added that Singapore’s reconnection with the world would help to restore consumer confidence and give a much-needed boost to the businesses, in particular, the tourism/hospitality sector.  Liam also maintained that the company would continue to pursue asset enhancement initiatives for its investment portfolio while leveraging on its domain knowledge to deliver strong product offerings for residential projects.  Challenger Technologies  
Between May 6 and 9, Challenger Technologies executive director and CEO Loo Leong Thye increased his deemed interest in the company, with his spouse Ong Sock Hwee acquiring 863,200 shares. The shares were acquired for a consideration of S$485,811 at an average price of 56.3 cents per share. This increased Loo’s total interest in Challenger Technologies from 47.11 per cent to 47.32 per cent  
Loo is responsible for the overall management of the group. He also charts the corporate directions, strategies and policies and grew the business operations of the group in 1982 from a sole proprietorship, to its present scale. Last year the group incorporated a few subsidiaries under its wholly-owned Challenge Ventures. At the beginning of 2022, 2 of these subsidiaries turned operational. Kingdom Technologies, a builder of customised personal computers, sells its products exclusively online under the Kingdom brand name. The second subsidiary is ITEZ.SG, is an online platform that offers affordable IT equipment rental on a subscription format.  Bonvests Holdings  
Between May 6 and 10, Bonvests Holdings executive chairman and managing director Henry Ngo acquired 167,200 shares of the company for a consideration of S$158,340, at an average price of 94.7 cents per share. The acquisition was made though Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.73 per cent to 83.77 per cent. His preceding acquisitions were between Mar 7 and 8, with 40,700 shares acquired at 92.0 cents per share.  
Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group, with Bonvests establishing itself as an experienced player in the property leasing and management industry for more than 30 years. The group’s revenue increased by 11.5 per cent to S$134.4 million in 2021 from S$120.6 million in 2020, mainly due to higher revenue from the hotel division.  Tai Sin Electric  
Between May 4 and 10, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock’s deemed interest increased in the company by 500,000 shares at 39.0 cents per share. This was due to acquisitions made by both his spouse and daughter. With a consideration of S$195,000 the acquisitions took his total interest in the company from 17.38 per cent to 17.49 per cent. This followed his acquisition of 115,300 shares in his own name at 39.0 cents per share on Mar 23. Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997.    iFAST Corporation  
On May 11, iFAST Corporation independent director Kok Chee Wai acquired 20,000 shares of the company at S$4.69 per share. With a consideration of S$93,795, this increased his deemed interest in the wealth management Fintech platform from 0.51 per cent to 0.52 per cent. Kok has been a partner in Allen &amp; Gledhill LLP since 1998, where he is currently the co-head of the firm’s financial services department, regional energy, infrastructure &amp; projects practice, and banking &amp; finance practice. He has broad and deep experience in domestic and international financing, and general banking and finance practice includes acting for lenders and major corporates on domestic and cross-border syndicated loans, structured and acquisition financing and debt restructuring.  JB Foods  
On May 9, JB Foods executive director and CEO Tey How Keong acquired 97,000 shares of the company for a consideration of S$48,015. At 49.5 cents per share, this increased his total interest in JB Foods from 46.81 per cent to 46.84 per cent. This followed his acquisitions of 82,000 shares at 49.0 cents per share on Apr 29, 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. JB Foods core business is in the production and sale of cocoa ingredient products, with Tey responsible for the overall strategic, management and business development of the group. He has over 25 years of experience in the cocoa business.  Q&amp;M Dental Group (Singapore)  
On May 12, Q &amp; M Dental Group (Singapore) independent non-executive director Harry Ng Weng Sui acquired 70,000 shares of the company for a consideration of S$34,500, at 49.3 cents per share. This increased his total interest in the private dental healthcare group from 0.04 per cent to 0.05 per cent. Similarly, on May 14, 2021, Ng acquired 60,000 shares of the company, at 63.0 cents per share.  Lendlease Global Commercial REIT  
On May 6, Lendlease Global Commercial Trust Management independent non-executive director Simon John Perrott acquired 30,800 units of Lendlease Global Commercial Reit for a consideration of S$24,640. At 80.0 cents per unit, this took his direct interest to 114,650 units. Perrott was previously the chairman of CIMB Bank Australia from 2012 to 2014 and the chairman of RBS Australia from 2009 to 2012. From 2002 to 2009, he held various roles in ABN AMRO Bank where his last held role was co-head of banking.  
In April, Lendlease Global Commercial Trust Management completed the acquisition of a 100 per cent direct interest in Jem, with the manager maintaining that the enlarged portfolio with high-quality tenants such as the Ministry of National Development, IKEA and NTUC FairPrice Extra provides strong and stable cashflow for unitholders.  Oxley Holdings  
Between May 9 and 10, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at an average price of 17.8 cents per share. With a consideration of S$17,750, this increased his direct interest in Oxley Holdings from 28.12 per cent to 28.13 per cent. Low is responsible for the operation of the group including sales and marketing, project development, business development and financial management. Low also assists the CEO in charting and executing the strategic plans for the group.  Inside Insights is a weekly column on The Business Times, read the original version.



CLI leads buyback tally, Wee Investments ups UOL stake

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For the 5 trading sessions spanning Apr 29 to May 5, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 0.3 per cent, the Hang Seng Index gaining 2.5 per cent and the FTSE Bursa Malaysia KLCI declining 0.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$67 million of net inflow, following S$53 million of net outflow for the preceding 5 sessions.

OCBC, Keppel Corporation, Singapore Telecommunications, Venture Corporation and Jardine Cycle &amp; Carriage led the net institutional outflows for the 5 sessions through to May 5.

Meanwhile, Yangzijiang Financial Holdings, UOB, Mapletree Logisitics Trust, Mapletree Industrial Trust and Thai Beverage received the highest net institutional outflows for the 5 sessions.

Overall, the total net institutional inflows into Singapore stocks in the 2022 year to May 5 came up to S$452 million, while the STI generated an 8.4 per cent total return. Share Buybacks 
There were 12 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$44.5 million, up from S$10.5 million for the preceding week. 
Wilmar International, Keppel Corporation and Hong Fok Corporation led the consideration tally. 
Wilmar bought back 5.4 million shares at an average price of S$4.41 per share. 
For the previous year’s mandate, it bought back 19.9 million shares, which represented 0.32 per cent of the company’s issued shares (excluding treasury shares). 
The buybacks followed the company reporting financials for its Q1 FY22 (ended Mar 31) on Apr 29. Wilmar reported that its Q1 FY22 core net profit increased by 18.8 per cent year on year to US$503.4 million, attributed to the strong performance in the plantation and sugar milling segment, which was aided by firm palm oil prices. The company also noted that it has officially commenced its first central kitchen operations in Hangzhou, China in early April 2022.  
On Adani Wilmar, the company noted that from an IPO valuation of US$4 billion when it listed on the National Stock Exchange of India on Feb 8, 2022, its market capitalisation had increased by more than 3 times to above US$13 billion as at Apr 28, 2022. 
In addition, the valuation for Shree Renuka Sugars, the 62.5 per cent owned Indian sugar subsidiary, has also gone up sharply from US$863 million on Dec 31, 2021 to US$1.6 billion as at Apr 28, 2022. 
The company added that commodity prices had surged since the onset of the Russian and Ukraine conflict in February 2022 and while the contribution from the Russian and Ukrainian investments is not material, the sustained high commodity prices would benefit its plantation and sugar milling segment in the coming months. Director and substantial shareholder transactions 
The 5 trading sessions saw 100 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. 
This included 18 company director acquisitions with no disposals filed, while substantial shareholders filed 3 acquisitions and 3 disposals. Yangzijiang Financial Holding 
The 5 sessions saw multiple directors of Yangzijiang Financial Holding (YZJFH) acquire shares in the company on the open market. 
YZJFH was spun off from Yangzijiang Shipbuilding Holdings, with the aim of unlocking value for the company’s shareholders. 
YZJFH intends to focus on investing in growth opportunities to achieve attractive risk-adjusted return, while seeking to provide a steady stream of dividends to shareholders through income generated from investment and fund management businesses. 
Shareholders in Yangzijiang Shipbuilding received shares of YZJFH via a dividend in-specie on a one-to-one basis. 
On Apr 29, YZJFH executive director and CEO Vincent Toe Teow Heng acquired 400,000 shares for a consideration of S$228,000 at 57.0 cents per share. 
Toe has over 25 years of experience in fund management and investment advisory, M&amp;A, IPO deals and fundraising, throughout Asia. 
Prior to joining ICHAM, a Singapore-based fund management company as managing director, he was an investment banker at UBS, DBS Bank and JP Morgan. 
Between Apr 29 and May 5, YZJFH lead independent director Chew Sutat acquired 312,000 shares for a consideration of S$164,820 at an average price of 52.8 cents per share. 
Chew was senior managing director and a member of Singapore Exchange’s executive management team for 14 years. 
Prior to joining SGX, he held senior roles at Standard Chartered Bank, OCBC Securities and DBS Bank, where he held varying portfolios in strategic planning and business development for institutional banking and private clients. 
Between May 4 and 5, YZJFH independent director Chua Kim Leng acquired 150,000 shares for a consideration of S$73,500 at an average price of 49.0 cents per share. 
He currently serves on the board of the Casino Regulatory Authority, United Overseas Insurance, ADDX and TEHO International. In 2018, Chua stepped down from his role as special adviser (financial supervision) at the Monetary Authority of Singapore after 25 years of distinguished service. Sabana Industrial REIT 
On Apr 28, Sabana Real Estate Investment Management CEO Donald Han Yong Lee acquired 100,000 units of Sabana Industrial Reit at 45.0 cents per unit. 
On Apr 21, Han noted that the Reit had renewed 44.1 per cent of leases expiring this year and did so at positive rental reversion, while keeping the portfolio occupancy steady at 85.2 per cent. 
For its FY21 (ended Dec 31, 2021) the gross revenue of Sabana Industrial Reit increased by 14.2 per cent year on year to S$81.9 million with net property income increasing 16.4 per cent year on year to S$52.0 million. 
Han is an accomplished and respected consultant across most sectors in the property market, including industrial, having spent more than 30 years in various senior management and advisory positions. 
His experience ranges from residential agency to collective en bloc, office investment sales to retail leasing, regional hospitality and hotel disposition to international project marketing. JB Foods 
On Apr 29, JB Foods executive director and CEO Tey How Keong acquired 82,000 shares of the company for a consideration of S$40,180. 
At 49.0 cents per share, this increased his total interest in JB Foods from 46.78 per cent to 46.81 per cent. 
This followed his acquisition of 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. 
JB Foods core business is in the production and sale of cocoa ingredient products, namely cocoa mass, cocoa butter and cocoa powder. 
Tey is responsible for the overall strategic, management and business development of the group and has over 25 years of experience in the cocoa business. 
He recently noted that while recent price volatility in cocoa has put pressure on the group to carefully manage its pricing strategy and the pace of expansion, investment and the ramp up of manufacturing capacity, the easing of travel restrictions around the world will continue to fuel stable growth of the cocoa and chocolate industry. 
Tey added that the group remains optimistic that the overall cocoa consumption environment will continue on its growth trajectory post-pandemic. Baker Technology 
On May 4, Baker Technology executive director Benety Chang acquired 82,300 shares of the company at an average price of 43.9 cents per share. 
With a consideration of S$36,127 this increased his total interest in the from 52.92 per cent to 52.96 per cent. 
Prior to this he acquired 279,000 shares of the company at an average price of 44.8 cents per share on March 9. 
He is the major shareholder of the company and has extensive experience in the offshore oil and gas industry. A-Sonic Aerospace 
Between Apr 29 and May 4, A-Sonic Aerospace chief executive officer Janet LC Tan acquired 30,000 shares of the company for a consideration of S$21,300, at 71.0 cents per share. 
This took her total interest in the company from 59.94 per cent to 59.98 per cent. 
She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018. 
Tan has over 20 years of extensive experience in the aviation industry, with her responsibilities at A-Sonic Aerospace including the setting of the overall long-term business direction, developing business strategies, and implementing growth strategies for the A-Sonic Aerospace and its subsidiaries. 
On Apr 22, A-Sonic Aerospace announced it had submitted to SGX-ST an application to extend the cure period beyond Jun 4, 2022 to exit the SGX Watch List. Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/hong-fok-continues-buybacks-as-joint-ceo-raises-stake-0"> </a><a href="https://www.businesstimes.com.sg/companies-markets/wilmar-leads-buyback-tally-yzjfh-directors-acquire-shares">read </a>the original version.
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    Share buyback


For the 5 trading sessions spanning Apr 29 to May 5, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 0.3 per cent, the Hang Seng Index gaining 2.5 per cent and the FTSE Bursa Malaysia KLCI declining 0.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$67 million of net inflow, following S$53 million of net outflow for the preceding 5 sessions.

OCBC, Keppel Corporation, Singapore Telecommunications, Venture Corporation and Jardine Cycle &amp; Carriage led the net institutional outflows for the 5 sessions through to May 5.

Meanwhile, Yangzijiang Financial Holdings, UOB, Mapletree Logisitics Trust, Mapletree Industrial Trust and Thai Beverage received the highest net institutional outflows for the 5 sessions.

Overall, the total net institutional inflows into Singapore stocks in the 2022 year to May 5 came up to S$452 million, while the STI generated an 8.4 per cent total return.  Share Buybacks  
There were 12 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$44.5 million, up from S$10.5 million for the preceding week.  
Wilmar International, Keppel Corporation and Hong Fok Corporation led the consideration tally.  
Wilmar bought back 5.4 million shares at an average price of S$4.41 per share.  
For the previous year’s mandate, it bought back 19.9 million shares, which represented 0.32 per cent of the company’s issued shares (excluding treasury shares).  
The buybacks followed the company reporting financials for its Q1 FY22 (ended Mar 31) on Apr 29. Wilmar reported that its Q1 FY22 core net profit increased by 18.8 per cent year on year to US$503.4 million, attributed to the strong performance in the plantation and sugar milling segment, which was aided by firm palm oil prices. The company also noted that it has officially commenced its first central kitchen operations in Hangzhou, China in early April 2022.   
On Adani Wilmar, the company noted that from an IPO valuation of US$4 billion when it listed on the National Stock Exchange of India on Feb 8, 2022, its market capitalisation had increased by more than 3 times to above US$13 billion as at Apr 28, 2022.  
In addition, the valuation for Shree Renuka Sugars, the 62.5 per cent owned Indian sugar subsidiary, has also gone up sharply from US$863 million on Dec 31, 2021 to US$1.6 billion as at Apr 28, 2022.  
The company added that commodity prices had surged since the onset of the Russian and Ukraine conflict in February 2022 and while the contribution from the Russian and Ukrainian investments is not material, the sustained high commodity prices would benefit its plantation and sugar milling segment in the coming months.  Director and substantial shareholder transactions  
The 5 trading sessions saw 100 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks.  
This included 18 company director acquisitions with no disposals filed, while substantial shareholders filed 3 acquisitions and 3 disposals.  Yangzijiang Financial Holding  
The 5 sessions saw multiple directors of Yangzijiang Financial Holding (YZJFH) acquire shares in the company on the open market.  
YZJFH was spun off from Yangzijiang Shipbuilding Holdings, with the aim of unlocking value for the company’s shareholders.  
YZJFH intends to focus on investing in growth opportunities to achieve attractive risk-adjusted return, while seeking to provide a steady stream of dividends to shareholders through income generated from investment and fund management businesses.  
Shareholders in Yangzijiang Shipbuilding received shares of YZJFH via a dividend in-specie on a one-to-one basis.  
On Apr 29, YZJFH executive director and CEO Vincent Toe Teow Heng acquired 400,000 shares for a consideration of S$228,000 at 57.0 cents per share.  
Toe has over 25 years of experience in fund management and investment advisory, M&amp;A, IPO deals and fundraising, throughout Asia.  
Prior to joining ICHAM, a Singapore-based fund management company as managing director, he was an investment banker at UBS, DBS Bank and JP Morgan.  
Between Apr 29 and May 5, YZJFH lead independent director Chew Sutat acquired 312,000 shares for a consideration of S$164,820 at an average price of 52.8 cents per share.  
Chew was senior managing director and a member of Singapore Exchange’s executive management team for 14 years.  
Prior to joining SGX, he held senior roles at Standard Chartered Bank, OCBC Securities and DBS Bank, where he held varying portfolios in strategic planning and business development for institutional banking and private clients.  
Between May 4 and 5, YZJFH independent director Chua Kim Leng acquired 150,000 shares for a consideration of S$73,500 at an average price of 49.0 cents per share.  
He currently serves on the board of the Casino Regulatory Authority, United Overseas Insurance, ADDX and TEHO International. In 2018, Chua stepped down from his role as special adviser (financial supervision) at the Monetary Authority of Singapore after 25 years of distinguished service.  Sabana Industrial REIT  
On Apr 28, Sabana Real Estate Investment Management CEO Donald Han Yong Lee acquired 100,000 units of Sabana Industrial Reit at 45.0 cents per unit.  
On Apr 21, Han noted that the Reit had renewed 44.1 per cent of leases expiring this year and did so at positive rental reversion, while keeping the portfolio occupancy steady at 85.2 per cent.  
For its FY21 (ended Dec 31, 2021) the gross revenue of Sabana Industrial Reit increased by 14.2 per cent year on year to S$81.9 million with net property income increasing 16.4 per cent year on year to S$52.0 million.  
Han is an accomplished and respected consultant across most sectors in the property market, including industrial, having spent more than 30 years in various senior management and advisory positions.  
His experience ranges from residential agency to collective en bloc, office investment sales to retail leasing, regional hospitality and hotel disposition to international project marketing.  JB Foods  
On Apr 29, JB Foods executive director and CEO Tey How Keong acquired 82,000 shares of the company for a consideration of S$40,180.  
At 49.0 cents per share, this increased his total interest in JB Foods from 46.78 per cent to 46.81 per cent.  
This followed his acquisition of 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27.  
JB Foods core business is in the production and sale of cocoa ingredient products, namely cocoa mass, cocoa butter and cocoa powder.  
Tey is responsible for the overall strategic, management and business development of the group and has over 25 years of experience in the cocoa business.  
He recently noted that while recent price volatility in cocoa has put pressure on the group to carefully manage its pricing strategy and the pace of expansion, investment and the ramp up of manufacturing capacity, the easing of travel restrictions around the world will continue to fuel stable growth of the cocoa and chocolate industry.  
Tey added that the group remains optimistic that the overall cocoa consumption environment will continue on its growth trajectory post-pandemic.  Baker Technology  
On May 4, Baker Technology executive director Benety Chang acquired 82,300 shares of the company at an average price of 43.9 cents per share.  
With a consideration of S$36,127 this increased his total interest in the from 52.92 per cent to 52.96 per cent.  
Prior to this he acquired 279,000 shares of the company at an average price of 44.8 cents per share on March 9.  
He is the major shareholder of the company and has extensive experience in the offshore oil and gas industry.  A-Sonic Aerospace  
Between Apr 29 and May 4, A-Sonic Aerospace chief executive officer Janet LC Tan acquired 30,000 shares of the company for a consideration of S$21,300, at 71.0 cents per share.  
This took her total interest in the company from 59.94 per cent to 59.98 per cent.  
She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.  
Tan has over 20 years of extensive experience in the aviation industry, with her responsibilities at A-Sonic Aerospace including the setting of the overall long-term business direction, developing business strategies, and implementing growth strategies for the A-Sonic Aerospace and its subsidiaries.  
On Apr 22, A-Sonic Aerospace announced it had submitted to SGX-ST an application to extend the cure period beyond Jun 4, 2022 to exit the SGX Watch List.  Inside Insights is a weekly column on The Business Times, read the original version.



Wilmar leads buyback tally; YZJFH directors acquire shares

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