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

Jardine Cycle & Carriage / Equity Bottom-Up

<ul><li>Singapore’s five most traded consumer cyclical stocks include Genting Singapore, Jardine Cycle & Carriage, NIO Inc, The Hour Glass and MM2 Asia.</li><li>These five consumer cyclical stocks have seen S$279 million in combined YTD net fund flow, with Jardine Cycle & Carriage seeing the highest inflow.</li><li>Globally, the market value of consumer cyclical stocks is greater than consumer non-cyclical stocks, while also maintaining higher historical volatility.</li></ul>

Singapore’s five most traded consumer cyclical stocks include Genting Singapore, Jardine Cycle & Carriage, NIO Inc, The Hour Glass and MM2 Asia.These five consumer cyclical stocks have seen S$279 million in combined YTD net fund flow, with Jardine Cycle & Carriage seeing the highest inflow.Globally, the market value of consumer cyclical stocks is greater than consumer non-cyclical stocks, while also maintaining higher historical volatility.

10 Consumer Plays that Averaged 11% YTD Gains on S$377M Net Fund Inflows

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 <div class='content-caption'>Share Buybacks</div>
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FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.3 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$111 million of net outflows, following on from S$65 million of net inflow for the preceding 5 sessions. Singapore Telecommunications, CapitaLand Integrated Commercial Trust, Oversea-Chinese Banking Corporation, Yangzijiang Financial Holding and Wilmar International led the net institutional outflows for the 5 sessions through to Jul 28.  Meanwhile, Yangzijiang Shipbuilding (Holdings), Mapletree Industrial Trust, AEM Holdings, Genting Singapore and Frasers Logistic &amp; Commercial Trust led the net institutional inflows for the 5 sessions through to Jul 28.

Share buybacks

There were 8 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 28, with a total consideration of S$1.2 million, a similar pace to the S$1.7 million filed for the preceding 5 sessions. iFAST Corporation, The Hour Glass and Valuetronics Holdings led the consideration tally. iFAST Corporation’s buyback of 106,900 shares on Jul 25 at an average price of S$3.75 per share was the company’s second filed buyback on the current mandate, with the preceding buyback of 400,000 shares on Apr 26. The previous buyback mandate saw iFAST Corporation buy back 0.22 per cent of its issued shares (excluding treasury shares). Meanwhile, The Hour Glass has bought back 3.49 per cent of its shares on the current buyback mandate through to Jul 28. Its buybacks between Jul 24 and 26 were conducted at an average price of S$2.15 per share. For its FY22 (ended Mar 31), The Hour Glass recorded a robust 39 per cent increase in sales to S$1.03 billion, which resulted in its after-tax profit rising by 86 per cent to S$157.0 million. The group believes that demand momentum will remain buoyant and continues its focus on organic development throughout the Asia-Pacific region.

Director and substantial shareholder transactions 

The 5 trading sessions saw over 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 6 company director acquisitions with no disposals filed, while substantial shareholders filed 9 acquisitions and 5 disposals.

iFAST Corporation

On Jul 26, iFAST Corporation chairman and chief executive officer Lim Chung Chun acquired 34,100 shares of the company for a consideration of S$129,474. At an average price of S$3.80 per share, the acquisition took his total interest from 20.30 per cent to 20.31 per cent. His preceding acquisitions included 60,000 shares at S$4.69 per share on Apr 27, and 50,000 shares at S$5.96 per share on Feb 15.

On Jul 23, iFAST Corporation reported its net revenue for Q2 2022 grew 13.3 per cent year on year to S$29.86 million, despite the group noting global financial markets had gone through a very difficult period. The Q2 2022 net revenue included an initial contribution of S$3.92 million from iFAST Global Bank in the UK. iFAST Corporation is a wealth management fintech platform, with assets under administration of S$17.68 billion as of 30 Jun, 2022. The main business divisions of the group include the business-to-consumer (B2C) division, the business-to-business (B2B) division, and the fintech solutions/business-to-business-to-consumer model. Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001. He subsequently led the company’s regional expansion efforts, extending iFAST Corporation’s presence beyond Singapore to Hong Kong, Malaysia, China and India, building a well-established fintech ecosystem across the 5 markets.

Tung Lok Restaurants (2000)

Between Jul 21 and 26, Tung Lok Restaurants (2000) non-executive director Sam Goi Seng Hui acquired 97,600 shares of the company at 11.5 cents per share. With a consideration of S$11,217, this took Goi’s total interest in the award-winning restaurateur from 19.77 per cent to 19.80 per cent.

Goi is also the executive chairman of Tee Yih Jia Food Manufacturing, mainboard-listed GSH Corporation, PSC Corporation and Tat Seng Packaging Group.  He is also the vice-chairman of mainboard-listed Envictus International Holdings and JB Foods.

Tung Lok Restaurants (2000) currently operates 34 outlets of which 25 are directly owned, 3 are held by its associates and 6 others are under license/franchise. These restaurants are spread across Singapore, Indonesia, Japan, Vietnam and the Philippines, with the group’s business predominantly based in Singapore. While consolidating its outlet portfolio, the group has also been focusing its efforts to accelerate its digital transformation initiatives to streamline and optimise internal operational processes to improve productivity. Some digital solutions adopted in its FY22 (ended Mar 31) included virtual queuing systems, robot waiters, mobile ordering systems and voucher management systems. 
 

Inside Insights is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/ifast-leads-buybacks-as-chairman-also-adds-to-stake">read</a> the original version
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    Share Buybacks


FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.3 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$111 million of net outflows, following on from S$65 million of net inflow for the preceding 5 sessions. Singapore Telecommunications, CapitaLand Integrated Commercial Trust, Oversea-Chinese Banking Corporation, Yangzijiang Financial Holding and Wilmar International led the net institutional outflows for the 5 sessions through to Jul 28.  Meanwhile, Yangzijiang Shipbuilding (Holdings), Mapletree Industrial Trust, AEM Holdings, Genting Singapore and Frasers Logistic &amp; Commercial Trust led the net institutional inflows for the 5 sessions through to Jul 28.

Share buybacks

There were 8 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 28, with a total consideration of S$1.2 million, a similar pace to the S$1.7 million filed for the preceding 5 sessions. iFAST Corporation, The Hour Glass and Valuetronics Holdings led the consideration tally. iFAST Corporation’s buyback of 106,900 shares on Jul 25 at an average price of S$3.75 per share was the company’s second filed buyback on the current mandate, with the preceding buyback of 400,000 shares on Apr 26. The previous buyback mandate saw iFAST Corporation buy back 0.22 per cent of its issued shares (excluding treasury shares). Meanwhile, The Hour Glass has bought back 3.49 per cent of its shares on the current buyback mandate through to Jul 28. Its buybacks between Jul 24 and 26 were conducted at an average price of S$2.15 per share. For its FY22 (ended Mar 31), The Hour Glass recorded a robust 39 per cent increase in sales to S$1.03 billion, which resulted in its after-tax profit rising by 86 per cent to S$157.0 million. The group believes that demand momentum will remain buoyant and continues its focus on organic development throughout the Asia-Pacific region.

Director and substantial shareholder transactions 

The 5 trading sessions saw over 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 6 company director acquisitions with no disposals filed, while substantial shareholders filed 9 acquisitions and 5 disposals.

iFAST Corporation

On Jul 26, iFAST Corporation chairman and chief executive officer Lim Chung Chun acquired 34,100 shares of the company for a consideration of S$129,474. At an average price of S$3.80 per share, the acquisition took his total interest from 20.30 per cent to 20.31 per cent. His preceding acquisitions included 60,000 shares at S$4.69 per share on Apr 27, and 50,000 shares at S$5.96 per share on Feb 15.

On Jul 23, iFAST Corporation reported its net revenue for Q2 2022 grew 13.3 per cent year on year to S$29.86 million, despite the group noting global financial markets had gone through a very difficult period. The Q2 2022 net revenue included an initial contribution of S$3.92 million from iFAST Global Bank in the UK. iFAST Corporation is a wealth management fintech platform, with assets under administration of S$17.68 billion as of 30 Jun, 2022. The main business divisions of the group include the business-to-consumer (B2C) division, the business-to-business (B2B) division, and the fintech solutions/business-to-business-to-consumer model. Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001. He subsequently led the company’s regional expansion efforts, extending iFAST Corporation’s presence beyond Singapore to Hong Kong, Malaysia, China and India, building a well-established fintech ecosystem across the 5 markets.

Tung Lok Restaurants (2000)

Between Jul 21 and 26, Tung Lok Restaurants (2000) non-executive director Sam Goi Seng Hui acquired 97,600 shares of the company at 11.5 cents per share. With a consideration of S$11,217, this took Goi’s total interest in the award-winning restaurateur from 19.77 per cent to 19.80 per cent.

Goi is also the executive chairman of Tee Yih Jia Food Manufacturing, mainboard-listed GSH Corporation, PSC Corporation and Tat Seng Packaging Group.  He is also the vice-chairman of mainboard-listed Envictus International Holdings and JB Foods.

Tung Lok Restaurants (2000) currently operates 34 outlets of which 25 are directly owned, 3 are held by its associates and 6 others are under license/franchise. These restaurants are spread across Singapore, Indonesia, Japan, Vietnam and the Philippines, with the group’s business predominantly based in Singapore. While consolidating its outlet portfolio, the group has also been focusing its efforts to accelerate its digital transformation initiatives to streamline and optimise internal operational processes to improve productivity. Some digital solutions adopted in its FY22 (ended Mar 31) included virtual queuing systems, robot waiters, mobile ordering systems and voucher management systems. 
 

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



iFAST leads buybacks, as chairman also adds to stake 

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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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 <div class='content-caption'>Singapore's tourist arrivals recovering</div>
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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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<figure>
 <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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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-07/25Jul2022_EarningsSchedule.jpg' alt='Economic calendar' />
 </figure>
 <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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 <img src='https://api2.sgx.com/sites/default/files/2022-07/Inside%20Insights_25Jul.PNG' alt='Share buybacks 15 Jul to 21 Jul 2022' />
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 <div class='content-caption'>PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum</div>
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For the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50 Index declining 3.5 per cent, the Hang Seng Index declining 1.7 per cent and the FTSE Bursa Malaysia KLCI gaining 1.3 per cent.  

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$65 million of net inflow, following on from S$38 million of net inflow for the preceding 5 sessions. UOB, Singapore Airlines, Singtel, Jardine Matheson Holdings and Genting Singapore led the net institutional inflows for the 5 sessions through to Jul 21.

Share buybacks

There were just 7 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 21, with a total consideration of S$1.76 million. Yangzijiang Financial Holding led the consideration tally, buying back shares at 40.0 cents per share on Jul 15 and 18. This took the total number of shares bought on its buyback mandate to 19 million shares, representing 0.48 per cent of the company’s issued shares excluding treasury shares. The share buyback resolution was approved by shareholders on Jun 8, with Yangzijiang Financial Holding establishing the S$200 million share buyback programme to increase shareholder value and improve the return of equity of the group.

Director and substantial shareholder transactions 

With earnings season fast approaching, the 5 trading sessions saw just 40 changes to director interests and substantial shareholdings filed for 17 primary-listed stocks. This included 5 company director acquisitions with no disposals filed, while substantial shareholders filed 7 acquisitions and 2 disposals. 

PropNex

Between Jul 18 and 19, PropNex executive director Kelvin Fong Keng Seong acquired 72,100 shares of the company, for a consideration of S$109,592 at S$1.52 per share. This took his deemed interest in PropNex from 8.73 per cent to 8.75 per cent. His preceding acquisitions were between Jun 16 and 17, with 101,100 shares acquired at S$1.63 per share and between May 24 and 26, with 300,000 shares acquired at S$1.70 per share.  Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019. He oversees the group’s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry.

P5 Capital Holdings 

Between Jul 15 and 19, P5 Capital Holdings executive director Leow Sau Wan acquired 3,211,700 shares of the Catalist-listed company at 2.5 cents per share. With a consideration of S$80,046, this took Leow’s direct interest in the company to 0.29 per cent. For its FY22 (ended Mar 31) P5 Capital Holdings reported its revenue increased 51 per cent from FY21, to S$7.2 million, mainly due to contributions from the lifestyle business which represented 91 per cent of the group’s revenue. 

Asian Pay Television Trust

On Jul 14, non-executive director and vice-chair of the Trustee-Manager of Asian Pay Television Trust, Lu Fang-Ming, acquired 300,000 units of the business trust for a consideration of S$36,500. At an average price of 12.2 cents per unit, this increased Lu’s total interest in APTT from 1.02 per cent to 1.04 per cent. His preceding acquisitions, between Sep 23 and 27, 2021 saw Lu acquire 1,888,400 units of the business trust for a consideration of 13.0 cents per unit. Lu has also been a corporate executive vice president of Hon Hai/Foxconn Technology Group since the ODM manufacturing company he co-founded was acquired by Hon Hai/Foxconn Technology Group in May 2000. 

iWOW Technology

On Jul 19, iWOW Technology : NXR 0% substantial and controlling shareholder Kau Wee Lee acquired 40,000 shares of the recently Catalist-listed company at an average price of 21.6 cents per share. Kau maintains a 47.00 per cent direct interest in the technology provider, with a 1.90 per cent deemed interest due to shares held by her husband, Soo Kee Wee. 

Inside Insights is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/propnexs-kelvin-fong-ups-stake-yzj-fin-maintains-buyback-momentum">read</a> the original version
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    PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum


For the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50 Index declining 3.5 per cent, the Hang Seng Index declining 1.7 per cent and the FTSE Bursa Malaysia KLCI gaining 1.3 per cent.  

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$65 million of net inflow, following on from S$38 million of net inflow for the preceding 5 sessions. UOB, Singapore Airlines, Singtel, Jardine Matheson Holdings and Genting Singapore led the net institutional inflows for the 5 sessions through to Jul 21.

Share buybacks

There were just 7 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 21, with a total consideration of S$1.76 million. Yangzijiang Financial Holding led the consideration tally, buying back shares at 40.0 cents per share on Jul 15 and 18. This took the total number of shares bought on its buyback mandate to 19 million shares, representing 0.48 per cent of the company’s issued shares excluding treasury shares. The share buyback resolution was approved by shareholders on Jun 8, with Yangzijiang Financial Holding establishing the S$200 million share buyback programme to increase shareholder value and improve the return of equity of the group.

Director and substantial shareholder transactions 

With earnings season fast approaching, the 5 trading sessions saw just 40 changes to director interests and substantial shareholdings filed for 17 primary-listed stocks. This included 5 company director acquisitions with no disposals filed, while substantial shareholders filed 7 acquisitions and 2 disposals. 

PropNex

Between Jul 18 and 19, PropNex executive director Kelvin Fong Keng Seong acquired 72,100 shares of the company, for a consideration of S$109,592 at S$1.52 per share. This took his deemed interest in PropNex from 8.73 per cent to 8.75 per cent. His preceding acquisitions were between Jun 16 and 17, with 101,100 shares acquired at S$1.63 per share and between May 24 and 26, with 300,000 shares acquired at S$1.70 per share.  Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019. He oversees the group’s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry.

P5 Capital Holdings 

Between Jul 15 and 19, P5 Capital Holdings executive director Leow Sau Wan acquired 3,211,700 shares of the Catalist-listed company at 2.5 cents per share. With a consideration of S$80,046, this took Leow’s direct interest in the company to 0.29 per cent. For its FY22 (ended Mar 31) P5 Capital Holdings reported its revenue increased 51 per cent from FY21, to S$7.2 million, mainly due to contributions from the lifestyle business which represented 91 per cent of the group’s revenue. 

Asian Pay Television Trust

On Jul 14, non-executive director and vice-chair of the Trustee-Manager of Asian Pay Television Trust, Lu Fang-Ming, acquired 300,000 units of the business trust for a consideration of S$36,500. At an average price of 12.2 cents per unit, this increased Lu’s total interest in APTT from 1.02 per cent to 1.04 per cent. His preceding acquisitions, between Sep 23 and 27, 2021 saw Lu acquire 1,888,400 units of the business trust for a consideration of 13.0 cents per unit. Lu has also been a corporate executive vice president of Hon Hai/Foxconn Technology Group since the ODM manufacturing company he co-founded was acquired by Hon Hai/Foxconn Technology Group in May 2000. 

iWOW Technology

On Jul 19, iWOW Technology : NXR 0% substantial and controlling shareholder Kau Wee Lee acquired 40,000 shares of the recently Catalist-listed company at an average price of 21.6 cents per share. Kau maintains a 47.00 per cent direct interest in the technology provider, with a 1.90 per cent deemed interest due to shares held by her husband, Soo Kee Wee. 

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



PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>#whatstrending Ever wondered what is currently driving the local and regional markets? This new report series address 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 Q: Singapore has announced further easing of border restrictions and stepped down DORSCON level from orange to yellow. How has this impacted the local equities market? 
Following the reopening of Singapore’s borders to all fully vaccinated travellers from 1 April 2022, Civil Aviation Authority of Singapore (CAAS) reported that air passenger traffic in Singapore reached 400,000 or 31% of pre-COVID levels in the week ending 17 April 2022, up from 18% a month ago. Transport Minister S Iswaran on 4 May stated Changi Airport passenger volumes has more than doubled to reach close to 40% of pre-COVID levels in end-April, up from 18% in March and on track to at least 50% of pre-COVID levels by this year. 
SIA also reported significant increase in passenger demand in its March operating results. The Group carried 893k passengers in March, a 792.1% YoY increase. Its group passenger capacity reached 51% of pre-COVID levels, and expects passenger capacity to reach 61% of pre-COVID levels by May 2022. 
We observed outperformance in the year-to-date for a number of reopening proxies including SATS, SIA, ComfortDelGro, Genting Singapore and SIA Engineering. These five stocks average total returns of 10.6%, outperforming STI’s +7.1% total returns YTD (as of 6 May ’22). On a funds flow perspective, these stocks saw a combined net institutional inflows of S$84.8 million in the YTD. 
The easing of measures also had an impact on the F&amp;B industry in Singapore. The top five actively traded SGX F&amp;B stocks with Singapore exposure are: Jumbo, Japan Foods, Pavillion, RE&amp;S and Kimly. Investors’ focus would be on Singapore’s F&amp;B service sales data for April. 
In the REITs Sector, SGX lists four stapled trusts and one REIT with significant exposure to Singapore hotels who may potentially benefit from reopening borders  - Ascott, CDL HT, Far East HT, Frasers HT, and OUE CREIT. These five trusts generated average total returns of 16.9% YTD (as of 6 May ’22). S-REITs with exposure to Singapore office assets as employees head back to office - Keppel REIT, CICT, Suntec REIT, MCT, and OUE CREIT.</body></html>

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 <img src='https://api2.sgx.com/sites/default/files/2022-05/Capture%201_0.PNG' alt='Mar 22 Changi Airport' />
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 <div class='content-caption'>Mar 22 Changi Airport</div>
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Q: Rate hikes to combat inflation continues to be a focus on investors globally. How is this impacting the markets? Which are the sectors which may see direct impact? 
The 16 March FOMC rate hike was in-line with market’s expectations. At the recent May FOMC, the Fed raised rates by 50bps, with a 75bps hike at the next meeting ruled out for now. Quantitative tightening will begin, with the Fed allowing up to US$47.5 billion/month in combined US treasuries and mortgage-backed securities to run off the balance sheet, increasing to US$95 billion after 3 months 
Rates sensitive sectors such as Financials and REITs typically come into investors’ minds during rate hike/cut cycles.

<ul>
<li>Notably, Singapore Banks – DBS (D05), OCBC (O39), and UOB (U11) has seen an average 7.2% gains since the start of heightened volatility in the markets (8 March), outperforming global banks and the STI. In the same period, the FTSE ST All-Share Index also saw total returns of +5.7%. 
	 </li>
	<li>REITs depend on borrowings/debt to help finance their asset purchases. Higher rates may impact their borrowing costs and dividend distributions. As a reminder, most of the S-REITs have gearing ratios (i.e. total debt/percentage of total assets) of c. 37%, below the regulatory limit of 50%. Further, S-REITs have, on average, also pegged more than 70% of their debt at fixed rates. Notably in this current rate hike environment, the sector (FTSE ST REIT Index) saw total returns of +6.4% from the year-low seen in late January.</li>
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 <img src='https://api2.sgx.com/sites/default/files/2022-05/Capture%202.PNG' alt='SREIT historical ' />
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 <div class='content-caption'>SREIT historical </div>


#whatstrending  Ever wondered what is currently driving the local and regional markets? This new report series address 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  Q: Singapore has announced further easing of border restrictions and stepped down DORSCON level from orange to yellow. How has this impacted the local equities market?  
Following the reopening of Singapore’s borders to all fully vaccinated travellers from 1 April 2022, Civil Aviation Authority of Singapore (CAAS) reported that air passenger traffic in Singapore reached 400,000 or 31% of pre-COVID levels in the week ending 17 April 2022, up from 18% a month ago. Transport Minister S Iswaran on 4 May stated Changi Airport passenger volumes has more than doubled to reach close to 40% of pre-COVID levels in end-April, up from 18% in March and on track to at least 50% of pre-COVID levels by this year.  
SIA also reported significant increase in passenger demand in its March operating results. The Group carried 893k passengers in March, a 792.1% YoY increase. Its group passenger capacity reached 51% of pre-COVID levels, and expects passenger capacity to reach 61% of pre-COVID levels by May 2022.  
We observed outperformance in the year-to-date for a number of reopening proxies including SATS, SIA, ComfortDelGro, Genting Singapore and SIA Engineering. These five stocks average total returns of 10.6%, outperforming STI’s +7.1% total returns YTD (as of 6 May ’22). On a funds flow perspective, these stocks saw a combined net institutional inflows of S$84.8 million in the YTD.  
The easing of measures also had an impact on the F&amp;B industry in Singapore. The top five actively traded SGX F&amp;B stocks with Singapore exposure are: Jumbo, Japan Foods, Pavillion, RE&amp;S and Kimly. Investors’ focus would be on Singapore’s F&amp;B service sales data for April.  
In the REITs Sector, SGX lists four stapled trusts and one REIT with significant exposure to Singapore hotels who may potentially benefit from reopening borders  - Ascott, CDL HT, Far East HT, Frasers HT, and OUE CREIT. These five trusts generated average total returns of 16.9% YTD (as of 6 May ’22). S-REITs with exposure to Singapore office assets as employees head back to office - Keppel REIT, CICT, Suntec REIT, MCT, and OUE CREIT.


      
    
    Mar 22 Changi Airport


Q: Rate hikes to combat inflation continues to be a focus on investors globally. How is this impacting the markets? Which are the sectors which may see direct impact?  
The 16 March FOMC rate hike was in-line with market’s expectations. At the recent May FOMC, the Fed raised rates by 50bps, with a 75bps hike at the next meeting ruled out for now. Quantitative tightening will begin, with the Fed allowing up to US$47.5 billion/month in combined US treasuries and mortgage-backed securities to run off the balance sheet, increasing to US$95 billion after 3 months  
Rates sensitive sectors such as Financials and REITs typically come into investors’ minds during rate hike/cut cycles.


Notably, Singapore Banks – DBS (D05), OCBC (O39), and UOB (U11) has seen an average 7.2% gains since the start of heightened volatility in the markets (8 March), outperforming global banks and the STI. In the same period, the FTSE ST All-Share Index also saw total returns of +5.7%. 
	 
	REITs depend on borrowings/debt to help finance their asset purchases. Higher rates may impact their borrowing costs and dividend distributions. As a reminder, most of the S-REITs have gearing ratios (i.e. total debt/percentage of total assets) of c. 37%, below the regulatory limit of 50%. Further, S-REITs have, on average, also pegged more than 70% of their debt at fixed rates. Notably in this current rate hike environment, the sector (FTSE ST REIT Index) saw total returns of +6.4% from the year-low seen in late January.




      
    
    SREIT historical 

Navigating global reopening and rate hikes

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Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

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