Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>Remuneration can be a thorny issue, particularly in listed companies (“listcos”) that are majority owned and managed by families.</li><li>Minority shareholders feel aggrieved when family members, who are often executive directors (EDs) and senior executives, are paid excessive remuneration, leaving minority shareholders with meagre dividends.</li><li>Excessive remuneration and meagre dividends are issues that dominated Annual General Meetings (AGMs) of Hong Fok Corporation Limited, which is a property investment business majority owned and managed by the Cheong family.</li></ul>

Remuneration can be a thorny issue, particularly in listed companies (“listcos”) that are majority owned and managed by families.Minority shareholders feel aggrieved when family members, who are often executive directors (EDs) and senior executives, are paid excessive remuneration, leaving minority shareholders with meagre dividends.Excessive remuneration and meagre dividends are issues that dominated Annual General Meetings (AGMs) of Hong Fok Corporation Limited, which is a property investment business majority owned and managed by the Cheong family.

Hong Fok Corporation Ltd - Pay Without Performance

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

Thematic (Sector/Industry)

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.  It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.   It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

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

<ul><li>Non-STI stocks with the highest 3Q22 buyback consideration included YZJ Financial Holding, The Hour Glass, OUE, First Resources and Hong Fok Corporation.</li><li>The Hour Glass commenced a new buyback mandate in 3Q22, with 2.05% of its shares bought back between 3 Aug and 30 Sep.</li><li>Total buyback consideration was comparatively more consistent, with 46 primary-listed companies buying back shares with a total consideration of S$586 million, which was down from the S$657 million in consideration filed for 2Q22, but up from the S$241 million in consideration filed for 3Q21.</li></ul>

Non-STI stocks with the highest 3Q22 buyback consideration included YZJ Financial Holding, The Hour Glass, OUE, First Resources and Hong Fok Corporation.The Hour Glass commenced a new buyback mandate in 3Q22, with 2.05% of its shares bought back between 3 Aug and 30 Sep.Total buyback consideration was comparatively more consistent, with 46 primary-listed companies buying back shares with a total consideration of S$586 million, which was down from the S$657 million in consideration filed for 2Q22, but up from the S$241 million in consideration filed for 3Q21.

Share Buyback Consideration of Primary Listings total S$586M in 3Q22 

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FOR the 5 trading sessions that spanned Jun 17 to 23, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index gaining 2.8 per cent, the Hang Seng Index adding 2.5 per cent and the FTSE Bursa Malaysia KLCI falling 2.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$116 million of net inflow, following S$166 million of net outflow for the preceding 5 sessions. DBS, Singtel, CapitaLand Investment, Digital Core Reit and Hongkong Land led the net institutional inflows for the 5 sessions through to Jun 23.

 

Share buybacks

There were 27 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 23, with a total consideration of S$64.6 million, approximately half the previous week’s consideration tally. Wilmar International and Keppel Corporation again led the consideration tally, buying back shares at average prices of S$4.02, and S$6.59 respectively.

 

Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for 35 primary-listed stocks. This included 15 company director acquisitions with 3 disposals filed, while substantial shareholders filed 11 acquisitions and 3 disposals.

 United Hampshire US Reit

On Jun 20 and 22, United Hampshire US Reit Management non-independent non-executive director David Tuvia Goss acquired 500,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$304,650 this took his direct interest in UHReit to 0.09 per cent. 
UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore, and back in May reported Q1 2022 (ended Mar 31) distributable income of US$8.1 million, 7.9 per cent higher than Q1 2021.

Goss is the managing director of UOB Global Capital since September 1998. Prior to co-founding UOB Global Capital, he was president and CEO of AIG Asset Management Services in New York from March 1995, with global responsibility for AIG’s third-party asset management activities. UHReit completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24, 2021, with both acquisitions contributing positively to Q1 2022 distributable income.

 

Oiltek International

On Jun 20, Koh Brothers Eco Engineering acquired 1 million shares of Oiltek International at 23.0 cents per share. The married deal increased non-executive director Koh Keng Siang’s total interest in the integrated process and renewable energy solutions provider from 67.44 per cent to 68.14 per cent. Koh has been a non-executive director of the subsidiaries, Oiltek Sdn Bhd and Oiltek Global Energy Sdn Bhd since February 2013. He is the managing director and group CEO of Koh Brothers Group, which is the ultimate controlling shareholder of Oiltek International through its shareholding interest in Koh Brothers Eco Engineering. 
Listed on Catalist, Oiltek International operates 3 key businesses – the edible &amp; non-edible oil refinery segment, renewable energy segment, and product sales and trading segment. Oiltek International’s revenue for FY21 (ended Dec 31) grew 15.0 per cent to RM100.63 million from FY20, mainly due to new projects secured in FY21 for the group’s edible &amp; non-edible oil refinery segment.

 

Hong Fok Corporation

On Jun 17, Hong Fok Corporation executive director and joint CEO Cheong Pin Chuan acquired 201,800 shares of the company, for a consideration of S$187,665 at 93.0 cents per share. This increased his total interest in the property developer from 20.64 per cent to 20.66 per cent. He is principally involved in the group’s overall operations and management with greater emphasis in Hong Kong and has over 50 years of experience in property development at both management and board levels in Singapore and Hong Kong.

 

PropNex

Between Jun 16 and 17, PropNex executive director Kelvin Fong Keng Seong acquired 101,100 shares of the company, at an average price of S$1.63 per share. This took his deemed interest in PropNex from 8.71 per cent to 8.73 per cent. His preceding acquisitions were 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.

Fong 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. For its Q1 FY22 (ended Mar 31), PropNex reported that revenue grew 9.5 per cent year on year to S$241.6 million, with net profit declining 8.1 per cent year on year to S$14.9 million.

The company, which is Singapore’s largest listed real estate agency noted that its Q1 FY22 was impacted by the government’s new cooling measures, growing uncertainties arising from the Russian-Ukraine war, concerns over rising inflation and interest rates dampening sentiment, while limited new launches and the seasonal lull reined in sales volumes.

Looking forward, PropNex noted in May that it expects the private housing market to remain fairly resilient this year and prices could grow by 3 per cent to 5 per cent in 2022, as reflected in the 0.7 per cent price increase in Q1 2022 and higher new launch prices expected in subsequent quarters. The company also highlighted that it is well on its way to attaining its goal of having 12,000 salespersons by end 2022. It has already achieved a growth of 26.4 per cent in the number of salespersons from 8,918 as at Jan 1, 2021 to 11,268 as at Apr 11, 2022.

 Singapore Shipping Corporation

Between Jun 16 and 21, Singapore Shipping Corporation executive chairman Ow Chio Kiat acquired 225,400 shares at an average price of 28.4 cents per share. With a consideration of S$63,948, this increased his total stake in the company from 41.92 per cent to 41.97 per cent. With a career spanning 60 years, Ow also serves as the executive chairman of Stamford Land Corporation. Singapore Shipping Corporation is a spin-off from Stamford Land Corporation (formerly known as Hai Sun Hup Group) when the latter de-merged its shipping and logistics businesses in 2000 to concentrate on its hotel and property businesses. 
On May 26, Singapore Shipping Corporation reported that its revenue for FY22 (ended Mar 31) increased 8.6 per cent from FY21, with attributable profit down 4.3 per cent from FY21.

 

Centurion Corporation

Between Jun 17 and 23, Centurion Corporation : OU8 0% executive director and joint chairman David Loh Kim Kang acquired 200,000 shares of the purpose-built accommodation developer and manager for a consideration of S$70,000. At 35.0 cents per share, this took his total interest from 55.40 per cent to 55.43 per cent. His preceding acquisitions were between May 20 and 26, with 1,860,400 shares also acquired at 35.0 cents per share.

 Uni-Asia Group

On Jun 23, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares at S$1.00 per share. This increased his total interest in the company from 3.44 per cent to 3.50 per cent. This closely followed his acquisition of 150,000 shares at S$1.04 per share on Jun 13 and 50,000 shares at S$S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 Sasseur Reit

On Jun 17, Sasseur Asset Management CEO Cecilia Tan Hong Lye acquired 22,000 units of Sasseur Reit at an average price of 73.8 cents per unit. This increased her direct interest in the first outlet mall Reit to be listed in Asia to 40,000 units. Tan has been the CEO of the manager of Sasseur Reit since Aug 1, 2021. She has more than 20 years of professional career experience spanning across a wide spectrum of real estate expertise in real estate investment banking, real estate direct investment, Reit management, real estate fund management and property development.

Prior to joining Sasseur Asset Management, she was the senior strategic adviser to Vito Xu, the chairman of Sasseur Group from July 2019 to June 2021.

Back on May 12, Sasseur Reit reported a record high Q1 (ended Mar 31) distributable income of S$24.7 million, which was up 4.7 per cent from Q1 2021.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/koh-brothers-group-ceo-koh-keng-siang-adds-to-his-oiltek-stake"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 17 to 23, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index gaining 2.8 per cent, the Hang Seng Index adding 2.5 per cent and the FTSE Bursa Malaysia KLCI falling 2.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$116 million of net inflow, following S$166 million of net outflow for the preceding 5 sessions. DBS, Singtel, CapitaLand Investment, Digital Core Reit and Hongkong Land led the net institutional inflows for the 5 sessions through to Jun 23.

 

Share buybacks

There were 27 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 23, with a total consideration of S$64.6 million, approximately half the previous week’s consideration tally. Wilmar International and Keppel Corporation again led the consideration tally, buying back shares at average prices of S$4.02, and S$6.59 respectively.

 

Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for 35 primary-listed stocks. This included 15 company director acquisitions with 3 disposals filed, while substantial shareholders filed 11 acquisitions and 3 disposals.

 United Hampshire US Reit

On Jun 20 and 22, United Hampshire US Reit Management non-independent non-executive director David Tuvia Goss acquired 500,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$304,650 this took his direct interest in UHReit to 0.09 per cent. 
UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore, and back in May reported Q1 2022 (ended Mar 31) distributable income of US$8.1 million, 7.9 per cent higher than Q1 2021.

Goss is the managing director of UOB Global Capital since September 1998. Prior to co-founding UOB Global Capital, he was president and CEO of AIG Asset Management Services in New York from March 1995, with global responsibility for AIG’s third-party asset management activities. UHReit completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24, 2021, with both acquisitions contributing positively to Q1 2022 distributable income.

 

Oiltek International

On Jun 20, Koh Brothers Eco Engineering acquired 1 million shares of Oiltek International at 23.0 cents per share. The married deal increased non-executive director Koh Keng Siang’s total interest in the integrated process and renewable energy solutions provider from 67.44 per cent to 68.14 per cent. Koh has been a non-executive director of the subsidiaries, Oiltek Sdn Bhd and Oiltek Global Energy Sdn Bhd since February 2013. He is the managing director and group CEO of Koh Brothers Group, which is the ultimate controlling shareholder of Oiltek International through its shareholding interest in Koh Brothers Eco Engineering. 
Listed on Catalist, Oiltek International operates 3 key businesses – the edible &amp; non-edible oil refinery segment, renewable energy segment, and product sales and trading segment. Oiltek International’s revenue for FY21 (ended Dec 31) grew 15.0 per cent to RM100.63 million from FY20, mainly due to new projects secured in FY21 for the group’s edible &amp; non-edible oil refinery segment.

 

Hong Fok Corporation

On Jun 17, Hong Fok Corporation executive director and joint CEO Cheong Pin Chuan acquired 201,800 shares of the company, for a consideration of S$187,665 at 93.0 cents per share. This increased his total interest in the property developer from 20.64 per cent to 20.66 per cent. He is principally involved in the group’s overall operations and management with greater emphasis in Hong Kong and has over 50 years of experience in property development at both management and board levels in Singapore and Hong Kong.

 

PropNex

Between Jun 16 and 17, PropNex executive director Kelvin Fong Keng Seong acquired 101,100 shares of the company, at an average price of S$1.63 per share. This took his deemed interest in PropNex from 8.71 per cent to 8.73 per cent. His preceding acquisitions were 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.

Fong 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. For its Q1 FY22 (ended Mar 31), PropNex reported that revenue grew 9.5 per cent year on year to S$241.6 million, with net profit declining 8.1 per cent year on year to S$14.9 million.

The company, which is Singapore’s largest listed real estate agency noted that its Q1 FY22 was impacted by the government’s new cooling measures, growing uncertainties arising from the Russian-Ukraine war, concerns over rising inflation and interest rates dampening sentiment, while limited new launches and the seasonal lull reined in sales volumes.

Looking forward, PropNex noted in May that it expects the private housing market to remain fairly resilient this year and prices could grow by 3 per cent to 5 per cent in 2022, as reflected in the 0.7 per cent price increase in Q1 2022 and higher new launch prices expected in subsequent quarters. The company also highlighted that it is well on its way to attaining its goal of having 12,000 salespersons by end 2022. It has already achieved a growth of 26.4 per cent in the number of salespersons from 8,918 as at Jan 1, 2021 to 11,268 as at Apr 11, 2022.

 Singapore Shipping Corporation

Between Jun 16 and 21, Singapore Shipping Corporation executive chairman Ow Chio Kiat acquired 225,400 shares at an average price of 28.4 cents per share. With a consideration of S$63,948, this increased his total stake in the company from 41.92 per cent to 41.97 per cent. With a career spanning 60 years, Ow also serves as the executive chairman of Stamford Land Corporation. Singapore Shipping Corporation is a spin-off from Stamford Land Corporation (formerly known as Hai Sun Hup Group) when the latter de-merged its shipping and logistics businesses in 2000 to concentrate on its hotel and property businesses. 
On May 26, Singapore Shipping Corporation reported that its revenue for FY22 (ended Mar 31) increased 8.6 per cent from FY21, with attributable profit down 4.3 per cent from FY21.

 

Centurion Corporation

Between Jun 17 and 23, Centurion Corporation : OU8 0% executive director and joint chairman David Loh Kim Kang acquired 200,000 shares of the purpose-built accommodation developer and manager for a consideration of S$70,000. At 35.0 cents per share, this took his total interest from 55.40 per cent to 55.43 per cent. His preceding acquisitions were between May 20 and 26, with 1,860,400 shares also acquired at 35.0 cents per share.

 Uni-Asia Group

On Jun 23, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares at S$1.00 per share. This increased his total interest in the company from 3.44 per cent to 3.50 per cent. This closely followed his acquisition of 150,000 shares at S$1.04 per share on Jun 13 and 50,000 shares at S$S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 Sasseur Reit

On Jun 17, Sasseur Asset Management CEO Cecilia Tan Hong Lye acquired 22,000 units of Sasseur Reit at an average price of 73.8 cents per unit. This increased her direct interest in the first outlet mall Reit to be listed in Asia to 40,000 units. Tan has been the CEO of the manager of Sasseur Reit since Aug 1, 2021. She has more than 20 years of professional career experience spanning across a wide spectrum of real estate expertise in real estate investment banking, real estate direct investment, Reit management, real estate fund management and property development.

Prior to joining Sasseur Asset Management, she was the senior strategic adviser to Vito Xu, the chairman of Sasseur Group from July 2019 to June 2021.

Back on May 12, Sasseur Reit reported a record high Q1 (ended Mar 31) distributable income of S$24.7 million, which was up 4.7 per cent from Q1 2021.

 

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



Koh Brothers group CEO, Koh Keng Siang adds to his Oiltek stake

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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

Singapore

Hong Fok Corporation is an investment holding company primarily engaged in property investment, development, and management, as well as hotel ownership and management. It develops residential and commercial properties and manages a portfolio of investment properties including offices, retail spaces, and hotels. The company was founded in 1967 and is headquartered in Singapore.

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