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.

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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>Sam Goi continues to boost his stakes in PSC and GSH INSTITUTIONS were net sellers of Singapore stocks over the four trading sessions from Apr 5 to 11, with S$44 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$25 million.</li><li>He acquired 144,700 shares of the company at S$0.352 per share, taking his total interest from 30.74 per cent to 30.77 per cent.</li><li>Goi also bought more shares of GSH Corporation, where he also serves as executive chairman.</li></ul>

Sam Goi continues to boost his stakes in PSC and GSH INSTITUTIONS were net sellers of Singapore stocks over the four trading sessions from Apr 5 to 11, with S$44 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$25 million.He acquired 144,700 shares of the company at S$0.352 per share, taking his total interest from 30.74 per cent to 30.77 per cent.Goi also bought more shares of GSH Corporation, where he also serves as executive chairman.

Sam Goi continues to boost his stakes in PSC and GSH

<ul><li>Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.</li><li>Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.</li></ul>

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.

Union Steel co-founder Ang Yew Chye ups stake

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<p>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.</p>

<p>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.</p>

<p><strong>Share buybacks</strong></p>

<p>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.</p>

<p><strong>Director and substantial shareholder transactions</strong> </p>

<p>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.</p>

<p><strong>iFAST Corporation</strong></p>

<p>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.</p>

<p>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.</p>

<p><strong>Tung Lok Restaurants (2000)</strong></p>

<p>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.</p>

<p>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.</p>

<p>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.<br>
 </p>

<p><strong><em>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</em></strong></p>
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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 

Digilife Technologies Limited / Equity Bottom-Up

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<p>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. </p>

<p><br>
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.</p>

<p><br><strong>Share buybacks</strong></p>

<p><br>
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’.</p>

<p>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).</p>

<p><br>
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.</p>

<p><br><strong>Director and substantial shareholder transactions</strong></p>

<p><br>
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.</p>

<p>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.</p>

<p><br>
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.</p>

<p><br><strong>Yangzijiang Shipbuilding Holdings</strong></p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br>
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. </p>

<p><br><strong>Uni-Asia Group</strong></p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br><strong>Megachem</strong></p>

<p><br>
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. </p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br><strong>GSH Corporation</strong></p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br>
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.</p>

<p><br><strong><em>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.</em></strong></p>
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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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<h2>Hanwell Holdings Limited</h2>
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<h3>Resilient consumer goods business and growing paper packaging segment</h3>
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<li>Hanwell is involved in the manufacturing, brand management and marketing of fast-moving consumer goods (FMCG). The company also has a 64% stake in SGX- listed Tat Seng Packaging, a paper packaging business whose products cater to the Singapore and China markets.</li>
<li>Riding on logistics growth. Hanwell’s packaging business is expected to be the main growth driver amidst robust global logistics demand.</li>
<li>Buoyant demand for consumer goods. While Hanwell’s consumer business has been stable over the past few years, the company plans to expand its consumer goods offerings by 30% in the next 3 to 5 years.</li>
<li>We initiate with a NEUTRAL recommendation and TP of S$0.42, based on 11.0x FY22 EPS.</li>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/239/556/original/image_2206757251635952959312.png?1635952963" class="editor-image img-responsive" data-smartkarma-image-id="239556"></figure>
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<p><strong>Company overview</strong>. Hanwell has a total of four subsidiaries involved in the FMCG business. Its subsidiary Topseller Pte Ltd is a distributor of rice and oil, which includes popular proprietary brands such as Royal Umbrella rice. Tipex Pte. Ltd. distributes paper goods, washroom hygiene products as well as baby and adult diapers. Fortune Food Manufacturing Pte Ltd manufactures noodles, desserts and soya bean-based products such as tofu. Lastly, SOCMA Trading (M) Sendirian Berhad is one of Hanwell’s marketing and distribution arms in Malaysia.</p>
<p><strong>Paper packaging business the key growth driver.</strong> Hanwell’s stake in Singapore-listed Tat Seng contributed approximately 62% to 66% to Hanwell’s total top line over the last 4 years. Amidst the acceleration in e-commerce sales and increased demand for storage materials due to logistics bottlenecks as a result of port congestions and labour shortages, demand for corrugated cardboard boxes is expected to increase.</p>
<p><strong>Stable contribution from consumer goods.</strong> Hanwell’s consumer goods segment has been generating a consistent revenue stream, contributing approximately 33% to 37% over the last 4 years. We expect further growth in this segment as the company expects to expand its offerings by 30% over the next 3 to 5 years.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






Hanwell Holdings Limited



Resilient consumer goods business and growing paper packaging segment




Hanwell is involved in the manufacturing, brand management and marketing of fast-moving consumer goods (FMCG). The company also has a 64% stake in SGX- listed Tat Seng Packaging, a paper packaging business whose products cater to the Singapore and China markets.
Riding on logistics growth. Hanwell’s packaging business is expected to be the main growth driver amidst robust global logistics demand.
Buoyant demand for consumer goods. While Hanwell’s consumer business has been stable over the past few years, the company plans to expand its consumer goods offerings by 30% in the next 3 to 5 years.
We initiate with a NEUTRAL recommendation and TP of S$0.42, based on 11.0x FY22 EPS.





Company overview. Hanwell has a total of four subsidiaries involved in the FMCG business. Its subsidiary Topseller Pte Ltd is a distributor of rice and oil, which includes popular proprietary brands such as Royal Umbrella rice. Tipex Pte. Ltd. distributes paper goods, washroom hygiene products as well as baby and adult diapers. Fortune Food Manufacturing Pte Ltd manufactures noodles, desserts and soya bean-based products such as tofu. Lastly, SOCMA Trading (M) Sendirian Berhad is one of Hanwell’s marketing and distribution arms in Malaysia.
Paper packaging business the key growth driver. Hanwell’s stake in Singapore-listed Tat Seng contributed approximately 62% to 66% to Hanwell’s total top line over the last 4 years. Amidst the acceleration in e-commerce sales and increased demand for storage materials due to logistics bottlenecks as a result of port congestions and labour shortages, demand for corrugated cardboard boxes is expected to increase.
Stable contribution from consumer goods. Hanwell’s consumer goods segment has been generating a consistent revenue stream, contributing approximately 33% to 37% over the last 4 years. We expect further growth in this segment as the company expects to expand its offerings by 30% over the next 3 to 5 years.















(Non-SGX Report) Hanwell Holdings Limited: Resilient Consumer Goods Business and Growing Paper Packaging Segment

Singapore

PSC Corporation manufactures, markets, and sells household consumer products, soya bean products, and paper products.  The Company also provides healthcare consultancy and hospital and hotel management services, develops properties, and provides management services to the Econ Minimart chain of stores.

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(Non-SGX Report) Hanwell Holdings Limited: Resilient Consumer Goods Business and Growing Paper Packaging Segment

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

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