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>Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.</li><li>While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.</li><li>For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.</li></ul>

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.

Industrial Sector Led Institutional Fund Inflows in July

<ul><li>Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered double-digit percentage growth in daily trading turnover from their respective 2022 levels.</li><li>This saw the stock rank among the 85 most traded stocks so far this year, after ranking just outside the 170 most traded stocks in 2022.</li></ul>

Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered double-digit percentage growth in daily trading turnover from their respective 2022 levels.This saw the stock rank among the 85 most traded stocks so far this year, after ranking just outside the 170 most traded stocks in 2022.

Vibrant activity among top traded stocks on SGX

<ul><li>On the move in early July, the STI posted a 2.1% decline during the first week, and a 3.5% gain the following week.</li><li>STI stocks that posted gains over each of the two weeks included UOL, SATS, Singapore Airlines and City Developments.</li><li>Among the 100 most traded Singapore- listed stocks this year, there were another 17 stocks that posted gains in each of the first two weeks of July, with one-third of these stocks representing the Industrials Sector: Acesian Partners, SingPost, ComfortDelGro, Dyna-Mac and Samudera Shipping, in addition to the aforementioned Singapore Airlines and SATS.</li></ul>

On the move in early July, the STI posted a 2.1% decline during the first week, and a 3.5% gain the following week.STI stocks that posted gains over each of the two weeks included UOL, SATS, Singapore Airlines and City Developments.Among the 100 most traded Singapore- listed stocks this year, there were another 17 stocks that posted gains in each of the first two weeks of July, with one-third of these stocks representing the Industrials Sector: Acesian Partners, SingPost, ComfortDelGro, Dyna-Mac and Samudera Shipping, in addition to the aforementioned Singapore Airlines and SATS.

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<ul>
<li>Singapore’s 1Q22 GDP expanded 3.7% YoY, continuing the above trend momentum seen in 2021 with 7.6% growth. The GDP forecast for the full 2022 year is currently 3.0% to 5.0%, with growth likely to come in at the lower half of the forecast range. Manufacturing was again a key driver, expanding 7.1% YoY in 1Q22, extending 15.5% growth in 4Q21.</li>
</ul>
<ul>
<li>The STI has gained 3.4% in the 2022 YTD, with reinvested dividends boosting the total return to 5.5%. This has coincided with 30 constituents booking S$538 million of net institutional inflow. Singtel which reported FY22 results on Friday led the net institutional inflows of all SGX-listed stocks in the 2022 YTD, with S$666 million of net buying. </li>
</ul>
<ul>
<li>As many as 11 of the STI stocks have generated double digit percentage gains in the 2022 YTD. These stocks are Sembcorp Industries (44%), Jardine C&amp;C (43%), Yangzijiang Shipbuilding (40%), Keppel Corp (37%), City Dev (25%), CapitaLand Invest (19%), Singtel (16%), SATS (16%), ST Engineering (11%), UOB (11%) and Singapore Airlines (10%).</li>
</ul>
 

 

The STI has generated a 5.5% total return in the 2022 YTD, outpacing the FTSE Developed Index which has generated an 11.0% decline in total return in SGD terms. With average total returns of 4.6%, the trio of DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank have had the most impact on the STI performance due to their leading, heavy weightage. United Overseas Bank has led the trio in the 2022 YTD, with double-digit total returns of 11.4%. Globally, banks have seen just one-third of the declines of the technology sector, with index performances significantly influenced by their technology stock weights.

Asides from United Overseas Bank, there have been another 10 STI constituents that have generated double-digit total returns over the first 21 weeks of 2022. These 10 stocks, represent as many as seven sectors and are tabled below.
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 <div class='content-caption'>10 STI constituents that have generated double-digit total returns over the first 21 weeks of 2022</div>
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Globally, Energy and Utilities stocks have been the strongest sectors for the 2022 YTD, while Indonesia has been among the strongest emerging stock markets in the 2022 YTD. This has coincided with Sembcorp Industries and Jardine Cycle &amp; Carriage leading the STI over the past 21 weeks. Meanwhile the regional re-openings, have also coincided with City Developments, CapitaLand Investment, SATS and Singapore Airlines posting double digit percentage total returns in the 2022 YTD. 

On Friday, Singapore Telecommunications reported its FY22 (ended 31 Mar) underlying net profit improved 11% YoY to S$1.92 billion, mainly lifted by Bharti Airtel’s resilient turnaround. Singapore Telecommunications is pursuing an ongoing strategic reset to develop new growth engines in ICT and digital services aiming transform NCS into an Asian B2B digital services champion, and NCS-originated revenue was up a record 9% in FY22 as NCS has continued to diversify its revenue streams, with Digital, Cloud, Platforms and Cyber revenue now contributing 49% of total operating revenue, up from 41% last year.

 

Singapore GDP forecast to grow 3.0% to 5.0%, with growth likely to come in at the lower half of the forecast range.

Last week, Singapore’s 1Q22 GDP was <a href="https://www.singstat.gov.sg/gdp?force_isolation=true">reported</a> to grow 3.7% YoY, continuing the above trend momentum of 2021 at 7.6% YoY growth.

<ul>
<li>The GDP forecast for 2022 is currently 3.0% to 5.0%, with growth likely to come in at the lower half of the forecast range. The manufacturing sector expanded 7.1% YoY in 1Q22, extending the 15.5% growth in 4Q21, while construction grew 2.1% YoY, easing from the 2.9% YoY growth in 4Q21. Services Producing industries expanded 4.2% YoY, similar to the 4Q21 pace of 4.4% YoY growth, and led by growth in the real estate, information and communications and professional services segments.</li>
</ul>
<ul>
<li>For professional services the GDP report noted that “the rollout of the Vaccinated Travel Framework, alongside the easing of border restrictions in regional economies, is likely to boost the growth of the professional services sector as firms in segments like consultancy and legal can now better engage their overseas clients. Similarly, air travel and visitor arrivals are expected to pick up more quickly than earlier projected, thereby accelerating the recovery of aviation- and tourism-related sectors like air transport and arts, entertainment &amp; recreation”.</li>
</ul>
<ul>
<li>On a cautionary note, the report also maintained the external environment continues to be a challenge with the Russia-Ukraine conflict, global supply disruptions, monetary policy tightening and continued impact of COVID, and thus the growth outlook for some outward-oriented sectors in the Singapore economy has weakened. For instance the report noted that “as China is a key market for petroleum and chemicals products from Singapore, its economic slowdown is likely to adversely affect the growth prospects of Singapore’s chemicals cluster and the fuel &amp; chemicals segment of the wholesale trade sector”.</li>
</ul>
 

Singapore’s April Industrial Production Up 6.2% YoY

The Singapore 1Q22 GDP report noted last week that “the electronics cluster is expected to expand more strongly than earlier projected, bolstered by robust global demand for semiconductors from the 5G and automotive markets, as well as cloud services and data centres”. Last week, Singapore’s April Industrial Production was <a href="https://www.edb.gov.sg/en/about-edb/media-releases-publications/monthly-manufacturing-performance.html">reported</a> to grow 6.2% YoY, with transport engineering and electronics growing 17.2% YoY and 10.4% respectively. This means Singapore’s industrial production has gained ~7% in the first four months of 2022, following the ~13% growth of 2021.  

 

The STI includes two Singapore-based manufacturers – Venture Corporation and ST Engineering.

<ul>
<li>
Venture Corporation has declined 2.0% in the 2022 YTD, after a similar 1.9% decline in total return 2021. On 29 April, Venture reported its growth momentum continued from 2021, with a 30% YoY increase in 1Q22 revenue to S$889M on robust demand from customers in the Lifestyle &amp; Wellness, Advanced Payment Systems, Advanced Industrial and Instrumentation, Test and Measurement technology domains. Additionally, the company highlighted that several iniatives from its R&amp;D Labs have enabled it to mitigate supply chain disruptions and expand its capabilities to fulfil more orders.</li>
</ul>
<ul>
<li>
ST Engineering has generated an 11.5% total return in the 2022 YTD after a 2.3% gain in 2021. On 13 May, ST Engineering highlighted it had secured S$2.4B in new contracts in 1Q22, with an overall robust order book of S$21.3B, incl. $1.6B from TransCore and S$5.8B expected to be delivered in the remaining months of 2022. Management also flagged alignment with Digitalisation with the Cloud, AI Analytics, Cyber business to triple to &gt;S$500m by 2026.</li>
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 <img src='https://api2.sgx.com/sites/default/files/2022-05/table%202.PNG' alt='The full 30 STI stocks are tabled below.' />
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 <div class='content-caption'>The full 30 STI stocks are tabled below.</div>




Singapore’s 1Q22 GDP expanded 3.7% YoY, continuing the above trend momentum seen in 2021 with 7.6% growth. The GDP forecast for the full 2022 year is currently 3.0% to 5.0%, with growth likely to come in at the lower half of the forecast range. Manufacturing was again a key driver, expanding 7.1% YoY in 1Q22, extending 15.5% growth in 4Q21.


The STI has gained 3.4% in the 2022 YTD, with reinvested dividends boosting the total return to 5.5%. This has coincided with 30 constituents booking S$538 million of net institutional inflow. Singtel which reported FY22 results on Friday led the net institutional inflows of all SGX-listed stocks in the 2022 YTD, with S$666 million of net buying. 


As many as 11 of the STI stocks have generated double digit percentage gains in the 2022 YTD. These stocks are Sembcorp Industries (44%), Jardine C&amp;C (43%), Yangzijiang Shipbuilding (40%), Keppel Corp (37%), City Dev (25%), CapitaLand Invest (19%), Singtel (16%), SATS (16%), ST Engineering (11%), UOB (11%) and Singapore Airlines (10%).

 

 

The STI has generated a 5.5% total return in the 2022 YTD, outpacing the FTSE Developed Index which has generated an 11.0% decline in total return in SGD terms. With average total returns of 4.6%, the trio of DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank have had the most impact on the STI performance due to their leading, heavy weightage. United Overseas Bank has led the trio in the 2022 YTD, with double-digit total returns of 11.4%. Globally, banks have seen just one-third of the declines of the technology sector, with index performances significantly influenced by their technology stock weights.

Asides from United Overseas Bank, there have been another 10 STI constituents that have generated double-digit total returns over the first 21 weeks of 2022. These 10 stocks, represent as many as seven sectors and are tabled below.



      
    
    10 STI constituents that have generated double-digit total returns over the first 21 weeks of 2022


Globally, Energy and Utilities stocks have been the strongest sectors for the 2022 YTD, while Indonesia has been among the strongest emerging stock markets in the 2022 YTD. This has coincided with Sembcorp Industries and Jardine Cycle &amp; Carriage leading the STI over the past 21 weeks. Meanwhile the regional re-openings, have also coincided with City Developments, CapitaLand Investment, SATS and Singapore Airlines posting double digit percentage total returns in the 2022 YTD. 

On Friday, Singapore Telecommunications reported its FY22 (ended 31 Mar) underlying net profit improved 11% YoY to S$1.92 billion, mainly lifted by Bharti Airtel’s resilient turnaround. Singapore Telecommunications is pursuing an ongoing strategic reset to develop new growth engines in ICT and digital services aiming transform NCS into an Asian B2B digital services champion, and NCS-originated revenue was up a record 9% in FY22 as NCS has continued to diversify its revenue streams, with Digital, Cloud, Platforms and Cyber revenue now contributing 49% of total operating revenue, up from 41% last year.

 

Singapore GDP forecast to grow 3.0% to 5.0%, with growth likely to come in at the lower half of the forecast range.

Last week, Singapore’s 1Q22 GDP was reported to grow 3.7% YoY, continuing the above trend momentum of 2021 at 7.6% YoY growth.


The GDP forecast for 2022 is currently 3.0% to 5.0%, with growth likely to come in at the lower half of the forecast range. The manufacturing sector expanded 7.1% YoY in 1Q22, extending the 15.5% growth in 4Q21, while construction grew 2.1% YoY, easing from the 2.9% YoY growth in 4Q21. Services Producing industries expanded 4.2% YoY, similar to the 4Q21 pace of 4.4% YoY growth, and led by growth in the real estate, information and communications and professional services segments.


For professional services the GDP report noted that “the rollout of the Vaccinated Travel Framework, alongside the easing of border restrictions in regional economies, is likely to boost the growth of the professional services sector as firms in segments like consultancy and legal can now better engage their overseas clients. Similarly, air travel and visitor arrivals are expected to pick up more quickly than earlier projected, thereby accelerating the recovery of aviation- and tourism-related sectors like air transport and arts, entertainment &amp; recreation”.


On a cautionary note, the report also maintained the external environment continues to be a challenge with the Russia-Ukraine conflict, global supply disruptions, monetary policy tightening and continued impact of COVID, and thus the growth outlook for some outward-oriented sectors in the Singapore economy has weakened. For instance the report noted that “as China is a key market for petroleum and chemicals products from Singapore, its economic slowdown is likely to adversely affect the growth prospects of Singapore’s chemicals cluster and the fuel &amp; chemicals segment of the wholesale trade sector”.

 

Singapore’s April Industrial Production Up 6.2% YoY

The Singapore 1Q22 GDP report noted last week that “the electronics cluster is expected to expand more strongly than earlier projected, bolstered by robust global demand for semiconductors from the 5G and automotive markets, as well as cloud services and data centres”. Last week, Singapore’s April Industrial Production was reported to grow 6.2% YoY, with transport engineering and electronics growing 17.2% YoY and 10.4% respectively. This means Singapore’s industrial production has gained ~7% in the first four months of 2022, following the ~13% growth of 2021.  

 

The STI includes two Singapore-based manufacturers – Venture Corporation and ST Engineering.



Venture Corporation has declined 2.0% in the 2022 YTD, after a similar 1.9% decline in total return 2021. On 29 April, Venture reported its growth momentum continued from 2021, with a 30% YoY increase in 1Q22 revenue to S$889M on robust demand from customers in the Lifestyle &amp; Wellness, Advanced Payment Systems, Advanced Industrial and Instrumentation, Test and Measurement technology domains. Additionally, the company highlighted that several iniatives from its R&amp;D Labs have enabled it to mitigate supply chain disruptions and expand its capabilities to fulfil more orders.



ST Engineering has generated an 11.5% total return in the 2022 YTD after a 2.3% gain in 2021. On 13 May, ST Engineering highlighted it had secured S$2.4B in new contracts in 1Q22, with an overall robust order book of S$21.3B, incl. $1.6B from TransCore and S$5.8B expected to be delivered in the remaining months of 2022. Management also flagged alignment with Digitalisation with the Cloud, AI Analytics, Cyber business to triple to &gt;S$500m by 2026.




      
    
    The full 30 STI stocks are tabled below.

STI Maintains 5.5% YTD Total Return as Economy Grew 3.7% in 1Q22

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For the 5 trading sessions that spanned Mar 25 to 31, the Straits Times Index (STI) gained 0.3 per cent, while the FTSE China A50 Index dipped 0.1 per cent, the Hang Seng Index slipped 0.1 per cent and the FTSE Bursa Malaysia KLCI fell 0.6 per cent. 
Overall, institutions were net sellers over the 5 sessions with S$143 million of net outflow. DBS Group Holdings, UOB, Mapletree Commercial Trust, Keppel Corporation and Wilmar International led the net institutional outflows for the 5 sessions through to Mar 31. 
Meanwhile, Singapore Airlines, City Developments, SATS, SIA Engineering Company and Mapletree North Asia Commercial Trust received the highest net institutional inflows for the 5 sessions.  
For Q1 2022, Singapore stocks received S$1.12 billion of net institutional inflows, with Singapore Telecommunications,  OCBC,  UOB, Mapletree North Asia Commercial Trust and Wilmar International drawing the most net institutional inflows. Share buybacks 
There were 18 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$11.9 million, down from S$15.7 million for the preceding week. 
OCBC, Raffles Medical Group and Hong Fok Corporation led the buyback consideration tally. OCBC paid an average price of S$12.40 per share, while Raffles Medical Group paid S$1.17 per share. 
For Q1 2022, Keppel led the buyback consideration tally for primary-listed stocks buying back 27.3 million shares, with a consideration of S$164.2 million, at an average price of S$6.02 per share. 
On Jan 27, Keppel announced the establishment of a S$500 million share buyback programme, pursuant to the share purchase mandate granted by its shareholders at the company's previous AGM. The company noted that shares repurchased will be held as treasury shares which will be used in part for the annual vesting of employee share plans, but also as possible currency for future merger and acquisition (M&amp;A) activities. 
For the quarter, OCBC bought back 3.5 million shares at an average price of S$12.05, while Raffles Medical Group bought back 13.2 million shares at an average price of S$1.18 per share. Director and substantial shareholder transactions 
The 5 trading sessions saw almost 100 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks. 
This included 14 company director acquisitions with 3 disposals filed, while substantial shareholders reported 11 acquisitions and 3 disposals. HRnetGroup 
On Mar 25, Simco acquired 4,204,300 shares of HRnetGroup HRnetGroup : CHZ 0% for a consideration of S$3,254,969, at 77.4 Singapore cents per share. This increased Simco's direct interest in HRnetGroup from 77.61 per cent to 78.03 per cent, while increasing the deemed interests of founding chairman Peter Sim, executive director and chief executive officer of Recruit Express JS Sim, and executive director and chief legal officer Adeline Sim. 
Peter Sim founded the company in 1992 and has more than 40 years of expertise in social work, human resource management, and talent acquisition. 
HRnetGroup has since grown its business to over 900 consultants spread across 13 Asian cities. 
On Feb 25, HRnetGroup reported that its FY21 (ended Dec 31) revenue increased 36.4 per cent from FY20, with net profit growing 41.1 per cent to S$70.3 million. This was another record-breaking year in revenue for the company with the S$590.5 million revenue in FY21, following S$433.0 million revenue in FY20 and S$423.1 million revenue in FY19. 
The company added that revenue continues to be generated from diverse sources across multiple sectors and specialisations and it is not dependent on any single sector, with its top 10 clients contributing 26.6 per cent to its FY21 revenue. 
In FY21, the company facilitated 7,794 permanent job placements while placing 54,448 unique contractor headcounts for the year. 
On Dec 30, 2021, the board of directors of HRnetGroup announced that Adeline Sim had been appointed by the Minister for Education to the boards of SkillsFuture Singapore and of the Lifelong Learning Institute. 
Effective Jan 1, Wallace Gao Yong was appointed as an independent director of HRnetGroup. He is based in Beijing and is the chairman at Beijing Career International, the first HR service enterprise that was listed on China's A-share market. Olam Group 
On Mar 28, Olam Group Olam Intl : O32 0% independent non-executive director Nihal Kaviratne acquired 133,100 shares of the company at an average price of S$1.79 per share. With a consideration of S$237,985, this increased his direct interest in Olam Group to 0.1 per cent. 
Kaviratne was previously the chairman and CEO for the Unilever Group across Asia, Europe and Latin America. His career with the Unilever Group spanned 40 years which also covered senior level management positions in sales, marketing, brand and strategic planning and development. 
Olam Group has now completed the first 3 of 4 steps of its transformational re-organisation plan to re-organise its diverse business portfolio into 3 distinct operating groups - Olam Food Ingredients, Olam Agri and Olam. Olam Food Ingredients intends to seek a primary listing in London, and a concurrent secondary listing in Singapore. 
On Mar 25, Olam Group announced that in the light of current market conditions, and as a result of the ongoing conflict in Ukraine, it did not expect the IPO of Olam Food Ingredients to take place during Q2 2022, as was previously planned. Amos Group 
Between Mar 28 and 29, Amos Group executive chairman Kyle Shaw acquired 465,000 shares of the company at an average price of 17.2 cents per share. With a consideration of S$80,081, this increased his deemed interest in the company from 80.51 per cent to 80.77 per cent. 
Shaw is the founder and managing partner of ShawKwei &amp; Partners, an international private equity fund manager investing in mid-market industrial and service businesses across Asia, the United States, and Europe. 
The Amos Group serves multinational customers in the marine and energy industries across a network of facilities spanning Asia, the Middle East, and Europe. The group supplies customers with technical services and supply solutions across 4 of the most vibrant oil and gas production zones on earth and through 4 of the world's busiest ports - Singapore, Shanghai, Hong Kong and Busan. The group is expected to report its FY22 (ended Mar 31) results at the end of May. Tai Sin Electric 
On Mar 23, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock acquired 115,300 shares of the company at an average price of 39.0 cents per share. With a consideration of S$44,967, this took his total interest in Tai Sin Electric from 17.35 per cent to 17.38 per cent. 
Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997. Challenger Technologies 
Between Mar 23 and 29, Digileap Capital acquired 50,400 shares of Challenger Technologies Challenger : 573 0% at 58.0 cents per share. This took the deemed interest of non-executive non-independent director Tan Keng Soon in the Singapore-focused multi-brand IT retailer from 15.03 per cent to 15.04 per cent. Tan is the co-founder and manager partner of Dymon Asia Capital and was recently appointed to the board of Challenger Technologies, on Nov 29, 2021. Tye Soon 
On Mar 29, Tye Soon managing director David Chong Tek Yew acquired 55,000 shares of the company for a consideration of S$21,900 at an average price of 39.8 cents per share. This followed on from Wong Huay Shien, the Chong's spouse, also acquiring 30,200 shares of Tye Soon on Mar 30 at 39.5 cents per share. 
The 3 transactions took Chong's total interest in the independent automotive parts distributor from 3.25 per cent to 3.35 per cent. 
Joining as group general manager/executive director in 1998, Chong was appointed deputy managing director in 2002, before being appointed managing director in February 2014. 
On Feb 23, Tye Soon reported that profit after tax totalled S$4.5 million for its FY21 (ended Dec 31), up from S$1.3 million in FY20. 
Partnering its principals mostly from Europe, Japan and Korea, the group has one of the largest portfolios of top-tier global brands of automotive parts. LHT Holdings 
On Mar 25, LHT Holdings managing director, Yap Mui Kee, acquired 52,100 shares of the company for a consideration of S$36,991. At 71.0 cents per share, this took her total interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.79 per cent to 14.89 per cent. 
This followed her acquisitions of 17,700 shares at 70.0 cents per share on Mar 18 and 24,600 shares of at 69.1 cents per share on Mar 7.

Yap has over 35 years of experience in sales and marketing and plays a key role in exploring opportunities in new markets. Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase"> </a><a href="https://www.businesstimes.com.sg/companies-markets/hrnetgroups-largest-shareholder-raises-stake-1">read </a>the original version.
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    Share buyback


For the 5 trading sessions that spanned Mar 25 to 31, the Straits Times Index (STI) gained 0.3 per cent, while the FTSE China A50 Index dipped 0.1 per cent, the Hang Seng Index slipped 0.1 per cent and the FTSE Bursa Malaysia KLCI fell 0.6 per cent.  
Overall, institutions were net sellers over the 5 sessions with S$143 million of net outflow. DBS Group Holdings, UOB, Mapletree Commercial Trust, Keppel Corporation and Wilmar International led the net institutional outflows for the 5 sessions through to Mar 31.  
Meanwhile, Singapore Airlines, City Developments, SATS, SIA Engineering Company and Mapletree North Asia Commercial Trust received the highest net institutional inflows for the 5 sessions.   
For Q1 2022, Singapore stocks received S$1.12 billion of net institutional inflows, with Singapore Telecommunications,  OCBC,  UOB, Mapletree North Asia Commercial Trust and Wilmar International drawing the most net institutional inflows.  Share buybacks  
There were 18 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$11.9 million, down from S$15.7 million for the preceding week.  
OCBC, Raffles Medical Group and Hong Fok Corporation led the buyback consideration tally. OCBC paid an average price of S$12.40 per share, while Raffles Medical Group paid S$1.17 per share.  
For Q1 2022, Keppel led the buyback consideration tally for primary-listed stocks buying back 27.3 million shares, with a consideration of S$164.2 million, at an average price of S$6.02 per share.  
On Jan 27, Keppel announced the establishment of a S$500 million share buyback programme, pursuant to the share purchase mandate granted by its shareholders at the company's previous AGM. The company noted that shares repurchased will be held as treasury shares which will be used in part for the annual vesting of employee share plans, but also as possible currency for future merger and acquisition (M&amp;A) activities.  
For the quarter, OCBC bought back 3.5 million shares at an average price of S$12.05, while Raffles Medical Group bought back 13.2 million shares at an average price of S$1.18 per share.  Director and substantial shareholder transactions  
The 5 trading sessions saw almost 100 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks.  
This included 14 company director acquisitions with 3 disposals filed, while substantial shareholders reported 11 acquisitions and 3 disposals.  HRnetGroup  
On Mar 25, Simco acquired 4,204,300 shares of HRnetGroup HRnetGroup : CHZ 0% for a consideration of S$3,254,969, at 77.4 Singapore cents per share. This increased Simco's direct interest in HRnetGroup from 77.61 per cent to 78.03 per cent, while increasing the deemed interests of founding chairman Peter Sim, executive director and chief executive officer of Recruit Express JS Sim, and executive director and chief legal officer Adeline Sim.  
Peter Sim founded the company in 1992 and has more than 40 years of expertise in social work, human resource management, and talent acquisition.  
HRnetGroup has since grown its business to over 900 consultants spread across 13 Asian cities.  
On Feb 25, HRnetGroup reported that its FY21 (ended Dec 31) revenue increased 36.4 per cent from FY20, with net profit growing 41.1 per cent to S$70.3 million. This was another record-breaking year in revenue for the company with the S$590.5 million revenue in FY21, following S$433.0 million revenue in FY20 and S$423.1 million revenue in FY19.  
The company added that revenue continues to be generated from diverse sources across multiple sectors and specialisations and it is not dependent on any single sector, with its top 10 clients contributing 26.6 per cent to its FY21 revenue.  
In FY21, the company facilitated 7,794 permanent job placements while placing 54,448 unique contractor headcounts for the year.  
On Dec 30, 2021, the board of directors of HRnetGroup announced that Adeline Sim had been appointed by the Minister for Education to the boards of SkillsFuture Singapore and of the Lifelong Learning Institute.  
Effective Jan 1, Wallace Gao Yong was appointed as an independent director of HRnetGroup. He is based in Beijing and is the chairman at Beijing Career International, the first HR service enterprise that was listed on China's A-share market.  Olam Group  
On Mar 28, Olam Group Olam Intl : O32 0% independent non-executive director Nihal Kaviratne acquired 133,100 shares of the company at an average price of S$1.79 per share. With a consideration of S$237,985, this increased his direct interest in Olam Group to 0.1 per cent.  
Kaviratne was previously the chairman and CEO for the Unilever Group across Asia, Europe and Latin America. His career with the Unilever Group spanned 40 years which also covered senior level management positions in sales, marketing, brand and strategic planning and development.  
Olam Group has now completed the first 3 of 4 steps of its transformational re-organisation plan to re-organise its diverse business portfolio into 3 distinct operating groups - Olam Food Ingredients, Olam Agri and Olam. Olam Food Ingredients intends to seek a primary listing in London, and a concurrent secondary listing in Singapore.  
On Mar 25, Olam Group announced that in the light of current market conditions, and as a result of the ongoing conflict in Ukraine, it did not expect the IPO of Olam Food Ingredients to take place during Q2 2022, as was previously planned.  Amos Group  
Between Mar 28 and 29, Amos Group executive chairman Kyle Shaw acquired 465,000 shares of the company at an average price of 17.2 cents per share. With a consideration of S$80,081, this increased his deemed interest in the company from 80.51 per cent to 80.77 per cent.  
Shaw is the founder and managing partner of ShawKwei &amp; Partners, an international private equity fund manager investing in mid-market industrial and service businesses across Asia, the United States, and Europe.  
The Amos Group serves multinational customers in the marine and energy industries across a network of facilities spanning Asia, the Middle East, and Europe. The group supplies customers with technical services and supply solutions across 4 of the most vibrant oil and gas production zones on earth and through 4 of the world's busiest ports - Singapore, Shanghai, Hong Kong and Busan. The group is expected to report its FY22 (ended Mar 31) results at the end of May.  Tai Sin Electric  
On Mar 23, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock acquired 115,300 shares of the company at an average price of 39.0 cents per share. With a consideration of S$44,967, this took his total interest in Tai Sin Electric from 17.35 per cent to 17.38 per cent.  
Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997.  Challenger Technologies  
Between Mar 23 and 29, Digileap Capital acquired 50,400 shares of Challenger Technologies Challenger : 573 0% at 58.0 cents per share. This took the deemed interest of non-executive non-independent director Tan Keng Soon in the Singapore-focused multi-brand IT retailer from 15.03 per cent to 15.04 per cent. Tan is the co-founder and manager partner of Dymon Asia Capital and was recently appointed to the board of Challenger Technologies, on Nov 29, 2021.  Tye Soon  
On Mar 29, Tye Soon managing director David Chong Tek Yew acquired 55,000 shares of the company for a consideration of S$21,900 at an average price of 39.8 cents per share. This followed on from Wong Huay Shien, the Chong's spouse, also acquiring 30,200 shares of Tye Soon on Mar 30 at 39.5 cents per share.  
The 3 transactions took Chong's total interest in the independent automotive parts distributor from 3.25 per cent to 3.35 per cent.  
Joining as group general manager/executive director in 1998, Chong was appointed deputy managing director in 2002, before being appointed managing director in February 2014.  
On Feb 23, Tye Soon reported that profit after tax totalled S$4.5 million for its FY21 (ended Dec 31), up from S$1.3 million in FY20.  
Partnering its principals mostly from Europe, Japan and Korea, the group has one of the largest portfolios of top-tier global brands of automotive parts.  LHT Holdings  
On Mar 25, LHT Holdings managing director, Yap Mui Kee, acquired 52,100 shares of the company for a consideration of S$36,991. At 71.0 cents per share, this took her total interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.79 per cent to 14.89 per cent.  
This followed her acquisitions of 17,700 shares at 70.0 cents per share on Mar 18 and 24,600 shares of at 69.1 cents per share on Mar 7.

Yap has over 35 years of experience in sales and marketing and plays a key role in exploring opportunities in new markets.  Inside Insights is a weekly column on The Business Times, read the original version.



HRnetGroup's largest shareholder raises stake

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SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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