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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

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

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

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

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

Equity Bottom-Up

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 <div class='content-caption'>PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum</div>
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For the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50 Index declining 3.5 per cent, the Hang Seng Index declining 1.7 per cent and the FTSE Bursa Malaysia KLCI gaining 1.3 per cent.  

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

Share buybacks

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

Director and substantial shareholder transactions 

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

PropNex

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

P5 Capital Holdings 

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

Asian Pay Television Trust

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

iWOW Technology

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

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


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

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

Share buybacks

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

Director and substantial shareholder transactions 

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

PropNex

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

P5 Capital Holdings 

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

Asian Pay Television Trust

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

iWOW Technology

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

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



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

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.</li>
<li>ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.</li>
<li>All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region's climate transition.</li>
</ul>


Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.
ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.
All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region's climate transition.


Green Banking in ASEAN: An Assessment of ASEAN Banks' Sustainable Finance Policies

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 <div class='content-caption'>Share Buybacks</div>
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FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/uhreit-director-adds-to-stake-ocbc-wilmar-lead-buybacks"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

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



UHReit director adds to stake; OCBC & Wilmar lead buybacks

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 <img src='https://api2.sgx.com/sites/default/files/2022-06/share%20buyback_1.PNG' alt='Share Buybacks' />
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 <div class='content-caption'>Share Buybacks</div>
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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

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