INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Mar 7, with S$224 million of net institutional outflow, as 26 primary-listed companies conducted buybacks with a total consideration of S$24.4 million, quadrupling the buyback consideration of the preceding five sessions.
Digital Core Reit Management continued to buy back units of Digital Core Reit over the week, while ESR-Logos Funds Management also acquired 8.5 million units of ESR-Logos Reit on Mar 1.
Leading the net institutional outflow over the five sessions were DBS, UOL, OCBC, Jardine Cycle & Carriage, CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, UOB and Frasers Logistics & Commercial Trust.
Meanwhile, Yangzijiang Shipbuilding Holdings, Seatrium, Singapore Technologies Engineering, Frencken Group, Wilmar International, Singtel, City Developments, Cromwell European Reit, Aztech Global, and Singapore Airlines led the net institutional inflow over the five sessions.
The five trading sessions saw over 100 changes to director interests and substantial shareholdings filed for 50 primary-listed stocks. Directors or CEOs filed 35 acquisitions and one disposal while substantial shareholders filed 10 acquisitions and two disposals.
Wilmar International
Between Mar 1 and 5, Wilmar International chairman and CEO Kuok Khoon Hong increased his deemed interest in the global agri-business by 2,172,600 shares. This increased his total interest from 13.66 per cent to 13.70 per cent. HPRY Holdings, Longhlin Asia, Hong Lee Holdings and Jaygar Holdings each acquired 543,150 shares at an average price of S$3.33 per share. Kuok has been gradually increasing his total interest in Wilmar International from 12.94 per cent in October 2022.
Raffles Medical Group
Between Feb 29 and Mar 6, Raffles Medical group executive chairman Loo Choon Yong acquired 6.4 million shares at an average price of S$1.02 per share. This increased his total interest from 53.27 per cent to 53.61 per cent. This followed his acquisition of 4.5 million shares between Feb 27 and 28.
On Feb 26, Raffles Medical Group reported FY 2023 (ended Dec 31) revenue of S$706.9 million, 14.1 per cent lower than that for FY 2022. The group’s core hospital services division remained strong and profitable, registering revenue growth of 4.5 per cent to S$330.6 million, while the group’s healthcare services division revenue registered lower revenue of S$283.4 million.
JB Foods
Between Feb 29 and Mar 6, JB Foods CEO Tey How Keong acquired 885,500 shares at an average price of S$0.49 per share. With a consideration of S$437,161, this increased his total interest in the global cocoa ingredient producer from 46.93 per cent to 47.22 per cent. His preceding acquisition was on Mar 2, 2023, with 120,800 shares acquired at S$0.50 per share.
With his 25 years plus of experience in the cocoa business, Tey is responsible for the overall strategic, management and business development of the group. On Feb 28, the group reported its FY 2023 (ended Dec 31) profit after tax decreased to US$1.8 million, from US$16.7 million in FY 2022.
While FY 2023 revenue increased 17 per cent from FY 2022, to US$596 million, the cost of sales also increased by 20 per cent to US$556 million, mainly due to increases in cocoa bean prices. Finance costs also increased 132 per cent to US$15.5 million in FY 2023.
Tey also noted the shortage of the cocoa bean supply has contributed to a sharp spike in cocoa bean prices to an unprecedented historical high in February 2024. He added that in the short-term, this may create a potential global cocoa bean supply crunch until crop production improves and the group will manage and monitor closely the execution of the cocoa bean deliveries by its suppliers in a timely manner.
Centurion Corporation
Following Centurion Corporation’s release of its FY 2023 (ended Dec 31) financial results after the Feb 28 close, executive director and joint chairman David Loh Kim Kang and CEO Kong Chee Min increased their direct interests in the company.
On Feb 29, David Loh acquired 1.25 million shares at S$0.425 per share, which increased his direct stake from 5.28 per cent to 5.43 per cent. His total interest in the accommodation developer and manager is 56.09 per cent, with deemed interests mostly through his 50 per cent shareholding interest in Centurion Global.
Loh is responsible for the formulation of corporate and business strategies and leads the execution of strategic growth plans of the group and maintains over 20 years of experience in the investment and brokerage industry.
On Mar 1, Kong acquired 72,000 shares, also at an average price of S$0.425 per share. This increased his direct interest from 0.02 per cent to 0.03 per cent.
Kong was appointed Group CEO in August 2011. He is responsible for the overall management of the group’s operations, implementation of business strategies and the long-term growth objectives approved by the Board.
With the FY 2023 results, Kong noted that the continued positive demand and supply dynamics in the specialised accommodation landscape allowed Centurion Corporation to achieve healthy occupancies and positive rental revisions globally, effectively cushioning cost increases from inflation and the higher interest rate environment.
He added that the group remains committed to exploring opportunities across current and new markets to expand and enhance its portfolio of assets, to deliver sustainable long-term value to its stakeholders.
The group owns and manages a strong portfolio of 34 operational accommodation assets totalling approximately 67,377 beds as of Dec 31, 2023. For FY 2023, group revenue grew 15 per cent from FY 2022 to S$207.3 million on the back of strong revenue contributions from the group’s portfolio of purpose-built workers accommodation and purpose-built student accommodation across all markets in which the group operates.
The group’s FY 2023 net attributable profit increased 114 per cent from FY 2022, to S$153.1 million, boosted by net fair value gains of S$84.8 million.
Boustead Singapore
Between Mar 4 and 5, Boustead Singapore chairman and group CEO Wong Fong Fui acquired 192,000 shares of the listed company for a consideration of S$170,891. At an average price of S$0.89 per share, this took Wong’s deemed interest in the listed company from 43.16 per cent to 43.20 per cent.
Rex International
Between Mar 4 and 5, Rex International executive director and chairman Dan Broström acquired 991,000 shares at an average price of S$0.14 per share. This took Broström’s total interest in the technology-driven oil company from 0.87 per cent to 0.94 per cent. His preceding acquisition on the open market was back in December 2019 at S$0.17 per share.
PropNex
Between Feb 28 and Mar 1, PropNex executive director and deputy CEO Kelvin Fong Keng Seong acquired 100,000
shares at an average price of S$0.88 per share. This increased his total interest in Singapore’s largest listed real estate group from 8.88 per cent to 8.90 per cent. His preceding acquisitions were in May and June last year.
Fong oversees the group’s training development curriculum and administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry. He also spearheads the sales and leadership training programmes.
Prior to the Feb 28 open, PropNex reported a stronger performance in H2 FY 2023 (ended Dec 31) brought the FY 2023 revenue to S$838.1 million, an 18.6 per cent dip from FY 2022, due to fewer number of transactions completed for both agency and project marketing services.
The group noted that the combination of cooling measures since December 2021, market uncertainties, high interest rates, and price resistance among buyers have kept home prices in check in 2023, paving the way for a more stable and sustainable housing market in Singapore. To better position itself for opportunities, PropNex plans to expand its sales force to 15,000 by 2026.
Since listing on July 2, 2018, PropNex’s scale of operations have grown substantially with the number of salespersons doubling to 12,233 as at Feb 15, 2024, from 6,684. Between FY 2019 and FY 2023, the group’s revenue and net attributable profit grew at a compounded annual rate of 14.8 per cent and 19.0 per cent respectively while its market capitalisation grew 173.8 per cent from S$240.5 million at listing to S$658.6 million at Feb 15, 2024.
The stock ranks among Singapore’s 100 most traded by turnover and has generated 27 per cent annualised total returns from listing in June 2018 through to Mar 7.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
