OVER the five trading sessions from Jan 10 to 16, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$184 million, reversing the S$103 million net inflow over the preceding five sessions.
Stocks that led the net institutional outflow over the five sessions were DBS, CapitaLand Integrated Commercial Trust, Singapore Airlines, Singapore Exchange, Genting Singapore, Venture Corporation, OCBC, Hongkong Land, Centurion Corporation and CapitaLand Ascendas Reit.
Meanwhile, Singtel, Seatrium, Singapore Tech Engineering, UOB, Yangzijiang Shipbuilding, Sembcorp Industries, Suntec Reit, Wilmar International, Rex International and Yangzijiang Financial Holding led the net institutional inflow.
Consequently, over the five sessions, financial services and real estate investment trusts (Reits) experienced the highest net institutional outflow, while telecommunications and industrials saw the most net institutional inflow.
Twenty primary-listed companies conducted buybacks with a total consideration of S$39 million in the five sessions. The consideration tally was led by OCBC, which bought back 1.4 million shares at an average price of S$16.95 per share. This brings the total shares repurchased under the current mandate to 0.3 per cent of its issued shares (excluding treasury shares).
OCBC said that its repurchased shares are held as treasury shares, recorded as a deduction against share capital, and may be cancelled, sold, or used to meet employee share scheme obligations. The group is scheduled to announce its FY2024 (ended Dec 31) financial results on Feb 26, before the market open.
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Zheneng Jinjiang Environment bought back 731,600 shares at an average price of S$0.45 per share. This caused the China waste-to-energy operator to increase the total shares repurchased under its current mandate to 0.7 per cent of its issued shares (excluding treasury shares).
During the five trading sessions, 60 director interests and substantial shareholdings were filed for 30 primary-listed stocks. Directors or CEOs filed 22 acquisitions and one disposal, while substantial shareholders filed one acquisition and five disposals.
Centurion Corporation
Between Jan 14 and 15, Centurion Corporation executive director and joint chairman David Loh acquired 10 million shares in two married deals, at S$0.935 per share. He also bought 200,000 shares on the open market at S$0.965 per share on Jan 15.
This increased his total interest in the global provider of specialised accommodation from 58.57 per cent to 59.78 per cent. His preceding acquisition was on Sep 17, 2024, with 300,000 shares purchased at S$0.74 per share.
Centurion owns, develops and manages specialised accommodation assets across six countries globally.
Loh is responsible for formulating corporate and business strategies, and leading the execution of strategic growth plans. He joined the company in May 2015 as a non-executive director and was appointed joint chairman of the board in November 2019. He transitioned to executive director in March 2021, and became chairman of the executive committee in January 2022.
He has more than 20 years of experience in the investment and brokerage industry. He has been principal and director of Centurion Global since April 2008. His previous roles included various directorial positions at UOB Kay Hian and OUB Securities, as well as a dealer at Ong & Company.
In 2024, Centurion ranked among the 100 most traded Singapore stocks, with S$616,000 of average daily trading turnover compared to S$105,000 in 2023 when it ranked among the top 150 by turnover.
Prior to 2024, Centurion streamlined its listings by ceasing its listing on the Stock Exchange of Hong Kong in December 2023. The company’s shares also gained in 2024 on robust financial results which included a 25 per cent increase in revenue for 9M FY2024 to S$186.5 million.
For the first nine months of 2024, the purpose-built workers accommodation (PBWA) segment contributed 77 per cent of the group’s revenue, while the purpose-built student accommodation (PBSA) division contributed 23 per cent.
In terms of geographical distribution for the same period, Singapore accounted for 70 per cent of revenue, the United Kingdom contributed 15 per cent, Malaysia 8 per cent and Australia 7 per cent.
In November 2024, PBWA Westlite-PKNS Petaling Jaya received the Best CLQ Award at the Malaysia Urban Planning Awards, presented by the Ministry of Housing and Local Government through PlanMalaysia.
Centurion anticipates continued positive demand-supply dynamics across its operating markets, which will help maintain high occupancies and healthy rental revisions. The group is also actively pursuing opportunities to redevelop and enhance its portfolio assets to meet evolving regulatory requirements and customer needs.
On Jan 7, it announced its exploration of a proposed transaction to establish a Reit that would include some of its workers’ accommodation and student accommodation assets.
Tuan Sing Holdings
Tuan Sing Holdings executive director and CEO William Liem and his sister, non-executive and non-independent director Michelle Liem Mei Fung, continued to build their deemed interest between Jan 9 and 15.
The acquisition of 4,051,300 shares were transacted at S$0.27 per share. This brings William Liem’s total interest from 54.4 per cent to 54.7 per cent.
The group’s property segment focuses on developing properties for sale and investment in Singapore, Australia, Indonesia and China, and is renowned for high-end residential projects in prime locations.
It also holds a 44.5 per cent stake in Gul Technologies Singapore, a printed circuit board manufacturer with plants in China.
In August 2024, the group noted that its acquisition of Fraser Residence River Promenade supported its strategy to expand its hospitality business, which was expected to boost performance in H2 FY2024 (ended Dec 31).
Additionally, it noted that the divestment of greenfield land in Fuzhou, China, is anticipated to yield a gain of S$18.5 million upon completion. Tuan Sing Holdings plans to engage in large-scale integrated developments and townships as it embarks on its next phase of growth. This includes its planning application for an iconic mixed-use redevelopment at the city of Melbourne’s premier intersection in Australia.
XMH Holdings
XMH Holdings chairman and managing director Tan Tin Yeow has continued to add to his interests, acquiring 212,500 shares since the company posted its H1 FY2025 (ended Oct 31) financial results on Dec 12.
The group reported that gross profit for H1 FY2025 (ended Oct 31) was S$24.3 million, up 8.1 per cent from H1 FY2024. The gross profit margin increased to 36.3 per cent from 31.6 per cent, driven by higher margins in the distribution and after-sales segments due to increased demand for engines and spare parts, and better margins in recent project awards.
Of the total S$66.9 million H1 FY2025 revenue, S$39.5 million was attributed to the distribution segment in Indonesia.
A positive turnaround in write-backs on financial assets and net foreign exchange gains led to a 58.3 per cent increase in H1 FY2025 results from operating activities, reaching S$16.2 million.
Consequently, profit after tax for H1 FY2025 rose by 94.9 per cent from H1 FY2024 to S$12.6 million.
XMH Holdings was also removed from the SGX-ST watch-list on Nov 15, 2024.
The group expects the positive business trend to continue over the next six to 12 months, driven by strong performance in the distribution and project segments, robust order books and a steady pipeline of deliveries.
XMH Holdings further added on Dec 12 that the distribution segment has sustained demand for engines, particularly for new or replacement tugboats, while the project segment benefits from strong demand for generators, especially for data centre applications.
Despite healthy order volumes, the company remains cautious about geopolitical uncertainties and aims to stay adaptable and resilient.
XMH Holdings’ current primary product offerings include distributorship, agency and dealership rights from prominent brands such as Mitsubishi Heavy Industries, MTU, Kawasaki, Akasaka, Kamome, Taiyo, D-I, SOLE, BUKH, Reintjes, Masson and CENTA.
Its subsidiaries are involved in the distribution and provision of value-added products and services, after-sales services, trading and projects, including the assembly and installation of standby generator sets and related services.
Tan was appointed chairman and CEO in October 2010, and re-designated as chairman and managing director in September 2016. He is responsible for the group’s overall strategy, corporate planning, business development and acquisitions.
He established the distribution arm and secured exclusive distributorships for the company.
He has more than 30 years of experience in the marine and industrial diesel engines industry. Tan maintains a 63.8 per cent direct interest in the company.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.
