INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions spanning Aug 23 through to Aug 29, with S$69.5 million of net institutional inflow, adding to the S$184.7 million of net inflow over the preceding five sessions.
The period also saw 18 primary-listed companies conduct buybacks with a total consideration of S$14.5 million.
CapitaLand Investment again led the buyback value tally over the five sessions, acquiring 2.7 million shares at an average price of S$2.62 per share. This followed the buyback of 3.4 million shares at an average price of S$2.56 per share over the preceding five sessions.
Zheneng Jinjiang Environment bought back 0.5 million shares at an average price of S$0.34 per share.
The current mandate has seen the waste-to-energy provider purchase 0.17 per cent of its issued shares (excluding treasury shares) since May 31.
Leading the net institutional inflow over the five sessions were Singapore Exchange, UOB, Sats, Singtel, Thai Beverage, Silverlake Axis, Jardine Cycle & Carriage, Frasers Logistics & Commercial Trust, ComfortDelGro Corporation and Suntec Reit.
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Leading the net institutional outflow were Genting Singapore, CapitaLand Integrated Commercial Trust, Keppel, Jardine Matheson, Hongkong Land, Wilmar International, Keppel Infrastructure Trust, Seatrium, UMS Holdings and Frencken Group.
The five trading sessions also saw more than 80 director interests and substantial shareholdings filed for over 30 primary-listed stocks.
Directors or chief executives filed 19 acquisitions and 10 disposals, while substantial shareholders filed eight purchases and five sales.
Keppel Infrastructure Trust announced that its placement to raise S$200 million was about 2.5 times oversubscribed, attracting interest from both new and existing institutional investors, as well as accredited investors. The placement units are expected to be listed on the SGX on Sep 5 at 9 am.
Hiap Hoe
On Aug 28, Hiap Hoe executive chairman Teo Ho Beng acquired 500,000 shares at an average price of S$0.575 per share.
With a consideration of S$287,500, this increased his total interest in the regional real estate group from 75.18 per cent to 75.29 per cent.
His preceding acquisitions were between Jul 3 and 4, with 500,000 shares bought at an average price of S$0.603 per share.
Teo has more than 40 years of experience in the construction and property industries, and nearly 30 years of experience in the leisure industry.
He is responsible for the formulation of corporate strategies and policies for the group.
Hiap Hoe reported a higher profit before tax of S$11.6 million for its H1FY24 (ended Jun 30), compared to S$1.7 million in H1FY23.
The increase was mainly due to the gain on the disposal of Four Points by Sheraton.
As a result, the H1FY24 profit after tax was recorded at S$1 million, compared to S$0.5 million in H1FY23.
The group said it aims to enhance rental yields and occupancy rates of existing properties to boost recurring income. It also anticipates a more aggressive expansion of the Aloft Singapore hotel business and expects positive contributions from overseas hotels.
Multi-Chem
Between Aug 22 and 28, Multi-Chem CEO Foo Suan Sai sold 171,200 shares at an average price of S$2.83. This decreased his total interest from 68.65 per cent to 68.46 per cent.
It followed disposals at a similar pace over the preceding two weeks at similar prices.
Prior to this, his previous transaction on the open market was an acquisition of 9,900 shares on Jun 13 at an average price of S$2.37 per share.
Foo is one of the founding shareholders of Multi-Chem. He has more than 30 years of experience in the printed circuit board industry.
He is currently responsible for the overall direction and development of the group.
Niks Professional
Between Aug 23 and 27, Niks Professional president and chief medical officer Ong Fung Chin acquired 388,600 shares at an average price of S$0.143 per share.
This increased her total interest in the dermatology and aesthetic medical services provider from 81.40 per cent to 81.70 per cent.
It also raised the deemed interest of chairman and CEO Cheng Shoong Tat, who is Dr Ong’s spouse.
Dr Ong is responsible for the overall strategic direction, management and operation of the family practice’s clinics and retail outlets, including overseeing its overall medical practices, standards and governance.
She is also responsible for product formulation and testing, and product training.
Dr Ong began practising medicine in 1985, initially working in public hospitals and private medical groups. In 1994, she established Maple Clinic, which laid the foundation for the group.
The Catalist-listed stock reported on Aug 9 that its H1FY24 (ended Jun 30) revenue increased by 1.5 per cent compared to H1FY23, to S$5.4 million, driven by sales to new regional agents in China and a new online store in Tmall.
Costs of goods sold amounted to S$0.9 million, while gross profit on product sales was S$3.4 million with a margin of 79.1 per cent.
Profit before income tax was S$1.1 million, down from S$1.4 million in H1FY23, mainly due to increased employee benefits expense and depreciation.
The group has outlined several growth initiatives for FY24, including the addition of Dr Dennis Teng in March 2024 and the opening of a new clinic in Yishun Central on Aug 5.
A new deputy general manager (sales and marketing) joined Niks Professional (Shanghai) in February 2024, focusing on recruiting agents and reviewing current provincial agents to drive higher sales.
ABR Holdings
On Aug 22, ABR Holdings managing director Ang Yee Lim bought 100,000 shares at an average price of S$0.449 per share. This increased his direct interest in the homegrown restaurant operator from 52.20 per cent to 52.25 per cent.
His preceding acquisition was in January with 175,300 shares purchased at S$0.476 per share.
Ang has been managing director of ABR Holdings since July 2004 and sits on the boards of some of the group’s subsidiaries.
He has over 20 years of experience in the food and beverage business and more than 30 years of experience in property development and investment in Singapore, Malaysia, Indonesia and Thailand.
On Aug 13, ABR Holdings reported that for its H1FY24 (ended Jun 30), the group’s revenue increased by 13 per cent to S$64 million compared to S$56.5 million in H1FY23.
This growth was driven by the opening of four new outlets and the closure of two, resulting in a net revenue increase of S$4.4 million, and an improvement in gross profit margin from 40 to 42 per cent.
Despite a decrease in other income and interest income, the group recorded a net profit attributable to owners of the company of S$0.5 million in H1FY24, up from S$0.2 million in H1FY23.
In H1FY24, the food and beverage segment’s profit before tax rose to S$1.5 million from S$1.1 million in H1FY23, driven by higher revenue and improved margins.
The group noted that despite challenging market conditions, it remains resilient and proactive by focusing on cost management, innovation, and customer satisfaction, and will continue to explore new concepts and pursue expansion opportunities.
It added that the initiatives will drive future revenue growth and enhance the competitiveness of the group.
In FY23, the group’s new offerings included the Swensen’s Ice Cream ‘Nuggets’ and the new brands MoreBatter and Restaurant Fiz.
The property investments segment reported a profit before tax of S$0.6 million, reversing a S$0.6 million loss in H1FY23, thanks to the Baywind Residences joint venture.
However, the “others” segment saw a higher loss of S$1.2 million compared to S$0.2 million in H1FY23, mainly due to lower investment gains.
ValueMax Group
Between Aug 23 and 27, ValueMax Group executive chairman Yeah Hiang Nam bought 251,400 shares at S$0.45 per share.
This increased his total interest in the pawnbroking, moneylending, and retail and gold and jewellery trading business, from 85.16 per cent to 85.19 per cent.
It followed his acquisition of 928,300 shares at an average price of S$0.441 per share between Aug 14 and 19.
Yeah is the founder of the company and is responsible for leading the board’s focus on strategic matters.
He has over 50 years of experience dealing with gold and jewellery and more than 30 years in the pawnbroking industry.
The writer is the market strategist at the Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research
