ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a>, <a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFC Indonesia (NFCX IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a>, <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>, and <a href="https://www.smartkarma.com/entities/aapico-hitech-pcl" target="_blank" data-smartkarma-citation="entities:14293:1" rel="noopener">Aapico Hitech (AH TB)</a>.</li>
<li>There was also an insight on Indonesian macro and insights on <a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>, <a href="https://www.smartkarma.com/entities/saigon-beer-alcohol-beverage" target="_blank" data-smartkarma-citation="entities:23645:1" rel="noopener">Saigon Beer Alcohol Beverage (SAB VN)</a>, and the introduction of Thai SDRs in Singapore.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Mitra Keluarga Karyasehat Tbk (MIKA IJ), NFC Indonesia (NFCX IJ), BFI Finance Indonesia (BFIN IJ), Challenger Technologies (CHLG SP), and Aapico Hitech (AH TB).
There was also an insight on Indonesian macro and insights on PT Avia Avian (AVIA IJ), Saigon Beer Alcohol Beverage (SAB VN), and the introduction of Thai SDRs in Singapore.


The Week That Was in ASEAN@Smartkarma - Mitra Keluarga's Growth, NFCX Leads in 2W EVs and BFIN's Era

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Consumer electronics retailer <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a> has announced a voluntary unconditional cash offer of S$0.56/share. The Offer price has not been declared final.
</li>
<li>The Offeror is led by Dymon Asia Private Equity and Challenger's CEO Loo Leong Thye, who collectively hold 54.37%. </li>
<li>Including other Loo family members and additional irrevocables, there is a high probability Challenger breaches the public float at the conclusion of the offer and be suspended. </li>
</ul>


Consumer electronics retailer Challenger Technologies (CHLG SP) has announced a voluntary unconditional cash offer of S$0.56/share. The Offer price has not been declared final.

The Offeror is led by Dymon Asia Private Equity and Challenger's CEO Loo Leong Thye, who collectively hold 54.37%. 
Including other Loo family members and additional irrevocables, there is a high probability Challenger breaches the public float at the conclusion of the offer and be suspended. 


Challenger Tech's Derisory Unconditional Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a> has disclosed a voluntary unconditional offer from Dymon Asia and the Loo Family at S$0.56 per share, a 1.8% premium to the undisturbed price (29 May). </li>
<li>The little to no offer premium will leave minorities aggrieved. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 31.3%. The offer has not been declared final.</li>
<li>The offer is set to follow the recent SGX voluntary unconditional offer playbook – a lowball offer followed by declaring the offer final after a cursory bump.</li>
</ul>



Challenger Technologies (CHLG SP) has disclosed a voluntary unconditional offer from Dymon Asia and the Loo Family at S$0.56 per share, a 1.8% premium to the undisturbed price (29 May). 
The little to no offer premium will leave minorities aggrieved. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 31.3%. The offer has not been declared final.
The offer is set to follow the recent SGX voluntary unconditional offer playbook – a lowball offer followed by declaring the offer final after a cursory bump.


Challenger Technologies (CHLG SP): Loo Family/Dymon Asia’s Skinny Unconditional S$0.56 Offer

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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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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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

Singapore

Second Chance Properties Limited is a wholesaler and retailer of ready-made garments. The Group also retails gold, jewelry and tidbits, and invests in properties.

Moneymax Financial Services Ltd. provides financial services through pawnbroking, retailing and trading of pre-owned jewelry and watches. The Company owns and operates stores throughout Singapore.

Duty Free International Ltd. operates a chain of duty-free retail shops. The Company offers offers international travelers a way to save money on a diverse array of merchandise, from high-end jewellery to premium liquor.

Eurosports Global Ltd specializes in the business of distribution of ultra-luxury and luxury automobiles and provision of after-sales services.

Noel Gifts International Limited markets gifts, develops and invests in properties, and operates a franchise program. The Company also sells hampers, flowers, and souvenirs.

FJ Benjamin Holdings Limited imports, exports, licenses, distributes, and retails consumer fashion wear and accessories, household furnishings, timepieces, and eyewear.

TT International Limited trades, imports, exports, distributes, wholesales, and retails electrical and electronics products, general consumer goods, and sports goods.  The Company also owns and operates warehouse facilities and provides third party warehousing and logistics services.

Cortina Holdings Limited retails and distributes luxury watches in the Asia Pacific region.  The Company also trades, imports, and exports pens, lighters, and clocks.

Isetan (Singapore) Limited operates department stores and trades general merchandise with wholesale and retail operations.

YHI International Limited distributes automotive products comprising tires, alloy wheels, automotive batteries and related products.  The Company also designs, develops, and manufactures alloy wheels.

Kathmandu Holdings Ltd. provides clothing and equipment for the travel and adventure market. The Company operates retail locations throughout Australia and New Zealand.

Tilly's Inc. offers online apparel. The Company distributes t-shirts, sweatshirts, jackets, shorts, pants, jeans, sweaters, swimwear, shoes and accessories for men, women, and kids through its website.

SAC'S BAR HOLDINGS INC. retails women's leather handbags through chain stores mainly in Kanto area.  The Company also sells sundry goods made of leather. Tokyo Derica also designs and sells own brand goods.  Tokyo Derica also operates real estate business.

Formosa Optical Technology Co., Ltd. manufactures and markets eye glasses.

Hallenstein Glasson Holdings Limited owns and operates retail stores that sell men's, women's, and young men's apparel products and sportswear. The stores are located throughout New Zealand and Australia.

Glorious Sun Enterprises Limited, through its subsidiaries, retails and exports casual wear apparel.  The Company also manufactures casual wear products and trades fabric.

HARD OFF CORPORATION Co., Ltd. operates a chain of secondhand goods stores based in Niigata.  The Company buys and sells PCs, audio & visual products, cameras, musical instruments, watches, CDs, and game software.  HARD OFF operates its own stores and also franchise stores.

Singer Thailand Public Company Limited assembles and distributes Singer brand household appliances such as sewing machines, refrigerators, televisions, washing machines, stereos, VCRs and gas stoves.  The Company has its own retail network and offers installment financing to its customers.

Citi Trends Inc., is a value-priced retailer of urban fashion apparel and accessories for the entire family.  The Company offers quality, branded merchandise for men, women, and children including products from nationally recognized brands.

CIMA Co., Ltd. sells primarily bridal diamond rings and jewelry.  The Company has its own brands such as Ginza Diamond Shiraishi, Exelco Diamond, and White Bell.  The Company procures diamonds from Israel.

Challenger Technologies Limited operates superstore retails and small outlet retails. The Company sells information technology products and provides services related to its products. Through its subsidiary, the Company also supplies and installs electronic signage for buildings, business premises and promotional events.

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Challenger Technologies (CHLG SP)

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