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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>/BPL has disclosed a voluntary unconditional offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).</li>
<li>The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.</li>
<li>As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.</li>
</ul>



Boustead Projects (BOCJ SP)/BPL has disclosed a voluntary unconditional offer from Boustead Singapore Limited (BOCS SP) at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).
The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.
As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.


Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

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

<ul><li>Technology Stocks have been among the weakest performing stocks across the globe so far this year, while still maintaining the strongest stock returns since the end of 2019.</li><li>Similarly, in Singapore, the 10 most traded stocks relevant to the Technology Sector have averaged 33% declines in total return this year, bringing the average total return of the eight stocks listed for the full period from the end of 2019 to 68%.</li><li>Last week Singapore’s 10 most traded Technology-related stocks averaged double-digit declines, with iFAST Corporation and Silverlake Axis the most defensive of the 10 stocks, averaging 4% declines, while AEM Holdings and UMS Holdings averaged 22% declines.</li></ul>

Technology Stocks have been among the weakest performing stocks across the globe so far this year, while still maintaining the strongest stock returns since the end of 2019.Similarly, in Singapore, the 10 most traded stocks relevant to the Technology Sector have averaged 33% declines in total return this year, bringing the average total return of the eight stocks listed for the full period from the end of 2019 to 68%.Last week Singapore’s 10 most traded Technology-related stocks averaged double-digit declines, with iFAST Corporation and Silverlake Axis the most defensive of the 10 stocks, averaging 4% declines, while AEM Holdings and UMS Holdings averaged 22% declines.

Technology Stocks Take Spotlight on US Trade Policy & Growth Outlook 

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FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.3 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$111 million of net outflows, following on from S$65 million of net inflow for the preceding 5 sessions. Singapore Telecommunications, CapitaLand Integrated Commercial Trust, Oversea-Chinese Banking Corporation, Yangzijiang Financial Holding and Wilmar International led the net institutional outflows for the 5 sessions through to Jul 28.  Meanwhile, Yangzijiang Shipbuilding (Holdings), Mapletree Industrial Trust, AEM Holdings, Genting Singapore and Frasers Logistic &amp; Commercial Trust led the net institutional inflows for the 5 sessions through to Jul 28.

Share buybacks

There were 8 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 28, with a total consideration of S$1.2 million, a similar pace to the S$1.7 million filed for the preceding 5 sessions. iFAST Corporation, The Hour Glass and Valuetronics Holdings led the consideration tally. iFAST Corporation’s buyback of 106,900 shares on Jul 25 at an average price of S$3.75 per share was the company’s second filed buyback on the current mandate, with the preceding buyback of 400,000 shares on Apr 26. The previous buyback mandate saw iFAST Corporation buy back 0.22 per cent of its issued shares (excluding treasury shares). Meanwhile, The Hour Glass has bought back 3.49 per cent of its shares on the current buyback mandate through to Jul 28. Its buybacks between Jul 24 and 26 were conducted at an average price of S$2.15 per share. For its FY22 (ended Mar 31), The Hour Glass recorded a robust 39 per cent increase in sales to S$1.03 billion, which resulted in its after-tax profit rising by 86 per cent to S$157.0 million. The group believes that demand momentum will remain buoyant and continues its focus on organic development throughout the Asia-Pacific region.

Director and substantial shareholder transactions 

The 5 trading sessions saw over 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 6 company director acquisitions with no disposals filed, while substantial shareholders filed 9 acquisitions and 5 disposals.

iFAST Corporation

On Jul 26, iFAST Corporation chairman and chief executive officer Lim Chung Chun acquired 34,100 shares of the company for a consideration of S$129,474. At an average price of S$3.80 per share, the acquisition took his total interest from 20.30 per cent to 20.31 per cent. His preceding acquisitions included 60,000 shares at S$4.69 per share on Apr 27, and 50,000 shares at S$5.96 per share on Feb 15.

On Jul 23, iFAST Corporation reported its net revenue for Q2 2022 grew 13.3 per cent year on year to S$29.86 million, despite the group noting global financial markets had gone through a very difficult period. The Q2 2022 net revenue included an initial contribution of S$3.92 million from iFAST Global Bank in the UK. iFAST Corporation is a wealth management fintech platform, with assets under administration of S$17.68 billion as of 30 Jun, 2022. The main business divisions of the group include the business-to-consumer (B2C) division, the business-to-business (B2B) division, and the fintech solutions/business-to-business-to-consumer model. Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001. He subsequently led the company’s regional expansion efforts, extending iFAST Corporation’s presence beyond Singapore to Hong Kong, Malaysia, China and India, building a well-established fintech ecosystem across the 5 markets.

Tung Lok Restaurants (2000)

Between Jul 21 and 26, Tung Lok Restaurants (2000) non-executive director Sam Goi Seng Hui acquired 97,600 shares of the company at 11.5 cents per share. With a consideration of S$11,217, this took Goi’s total interest in the award-winning restaurateur from 19.77 per cent to 19.80 per cent.

Goi is also the executive chairman of Tee Yih Jia Food Manufacturing, mainboard-listed GSH Corporation, PSC Corporation and Tat Seng Packaging Group.  He is also the vice-chairman of mainboard-listed Envictus International Holdings and JB Foods.

Tung Lok Restaurants (2000) currently operates 34 outlets of which 25 are directly owned, 3 are held by its associates and 6 others are under license/franchise. These restaurants are spread across Singapore, Indonesia, Japan, Vietnam and the Philippines, with the group’s business predominantly based in Singapore. While consolidating its outlet portfolio, the group has also been focusing its efforts to accelerate its digital transformation initiatives to streamline and optimise internal operational processes to improve productivity. Some digital solutions adopted in its FY22 (ended Mar 31) included virtual queuing systems, robot waiters, mobile ordering systems and voucher management systems. 
 

Inside Insights is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/ifast-leads-buybacks-as-chairman-also-adds-to-stake">read</a> the original version
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    Share Buybacks


FOR the 5 trading sessions that spanned Jul 22 to 28, the Straits Times Index (STI) gained 2.2 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.3 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$111 million of net outflows, following on from S$65 million of net inflow for the preceding 5 sessions. Singapore Telecommunications, CapitaLand Integrated Commercial Trust, Oversea-Chinese Banking Corporation, Yangzijiang Financial Holding and Wilmar International led the net institutional outflows for the 5 sessions through to Jul 28.  Meanwhile, Yangzijiang Shipbuilding (Holdings), Mapletree Industrial Trust, AEM Holdings, Genting Singapore and Frasers Logistic &amp; Commercial Trust led the net institutional inflows for the 5 sessions through to Jul 28.

Share buybacks

There were 8 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 28, with a total consideration of S$1.2 million, a similar pace to the S$1.7 million filed for the preceding 5 sessions. iFAST Corporation, The Hour Glass and Valuetronics Holdings led the consideration tally. iFAST Corporation’s buyback of 106,900 shares on Jul 25 at an average price of S$3.75 per share was the company’s second filed buyback on the current mandate, with the preceding buyback of 400,000 shares on Apr 26. The previous buyback mandate saw iFAST Corporation buy back 0.22 per cent of its issued shares (excluding treasury shares). Meanwhile, The Hour Glass has bought back 3.49 per cent of its shares on the current buyback mandate through to Jul 28. Its buybacks between Jul 24 and 26 were conducted at an average price of S$2.15 per share. For its FY22 (ended Mar 31), The Hour Glass recorded a robust 39 per cent increase in sales to S$1.03 billion, which resulted in its after-tax profit rising by 86 per cent to S$157.0 million. The group believes that demand momentum will remain buoyant and continues its focus on organic development throughout the Asia-Pacific region.

Director and substantial shareholder transactions 

The 5 trading sessions saw over 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 6 company director acquisitions with no disposals filed, while substantial shareholders filed 9 acquisitions and 5 disposals.

iFAST Corporation

On Jul 26, iFAST Corporation chairman and chief executive officer Lim Chung Chun acquired 34,100 shares of the company for a consideration of S$129,474. At an average price of S$3.80 per share, the acquisition took his total interest from 20.30 per cent to 20.31 per cent. His preceding acquisitions included 60,000 shares at S$4.69 per share on Apr 27, and 50,000 shares at S$5.96 per share on Feb 15.

On Jul 23, iFAST Corporation reported its net revenue for Q2 2022 grew 13.3 per cent year on year to S$29.86 million, despite the group noting global financial markets had gone through a very difficult period. The Q2 2022 net revenue included an initial contribution of S$3.92 million from iFAST Global Bank in the UK. iFAST Corporation is a wealth management fintech platform, with assets under administration of S$17.68 billion as of 30 Jun, 2022. The main business divisions of the group include the business-to-consumer (B2C) division, the business-to-business (B2B) division, and the fintech solutions/business-to-business-to-consumer model. Lim co-founded the company with the launch of its B2C division Fundsupermart.com in Singapore in 2000, following which the B2B division iFAST Financial was launched in 2001. He subsequently led the company’s regional expansion efforts, extending iFAST Corporation’s presence beyond Singapore to Hong Kong, Malaysia, China and India, building a well-established fintech ecosystem across the 5 markets.

Tung Lok Restaurants (2000)

Between Jul 21 and 26, Tung Lok Restaurants (2000) non-executive director Sam Goi Seng Hui acquired 97,600 shares of the company at 11.5 cents per share. With a consideration of S$11,217, this took Goi’s total interest in the award-winning restaurateur from 19.77 per cent to 19.80 per cent.

Goi is also the executive chairman of Tee Yih Jia Food Manufacturing, mainboard-listed GSH Corporation, PSC Corporation and Tat Seng Packaging Group.  He is also the vice-chairman of mainboard-listed Envictus International Holdings and JB Foods.

Tung Lok Restaurants (2000) currently operates 34 outlets of which 25 are directly owned, 3 are held by its associates and 6 others are under license/franchise. These restaurants are spread across Singapore, Indonesia, Japan, Vietnam and the Philippines, with the group’s business predominantly based in Singapore. While consolidating its outlet portfolio, the group has also been focusing its efforts to accelerate its digital transformation initiatives to streamline and optimise internal operational processes to improve productivity. Some digital solutions adopted in its FY22 (ended Mar 31) included virtual queuing systems, robot waiters, mobile ordering systems and voucher management systems. 
 

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



iFAST leads buybacks, as chairman also adds to stake 

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For the 5 trading sessions that spanned May 6 to 12, the Straits Times Index (STI) declined 5.3 per cent, with the FTSE China A50 Index declining 3.4 per cent, the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI dipping 2.6 per cent. 

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$145 million of net outflow, following S$67 million of net inflow for the preceding 5 sessions. 
DBS Group Holdings, UOB, Singapore Airlines, Yangzijiang Financial Holdings and Thai Beverage led the net institutional outflows for the 5 sessions through to May 12. Meanwhile, Singapore Telecommunications, OCBC, CapitaLand Investment, Venture Corporation and ST Engineering led the net institutional inflows for the 5 sessions. Overall, the net institutional inflows into Singapore stocks in the 2022 year to May 12 totalled S$307 million. Share buybacks

There were 15 primary-listed stocks conducting share buybacks over the 5 sessions ended May 12, with a total consideration of S$122.8 million, significantly higher than the S$44.5 million for the preceding 5 sessions.

CapitaLand Investment bought back 10 million shares at an average price of S$3.79 per share.

This represented 0.19 per cent of its issued shares (excluding treasury shares), with the buyback conducted in the session immediately after the leading global real estate investment manager provided a March quarter business update. 
For the quarter, CapitaLand Investment reported Q1 FY22 revenue increased 16 per cent year on year to S$598 million on growth in the fund management and lodging management segments, in addition to disciplined capital management. Director and substantial shareholder transactions 
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for more than 40 primary-listed stocks. This included 21 company director acquisitions with no disposals filed, while substantial shareholders filed 12 acquisitions and 2 disposals. UOL Group 
Between May 10 and 11, Wee Investments acquired 500,000 shares of the company at an average price of S$6.99 per share. This took the total interest of UOL Group chairman Wee Cho Yaw in the company from 38.24 per cent to 38.29 per cent. The preceding acquisitions by Wee Investments were on Mar 8 with 899,200 shares acquired at S$6.80 per share, and Mar 7 with 964,000 shares acquired at S$6.85 per share.  
At the annual general meeting held on Apr 27, UOL Group’s CEO Liam Wee Sin maintained that with Singapore decisively moving from the pandemic to the endemic stage, he was cautiously optimistic that the company would emerge stronger from the pandemic with the opening of borders. He added that Singapore’s reconnection with the world would help to restore consumer confidence and give a much-needed boost to the businesses, in particular, the tourism/hospitality sector.  Liam also maintained that the company would continue to pursue asset enhancement initiatives for its investment portfolio while leveraging on its domain knowledge to deliver strong product offerings for residential projects. Challenger Technologies 
Between May 6 and 9, Challenger Technologies executive director and CEO Loo Leong Thye increased his deemed interest in the company, with his spouse Ong Sock Hwee acquiring 863,200 shares. The shares were acquired for a consideration of S$485,811 at an average price of 56.3 cents per share. This increased Loo’s total interest in Challenger Technologies from 47.11 per cent to 47.32 per cent 
Loo is responsible for the overall management of the group. He also charts the corporate directions, strategies and policies and grew the business operations of the group in 1982 from a sole proprietorship, to its present scale. Last year the group incorporated a few subsidiaries under its wholly-owned Challenge Ventures. At the beginning of 2022, 2 of these subsidiaries turned operational. Kingdom Technologies, a builder of customised personal computers, sells its products exclusively online under the Kingdom brand name. The second subsidiary is ITEZ.SG, is an online platform that offers affordable IT equipment rental on a subscription format. Bonvests Holdings 
Between May 6 and 10, Bonvests Holdings executive chairman and managing director Henry Ngo acquired 167,200 shares of the company for a consideration of S$158,340, at an average price of 94.7 cents per share. The acquisition was made though Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.73 per cent to 83.77 per cent. His preceding acquisitions were between Mar 7 and 8, with 40,700 shares acquired at 92.0 cents per share. 
Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group, with Bonvests establishing itself as an experienced player in the property leasing and management industry for more than 30 years. The group’s revenue increased by 11.5 per cent to S$134.4 million in 2021 from S$120.6 million in 2020, mainly due to higher revenue from the hotel division. Tai Sin Electric 
Between May 4 and 10, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock’s deemed interest increased in the company by 500,000 shares at 39.0 cents per share. This was due to acquisitions made by both his spouse and daughter. With a consideration of S$195,000 the acquisitions took his total interest in the company from 17.38 per cent to 17.49 per cent. This followed his acquisition of 115,300 shares in his own name at 39.0 cents per share on Mar 23. 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.   iFAST Corporation 
On May 11, iFAST Corporation independent director Kok Chee Wai acquired 20,000 shares of the company at S$4.69 per share. With a consideration of S$93,795, this increased his deemed interest in the wealth management Fintech platform from 0.51 per cent to 0.52 per cent. Kok has been a partner in Allen &amp; Gledhill LLP since 1998, where he is currently the co-head of the firm’s financial services department, regional energy, infrastructure &amp; projects practice, and banking &amp; finance practice. He has broad and deep experience in domestic and international financing, and general banking and finance practice includes acting for lenders and major corporates on domestic and cross-border syndicated loans, structured and acquisition financing and debt restructuring. JB Foods 
On May 9, JB Foods executive director and CEO Tey How Keong acquired 97,000 shares of the company for a consideration of S$48,015. At 49.5 cents per share, this increased his total interest in JB Foods from 46.81 per cent to 46.84 per cent. This followed his acquisitions of 82,000 shares at 49.0 cents per share on Apr 29, 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. JB Foods core business is in the production and sale of cocoa ingredient products, with Tey responsible for the overall strategic, management and business development of the group. He has over 25 years of experience in the cocoa business. Q&amp;M Dental Group (Singapore) 
On May 12, Q &amp; M Dental Group (Singapore) independent non-executive director Harry Ng Weng Sui acquired 70,000 shares of the company for a consideration of S$34,500, at 49.3 cents per share. This increased his total interest in the private dental healthcare group from 0.04 per cent to 0.05 per cent. Similarly, on May 14, 2021, Ng acquired 60,000 shares of the company, at 63.0 cents per share. Lendlease Global Commercial REIT 
On May 6, Lendlease Global Commercial Trust Management independent non-executive director Simon John Perrott acquired 30,800 units of Lendlease Global Commercial Reit for a consideration of S$24,640. At 80.0 cents per unit, this took his direct interest to 114,650 units. Perrott was previously the chairman of CIMB Bank Australia from 2012 to 2014 and the chairman of RBS Australia from 2009 to 2012. From 2002 to 2009, he held various roles in ABN AMRO Bank where his last held role was co-head of banking. 
In April, Lendlease Global Commercial Trust Management completed the acquisition of a 100 per cent direct interest in Jem, with the manager maintaining that the enlarged portfolio with high-quality tenants such as the Ministry of National Development, IKEA and NTUC FairPrice Extra provides strong and stable cashflow for unitholders. Oxley Holdings 
Between May 9 and 10, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at an average price of 17.8 cents per share. With a consideration of S$17,750, this increased his direct interest in Oxley Holdings from 28.12 per cent to 28.13 per cent. Low is responsible for the operation of the group including sales and marketing, project development, business development and financial management. Low also assists the CEO in charting and executing the strategic plans for the group. Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/hong-fok-continues-buybacks-as-joint-ceo-raises-stake-0"> </a><a href="https://www.businesstimes.com.sg/companies-markets/cli-leads-buyback-tally-wee-investments-ups-uol-stake">read</a><a href="https://www.businesstimes.com.sg/companies-markets/wilmar-leads-buyback-tally-yzjfh-directors-acquire-shares"> </a>the original version.
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    Share buyback


For the 5 trading sessions that spanned May 6 to 12, the Straits Times Index (STI) declined 5.3 per cent, with the FTSE China A50 Index declining 3.4 per cent, the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI dipping 2.6 per cent. 

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$145 million of net outflow, following S$67 million of net inflow for the preceding 5 sessions.  
DBS Group Holdings, UOB, Singapore Airlines, Yangzijiang Financial Holdings and Thai Beverage led the net institutional outflows for the 5 sessions through to May 12. Meanwhile, Singapore Telecommunications, OCBC, CapitaLand Investment, Venture Corporation and ST Engineering led the net institutional inflows for the 5 sessions. Overall, the net institutional inflows into Singapore stocks in the 2022 year to May 12 totalled S$307 million.  Share buybacks

There were 15 primary-listed stocks conducting share buybacks over the 5 sessions ended May 12, with a total consideration of S$122.8 million, significantly higher than the S$44.5 million for the preceding 5 sessions.

CapitaLand Investment bought back 10 million shares at an average price of S$3.79 per share.

This represented 0.19 per cent of its issued shares (excluding treasury shares), with the buyback conducted in the session immediately after the leading global real estate investment manager provided a March quarter business update.  
For the quarter, CapitaLand Investment reported Q1 FY22 revenue increased 16 per cent year on year to S$598 million on growth in the fund management and lodging management segments, in addition to disciplined capital management.  Director and substantial shareholder transactions  
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for more than 40 primary-listed stocks. This included 21 company director acquisitions with no disposals filed, while substantial shareholders filed 12 acquisitions and 2 disposals.  UOL Group  
Between May 10 and 11, Wee Investments acquired 500,000 shares of the company at an average price of S$6.99 per share. This took the total interest of UOL Group chairman Wee Cho Yaw in the company from 38.24 per cent to 38.29 per cent. The preceding acquisitions by Wee Investments were on Mar 8 with 899,200 shares acquired at S$6.80 per share, and Mar 7 with 964,000 shares acquired at S$6.85 per share.   
At the annual general meeting held on Apr 27, UOL Group’s CEO Liam Wee Sin maintained that with Singapore decisively moving from the pandemic to the endemic stage, he was cautiously optimistic that the company would emerge stronger from the pandemic with the opening of borders. He added that Singapore’s reconnection with the world would help to restore consumer confidence and give a much-needed boost to the businesses, in particular, the tourism/hospitality sector.  Liam also maintained that the company would continue to pursue asset enhancement initiatives for its investment portfolio while leveraging on its domain knowledge to deliver strong product offerings for residential projects.  Challenger Technologies  
Between May 6 and 9, Challenger Technologies executive director and CEO Loo Leong Thye increased his deemed interest in the company, with his spouse Ong Sock Hwee acquiring 863,200 shares. The shares were acquired for a consideration of S$485,811 at an average price of 56.3 cents per share. This increased Loo’s total interest in Challenger Technologies from 47.11 per cent to 47.32 per cent  
Loo is responsible for the overall management of the group. He also charts the corporate directions, strategies and policies and grew the business operations of the group in 1982 from a sole proprietorship, to its present scale. Last year the group incorporated a few subsidiaries under its wholly-owned Challenge Ventures. At the beginning of 2022, 2 of these subsidiaries turned operational. Kingdom Technologies, a builder of customised personal computers, sells its products exclusively online under the Kingdom brand name. The second subsidiary is ITEZ.SG, is an online platform that offers affordable IT equipment rental on a subscription format.  Bonvests Holdings  
Between May 6 and 10, Bonvests Holdings executive chairman and managing director Henry Ngo acquired 167,200 shares of the company for a consideration of S$158,340, at an average price of 94.7 cents per share. The acquisition was made though Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.73 per cent to 83.77 per cent. His preceding acquisitions were between Mar 7 and 8, with 40,700 shares acquired at 92.0 cents per share.  
Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group, with Bonvests establishing itself as an experienced player in the property leasing and management industry for more than 30 years. The group’s revenue increased by 11.5 per cent to S$134.4 million in 2021 from S$120.6 million in 2020, mainly due to higher revenue from the hotel division.  Tai Sin Electric  
Between May 4 and 10, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock’s deemed interest increased in the company by 500,000 shares at 39.0 cents per share. This was due to acquisitions made by both his spouse and daughter. With a consideration of S$195,000 the acquisitions took his total interest in the company from 17.38 per cent to 17.49 per cent. This followed his acquisition of 115,300 shares in his own name at 39.0 cents per share on Mar 23. 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.    iFAST Corporation  
On May 11, iFAST Corporation independent director Kok Chee Wai acquired 20,000 shares of the company at S$4.69 per share. With a consideration of S$93,795, this increased his deemed interest in the wealth management Fintech platform from 0.51 per cent to 0.52 per cent. Kok has been a partner in Allen &amp; Gledhill LLP since 1998, where he is currently the co-head of the firm’s financial services department, regional energy, infrastructure &amp; projects practice, and banking &amp; finance practice. He has broad and deep experience in domestic and international financing, and general banking and finance practice includes acting for lenders and major corporates on domestic and cross-border syndicated loans, structured and acquisition financing and debt restructuring.  JB Foods  
On May 9, JB Foods executive director and CEO Tey How Keong acquired 97,000 shares of the company for a consideration of S$48,015. At 49.5 cents per share, this increased his total interest in JB Foods from 46.81 per cent to 46.84 per cent. This followed his acquisitions of 82,000 shares at 49.0 cents per share on Apr 29, 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. JB Foods core business is in the production and sale of cocoa ingredient products, with Tey responsible for the overall strategic, management and business development of the group. He has over 25 years of experience in the cocoa business.  Q&amp;M Dental Group (Singapore)  
On May 12, Q &amp; M Dental Group (Singapore) independent non-executive director Harry Ng Weng Sui acquired 70,000 shares of the company for a consideration of S$34,500, at 49.3 cents per share. This increased his total interest in the private dental healthcare group from 0.04 per cent to 0.05 per cent. Similarly, on May 14, 2021, Ng acquired 60,000 shares of the company, at 63.0 cents per share.  Lendlease Global Commercial REIT  
On May 6, Lendlease Global Commercial Trust Management independent non-executive director Simon John Perrott acquired 30,800 units of Lendlease Global Commercial Reit for a consideration of S$24,640. At 80.0 cents per unit, this took his direct interest to 114,650 units. Perrott was previously the chairman of CIMB Bank Australia from 2012 to 2014 and the chairman of RBS Australia from 2009 to 2012. From 2002 to 2009, he held various roles in ABN AMRO Bank where his last held role was co-head of banking.  
In April, Lendlease Global Commercial Trust Management completed the acquisition of a 100 per cent direct interest in Jem, with the manager maintaining that the enlarged portfolio with high-quality tenants such as the Ministry of National Development, IKEA and NTUC FairPrice Extra provides strong and stable cashflow for unitholders.  Oxley Holdings  
Between May 9 and 10, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at an average price of 17.8 cents per share. With a consideration of S$17,750, this increased his direct interest in Oxley Holdings from 28.12 per cent to 28.13 per cent. Low is responsible for the operation of the group including sales and marketing, project development, business development and financial management. Low also assists the CEO in charting and executing the strategic plans for the group.  Inside Insights is a weekly column on The Business Times, read the original version.



CLI leads buyback tally, Wee Investments ups UOL stake

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>On 7 January 2022, iFAST (IFAST SP) announced its planned acquisition of BFC Bank, a fully licensed UK bank, from Bahrain based group BFC Group for £40 million investment sum</li>
<li>The acquisition, which enables the group to add a full service bank to its fintech eco-system, is part of IFAST's 5 year plan to have a global business model</li>
<li>We highlight the key terms of the transaction and associated balance sheet impact with respect to post acquisition capital structure and asset performance</li>
</ul>


On 7 January 2022, iFAST (IFAST SP) announced its planned acquisition of BFC Bank, a fully licensed UK bank, from Bahrain based group BFC Group for £40 million investment sum
The acquisition, which enables the group to add a full service bank to its fintech eco-system, is part of IFAST's 5 year plan to have a global business model
We highlight the key terms of the transaction and associated balance sheet impact with respect to post acquisition capital structure and asset performance


Digital Bank Ambitions - IFast (IFast SP)'s Acquisition of BFC Bank and Balance Sheet Implications

Singapore

Silverlake Axis Limited provides customized software solutions. The Company provides digital economy software solutions and services to the banking, insurance, payment, retail and logistics industries.

IGG Inc. is an online games developer and operator. The Company offers multi-language browser games, client-based games and mobile games to players globally.

CSE Global Limited provides systems integration and information technology solutions, computer network systems, and industrial automation.  The Company also designs, manufactures, and installs management information systems. CSE Global develops, manufactures, and sells electronic and micro processor monitoring equipment.

UMS Holdings Limited provides equipment manufacturing and engineering services to Original Equipment Manufacturers (OEMs) of semiconductors and related products. The Company manufactures high precision components and complex electromechanical assembly and final testing services. UMS supports the electronic, machine tools and oil and gas industries.

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

GP Industries Limited develops, manufactures, and markets electronics, batteries and electrical installation products.  The Company also manufactures and markets wire harness and cables, automotive electronics, specialty electronics, parts and components, and loudspeakers.

Valuetronics Holdings Ltd. offers original equipment manufacturing and original design manufacturing services.  The Company serves customers in the telecommunications, industrial, commercial electronic products, and consumer electronic products industries.

Multi-Chem Limited provides printed circuit boards (PCB) manufacturing services, mainly precision drilling services to PCB fabricators.  The Company also distributes specialty chemicals and other related products and equipment to PCB fabricators.

Micro-Mechanics Holdings Limited designs and manufactures precision tools.  The Company also provides effective solutions and total support services to its customers.

Chuan Hup Holdings Limited is an investment holding company with a diversified portfolio of core investments in industries in relation to electronics manufacturing services, offshore support services to the oil and gas industry and property development.

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

mixi, Inc. operates community style website, mixi.  The Company sells advertising spaces on its website.  mixi also runs online recruiting services for IT related positions.

Beijing TRS Information Technology Company Limited develops and markets software and technology services for unstructured data management. The Company provides software products that are enterprise search, content management and text mining.

Just Dial Ltd. operates a local search engine that provides comprehensive updated information. The Company offers a search engine that includes a variety of categories such as movies, hotels and resorts, taxis and car rentals, insurance, bars, and nightclubs. Just Dial markets its search engine to users throughout India.

Shutterstock Inc. operates a global marketplace for commercial digital imagery. The Company's online marketplace provides a freely searchable library of commercial digital images that our users can pay to license, download and incorporate into their work.

GMO Internet, Inc. provides internet related services to its corporate customers. The company offers domain, server, security and settlement services through its "WEB Infrastructure & EC" business, and assists companies in attracting web users through its "Internet Media" business.

Beijing Sinnet Technology Company Limited provides customers with broadband access services, IDC and its value-added services, and other internet integrated services. The Company's core business are broadband access services, IDC and its value-added services.

Moneysupermarket.com Group Plc operates finance and travel price comparison websites.

INESA Intelligent Tech Inc. operates in the IT industry. The Company designs and manages cloud servers and big data applications for businesses. INESA Intelligent also manufactures electronic components.

Cars.com Inc. operates an online automotive platform. The Company offers new and used vehicle listings, expert and consumer reviews, research tools, and other information which helps shoppers to buy, sell, and service their vehicles. Cars.com serves customers in the United States.

iFast Corporation Ltd. operates a funds and investments distribution platform in the Asia Pacific region.

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Digital Bank Ambitions - IFast (IFast SP)'s Acquisition of BFC Bank and Balance Sheet Implications

In Jan 2022, iFAST announced its planned acquisition of BFC Bank. We highlight the key transaction terms and associated balance sheet impact with...

Jason Yap, CFA

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