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

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul><li>REIT Watch - Logistics S-Reits to ride on e-commerce growth With accelerated digital transformation, shifts in consumer trends and a greater focus on supply-chain resilience, the global logistics industry remains central to the rapid growth of e-commerce.</li><li>MLT expects that the acceleration of e-commerce will continue to drive demand growth for logistics space, particularly modern logistics properties in prime locations.</li></ul>

REIT Watch - Logistics S-Reits to ride on e-commerce growth With accelerated digital transformation, shifts in consumer trends and a greater focus on supply-chain resilience, the global logistics industry remains central to the rapid growth of e-commerce.MLT expects that the acceleration of e-commerce will continue to drive demand growth for logistics space, particularly modern logistics properties in prime locations.

REIT Watch - Logistics S-Reits to ride on e-commerce growth

<ul><li>REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.</li><li>According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.</li></ul>

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.

REIT Watch - S-Reits with Malaysia assets record stronger operating results

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<h3 class="text-h3">#whatstrending feat. Beansprout</h3>

Ever wondered what is currently driving the local and regional markets? #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors. Designed to be educational, expect to get factual information on what is driving sectors and stocks listed on SGX, featuring insights from professionals in the community.

 

Today, we hear more from Beansprout, Singapore’s next-gen investment research and advisory platform. Gerald Wong, founder and CEO, shares his thoughts on market developments.

 

Q: STI reached near 3,200 levels which was not seen since mid-June. What drove the local market last week?

From Gerald, founder and CEO of Beansprout:

Best performing market in Asia Pacific YTD. Last week, the STI gained 2.7% and broke above its recent five-week consolidation. This makes Singapore the best-performing market in Asia Pacific year-to-date with a total return of 4.0%.

Which stocks were trending? According to SGX fund flow data, retail investors were net buyers of Thai Beverage (+$14.7m), Yangzijiang Financial (+$13.1m), and Wilmar International (+$10.8m). On the other hand, institutional investors were net buyers of UOB (+$26.0m), DBS (+$25.0m), and SIA (+$18.5m).

Acceleration in property price increases. Urban Redevelopment Authority (URA) data showed 2Q22 private home prices growing 3.5% (five times the +0.7% in 1Q22), higher than the prior estimate of +3.2%. The strength in the property market was supported by a sharp turnaround in private home prices in the city fringe. Share prices of Singapore property developers reacted positively, with City Developments +2.8%, UOL Group +2.4%, and GuocoLand +1.3%.

Tourist arrivals hit post-pandemic high. There’s good news for Singapore’s tourism industry as tourist arrivals in June reached a new record since the beginning of the Covid-19 pandemic. According to data from the Singapore Tourism Board (STB), 543,732 visitors arrived in Singapore in June, an increase from the 418,458 recorded in May. The share prices of tourism-related stocks rose from the improvement in sentiment. SIA’s share price +3.3%, CDL Hospitality Trusts +4.8%, and Ascott Residence Trust +1.8%.
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 <img src='https://api2.sgx.com/sites/default/files/2022-07/chart%201.PNG' alt='Singapore's tourist arrivals recovering' />
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 <div class='content-caption'>Singapore's tourist arrivals recovering</div>
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Q: Amidst the ongoing earnings season, what were some of the notable company news and announcements last week?

From Gerald, founder and CEO of Beansprout:

There’s never a dull moment in the Singapore market. Last week, we saw notable news on Genting Singapore, Sembcorp Industries, and Mapletree Logistics Trust.

Genting Singapore gets a boost from Las Vegas Sands (LVS). Genting has been in the news a lot recently, but the most recent pop in its share price came through from strong results reported by its peer LVS. Marina Bay Sands saw its 2Q22 EBITDA (earnings before interest, taxes, depreciation and amortisation) almost triple from the previous year, prompting increasing optimism about the recovery of integrated resorts in Singapore.

Sembcorp Industries generated higher profit from increase in electricity prices. Sembcorp Industries issued a positive profit guidance, expecting its earnings for 1H22 to be “materially higher” compared to the previous year. The company attributed the improvement in earnings to higher electricity prices in Singapore and India.
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 <img src='https://api2.sgx.com/sites/default/files/2022-07/chart%202.PNG' alt='Singapore's electricity prices rose in 1H22' />
 </figure>
 <div class='content-caption'>Singapore's electricity prices rose in 1H22</div>
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Mapletree Logistics Trust (MLT) saw stronger regional contribution. MLT reported 1Q23 (1 Apr 2022 to 31 Jun 2022) distribution per unit (DPU) that grew 5% compared to the previous year. Better portfolio performance in Singapore, India, Vietnam, and Japan led to stronger rental reversion of +3.4% in 1Q23, compared to +2.9% in 4Q22.

 

Many Singapore-listed companies will be reporting their earnings this week. Do check out the SGX economic calendar. 
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 <img src='https://api2.sgx.com/sites/default/files/2022-07/25Jul2022_EarningsSchedule.jpg' alt='Economic calendar' />
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 <div class='content-caption'>Economic calendar</div>
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<html><body>For more Beansprout’s Fresh Takes, visit growbeansprout.com.</body></html>



#whatstrending feat. Beansprout

Ever wondered what is currently driving the local and regional markets? #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors. Designed to be educational, expect to get factual information on what is driving sectors and stocks listed on SGX, featuring insights from professionals in the community.

 

Today, we hear more from Beansprout, Singapore’s next-gen investment research and advisory platform. Gerald Wong, founder and CEO, shares his thoughts on market developments.

 

Q: STI reached near 3,200 levels which was not seen since mid-June. What drove the local market last week?

From Gerald, founder and CEO of Beansprout:

Best performing market in Asia Pacific YTD. Last week, the STI gained 2.7% and broke above its recent five-week consolidation. This makes Singapore the best-performing market in Asia Pacific year-to-date with a total return of 4.0%.

Which stocks were trending? According to SGX fund flow data, retail investors were net buyers of Thai Beverage (+$14.7m), Yangzijiang Financial (+$13.1m), and Wilmar International (+$10.8m). On the other hand, institutional investors were net buyers of UOB (+$26.0m), DBS (+$25.0m), and SIA (+$18.5m).

Acceleration in property price increases. Urban Redevelopment Authority (URA) data showed 2Q22 private home prices growing 3.5% (five times the +0.7% in 1Q22), higher than the prior estimate of +3.2%. The strength in the property market was supported by a sharp turnaround in private home prices in the city fringe. Share prices of Singapore property developers reacted positively, with City Developments +2.8%, UOL Group +2.4%, and GuocoLand +1.3%.

Tourist arrivals hit post-pandemic high. There’s good news for Singapore’s tourism industry as tourist arrivals in June reached a new record since the beginning of the Covid-19 pandemic. According to data from the Singapore Tourism Board (STB), 543,732 visitors arrived in Singapore in June, an increase from the 418,458 recorded in May. The share prices of tourism-related stocks rose from the improvement in sentiment. SIA’s share price +3.3%, CDL Hospitality Trusts +4.8%, and Ascott Residence Trust +1.8%.



      
    
    Singapore's tourist arrivals recovering


Q: Amidst the ongoing earnings season, what were some of the notable company news and announcements last week?

From Gerald, founder and CEO of Beansprout:

There’s never a dull moment in the Singapore market. Last week, we saw notable news on Genting Singapore, Sembcorp Industries, and Mapletree Logistics Trust.

Genting Singapore gets a boost from Las Vegas Sands (LVS). Genting has been in the news a lot recently, but the most recent pop in its share price came through from strong results reported by its peer LVS. Marina Bay Sands saw its 2Q22 EBITDA (earnings before interest, taxes, depreciation and amortisation) almost triple from the previous year, prompting increasing optimism about the recovery of integrated resorts in Singapore.

Sembcorp Industries generated higher profit from increase in electricity prices. Sembcorp Industries issued a positive profit guidance, expecting its earnings for 1H22 to be “materially higher” compared to the previous year. The company attributed the improvement in earnings to higher electricity prices in Singapore and India.



      
    
    Singapore's electricity prices rose in 1H22


Mapletree Logistics Trust (MLT) saw stronger regional contribution. MLT reported 1Q23 (1 Apr 2022 to 31 Jun 2022) distribution per unit (DPU) that grew 5% compared to the previous year. Better portfolio performance in Singapore, India, Vietnam, and Japan led to stronger rental reversion of +3.4% in 1Q23, compared to +2.9% in 4Q22.

 

Many Singapore-listed companies will be reporting their earnings this week. Do check out the SGX economic calendar. 



      
    
    Economic calendar

For more Beansprout’s Fresh Takes, visit growbeansprout.com.


What's Trending - Property prices, Tourism recovery, Earnings

Keppel Pacific Oak US REIT / Equity Bottom-Up

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 <img src='https://api2.sgx.com/sites/default/files/2022-07/REIT%20Watch_12Jul.PNG' alt='REIT Watch - SPH Reit kicks off reporting calendar with marked recovery in tenant sales' />
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 <div class='content-caption'>REIT Watch 12 Jul</div>
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Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business updates, with SPH Reit kicking off the current reporting season for the sector with the release of its third-quarter FY2022 business update (ended May 31, 2022) on Jul 7, 2022.

Of the 13, 9 will be reporting first-half financial results for the year, while 3 will be releasing business updates for their respective periods ending Jun 30, 2022.

The rest of the sector will be unveiling dates of their earnings or business updates over the coming weeks.

SPH Reit in its latest Q3 FY2022 business updates announced a distribution per unit (DPU) of 1.45 Singapore cents, which represents a 5.1 per cent year-on-year increase and brings the annualised distribution yield to 5.81 per cent.

Ascribing to high vaccination rates and the ease of safe distancing measures in both Singapore and Australia, SPH Reit highlighted overall improvement in financial performance, with year-to-date Q3 FY2022 gross revenue recording a 0.9 per cent year-on-year increase to S$211.6 million.

Sales for the same period increased by 12 per cent and 2 per cent in Singapore and Australia respectively.

Across SPH Reit’s portfolio, occupancy rate maintained at 97.6 per cent, while weighted average lease expiry (WALE) stood at 5.4 years by net lettable area and 2.9 years by gross rental income.

In Singapore, its Paragon property saw marked recovery following the relaxation of restrictions in March/April 2022 as tenant sales for the quarter grew 45 per cent year-on-year and exceeded pre-Covid levels.

The Clementi Mall recorded a 6.3 per cent improvement in tenant sales supported by strong food and beverage (F&amp;B) performance.

Its Australia properties also observed recovery in tenant sales post the spike in cases earlier this year.

The iEdge S-Reit Index, a benchmark for Singapore Reits, maintained resiliency for H1 2022 with flat total returns, compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/sph-reit-kicks-off-reporting-calendar-with-marked-recovery-in-tenant-sales">read </a>the original version.
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    REIT Watch 12 Jul


Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business updates, with SPH Reit kicking off the current reporting season for the sector with the release of its third-quarter FY2022 business update (ended May 31, 2022) on Jul 7, 2022.

Of the 13, 9 will be reporting first-half financial results for the year, while 3 will be releasing business updates for their respective periods ending Jun 30, 2022.

The rest of the sector will be unveiling dates of their earnings or business updates over the coming weeks.

SPH Reit in its latest Q3 FY2022 business updates announced a distribution per unit (DPU) of 1.45 Singapore cents, which represents a 5.1 per cent year-on-year increase and brings the annualised distribution yield to 5.81 per cent.

Ascribing to high vaccination rates and the ease of safe distancing measures in both Singapore and Australia, SPH Reit highlighted overall improvement in financial performance, with year-to-date Q3 FY2022 gross revenue recording a 0.9 per cent year-on-year increase to S$211.6 million.

Sales for the same period increased by 12 per cent and 2 per cent in Singapore and Australia respectively.

Across SPH Reit’s portfolio, occupancy rate maintained at 97.6 per cent, while weighted average lease expiry (WALE) stood at 5.4 years by net lettable area and 2.9 years by gross rental income.

In Singapore, its Paragon property saw marked recovery following the relaxation of restrictions in March/April 2022 as tenant sales for the quarter grew 45 per cent year-on-year and exceeded pre-Covid levels.

The Clementi Mall recorded a 6.3 per cent improvement in tenant sales supported by strong food and beverage (F&amp;B) performance.

Its Australia properties also observed recovery in tenant sales post the spike in cases earlier this year.

The iEdge S-Reit Index, a benchmark for Singapore Reits, maintained resiliency for H1 2022 with flat total returns, compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent. 

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - SPH Reit kicks off reporting calendar with marked recovery in tenant sales

Jardine Cycle & Carriage / Equity Bottom-Up

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 <img src='https://api2.sgx.com/sites/default/files/2022-07/share%20buybacks_0.PNG' alt='Share Buybacks' />
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 <div class='content-caption'>Share Buybacks</div>
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FOR the 5 trading sessions that spanned Jul 1 to 7, the Straits Times Index (STI) gained 0.9 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.2 per cent and the FTSE Bursa Malaysia KLCI declining 1.4 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$58 million of net outflow, following S$194 million of net outflow for the preceding 5 sessions.

CapitaLand Integrated Commercial Trust, OCBC, Keppel Reit, Jardine Cycle &amp; Carriage and Hongkong Land Holdings led the net institutional outflows for the 5 sessions through to Jul 7.

Meanwhile, DBS, Singtel, Wilmar International, Mapletree Logistics Trust and Keppel Corporation led the net institutional inflows for the 5 sessions through to Jul 7.

 

Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the 5 sessions ended Jul 7, with a total consideration of S$4.4 million, down from the S$27.3 million previous week’s consideration tally.

OUE and Hong Fok Corporation led the consideration tally, buying back shares at average prices of S$1.32, and 98.0 Singapore cents respectively.

 

Director and substantial shareholder transactions

The 5 trading sessions saw close to 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 25 company director acquisitions with 4 disposals filed, while substantial shareholders filed 13 acquisitions and 2 disposals.

 

AEM Holdings

The Employees Provident Fund Board’s (EPF) deemed substantial shareholding in AEM Holdings crossed above the 7.00 per cent threshold on Jul 4. The EPF’s interest in AEM Holdings crossed back above the 5.00 per cent substantial shareholder threshold on Jun 9, then above the 6.00 per cent threshold on Jun 21.

 

Olam Group

On Jul 4, Olam Group executive director, co-founder and group chief executive officer (CEO) Sunny Verghese acquired 500,000 shares of the company at an average price of S$1.54 per share, with a consideration of S$771,100, increasing his direct interest in Olam Group from 4.31 per cent to 4.32 per cent.

His preceding acquisitions between May 27 and Jun 2 saw him acquire 2 million shares at an average price of S$1.52 per share.

On Jul 1, the Olam Group announced the International Finance Corporation (IFC) agreed to provide a loan of up to US$200 million to Olam Agri.

The loan will be used to finance the purchase of wheat, maize and soya from Canada, Germany, Latvia, Lithuania and the United States for delivery to the company’s processing operations, and customers in developing countries that rely heavily on imports of these staple foods. These include Bangladesh, Cameroon, Chad, Egypt, Ghana, India, Indonesia, Nigeria, Pakistan, Senegal, Thailand and Turkey.

Olam Agri is the food, feed and fibre agribusiness subsidiary of Olam Group and the project is part of IFC’s global efforts to address food insecurity, especially for poor and vulnerable populations that adversely impacted by food inflation.

 

Audience Analytics

On Jun 30, Audience Analytics executive director Ryan Ooi Keim Fung acquired 1.92 million shares of the company in a married deal at 25.0 cents per share. With a consideration of S$480,000, this took his direct interest in the Catalist-listed company to 1.14 per cent.

As a non-executive director of Bain Equity, the controlling shareholder of Audience Analytics, Ooi also maintains a deemed interest of 84.54 per cent in the company, taking his total interest to 85.68 per cent.

On Jun 27, the company announced it had entered into an agreement to purchase the intellectual property (IP) rights for the prestigious Golden Bull Award, which complements the company’s existing award programme’s IP portfolio that includes the notable HR Asia Best Companies to Work for in Asia and SME100.

 

EC World Reit

On Jul 1, EC World Asset Management’s executive director and CEO Goh Toh Sim acquired 231,100 units of EC World Reit (ECW) at an average price of 42.1 cents per unit. With a consideration of S$97,406, this increased his direct stake in ECW from 0.10 per cent to 0.13 per cent.

Goh has over 26 years of experience in the management of industrial parks, real estate development and business management in China. Prior to joining the manager, he was the chief representative in China for Keppel Corporation where he was responsible for government relations and business development.

On Jul 6, ECW announced it had extended the maturity of outstanding onshore and offshore facilities to Apr 30, 2023, with the refinancing exercise ongoing. With the announcement, Goh added that unlike the residential sector in China, which is still experiencing headwinds, the e-commerce and logistics sectors in China are resilient.

He added that ECW’s assets are mature e-commerce and logistics assets that are generating stable returns for investors in terms of regular quarterly distributions since its initial public offering (IPO).

 

UMS Holdings

On Jul 5, UMS Holdings executive director Stanley Loh Meng Chong acquired 75,000 shares of the company at S$1.09 per share. With a consideration of S$81,750, this increased his direct interest in the precision engineering group from 0.09 per cent to 0.11 per cent. Loh joined the company in September 2008 as group financial controller, and then appointed as an executive director in June 2010.

Back on May 10, UMS Holdings reported a record-breaking profitable performance for Q1 2022, surpassing S$20 million in quarterly profit for the first time.

Geographically, the group’s key markets except for Taiwan grew significantly in Q1, with Malaysia sales growing 240 per cent year on year, driven by higher material distribution sales and consolidation of JEP Holdings tooling distribution revenue.

Singapore sales also surged 75 per cent due to higher sales for semiconductor integrated systems, increased components for new equipment as well as consolidation of JEP Holding’s semiconductor component business.

UMS Holdings is expected to report its Q2 results in mid-August.

 

A-Sonic Aerospace

On Jun 30, A-Sonic Aerospace CEO Janet LC Tan acquired 81,000 shares of the company for a consideration of S$55,591, at an average price of 68.6 cents per share. This took her direct interest in the company from 60.01 per cent to 60.12 per cent. She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.

Tan has over 20 years of extensive experience in the aviation industry, with her responsibilities at A-Sonic Aerospace including the setting of the overall long-term business direction, developing business strategies, and implementing growth strategies for the A-Sonic Aerospace and its subsidiaries.

Effective Jun 30, A-Sonic Aerospace was removed from the SGX-ST Watch-List with its average daily market capitalisation exceeding the required S$40 million over the 6 months since Nov 12, 2021.

 

Uni-Asia Group

Between Jul 4 and 7, Uni-Asia Group executive chair Michio Tanamoto acquired 250,000 shares of the company at an average price of S$1.02 per share. With a consideration of S$254,500, this took his direct interest from 3.56 per cent to 3.88 per cent. Appointed the executive chair of the group in April 2020, Tanamoto is one of the founders who established the company in 1997 and has been a director since then.

On Jul 5, Uni-Asia Group executive director Yukihiro Toda also acquired 30,000 shares of the company at an average price of S$1.06 per share. With a consideration of S$31,749, this increased his deemed interest from 0.12 per cent to 0.16 per cent. Toda joined the group in 1998, and has been chief investment officer of Uni-Asia Capital (Japan) since February 2000, responsible for overall real estate fund management business and property investment business in Japan.

 

Challenger Technologies

Between Jun 29 and Jul 4, Digileap Capital acquired 64,800 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$36,288, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.08 per cent to 15.10 per cent. This followed his acquisition of 104,400 shares also at 56.0 cents per share on Jun 27.

 

The Straits Trading Company

Between Jul 1 and 6, The Straits Trading Company independent and non-executive director Chua Tian Chu acquired 10,000 shares of the company at an average price of S$2.84 per share. This followed his acquisitions of 5,000 shares at S$2.92 per share on Jun 17, 7,000 shares at S$3.00 per share on Jun 13, and 5,000 shares at S$3.05 per share on Mar 8.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/sunny-verghese-ups-olam-stake-oue-hong-fok-lead-buybacks"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jul 1 to 7, the Straits Times Index (STI) gained 0.9 per cent, with the FTSE China A50 Index declining 0.8 per cent, the Hang Seng Index declining 0.2 per cent and the FTSE Bursa Malaysia KLCI declining 1.4 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$58 million of net outflow, following S$194 million of net outflow for the preceding 5 sessions.

CapitaLand Integrated Commercial Trust, OCBC, Keppel Reit, Jardine Cycle &amp; Carriage and Hongkong Land Holdings led the net institutional outflows for the 5 sessions through to Jul 7.

Meanwhile, DBS, Singtel, Wilmar International, Mapletree Logistics Trust and Keppel Corporation led the net institutional inflows for the 5 sessions through to Jul 7.

 

Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the 5 sessions ended Jul 7, with a total consideration of S$4.4 million, down from the S$27.3 million previous week’s consideration tally.

OUE and Hong Fok Corporation led the consideration tally, buying back shares at average prices of S$1.32, and 98.0 Singapore cents respectively.

 

Director and substantial shareholder transactions

The 5 trading sessions saw close to 80 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 25 company director acquisitions with 4 disposals filed, while substantial shareholders filed 13 acquisitions and 2 disposals.

 

AEM Holdings

The Employees Provident Fund Board’s (EPF) deemed substantial shareholding in AEM Holdings crossed above the 7.00 per cent threshold on Jul 4. The EPF’s interest in AEM Holdings crossed back above the 5.00 per cent substantial shareholder threshold on Jun 9, then above the 6.00 per cent threshold on Jun 21.

 

Olam Group

On Jul 4, Olam Group executive director, co-founder and group chief executive officer (CEO) Sunny Verghese acquired 500,000 shares of the company at an average price of S$1.54 per share, with a consideration of S$771,100, increasing his direct interest in Olam Group from 4.31 per cent to 4.32 per cent.

His preceding acquisitions between May 27 and Jun 2 saw him acquire 2 million shares at an average price of S$1.52 per share.

On Jul 1, the Olam Group announced the International Finance Corporation (IFC) agreed to provide a loan of up to US$200 million to Olam Agri.

The loan will be used to finance the purchase of wheat, maize and soya from Canada, Germany, Latvia, Lithuania and the United States for delivery to the company’s processing operations, and customers in developing countries that rely heavily on imports of these staple foods. These include Bangladesh, Cameroon, Chad, Egypt, Ghana, India, Indonesia, Nigeria, Pakistan, Senegal, Thailand and Turkey.

Olam Agri is the food, feed and fibre agribusiness subsidiary of Olam Group and the project is part of IFC’s global efforts to address food insecurity, especially for poor and vulnerable populations that adversely impacted by food inflation.

 

Audience Analytics

On Jun 30, Audience Analytics executive director Ryan Ooi Keim Fung acquired 1.92 million shares of the company in a married deal at 25.0 cents per share. With a consideration of S$480,000, this took his direct interest in the Catalist-listed company to 1.14 per cent.

As a non-executive director of Bain Equity, the controlling shareholder of Audience Analytics, Ooi also maintains a deemed interest of 84.54 per cent in the company, taking his total interest to 85.68 per cent.

On Jun 27, the company announced it had entered into an agreement to purchase the intellectual property (IP) rights for the prestigious Golden Bull Award, which complements the company’s existing award programme’s IP portfolio that includes the notable HR Asia Best Companies to Work for in Asia and SME100.

 

EC World Reit

On Jul 1, EC World Asset Management’s executive director and CEO Goh Toh Sim acquired 231,100 units of EC World Reit (ECW) at an average price of 42.1 cents per unit. With a consideration of S$97,406, this increased his direct stake in ECW from 0.10 per cent to 0.13 per cent.

Goh has over 26 years of experience in the management of industrial parks, real estate development and business management in China. Prior to joining the manager, he was the chief representative in China for Keppel Corporation where he was responsible for government relations and business development.

On Jul 6, ECW announced it had extended the maturity of outstanding onshore and offshore facilities to Apr 30, 2023, with the refinancing exercise ongoing. With the announcement, Goh added that unlike the residential sector in China, which is still experiencing headwinds, the e-commerce and logistics sectors in China are resilient.

He added that ECW’s assets are mature e-commerce and logistics assets that are generating stable returns for investors in terms of regular quarterly distributions since its initial public offering (IPO).

 

UMS Holdings

On Jul 5, UMS Holdings executive director Stanley Loh Meng Chong acquired 75,000 shares of the company at S$1.09 per share. With a consideration of S$81,750, this increased his direct interest in the precision engineering group from 0.09 per cent to 0.11 per cent. Loh joined the company in September 2008 as group financial controller, and then appointed as an executive director in June 2010.

Back on May 10, UMS Holdings reported a record-breaking profitable performance for Q1 2022, surpassing S$20 million in quarterly profit for the first time.

Geographically, the group’s key markets except for Taiwan grew significantly in Q1, with Malaysia sales growing 240 per cent year on year, driven by higher material distribution sales and consolidation of JEP Holdings tooling distribution revenue.

Singapore sales also surged 75 per cent due to higher sales for semiconductor integrated systems, increased components for new equipment as well as consolidation of JEP Holding’s semiconductor component business.

UMS Holdings is expected to report its Q2 results in mid-August.

 

A-Sonic Aerospace

On Jun 30, A-Sonic Aerospace CEO Janet LC Tan acquired 81,000 shares of the company for a consideration of S$55,591, at an average price of 68.6 cents per share. This took her direct interest in the company from 60.01 per cent to 60.12 per cent. She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.

Tan has over 20 years of extensive experience in the aviation industry, with her responsibilities at A-Sonic Aerospace including the setting of the overall long-term business direction, developing business strategies, and implementing growth strategies for the A-Sonic Aerospace and its subsidiaries.

Effective Jun 30, A-Sonic Aerospace was removed from the SGX-ST Watch-List with its average daily market capitalisation exceeding the required S$40 million over the 6 months since Nov 12, 2021.

 

Uni-Asia Group

Between Jul 4 and 7, Uni-Asia Group executive chair Michio Tanamoto acquired 250,000 shares of the company at an average price of S$1.02 per share. With a consideration of S$254,500, this took his direct interest from 3.56 per cent to 3.88 per cent. Appointed the executive chair of the group in April 2020, Tanamoto is one of the founders who established the company in 1997 and has been a director since then.

On Jul 5, Uni-Asia Group executive director Yukihiro Toda also acquired 30,000 shares of the company at an average price of S$1.06 per share. With a consideration of S$31,749, this increased his deemed interest from 0.12 per cent to 0.16 per cent. Toda joined the group in 1998, and has been chief investment officer of Uni-Asia Capital (Japan) since February 2000, responsible for overall real estate fund management business and property investment business in Japan.

 

Challenger Technologies

Between Jun 29 and Jul 4, Digileap Capital acquired 64,800 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$36,288, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.08 per cent to 15.10 per cent. This followed his acquisition of 104,400 shares also at 56.0 cents per share on Jun 27.

 

The Straits Trading Company

Between Jul 1 and 6, The Straits Trading Company independent and non-executive director Chua Tian Chu acquired 10,000 shares of the company at an average price of S$2.84 per share. This followed his acquisitions of 5,000 shares at S$2.92 per share on Jun 17, 7,000 shares at S$3.00 per share on Jun 13, and 5,000 shares at S$3.05 per share on Mar 8.

 

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



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