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)

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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 Apr 1 to 7, the Straits Times Index (STI) declined 0.1 per cent, with the FTSE China A50 Index gaining 1.0 per cent, the Hang Seng Index declining 0.4 per cent and the FTSE Bursa Malaysia KLCI adding 1.0 per cent.

Overall, institutions were net sellers over the 5 sessions with S$124 million of net outflow. DBS Group Holdings, UOB, Yangzijiang Shipbuilding, OCBC, and Singapore Press Holdings led the net institutional outflows for the 5 sessions through to Apr 7.

Meanwhile, City Developments, Mapletree North Commercial Asia Trust, Singapore Exchange, Singapore Telecommunications and Sembcorp Industries received the highest net institutional inflows for the 5 sessions. This brings total net institutional inflows in the 2022 year to Apr 7 to S$1.0 billion. Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$13.2 million, up from S$11.9 million for the preceding week. OCBC, Hong Fok Corporation and Raffles Medical Group led the buyback consideration tally. The trio were also the 3 stocks which lodged the highest buyback consideration over the preceding 5 sessions.

OCBC paid an average price of S$12.34 per share, Hong Fok paid an average price of 88.1 cents per share, while Raffles Medical Group paid an average price of S$1.16 per share. As of Apr 7, Hong Fok had bought back 0.71 per cent of its shares (excluding treasury shares) on the current share buyback mandate.  Director and substantial shareholder transactions

The 5 trading sessions saw close to 90 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 7 company director acquisitions with no disposals filed, while substantial shareholders filed 5 acquisitions and 4 disposals.

SinoCloud Group

On Apr 4, SinoCloud Group substantial shareholder Terence Joe Lam Cho Ying sold in aggregate 3,437,557,250 shares of the Catalist-listed company to Zhang Dai. Of the 3,437,557,250 shares, 2,209,952,100 shares were held directly by Lam and 1,227,605,150 shares were held by Alternus Capital, a company wholly-owned by Lam.

Dai increased his total interest in SinoCloud Group from 1.6 per cent to 23.3 per cent, while Lam reduced his total interest in the company from 27.0 per cent to 5.3 per cent.

SinoCloud announced on Apr 6, that the group had obtained continuing support from Lam and Alternus Capital, to enable the group to operate as a going concern and to meet its obligations as and when they fall due.

In view of this share disposal, the management of the company has also reached out to Zhang to engage in further discussions with him, in particular, whether he intends to furnish the financial support to the group. The company will provide updates to shareholders in due course, including but not limited to, the board's assessment of the going concern of the company.

Olam Group

On Apr 6, Olam Group non-executive and independent director Nihal Kaviratne acquired 152,800 shares of the company at S$1.77 per share and consideration of S$270,456. He maintains a 0.01 per cent direct interest in Olam Group. This followed his acquisition of 133,100 shares at S$1.79 per share on Mar 28.

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. Kaviratne is also a director of GlaxoSmithKline Pharmaceuticals and StarHub.

From March 15, Olam Group has replaced Olam International as the listed company. Olam Group directly holds Olam Food Ingredients, Olam Agri and Olam Global Holdco which owns Olam Ventures, and Olam Technology and Business Services as separate subsidiaries.

As maintained by the chairman non-executive and independent director, Lim Ah Doo, this structure allows the group to explore the sequential sale, spin-off or IPO of Olam Food Ingredients, Olam Agri and potentially the other businesses of the group.

Hong Fok Corporation

On Apr 1, Hong Fok Corporation executive director and joint-CEO Cheong Sim Eng acquired 80,000 shares of the listed company for a consideration of S$70,400 at an average price of 88.0 cents per share. He maintains a 20.08 per cent total interest in Hong Fok, gradually increasing his total interest in the property developer from 19.06 per cent as at the end of 2018.

His preceding acquisitions were on March 1, with 42,000 shares acquired at 74.0 cents per share and November 20, 2020, with 64,500 shares acquired at an average price of 70.7 cents per share.

Cheong is principally involved in the group's overall operations and management with greater emphasis in Singapore. He has over 37 years of experience in the property development business.

Hong Fok is an investment holding company whose subsidiaries are primarily engaged in property investment, property development and construction, property management, investment trading and investment holding and management. Despite the ongoing Covid-19 pandemic, the group returned to profitability in FY21 (ended Dec 31).

With tourism arrivals and tourism receipts remaining weak in 2021, revenue from the group's hotel investment property, YOTEL Singapore Orchard Road made only a small contribution to the group's revenue.

However, the group reported an uptick in sales revenue from its residential units in Concourse Skyline. This saw Hong Fok report an attributable net profit of S$38.9 million in FY21 compared to a loss of S$8.7 million in FY20.

Amos Group

Between Mar 30 and 31, Amos Group AMOS Group : 49B 0% executive chairman Kyle Shaw acquired 237,400 shares of the company at an average price of 19.9 cents per share. With a consideration of S$47,156, this increased his deemed interest in the company from 80.77 per cent to 80.90 per cent. This followed his acquisition of 465,000 shares of at an average price of 17.2 cents per share between Mar 28 and 29.

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 US, and Europe.

Huationg Global

On Mar 30, Huationg Global executive director and CEO, Patrick Ng Kian Ann acquired 200,000 shares of the Catalist-listed company at an average price of 9.7 cents per share. With a consideration of S$19,400, this increased his total interest in the company from 69.33 per cent to 69.44 per cent.

Ng has 20 years of experience in the civil engineering construction industry and is responsible for the overall management, strategic planning and oversees the business expansion of the group.

Huationg Global is principally engaged in the provision of civil engineering services for infrastructure projects and ancillary inland logistics support services.

On Mar 1, Huationg Global reported the group's FY21 (ended 31 Dec) revenue increased by approximately S$54.4 million or 47.0 per cent to S$170.4 million from S$116.0 million in FY20, mainly due to a higher level of business activities in its business segments after some easing measures from the Circuit Breaker.

The group is also involved in the sale of construction materials such as sand and granite aggregates, recycled concrete aggregate and liquefied soil stabiliser.

Hafary Holdings

On Mar 31, Hafary Holdings non-independent non-executive director Eric Low See Ching acquired 98,400 shares of the company at 19.0 cents per share. With a consideration of S$18,696, this further increased his direct interest in the company from 25.36 per cent to 25.38 per cent.

Mr Low was appointed as the non-independent non-executive director of Hafary Holdings in January 2014. Prior to this appointment, he served in the board as executive director and in the company as CEO. He joined the main subsidiary of the company, Hafary Pte Ltd, in 2000, and rose through the ranks from sales executive to CEO in 2005.

Low is also presently the executive director and deputy CEO of Oxley Holdings and an alternate director of Aspen (Group) Holdings.

Hafary Holdings is a leading building material supplier that has been defining living spaces with premium products. With over 5,000 products sourced from around the world, the group maintains it carries the largest collection of surfacing materials in Singapore.

One of the questions received in connection with the company's Annual Report 2021 pertained to whether the group had been affected by supply chain disruptions, particularly from shipping.

The group replied that as it sources its raw materials from various countries, some of its operations have been affected by such global supply change disruptions, and the group continues to monitor the situation and will make the appropriate announcements in the event that such disruptions are material. 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"> read </a>the original version.
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    Share buyback


For the 5 trading sessions that spanned Apr 1 to 7, the Straits Times Index (STI) declined 0.1 per cent, with the FTSE China A50 Index gaining 1.0 per cent, the Hang Seng Index declining 0.4 per cent and the FTSE Bursa Malaysia KLCI adding 1.0 per cent.

Overall, institutions were net sellers over the 5 sessions with S$124 million of net outflow. DBS Group Holdings, UOB, Yangzijiang Shipbuilding, OCBC, and Singapore Press Holdings led the net institutional outflows for the 5 sessions through to Apr 7.

Meanwhile, City Developments, Mapletree North Commercial Asia Trust, Singapore Exchange, Singapore Telecommunications and Sembcorp Industries received the highest net institutional inflows for the 5 sessions. This brings total net institutional inflows in the 2022 year to Apr 7 to S$1.0 billion.  Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$13.2 million, up from S$11.9 million for the preceding week. OCBC, Hong Fok Corporation and Raffles Medical Group led the buyback consideration tally. The trio were also the 3 stocks which lodged the highest buyback consideration over the preceding 5 sessions.

OCBC paid an average price of S$12.34 per share, Hong Fok paid an average price of 88.1 cents per share, while Raffles Medical Group paid an average price of S$1.16 per share. As of Apr 7, Hong Fok had bought back 0.71 per cent of its shares (excluding treasury shares) on the current share buyback mandate.   Director and substantial shareholder transactions

The 5 trading sessions saw close to 90 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 7 company director acquisitions with no disposals filed, while substantial shareholders filed 5 acquisitions and 4 disposals.

SinoCloud Group

On Apr 4, SinoCloud Group substantial shareholder Terence Joe Lam Cho Ying sold in aggregate 3,437,557,250 shares of the Catalist-listed company to Zhang Dai. Of the 3,437,557,250 shares, 2,209,952,100 shares were held directly by Lam and 1,227,605,150 shares were held by Alternus Capital, a company wholly-owned by Lam.

Dai increased his total interest in SinoCloud Group from 1.6 per cent to 23.3 per cent, while Lam reduced his total interest in the company from 27.0 per cent to 5.3 per cent.

SinoCloud announced on Apr 6, that the group had obtained continuing support from Lam and Alternus Capital, to enable the group to operate as a going concern and to meet its obligations as and when they fall due.

In view of this share disposal, the management of the company has also reached out to Zhang to engage in further discussions with him, in particular, whether he intends to furnish the financial support to the group. The company will provide updates to shareholders in due course, including but not limited to, the board's assessment of the going concern of the company.

Olam Group

On Apr 6, Olam Group non-executive and independent director Nihal Kaviratne acquired 152,800 shares of the company at S$1.77 per share and consideration of S$270,456. He maintains a 0.01 per cent direct interest in Olam Group. This followed his acquisition of 133,100 shares at S$1.79 per share on Mar 28.

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. Kaviratne is also a director of GlaxoSmithKline Pharmaceuticals and StarHub.

From March 15, Olam Group has replaced Olam International as the listed company. Olam Group directly holds Olam Food Ingredients, Olam Agri and Olam Global Holdco which owns Olam Ventures, and Olam Technology and Business Services as separate subsidiaries.

As maintained by the chairman non-executive and independent director, Lim Ah Doo, this structure allows the group to explore the sequential sale, spin-off or IPO of Olam Food Ingredients, Olam Agri and potentially the other businesses of the group.

Hong Fok Corporation

On Apr 1, Hong Fok Corporation executive director and joint-CEO Cheong Sim Eng acquired 80,000 shares of the listed company for a consideration of S$70,400 at an average price of 88.0 cents per share. He maintains a 20.08 per cent total interest in Hong Fok, gradually increasing his total interest in the property developer from 19.06 per cent as at the end of 2018.

His preceding acquisitions were on March 1, with 42,000 shares acquired at 74.0 cents per share and November 20, 2020, with 64,500 shares acquired at an average price of 70.7 cents per share.

Cheong is principally involved in the group's overall operations and management with greater emphasis in Singapore. He has over 37 years of experience in the property development business.

Hong Fok is an investment holding company whose subsidiaries are primarily engaged in property investment, property development and construction, property management, investment trading and investment holding and management. Despite the ongoing Covid-19 pandemic, the group returned to profitability in FY21 (ended Dec 31).

With tourism arrivals and tourism receipts remaining weak in 2021, revenue from the group's hotel investment property, YOTEL Singapore Orchard Road made only a small contribution to the group's revenue.

However, the group reported an uptick in sales revenue from its residential units in Concourse Skyline. This saw Hong Fok report an attributable net profit of S$38.9 million in FY21 compared to a loss of S$8.7 million in FY20.

Amos Group

Between Mar 30 and 31, Amos Group AMOS Group : 49B 0% executive chairman Kyle Shaw acquired 237,400 shares of the company at an average price of 19.9 cents per share. With a consideration of S$47,156, this increased his deemed interest in the company from 80.77 per cent to 80.90 per cent. This followed his acquisition of 465,000 shares of at an average price of 17.2 cents per share between Mar 28 and 29.

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 US, and Europe.

Huationg Global

On Mar 30, Huationg Global executive director and CEO, Patrick Ng Kian Ann acquired 200,000 shares of the Catalist-listed company at an average price of 9.7 cents per share. With a consideration of S$19,400, this increased his total interest in the company from 69.33 per cent to 69.44 per cent.

Ng has 20 years of experience in the civil engineering construction industry and is responsible for the overall management, strategic planning and oversees the business expansion of the group.

Huationg Global is principally engaged in the provision of civil engineering services for infrastructure projects and ancillary inland logistics support services.

On Mar 1, Huationg Global reported the group's FY21 (ended 31 Dec) revenue increased by approximately S$54.4 million or 47.0 per cent to S$170.4 million from S$116.0 million in FY20, mainly due to a higher level of business activities in its business segments after some easing measures from the Circuit Breaker.

The group is also involved in the sale of construction materials such as sand and granite aggregates, recycled concrete aggregate and liquefied soil stabiliser.

Hafary Holdings

On Mar 31, Hafary Holdings non-independent non-executive director Eric Low See Ching acquired 98,400 shares of the company at 19.0 cents per share. With a consideration of S$18,696, this further increased his direct interest in the company from 25.36 per cent to 25.38 per cent.

Mr Low was appointed as the non-independent non-executive director of Hafary Holdings in January 2014. Prior to this appointment, he served in the board as executive director and in the company as CEO. He joined the main subsidiary of the company, Hafary Pte Ltd, in 2000, and rose through the ranks from sales executive to CEO in 2005.

Low is also presently the executive director and deputy CEO of Oxley Holdings and an alternate director of Aspen (Group) Holdings.

Hafary Holdings is a leading building material supplier that has been defining living spaces with premium products. With over 5,000 products sourced from around the world, the group maintains it carries the largest collection of surfacing materials in Singapore.

One of the questions received in connection with the company's Annual Report 2021 pertained to whether the group had been affected by supply chain disruptions, particularly from shipping.

The group replied that as it sources its raw materials from various countries, some of its operations have been affected by such global supply change disruptions, and the group continues to monitor the situation and will make the appropriate announcements in the event that such disruptions are material.  Inside Insights is a weekly column on The Business Times, read the original version.



Hong Fok continues buybacks as joint-CEO raises stake

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li><li><a href='/entities/times-china-holdings-ltd' target='_blank' rel='noopener'>Times China</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China HongqiaoTimes ChinaChina Jinmao HoldingsGuangzhou R&F PropertiesSunac China Holdingsand more...

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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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.</li>
<li>
<a href="https://www.smartkarma.com/entities/daiho-corp" target="_blank" data-smartkarma-citation="entities:19647:1" rel="noopener">Daiho Corp (1822 JP)</a> has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.</li>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> backs the revised Morrison/Brookfield tilt and severs ties with Macquarie</li>
</ul>



Razer Inc (1337 HK)'s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.

Daiho Corp (1822 JP) has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.

Uniti Group Ltd (UWL AU) backs the revised Morrison/Brookfield tilt and severs ties with Macquarie


Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li><li><a href='/entities/yanzhou-coal-mining-company-limited-h' target='_blank' rel='noopener'>Yanzhou Coal Mining Company Limited H</a></li><li><a href='/entities/indika-energy-tbk-pt' target='_blank' rel='noopener'>Indika Energy</a></li><li><a href='/entities/lippo-karawaci-tbk-pt' target='_blank' rel='noopener'>Lippo Karawaci</a></li><li><a href='/entities/agile-property-holdings-ltd' target='_blank' rel='noopener'>Agile Property Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:First Pacific CoYanzhou Coal Mining Company Limited HIndika EnergyLippo KarawaciAgile Property Holdingsand more...

Singapore

Olam Group Ltd operates as a food and agri-business company. The Company supplies food ingredients, feed, fibre, and edible oil. Olam Group serves customers worldwide.

Through our purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. 

Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

More information on Olam can be found at www.olamgroup.com. 
	 	 
Olam is located at 7 Straits View, Marina One East Tower #20-01, Singapore 018936. Telephone: +65 63394100, Facsimile: +65 63399755.

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Olam Group (OLG SP)

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The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

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