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

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-08/Share%20Buybacks.PNG' alt='Share Buybacks' />
 </figure>
 <div class='content-caption'>Share Buybacks</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
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
</body></html>


      
    
    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 

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
This year the trio of DBS, UOB and OCBC have contributed more than 25% of the average daily turnover of the Singapore stock market, while averaging a 3% YTD total return following the 25% average total return in 2021. Institutions have also been net sellers of the trio in the 2022 YTD, following on from net buying in 2021. 
</li>
</ul>
<ul>
<li>The trio are scheduled to report 1H22 results from tomorrow, with UOB reporting Fri 29 July , OCBC on Wed 3 Aug, and DBS on Thu 4 Aug – all prior to market open.</li>
</ul>
<ul>
<li>
The trio’s combined NII has generated consecutive QoQ gains for the past six quarters from 4Q20 through to 1Q22. Key details with the reports that the market will be looking for include the magnitude of NIM expansion, non-interest income and also credit costs. During 1H22, Singapore’s compounded 1M SORA gained close to 80 bps. 
	 </li>
</ul>
DBS, UOB, OCBC Avg. 3% YTD Total Returns, Outperforming 3% Decline for Global Peers

In the 2022 year-to-date, DBS Group Holdings ("DBS"), United Overseas Bank ("UOB") and Oversea-Chinese Banking Corp ("OCBC") have ranked as the most traded Singapore stocks, contributing 27% of the day-to-day turnover of all stocks listed for trading in Singapore.

During the year, the trio averaged a 3% total return, in contrast to the top quartile of global bank stocks by market value which have declined 3% in SGD terms. Following S$1.7 billion of combined net institutional inflows in 2021, the trio all continued to attract net institutional inflows in the first two months of 2022, before global growth concerns weighed the global sector, which has seen the trio draw just over S$950 million of net institutional outflows in the 2022 year through to 27 July. Retail investors, on the other hand, net bought slightly over S$1.32 billion of the trio in the 2022 YTD. The individual performances are tabled below. 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			Code
			</td>
			<td>
			2022 YTD AVG Daily Trading T/O
			</td>
			<td>
			Mkt Cap (S$B)
			</td>
			<td>
			2022 YTD Net Insti Flow (S$M)
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			2021 Net Insti Flow (S$M)
			</td>
			<td>
			2021 Total Return %
			</td>
			<td>
			P/B (x)
			</td>
			<td>
			Ind Div. Yield %
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			156
			</td>
			<td>
			81
			</td>
			<td>
			-687
			</td>
			<td>
			-1
			</td>
			<td>
			1,172
			</td>
			<td>
			35
			</td>
			<td>
			1.4
			</td>
			<td>
			4.4
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			101
			</td>
			<td>
			47
			</td>
			<td>
			-262
			</td>
			<td>
			6
			</td>
			<td>
			451
			</td>
			<td>
			24
			</td>
			<td>
			1.1
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			OCBC
			</td>
			<td>
			O39
			</td>
			<td>
			88
			</td>
			<td>
			52
			</td>
			<td>
			-2
			</td>
			<td>
			4
			</td>
			<td>
			125
			</td>
			<td>
			17
			</td>
			<td>
			1.0
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			345
			</td>
			<td>
			180
			</td>
			<td>
			-951
			</td>
			<td>
			 
			</td>
			<td>
			1,748
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			3
			</td>
			<td>
			 
			</td>
			<td>
			25
			</td>
			<td>
			1.2
			</td>
			<td>
			4.4
			</td>
		</tr>
</tbody></table>
Source: SGX, Bloomberg, Refinitiv (Data as of 27 July 2022)

 

Pending 1H22 Financial Results

The trio are scheduled to report 1H22 results from tomorrow, with UOB reporting prior to the Fri 29 July open, OCBC reporting prior to the Wed 3 Aug open, and DBS reporting prior to the Thu 4 Aug open. Key numbers within the reports that the market will be looking at include the magnitude of net interest margin (NIM) expansion, non-interest income and also credit costs. NIMs will be largely determined by the average rate paid on the liabilities versus with the average rate received on the assets of the banks and the compounded 1M SORA has moved from 21 bps at the end of 2021, to 99 bps at the end of June 2022.

For 1Q22, the combined Net Interest Income (NII) for the three banks was S$5.38 billion, up S$70 million from S$5.31 billion in 4Q21. The combined NII of the trio has seen QoQ gains for the past six consecutive quarters from 4Q20 through to 1Q22. 

Aside from the impact of NIMs on NII, NII is also driven by the size of bank loan books, which can obviously be impacted by growth outlooks. Compared to 4Q21, the trio of banks also saw a bigger QoQ increase in non-interest income in 1Q22, supported by wealth management and digitalisation initiatives. Combined non-interest income of the trio amounted to S$3.37 billion in 1Q22, up S$400 million from S$2.97 billion in 4Q21.

 

Daily Leveraged Certificates (DLCs) for Short-Term Trading Within the Singapore Banking Sector 

The DLCs also provide a platform for spread trading between the banks, for investors that anticipate convergence or divergence in share prices. For instance between the session closes of Friday 15 July and Tuesday 19 July, the share price ratio spread of UOB to DBS reverted from one standard deviation below the mean share price ratio spread, back up to the mean. Specifically, at 0.8777 on 15 July, the share price ratio spread of UOB to DBS crossed back above the 0.8765 threshold that then represented one standard deviation below the rolling one-month mean, with the rolling mean at 0.8850. Over the ensuing two trading sessions, the price ratio spread of UOB to DBS continue to rise, reverting to just above the rolling one-month mean.

DLCs are financial instruments issued by third-party financial institutions and listed for trading in Singapore. Three of the most traded Daily Leverage Certificates (DLCs) that track the performance of the trio of banks this month have been the 5x Long UOB (DHBW), the 5x Long DBS (DKBW) and the 5x Short DBS (DLDW).  

Designed for Specified Investment Products (SIP)-qualified investors, DLCs seek to achieve short-term investment results that correspond to the daily magnified performance of the underlying stock.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-07/Daily%20Leveraged%20Certificates%20%28DLCs%29%20for%20Short-Term%20Trading%20Within%20the%20Singapore%20Banking%20Sector.PNG' alt='Daily Leveraged Certificates (DLCs) for Short-Term Trading Within the Singapore Banking Sector ' />
 </figure>
 <div class='content-caption'>Daily Leveraged Certificates (DLCs) for Short-Term Trading Within the Singapore Banking Sector </div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>On 19 July, the price ratio spread of UOB to DBS closed at 0.8835, with the rolling one-month mean at 0.8826. SIP-qualified investors that took even exposure in the 5x Long UOB (DHBW) DLC and the 5x Short DBS (DLDW) over the period would have booked a return of 1.5%, with the Long UOB (DHBW) DLC gaining 7.8% from 0.335 to 0.361, and the 5x Short DBS (DLDW) declining 4.8%, from 1.558 to 1.484. Note this is a theoretical return based on past prices and does not take into account transaction fees and taking the opposite positions over the three sessions would have generated a comparable loss. For a more comprehensive overview of DLCs, including risks, click <a href="https://www.sgx.com/research-education/securities-products#Daily%20Leverage%20Certificates">here</a>.</body></html>





This year the trio of DBS, UOB and OCBC have contributed more than 25% of the average daily turnover of the Singapore stock market, while averaging a 3% YTD total return following the 25% average total return in 2021. Institutions have also been net sellers of the trio in the 2022 YTD, following on from net buying in 2021. 



The trio are scheduled to report 1H22 results from tomorrow, with UOB reporting Fri 29 July , OCBC on Wed 3 Aug, and DBS on Thu 4 Aug – all prior to market open.



The trio’s combined NII has generated consecutive QoQ gains for the past six quarters from 4Q20 through to 1Q22. Key details with the reports that the market will be looking for include the magnitude of NIM expansion, non-interest income and also credit costs. During 1H22, Singapore’s compounded 1M SORA gained close to 80 bps. 
	 

DBS, UOB, OCBC Avg. 3% YTD Total Returns, Outperforming 3% Decline for Global Peers

In the 2022 year-to-date, DBS Group Holdings ("DBS"), United Overseas Bank ("UOB") and Oversea-Chinese Banking Corp ("OCBC") have ranked as the most traded Singapore stocks, contributing 27% of the day-to-day turnover of all stocks listed for trading in Singapore.

During the year, the trio averaged a 3% total return, in contrast to the top quartile of global bank stocks by market value which have declined 3% in SGD terms. Following S$1.7 billion of combined net institutional inflows in 2021, the trio all continued to attract net institutional inflows in the first two months of 2022, before global growth concerns weighed the global sector, which has seen the trio draw just over S$950 million of net institutional outflows in the 2022 year through to 27 July. Retail investors, on the other hand, net bought slightly over S$1.32 billion of the trio in the 2022 YTD. The individual performances are tabled below. 




			Stock
			
			
			Code
			
			
			2022 YTD AVG Daily Trading T/O
			
			
			Mkt Cap (S$B)
			
			
			2022 YTD Net Insti Flow (S$M)
			
			
			YTD Total Return %
			
			
			2021 Net Insti Flow (S$M)
			
			
			2021 Total Return %
			
			
			P/B (x)
			
			
			Ind Div. Yield %
			
		


			DBS
			
			
			D05
			
			
			156
			
			
			81
			
			
			-687
			
			
			-1
			
			
			1,172
			
			
			35
			
			
			1.4
			
			
			4.4
			
		


			UOB
			
			
			U11
			
			
			101
			
			
			47
			
			
			-262
			
			
			6
			
			
			451
			
			
			24
			
			
			1.1
			
			
			4.3
			
		


			OCBC
			
			
			O39
			
			
			88
			
			
			52
			
			
			-2
			
			
			4
			
			
			125
			
			
			17
			
			
			1.0
			
			
			4.6
			
		


			Total
			
			
			 
			
			
			345
			
			
			180
			
			
			-951
			
			
			 
			
			
			1,748
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			3
			
			
			 
			
			
			25
			
			
			1.2
			
			
			4.4
			
		

Source: SGX, Bloomberg, Refinitiv (Data as of 27 July 2022)

 

Pending 1H22 Financial Results

The trio are scheduled to report 1H22 results from tomorrow, with UOB reporting prior to the Fri 29 July open, OCBC reporting prior to the Wed 3 Aug open, and DBS reporting prior to the Thu 4 Aug open. Key numbers within the reports that the market will be looking at include the magnitude of net interest margin (NIM) expansion, non-interest income and also credit costs. NIMs will be largely determined by the average rate paid on the liabilities versus with the average rate received on the assets of the banks and the compounded 1M SORA has moved from 21 bps at the end of 2021, to 99 bps at the end of June 2022.

For 1Q22, the combined Net Interest Income (NII) for the three banks was S$5.38 billion, up S$70 million from S$5.31 billion in 4Q21. The combined NII of the trio has seen QoQ gains for the past six consecutive quarters from 4Q20 through to 1Q22. 

Aside from the impact of NIMs on NII, NII is also driven by the size of bank loan books, which can obviously be impacted by growth outlooks. Compared to 4Q21, the trio of banks also saw a bigger QoQ increase in non-interest income in 1Q22, supported by wealth management and digitalisation initiatives. Combined non-interest income of the trio amounted to S$3.37 billion in 1Q22, up S$400 million from S$2.97 billion in 4Q21.

 

Daily Leveraged Certificates (DLCs) for Short-Term Trading Within the Singapore Banking Sector 

The DLCs also provide a platform for spread trading between the banks, for investors that anticipate convergence or divergence in share prices. For instance between the session closes of Friday 15 July and Tuesday 19 July, the share price ratio spread of UOB to DBS reverted from one standard deviation below the mean share price ratio spread, back up to the mean. Specifically, at 0.8777 on 15 July, the share price ratio spread of UOB to DBS crossed back above the 0.8765 threshold that then represented one standard deviation below the rolling one-month mean, with the rolling mean at 0.8850. Over the ensuing two trading sessions, the price ratio spread of UOB to DBS continue to rise, reverting to just above the rolling one-month mean.

DLCs are financial instruments issued by third-party financial institutions and listed for trading in Singapore. Three of the most traded Daily Leverage Certificates (DLCs) that track the performance of the trio of banks this month have been the 5x Long UOB (DHBW), the 5x Long DBS (DKBW) and the 5x Short DBS (DLDW).  

Designed for Specified Investment Products (SIP)-qualified investors, DLCs seek to achieve short-term investment results that correspond to the daily magnified performance of the underlying stock.



      
    
    Daily Leveraged Certificates (DLCs) for Short-Term Trading Within the Singapore Banking Sector 

On 19 July, the price ratio spread of UOB to DBS closed at 0.8835, with the rolling one-month mean at 0.8826. SIP-qualified investors that took even exposure in the 5x Long UOB (DHBW) DLC and the 5x Short DBS (DLDW) over the period would have booked a return of 1.5%, with the Long UOB (DHBW) DLC gaining 7.8% from 0.335 to 0.361, and the 5x Short DBS (DLDW) declining 4.8%, from 1.558 to 1.484. Note this is a theoretical return based on past prices and does not take into account transaction fees and taking the opposite positions over the three sessions would have generated a comparable loss. For a more comprehensive overview of DLCs, including risks, click here.


Singapore Banks Begin Reporting 1H22 Results Tomorrow 

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-07/share%20buybacks.PNG' alt='Share Buybacks' />
 </figure>
 <div class='content-caption'>Share Buybacks</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/uhreit-director-adds-to-stake-ocbc-wilmar-lead-buybacks"> read </a>the original version.
</body></html>


      
    
    Share Buybacks


FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

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



UHReit director adds to stake; OCBC & Wilmar lead buybacks

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-06/Share%20Buybacks.PNG' alt='Share Buybacks' />
 </figure>
 <div class='content-caption'>Share Buybacks</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
FOR the 5 trading sessions that spanned Jun 10 to 16, the Straits Times Index (STI) declined 3.5 per cent, with the FTSE China A50 Index gaining 1.2 per cent, the Hang Seng Index falling 4.5 per cent and the FTSE Bursa Malaysia KLCI sliding 2.2 per cent. 

 
Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$166 million of net outflow, following the S$52 million of net outflow for the preceding 5 sessions. UOB, OCBC, Singapore Airlines, Thai Beverage and Keppel DC Reit led the net institutional outflows for the 5 sessions through to Jun 16.

 Share buybacks

 
There were 26 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 16, with a total consideration of S$122.8 million, more than doubling the previous week’s consideration tally. Wilmar International and Keppel Corporation led the consideration tally, buying back shares at average prices of S$4.08, and S$6.75 respectively.

 

Director and substantial shareholder transactions

 
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for close to 50 primary-listed stocks. This included 19 company director acquisitions with 2 disposals filed, while substantial shareholders filed 15 acquisitions and 12 disposals.

 

AEM Holdings

 
The Employees Provident Fund Board’s (EPF) deemed interest in AEM Holdings (AEM) has once again crossed above the 5.00 per cent substantial shareholder threshold.  The EPF had reduced its deemed interest in AEM below the 5.00 per cent threshold on Feb 4 to 4.87 per cent when it sold some shares, but on Jun 9, it bought shares again and raised its deemed interest to 5.05 per cent.  EPF’s latest purchase of 550,000 shares at S$4.39 per share, is at a lower average price than the S$4.53 per share it had received when it sold shares and reduced its deemed interest in AEM to below the substantial shareholder threshold in February.

 

On Jun 16, AEM announced that it would create more than 300 additional jobs with the expansion of its Singapore, Malaysian and US operations. AEM’s Penang expansion will include an R&amp;D lab that will enable it to boost its R&amp;D capabilities, while it will also double its headcount in Malaysia to support the expansion, including new roles for technicians, engineers, customer support group, and supply chain management. AEM is also a Gold Sponsor and the sole sponsor of the SEMICON University Program at SEMICON SEA 2022, scheduled this week in Penang.

 

Separately, with effect from Jul 1, Andre Andonian will join the board of AEM as an independent director. At McKinsey &amp; Company, Andonian serves as a member of the global board, senior partner for the Singapore office, chairman of Japan and the managing partner for Korea. Back on May 5, AEM reported its highest quarterly revenue in its history at S$261.9 million for Q1 2022 (ended Mar 31), a 226.4 per cent year-on-year increase, while upwardly revising its FY22 revenue guidance to between S$700 million and S$750 million.

 

Mapletree Industrial Trust 

 
Between Jun 10 and 13, Mapletree Industrial Trust Management non-executive director Chua Tiow Chye acquired 250,000 units of Mapletree Industrial Trust (MIT) at an average price of S$2.49 per unit.

 
With a consideration of S$621,382, this increased his deemed interest from 0.05 per cent to 0.06 per cent. It followed his acquisition of 200,000 units at S$2.49 per unit on Feb 7 and 200,000 units at S$2.60 per unit on Jan 26.

 
Chua is also the deputy group CEO of Mapletree Investments, the sponsor of MIT. He focuses on driving the sponsor’s strategic initiatives including expanding and directing the sponsor’s international real estate investments and developments. He also directly oversees the sponsor’s global lodging sector as well as the private capital management function.

 
For the FY22 (ended Mar 31), MIT reported its gross revenue and net property income increased 36.4 per cent and 34.5 per cent year on year to S$610.1 million and S$472.0 million respectively. MIT owns 141 properties, comprising 85 properties in Singapore and 56 properties in North America, which includes 13 data centres in North America held through the joint venture with the sponsor.

 Uni-Asia Group

 
On Jun 13, Uni-Asia Group executive chairman Michio Tanamoto acquired 150,000 shares of the company for a consideration of S$156,000. At an average price of S$1.04 per share, this increased his total interest in the company from 3.24 per cent to 3.44 per cent. This closely followed his acquisition of 50,000 shares at S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 The Straits Trading Company

 
On Jun 13, The Straits Trading Company independent and non-executive director Tan Tiong Cheng acquired 30,000 shares of the company for a consideration of S$90,300, at an average price of S$3.01 per share. This increased his direct interest in the conglomerate-investment company from 0.03 per cent to 0.04 per cent. He is also an independent and non-executive director of UOL Group, the lead independent director of Heeton Holdings, and a non-executive independent director of Amara Holdings.

 
The same session also saw Straits Trading Company independent and non-executive director Chua Tian Chu acquire 7,000 shares of the company at S$3.00 per share.

 
Chua last acquired shares in the company in March, and both directors acquired shares in the company in January. 

 GKE Corporation

 
On Jun 15, GKE Corporation executive director and CEO Neo Cheow Hui acquired 500,000 shares of the company, for a consideration of S$52,000 at 10.4 cents per share. This increased his total interest in the provider of integrated warehousing and logistics solutions from 3.60 per cent to 3.67 per cent.

 
Neo has extensive experience in the warehousing and logistics industry which has played a pivotal role in developing high level strategies for the group and making major corporate investments over the last 20 years.

 Hong Fok Corporation

 
On Jun 10, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng acquired 43,000 shares of the company, for a consideration of S$41,925 at 98.0 cents per share. Cheong maintains a 20.27 total interest in the property developer.

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

 Grand Venture Technology

 
Between Jun 13 and 15, Grand Venture Technology executive chairman Ricky Lee Tiam Nam acquired 50,000 shares of the company at an average price of 76.8 cents per share. With a consideration of S$38,375, this increased his direct interest in the innovative precision manufacturer from 15.33 per cent to 15.34 per cent. 

 
Responsible for the overall strategic direction and development of the group, Lee was one of the founding directors of the company.

 
He has over 38 years of experience in the manufacturing, assembly/servicing and precision engineering industries, beginning his career in 1982 as a machinist in Pan-World Precision Engineering.

 
On Jun 15, GVT executive director and CEO Julian Ng Wai Yuen also acquired 10,000 shares at an average price of 76.5 cents per share. This increased his direct interest in the company from 3.54 per cent to 3.55 per cent. Ng has more than 20 years of experience in the manufacturing and precision engineering industries.

 
In early May, GVT reported 19.5 per cent year-on-year growth in Ebitda and 8.9 per cent growth in net profit after tax for Q1 FY2022 (ended Mar 31), on the back of a 41.0 per cent revenue increase from S$23.0 million in Q1 FY2021 to S$32.5 million in Q1 FY2022.

 
Lee noted with the results that robust demand from the semiconductor industry saw GVT make good progress in its discussions with potential customers engaged in the manufacture of metrology and inspection, etching, and wafer deposition equipment. Lee added that when fully onboarded, these customers are expected to be the key drivers for the front-end semiconductor activities of GVT in the near future. In Q1 FY2022, the semiconductor sector contributed 67.2 per cent to the group’s total revenue, comparable with the 71.1 per cent contribution in FY21 and 68.7 per cent contribution in 2020.

 Oxley Holdings

 
Between Jun 14 and 15, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at 17.1 cents per share.

 
Low maintains a 28.13 per cent direct interest in the firm and is responsible for the operation of the group including sales and marketing, project development, business development and financial management. He also assists the CEO in charting and executing strategic plans.

 Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/buybacks-surge-mapletrees-chua-tiow-chye-adds-to-mit-stake"> read </a>the original version.
</body></html>


      
    
    Share Buybacks


FOR the 5 trading sessions that spanned Jun 10 to 16, the Straits Times Index (STI) declined 3.5 per cent, with the FTSE China A50 Index gaining 1.2 per cent, the Hang Seng Index falling 4.5 per cent and the FTSE Bursa Malaysia KLCI sliding 2.2 per cent. 

 
Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$166 million of net outflow, following the S$52 million of net outflow for the preceding 5 sessions. UOB, OCBC, Singapore Airlines, Thai Beverage and Keppel DC Reit led the net institutional outflows for the 5 sessions through to Jun 16.

 Share buybacks

 
There were 26 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 16, with a total consideration of S$122.8 million, more than doubling the previous week’s consideration tally. Wilmar International and Keppel Corporation led the consideration tally, buying back shares at average prices of S$4.08, and S$6.75 respectively.

 

Director and substantial shareholder transactions

 
The 5 trading sessions saw over 100 changes to director interests and substantial shareholdings filed for close to 50 primary-listed stocks. This included 19 company director acquisitions with 2 disposals filed, while substantial shareholders filed 15 acquisitions and 12 disposals.

 

AEM Holdings

 
The Employees Provident Fund Board’s (EPF) deemed interest in AEM Holdings (AEM) has once again crossed above the 5.00 per cent substantial shareholder threshold.  The EPF had reduced its deemed interest in AEM below the 5.00 per cent threshold on Feb 4 to 4.87 per cent when it sold some shares, but on Jun 9, it bought shares again and raised its deemed interest to 5.05 per cent.  EPF’s latest purchase of 550,000 shares at S$4.39 per share, is at a lower average price than the S$4.53 per share it had received when it sold shares and reduced its deemed interest in AEM to below the substantial shareholder threshold in February.

 

On Jun 16, AEM announced that it would create more than 300 additional jobs with the expansion of its Singapore, Malaysian and US operations. AEM’s Penang expansion will include an R&amp;D lab that will enable it to boost its R&amp;D capabilities, while it will also double its headcount in Malaysia to support the expansion, including new roles for technicians, engineers, customer support group, and supply chain management. AEM is also a Gold Sponsor and the sole sponsor of the SEMICON University Program at SEMICON SEA 2022, scheduled this week in Penang.

 

Separately, with effect from Jul 1, Andre Andonian will join the board of AEM as an independent director. At McKinsey &amp; Company, Andonian serves as a member of the global board, senior partner for the Singapore office, chairman of Japan and the managing partner for Korea. Back on May 5, AEM reported its highest quarterly revenue in its history at S$261.9 million for Q1 2022 (ended Mar 31), a 226.4 per cent year-on-year increase, while upwardly revising its FY22 revenue guidance to between S$700 million and S$750 million.

 

Mapletree Industrial Trust 

 
Between Jun 10 and 13, Mapletree Industrial Trust Management non-executive director Chua Tiow Chye acquired 250,000 units of Mapletree Industrial Trust (MIT) at an average price of S$2.49 per unit.

 
With a consideration of S$621,382, this increased his deemed interest from 0.05 per cent to 0.06 per cent. It followed his acquisition of 200,000 units at S$2.49 per unit on Feb 7 and 200,000 units at S$2.60 per unit on Jan 26.

 
Chua is also the deputy group CEO of Mapletree Investments, the sponsor of MIT. He focuses on driving the sponsor’s strategic initiatives including expanding and directing the sponsor’s international real estate investments and developments. He also directly oversees the sponsor’s global lodging sector as well as the private capital management function.

 
For the FY22 (ended Mar 31), MIT reported its gross revenue and net property income increased 36.4 per cent and 34.5 per cent year on year to S$610.1 million and S$472.0 million respectively. MIT owns 141 properties, comprising 85 properties in Singapore and 56 properties in North America, which includes 13 data centres in North America held through the joint venture with the sponsor.

 Uni-Asia Group

 
On Jun 13, Uni-Asia Group executive chairman Michio Tanamoto acquired 150,000 shares of the company for a consideration of S$156,000. At an average price of S$1.04 per share, this increased his total interest in the company from 3.24 per cent to 3.44 per cent. This closely followed his acquisition of 50,000 shares at S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 The Straits Trading Company

 
On Jun 13, The Straits Trading Company independent and non-executive director Tan Tiong Cheng acquired 30,000 shares of the company for a consideration of S$90,300, at an average price of S$3.01 per share. This increased his direct interest in the conglomerate-investment company from 0.03 per cent to 0.04 per cent. He is also an independent and non-executive director of UOL Group, the lead independent director of Heeton Holdings, and a non-executive independent director of Amara Holdings.

 
The same session also saw Straits Trading Company independent and non-executive director Chua Tian Chu acquire 7,000 shares of the company at S$3.00 per share.

 
Chua last acquired shares in the company in March, and both directors acquired shares in the company in January. 

 GKE Corporation

 
On Jun 15, GKE Corporation executive director and CEO Neo Cheow Hui acquired 500,000 shares of the company, for a consideration of S$52,000 at 10.4 cents per share. This increased his total interest in the provider of integrated warehousing and logistics solutions from 3.60 per cent to 3.67 per cent.

 
Neo has extensive experience in the warehousing and logistics industry which has played a pivotal role in developing high level strategies for the group and making major corporate investments over the last 20 years.

 Hong Fok Corporation

 
On Jun 10, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng acquired 43,000 shares of the company, for a consideration of S$41,925 at 98.0 cents per share. Cheong maintains a 20.27 total interest in the property developer.

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

 Grand Venture Technology

 
Between Jun 13 and 15, Grand Venture Technology executive chairman Ricky Lee Tiam Nam acquired 50,000 shares of the company at an average price of 76.8 cents per share. With a consideration of S$38,375, this increased his direct interest in the innovative precision manufacturer from 15.33 per cent to 15.34 per cent. 

 
Responsible for the overall strategic direction and development of the group, Lee was one of the founding directors of the company.

 
He has over 38 years of experience in the manufacturing, assembly/servicing and precision engineering industries, beginning his career in 1982 as a machinist in Pan-World Precision Engineering.

 
On Jun 15, GVT executive director and CEO Julian Ng Wai Yuen also acquired 10,000 shares at an average price of 76.5 cents per share. This increased his direct interest in the company from 3.54 per cent to 3.55 per cent. Ng has more than 20 years of experience in the manufacturing and precision engineering industries.

 
In early May, GVT reported 19.5 per cent year-on-year growth in Ebitda and 8.9 per cent growth in net profit after tax for Q1 FY2022 (ended Mar 31), on the back of a 41.0 per cent revenue increase from S$23.0 million in Q1 FY2021 to S$32.5 million in Q1 FY2022.

 
Lee noted with the results that robust demand from the semiconductor industry saw GVT make good progress in its discussions with potential customers engaged in the manufacture of metrology and inspection, etching, and wafer deposition equipment. Lee added that when fully onboarded, these customers are expected to be the key drivers for the front-end semiconductor activities of GVT in the near future. In Q1 FY2022, the semiconductor sector contributed 67.2 per cent to the group’s total revenue, comparable with the 71.1 per cent contribution in FY21 and 68.7 per cent contribution in 2020.

 Oxley Holdings

 
Between Jun 14 and 15, Oxley Holdings executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at 17.1 cents per share.

 
Low maintains a 28.13 per cent direct interest in the firm and is responsible for the operation of the group including sales and marketing, project development, business development and financial management. He also assists the CEO in charting and executing strategic plans.

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



Buybacks surge, Mapletree’s Chua Tiow Chye adds to MIT stake






FOR the 5 trading sessions that spanned May 27 to Jun 2, the Straits Times Index (STI) gained 0.6 per cent, with the FTSE China A50 Index adding 3.6 per cent, the Hang Seng Index rising 4.6 per cent and the FTSE Bursa Malaysia KLCI up 0.5 per cent. 

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$102 million of net outflow.

This followed the S$109 million of net outflow for the preceding 5 sessions.

DBS, Singtel, OCBC, SATS and Yangzijiang Financial Holding led the net institutional outflows for the 5 sessions through to Jun 2.

Share buybacks

There were 21 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 2, with a total consideration of S$63,996,671, a pace similar to the preceding 2 weeks’.

Keppel Corporation led the consideration tally with 2,904,000 shares bought at an average price of S$6.84 per share.

This brought the total number of shares purchased on its current mandate to 1.02 per cent of its issued shares (excluding treasury shares).

The consideration tally does not include the Silverlake Axis buyback with an off-market purchase on an equal access scheme, booked on May 27, with Silverlake Axis buying 170,230,988 shares off-market for a consideration of S$56,176,226 at S$0.33 per share.

Director and substantial shareholder transactions

The 5 trading sessions saw more than 90 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks.

This included 14 company director acquisitions with 2 disposals filed, while substantial shareholders filed 7 acquisitions and 4 disposals.

Olam Group

Between May 27 and Jun 1, Olam Group executive director, co-founder and group CEO Sunny Verghese acquired 1.5 million shares of the company at an average price of S$1.51 per share.

With a consideration of S$2,269,300, this increased his direct interest in the group from 4.26 per cent to 4.29 per cent. 

Verghese noted in April that in 2021, the group had a banner year despite the continued impacts from Covid-19 and the adverse macro-economic and geopolitical environment, with its strongest reported and operational PATMI since it was founded.

For 2021, the group reported that its PATMI grew by 179 per cent to S$686 million while operational PATMI grew by 42 per cent to S$961 million.

Despite global geopolitical and economic challenges, Olam Group also reported its Q1 2022 Ebitda increased 54 per cent over last year.

In January 2020, Olam announced a transformational reorganisation plan by splitting the group’s diverse portfolio of businesses into 3 independent operating groups, to maximise the long-term value of the group.

Olam is in the process of executing the last step which includes the potential initial public offering and demerger of Olam Food Ingredients.

Far East Group

On May 30, Far East Group executive director and CEO Steven Loh Mun Yew acquired 619,000 shares of the company at 11.5 cents per share.

With a consideration of S$71,185, this increased his total interest in the company from 60.59 per cent to 61.15 per cent.

Loh was appointed to the board of Far East Group in 1990 and has more than 30 years of experience in the heating, ventilation, air-conditioning and refrigeration (HVAC&amp;R) industry.

He is responsible for the formulation and execution of the group’s business strategies, strategic directions and expansion plans, as well as managing its overall business development and financial performance.

In 2021, Far East Group’s revenue improved by S$28.5 million or 52.3 per cent to S$83.1 million, from S$54.6 million in 2020, due to the recovery of all business segments.

This saw the group report an attributable net loss of S$32,000 in 2021, compared to a loss of S$7.2 million in 2020.

Loh noted in March that the commercial and light industrial (refrigeration) segment remained the group’s largest revenue contributor, accounting for 64.7 per cent of its 2021 top line.

He added that the residential and commercial (air-conditioning) segment accounted for 34.0 per cent of total revenue.

The oil, marine and gas (refrigeration and air-conditioning) segment accounted for the remaining 1.3 per cent.

Uni-Asia Group

On Jun 1, Uni-Asia Group executive director and CEO Kenji Fukuyado acquired 70,000 shares of the company for a consideration of S$74,679.

At S$1.07 per share, this took his total interest in Uni-Asia Group from 1.78 per cent to 1.87 per cent.

His preceding acquisition was on Mar 16, with 50,000 shares acquired at S$1.12 per share, and prior to that, he acquired 50,000 shares at 63.3 cents per share back in December 2020.

Fukuyado was appointed Uni-Asia Group CEO in April 2020.

He joined the group in 2001 and has over 30 years of experience in the finance industry, including structured finance such as tax lease, asset finance, loan syndication, corporate finance, and asset management.

In 2021, Uni-Asia Group achieved a net profit of US$18.0 million, the highest profit level in the history of the group. 

Fukuyado also noted in April that in the longer term, the alternative investment company is committed to building up a stronger balance sheet.

As at the end of 2021, Uni-Asia Group had reduced its total borrowings to US$83.8 million.

This was down from US$114.0 million as at the end of 2020, bringing the debt-to-equity ratio to less than 1.

LHT Holdings

On May 26, LHT Holdings managing director, Yap Mui Kee, acquired 45,800 shares of the company for a consideration of S$32,518.

At an average price of 71.0 cents per share, this took her direct interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.99 per cent to 15.07 per cent.

Yap has gradually increased her direct interest in LHT Holdings from 14.12 per cent in August 2021.

She has been an executive director of LHT Holdings since January 1988 and is in charge of the sales and marketing functions of the group.

Livingstone Health Holdings

On May 31, Livingstone Health Holdings executive director and CEO, Wilson Tay, acquired 160,100 shares of the company for a consideration of S$22,244.

At an average price of 13.9 cents per share, this increased his total interest in the multidisciplinary healthcare group from 58.43 per cent to 58.47 per cent.

Dr Tay specialises in anaesthesiology with 15 years of clinical experience, and he is responsible for the overall strategic direction and development of the group.

Hafary Holdings

On May 30, Hafary Holdings non-independent non-executive director Eric Low See Ching acquired 75,000 shares of the company at 19.2 cents per share.

With a consideration of S$14,424, this increased his direct interest in the firm from 25.43 per cent to 25.44 per cent.

His preceding acquisition was on Apr 13, with 49,500 shares acquired at 19.5 cents per share.

Low was appointed non-independent non-executive director of Hafary Holdings in January 2014.

Prior to this appointment, he served on the board as executive director and in the company as CEO.

Samudera Shipping Line

On May 27, Samudera Shipping Line executive director and CEO Bani Maulana Mulia acquired 6,700 shares of the company at 74.5 cents per share. He maintains a 0.61 per cent direct interest in Samudera Shipping Line, which is primarily engaged in container shipping transportation of cargo in the Asian region.

Bani took the helm as CEO in September 2020 bringing with him nearly 2 decades of industry experience, having started his career in 2001 as a finance officer in Samudera Indonesia.

In 2021, Samudera Shipping Line delivered a significant jump in net profit after tax to US$130.0 million, compared to US$7.3 million in 2020.

Bani said that the group closed the year with a stronger balance sheet with total assets as at the end of 2021 rising to US$571.5 million, from US$342.8 million at the end of 2020.

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



Olam, Far East Group and Uni-Asia CEOs build stakes

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

OCBC (OCBC SP)

iFAST leads buybacks, as chairman also adds to stake

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...

Singapore Exchange Ltd (SGX)

Singapore Banks Begin Reporting 1H22 Results Tomorrow

This year the trio of DBS, UOB and OCBC have contributed more than 25% of the average daily turnover of the Singapore stock market, while...

Singapore Exchange Ltd (SGX)

UHReit director adds to stake; OCBC & Wilmar lead buybacks

FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China...

Singapore Exchange Ltd (SGX)

Buybacks surge, Mapletree’s Chua Tiow Chye adds to MIT stake

FOR the 5 trading sessions that spanned Jun 10 to 16, the Straits Times Index (STI) declined 3.5 per cent, with the FTSE China...

Singapore Exchange Ltd (SGX)

Olam, Far East Group and Uni-Asia CEOs build stakes

FOR the 5 trading sessions that spanned May 27 to Jun 2, the Straits Times Index (STI) gained 0.6 per cent, with the FTSE China A50 Index...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)