SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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 <div class='content-caption'>PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum</div>
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For the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50 Index declining 3.5 per cent, the Hang Seng Index declining 1.7 per cent and the FTSE Bursa Malaysia KLCI gaining 1.3 per cent.  

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$65 million of net inflow, following on from S$38 million of net inflow for the preceding 5 sessions. UOB, Singapore Airlines, Singtel, Jardine Matheson Holdings and Genting Singapore led the net institutional inflows for the 5 sessions through to Jul 21.

Share buybacks

There were just 7 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 21, with a total consideration of S$1.76 million. Yangzijiang Financial Holding led the consideration tally, buying back shares at 40.0 cents per share on Jul 15 and 18. This took the total number of shares bought on its buyback mandate to 19 million shares, representing 0.48 per cent of the company’s issued shares excluding treasury shares. The share buyback resolution was approved by shareholders on Jun 8, with Yangzijiang Financial Holding establishing the S$200 million share buyback programme to increase shareholder value and improve the return of equity of the group.

Director and substantial shareholder transactions 

With earnings season fast approaching, the 5 trading sessions saw just 40 changes to director interests and substantial shareholdings filed for 17 primary-listed stocks. This included 5 company director acquisitions with no disposals filed, while substantial shareholders filed 7 acquisitions and 2 disposals. 

PropNex

Between Jul 18 and 19, PropNex executive director Kelvin Fong Keng Seong acquired 72,100 shares of the company, for a consideration of S$109,592 at S$1.52 per share. This took his deemed interest in PropNex from 8.73 per cent to 8.75 per cent. His preceding acquisitions were between Jun 16 and 17, with 101,100 shares acquired at S$1.63 per share and between May 24 and 26, with 300,000 shares acquired at S$1.70 per share.  Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019. He oversees the group’s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry.

P5 Capital Holdings 

Between Jul 15 and 19, P5 Capital Holdings executive director Leow Sau Wan acquired 3,211,700 shares of the Catalist-listed company at 2.5 cents per share. With a consideration of S$80,046, this took Leow’s direct interest in the company to 0.29 per cent. For its FY22 (ended Mar 31) P5 Capital Holdings reported its revenue increased 51 per cent from FY21, to S$7.2 million, mainly due to contributions from the lifestyle business which represented 91 per cent of the group’s revenue. 

Asian Pay Television Trust

On Jul 14, non-executive director and vice-chair of the Trustee-Manager of Asian Pay Television Trust, Lu Fang-Ming, acquired 300,000 units of the business trust for a consideration of S$36,500. At an average price of 12.2 cents per unit, this increased Lu’s total interest in APTT from 1.02 per cent to 1.04 per cent. His preceding acquisitions, between Sep 23 and 27, 2021 saw Lu acquire 1,888,400 units of the business trust for a consideration of 13.0 cents per unit. Lu has also been a corporate executive vice president of Hon Hai/Foxconn Technology Group since the ODM manufacturing company he co-founded was acquired by Hon Hai/Foxconn Technology Group in May 2000. 

iWOW Technology

On Jul 19, iWOW Technology : NXR 0% substantial and controlling shareholder Kau Wee Lee acquired 40,000 shares of the recently Catalist-listed company at an average price of 21.6 cents per share. Kau maintains a 47.00 per cent direct interest in the technology provider, with a 1.90 per cent deemed interest due to shares held by her husband, Soo Kee Wee. 

Inside Insights is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/propnexs-kelvin-fong-ups-stake-yzj-fin-maintains-buyback-momentum">read</a> the original version
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    PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum


For the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50 Index declining 3.5 per cent, the Hang Seng Index declining 1.7 per cent and the FTSE Bursa Malaysia KLCI gaining 1.3 per cent.  

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$65 million of net inflow, following on from S$38 million of net inflow for the preceding 5 sessions. UOB, Singapore Airlines, Singtel, Jardine Matheson Holdings and Genting Singapore led the net institutional inflows for the 5 sessions through to Jul 21.

Share buybacks

There were just 7 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 21, with a total consideration of S$1.76 million. Yangzijiang Financial Holding led the consideration tally, buying back shares at 40.0 cents per share on Jul 15 and 18. This took the total number of shares bought on its buyback mandate to 19 million shares, representing 0.48 per cent of the company’s issued shares excluding treasury shares. The share buyback resolution was approved by shareholders on Jun 8, with Yangzijiang Financial Holding establishing the S$200 million share buyback programme to increase shareholder value and improve the return of equity of the group.

Director and substantial shareholder transactions 

With earnings season fast approaching, the 5 trading sessions saw just 40 changes to director interests and substantial shareholdings filed for 17 primary-listed stocks. This included 5 company director acquisitions with no disposals filed, while substantial shareholders filed 7 acquisitions and 2 disposals. 

PropNex

Between Jul 18 and 19, PropNex executive director Kelvin Fong Keng Seong acquired 72,100 shares of the company, for a consideration of S$109,592 at S$1.52 per share. This took his deemed interest in PropNex from 8.73 per cent to 8.75 per cent. His preceding acquisitions were between Jun 16 and 17, with 101,100 shares acquired at S$1.63 per share and between May 24 and 26, with 300,000 shares acquired at S$1.70 per share.  Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019. He oversees the group’s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry.

P5 Capital Holdings 

Between Jul 15 and 19, P5 Capital Holdings executive director Leow Sau Wan acquired 3,211,700 shares of the Catalist-listed company at 2.5 cents per share. With a consideration of S$80,046, this took Leow’s direct interest in the company to 0.29 per cent. For its FY22 (ended Mar 31) P5 Capital Holdings reported its revenue increased 51 per cent from FY21, to S$7.2 million, mainly due to contributions from the lifestyle business which represented 91 per cent of the group’s revenue. 

Asian Pay Television Trust

On Jul 14, non-executive director and vice-chair of the Trustee-Manager of Asian Pay Television Trust, Lu Fang-Ming, acquired 300,000 units of the business trust for a consideration of S$36,500. At an average price of 12.2 cents per unit, this increased Lu’s total interest in APTT from 1.02 per cent to 1.04 per cent. His preceding acquisitions, between Sep 23 and 27, 2021 saw Lu acquire 1,888,400 units of the business trust for a consideration of 13.0 cents per unit. Lu has also been a corporate executive vice president of Hon Hai/Foxconn Technology Group since the ODM manufacturing company he co-founded was acquired by Hon Hai/Foxconn Technology Group in May 2000. 

iWOW Technology

On Jul 19, iWOW Technology : NXR 0% substantial and controlling shareholder Kau Wee Lee acquired 40,000 shares of the recently Catalist-listed company at an average price of 21.6 cents per share. Kau maintains a 47.00 per cent direct interest in the technology provider, with a 1.90 per cent deemed interest due to shares held by her husband, Soo Kee Wee. 

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



PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

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

Insights across South East Asia

<ul>
<li>The number of visitors arriving in Singapore went up by almost 8x YoY and rail and bus ridership already hit 78% of the pre-pandemic level.</li>
<li>Won a bid to provide public transport in Darwin, Australia for the next 6 years, transporting approximately 5.7 million passengers annually (similar to Singapore's population). </li>
<li>As COE &gt; SGD 100,000, the incentive to own a car in Singapore is even less and is a positive for public transport operators like <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> .</li>
</ul>


The number of visitors arriving in Singapore went up by almost 8x YoY and rail and bus ridership already hit 78% of the pre-pandemic level.
Won a bid to provide public transport in Darwin, Australia for the next 6 years, transporting approximately 5.7 million passengers annually (similar to Singapore's population). 
As COE &gt; SGD 100,000, the incentive to own a car in Singapore is even less and is a positive for public transport operators like Comfortdelgro Corp (CD SP) .


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 <div class='content-caption'>Share Buybacks</div>
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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.
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    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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia.</li>
<li>Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia.
Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.
In this note, we talk about the not so positive aspects of the deal.


Go Air (Go First) Pre-IPO - The Negatives - Competition Is About to Pick-Up Again

<ul>
<li>GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a>.</li>
<li>Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia Industries (BRIT IN).
Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.
In this note, we will talk about the positive aspects of the deal.


Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

Singapore

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

Price Gauge
52-week Range	0.00 - 0.00
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Singapore Airlines (SIA SP)

PropNex’s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum

For the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50...

Singapore Exchange Ltd (SGX)

Comfortdelgro (CD): When to Take Off?

The number of visitors arriving in Singapore went up by almost 8x YoY and rail and bus ridership already hit 78% of the pre-pandemic level. COE >...

Henry Soediarko

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)

Go Air (Go First) Pre-IPO - The Negatives - Competition Is About to Pick-Up Again

GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the not so positive aspects of the deal.

Sumeet Singh

Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia...

Sumeet Singh

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