Share Buybacks by Primary-listed Companies by way of Market Acquisition (Sep 20 to 26) | Number of Shares / Units Purchased | Buyback Consideration (incl stamp duties & clearing charges) S$ | Avg price paid per share S$ |
SATS | 2,600,000 | $9,412,926 | $3.62 |
UNITED OVERSEAS BANK | 168,000 | $5,508,675 | $32.79 |
SEATRIUM | 1,110,000 | $1,925,322 | $1.73 |
SIA ENGINEERING COMPANY | 247,400 | $596,917 | $2.41 |
THE STRAITS TRADING COMPANY | 260,000 | $380,387 | $1.46 |
FRASER AND NEAVE | 199,600 | $254,954 | $1.28 |
INTRACO | 607,300 | $209,838 | $0.35 |
GLOBAL INVESTMENTS | 1,500,000 | $175,597 | $0.12 |
ZHENENG JINJIANG ENVIRONMENT HOLDING COMPANY | 447,300 | $162,211 | $0.36 |
INTERRA RESOURCES | 3,156,000 | $126,984 | $0.04 |
EVER GLORY UNITED HOLDINGS | 257,600 | $100,715 | $0.39 |
GLOBAL TESTING CORPORATION | 38,100 | $36,235 | $0.95 |
CHINA SUNSINE CHEMICAL HOLDINGS | 81,300 | $34,217 | $0.42 |
CSC HOLDINGS | 1,000,000 | $9,048 | $0.01 |
EUROSPORTS GLOBAL | 35,000 | $6,391 | $0.18 |
NEW TOYO INTERNATIONAL HOLDINGS | 17,000 | $4,346 | $0.26 |
Total | 11,724,600 | $18,944,763 |
Source: SGX
Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional outflow, reducing total net inflows from the 20 trading sessions spanning Aug 30 (which included MSCI Index rebalancing) through to Sep 26, to S$1.165 billion.
Leading the net institutional outflow over the five sessions through to Sep 26 were Singapore Telecommunications, Yangzijiang Shipbuilding Holdings, CapitaLand Investment, Singapore Exchange, Mapletree Logistics Trust, Capitaland Ascendas REIT, City Developments, Jardine Cycle & Carriage, Frasers Logistics & Commercial Trust and Mapletree Industrial Trust. Thus, Telecommunications and REIT Sectors led the net institutional outflows.
Leading the net institutional inflow over the five sessions were DBS Group Holdings, Sembcorp Industries, Capitaland Integrated Commercial Trust, United Overseas Bank, Keppel, Seatrium, Suntec Real Estate Investment Trust, ComfortDelGro Corporation, Singapore Airlines and OUE REIT. Thus, Financial Services and Utilities led the net institutional inflows.
The five sessions also saw 16 primary-listed companies conduct buybacks with a total consideration of S$18.9 million, double the consideration amount for the preceding week.
Digital Core REIT Management also acquired 250,200 units of Digital Core REIT between Sep 23 and 24. Seatrium bought back 1.11 million shares, taking the cumulative percentage of issued shares (excluding treasury shares) acquired on the current mandate to 0.40 per cent.
SATS led the buyback consideration tally over the five-sessions, acquiring 2.6 million shares at an average price of S$3.62 per share. SATS has noted that re-purchased shares held in treasury can be transferred for share schemes without diluting existing shares.
The five trading sessions saw more than 140 director interests and substantial shareholdings filed for 40 primary-listed stocks. Directors or CEOs filed 17 acquisitions, and one disposal, while substantial shareholders filed 11 acquisitions and 11 disposals. The 140 filings were larger than the usual weekly quota due to director participations in performance share plans. This included SATS President and CEO Kerry Mok Tee Heong who was granted unvested shares under the SATS Restricted & Performance Share Plans.
Raffles Medical Group
Between Sep 24 and 25, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.15 million shares at S$0.89 per share. This increased his total interest from 55.16 per cent to 55.27 per cent. Since, late February, Dr Loo has been gradually increasing his total interest in the stock from 53.02 per cent. The Group highlighted in July it continues to expand in Asia, opening its second medical centre in Hakata, Fukuoka, offering a range of medical services. Despite economic challenges, the Group also remains focused on exploring new business opportunities and improving operational leverage.
First REIT
On Sep 23, First REIT Management Limited Independent Director Martin Lechner sold 2,796,900 units of First REIT at an average price of S$0.275 per unit. This halved his direct interest in First REIT from 0.28 per cent to 0.14 per cent. Mr Lechner was first appointed to the Board of First REIT Management Limited in January 2018.
Mr Lechner had previously acquired 5 million units in a married deal on Feb 25, 2021, at S$0.20 per unit, and 796,900 units at S$0.21 per unit on Sep 18, 2023. The units acquired in Feb 2021 had also paid S$0.0893 in distributions, while the 796,900 units acquired in Sep 2023, paid S$0.0244 in distributions. Since 2021, the Manager maintains that First REIT has grown in stability, expanded its tenant mix, and increased its geographical presence with restructured master lease agreements for its Indonesian hospital. As of Dec 31, 2023, the portfolio of First REIT included 32 properties across Asia, valued at S$1.14 billion, with assets in Indonesia, Singapore, and Japan operated by PT Siloam International Hospitals Tbk and other established third-party operators.
For its 1HFY24 (ended June 30), First REIT reported rental and other income decreased by 3.7 per cent from 1HFY23 to S$52.0 million. However, in local currency terms, it increased by 4.4 per cent for properties in Indonesia and 2.0 per cent for nursing homes in Singapore, while remaining stable for nursing homes in Japan. Property operating expenses rose by S$0.1 million to S$1.7 million, resulting in a 4.1 per cent year-on-year decline in Net Property and Other Income to S$50.3 million. Finance costs increased slightly by S$0.1 million to S$11.3 million due to interest rate and currency risk management, leading to a 2.1 per cent year-on-year decrease in the Distributable Amount to S$25.0 million.
First REIT also maintains a healthy financial position with a gearing ratio of 39.5 per cent. The interest coverage ratio stands at 4.0 times, or 3.7 times when including distributions to perpetual securities holders. Additionally, 86.6 per cent of its debt is either on fixed rates or hedged, with an all-in cost of debt at 5.0 per cent.
Looking forward, the manager maintains the overall aging population in Asia is driving long-term demand for elderly-friendly infrastructure and quality healthcare services, positioning First REIT's healthcare portfolio to benefit from this trend. First REIT aims to have developed markets comprise more than 50 per cent of its portfolio by FY27, supported by its sponsors, OUE and OUE Healthcare.
Centurion Corporation
On Sep 24, Centurion Corporation Kelvin Teo Peng Kwang acquired S$500,000 Fixed Rate Notes due 2026 with a consideration of S$520,774. Mr Teo now hold a principal amount of S$1.5 million in Centurion Corporation debentures. Mr Teo has been the Chief Operating Officer of the Group’s accommodation business since August 2011 and an Executive Director since May 2018. He is responsible for the day-to-day operations and expansion of the accommodation business and assists the CEO in growth and strategic planning.
ABR Holdings
Between Sep 20 and 23, ABR Holdings Managing Director Ang Yee Lim acquired 209,000 shares at an average price of S$0.415 per share. This increased his direct interest in the homegrown restaurant operator from 52.34 per cent to 52.44 per cent. This year Mr Ang has gradually increased his interest from 52.12 per cent at the end of 2023.
Mr Ang, has served as Managing Director since July 2004, and led the Group to a 13 per cent revenue increase from 1HFY23, to S$64.0 million in 1HFY24, driven by new outlets and improved margins, despite challenging market conditions. ABR operates over 25 restaurant outlets, with Swensen’s becoming a symbol of friendly family dining. Over four decades, the Group has expanded to offer diverse cuisines through brands like Tip Top, Season’s, and Chilli Padi. The Group maintain their mission is to create memorable dining experiences that unite friends and families.
Noel Gifts International
On Sep 24, Noel Gifts International Managing Director Alfred Wong Siu Hong acquired 128,800 shares at an average price of S$0.36 per share. With a consideration of S$46,368 this increased his total interest in the leading hampers, flowers, and gifts company from 46.88 per cent to 47.00 per cent. This followed his acquisition of 163,500 shares at S$0.359 per share on Sep 16 and of 302,800 shares at S$0.356 per share between Sep 4 and 5. Mr Wong, the founder of Noel Gifts International, has been its Managing Director since its inception.
Ho Bee Land
On Sep 23, Mdm Ng Noi Hinoy, the spouse of Ho Bee Land executive chairman Chua Thian Poh, acquired 22,200 shares for a consideration of S$41,514. At S$1.87 per share, this marginally increased Dr Chua's deemed interest in Ho Bee Land which stands at 75.59 per cent. This followed Mdm Ng’s acquisition of 47,700 at S$1.85 a share between Sep 12 and 13.
Goodland Group
Between Sep 19 and 24, Goodland Group Managing Director and CEO Alvin Tan Chee Tiong’s total interest increased from 80.22 per cent to 80.32 per cent. Dr Tan acquired 189,000 shares at S$0.106 per share on Sep 19 and his sibling, Ms Tan Bee Bee, acquired 100,400 shares at S$0.102 per share on 24 Sep.
Dr Tan oversees the overall management, performance, and corporate strategy formulation for the group. With over 20 years of experience in the construction and property development sectors, he co-founded Goodland Development Pte Ltd in January 1993, initially focusing on building and civil engineering projects for both private and public sectors. Alongside co-founder Mr. Ben Tan, he expanded the company’s operations to include property development in 1994. The Group holds a diverse portfolio of investment properties and land banks in Singapore, as well as in Malaysia (Ipoh and Penang), and Cambodia (Siem Reap).
Inside Insights is a weekly column on The Business Times, read the original version.
Enjoying this read?
Chart | Stock Name | Last | Change | Volume |
---|
Created by SGX | Nov 04, 2024
Created by SGX | Nov 04, 2024
Created by SGX | Oct 21, 2024
Created by SGX | Oct 16, 2024