SGX Market Updates

Centurion Joint Chairman David Loh Raises His Stake in the Group

SGX
Publish date: Mon, 20 Jan 2025, 06:46 PM
Share Buybacks by Primary-listed Companies by way of Market Acquisition (Jan 10 to Jan 16)Number of Shares/Units Purchased Buyback Consideration (incl stamp duties & clearing charges) S$   Avg price paid per share S$
OVERSEA-CHINESE BANKING CORPORATION 1,400,000$23,732,560$16.95
SEMBCORP INDUSTRIES 1,500,000$8,258,966$5.51
SINGAPORE TECHNOLOGIES ENGINEERING 500,000$2,313,472$4.63
SEATRIUM 910,000$1,992,702$2.19
VENTURE CORPORATION 96,300$1,226,596$12.74
ZHENENG JINJIANG ENVIRONMENT HOLDING COMPANY 731,600$330,083$0.45
SIA ENGINEERING COMPANY 123,400$289,965$2.35
KSH HOLDINGS 877,300$205,892$0.23
GLOBAL INVESTMENTS 1,500,000$181,490$0.12
FOOD EMPIRE HOLDINGS 100,000$98,651$0.99
EVER GLORY UNITED HOLDINGS 169,200$66,548$0.39
INTRACO 156,100$60,105$0.39
A-SONIC AEROSPACE 168,700$54,214$0.32
VIBRANT GROUP 800,200$52,493$0.07
TREK 2000 INTERNATIONAL 553,000$45,913$0.08
BANYAN TREE HOLDINGS 111,100$37,997$0.34
OXLEY HOLDINGS 250,000$18,024$0.07
SARINE TECHNOLOGIES 71,000$16,252$0.23
GHY CULTURE & MEDIA HOLDING CO 32,300$5,153$0.16
GLOBAL TESTING CORPORATION 4,700$4,613$0.98
Total10,054,900$38,991,689 

Source: SGX

Over the five trading sessions from Jan 10 to Jan 16, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$184 million, reversing the S$103 million net inflow over the preceding five sessions. 

Stocks that led the net institutional outflow over the five sessions through to Jan 16 were DBS Group Holdings, CapitaLand Integrated Commercial Trust, Singapore Airlines, Singapore Exchange, Genting Singapore, Venture Corporation, Oversea-Chinese Banking Corporation, Hongkong Land Holdings, Centurion Corporation, and CapitaLand Ascendas REIT.

Meanwhile, Singtel, Seatrium, Singapore Tech Engineering, United Overseas Bank, Yangzijiang Shipbuilding Holdings, Sembcorp Industries, Suntec REIT, Wilmar International, Rex International Holding, and Yangzijiang Financial Holding led the net institutional inflow.

Consequently, over the five sessions, Financial Services and REITs experienced the highest net institutional outflow, while Telecommunications and Industrials saw the most net institutional inflow.

The five sessions saw 20 primary-listed companies conduct buybacks with a total consideration of S$39.0 million. The consideration tally was led by Oversea-Chinese Banking Corporation, which bought back 1.4 million shares at an average price of S$16.95 per share. This brings the total shares repurchased under the current mandate to 0.30 per cent of its issued shares (excluding treasury shares). Oversea-Chinese Banking Corporation maintains that its repurchased shares are held as treasury shares, recorded as a deduction against share capital, and may be cancelled, sold, or used to meet employee share scheme obligations. The group is scheduled to announce its FY2024 (ended Dec 31) financial results on Feb 26, before the market open. 

Zheneng Jinjiang Environment Holding Company bought back 731,600 shares at an average price of S$0.45 per share.  This saw the leading Waste-To-Energy operator in China increase the total shares repurchased under its current mandate to 0.69 per cent of its issued shares (excluding treasury shares).

The five trading sessions saw 60 director interests and substantial shareholdings filed for 30 primary-listed stocks. Directors or CEOs filed 22 acquisitions, and one disposal, while substantial shareholders filed one acquisitions and five disposals. 

Centurion Corporation 

Between Jan 14 and 15, Centurion Corporation Executive Director and Joint Chairman David Loh Kim Kang acquired 10 million shares in two married deals, at S$0.935 per share. Mr Loh also acquired 200,000 shares on the open market at S$0.965 per share on Jan 15. This increased his total interest in the global provider of specialised accommodation from 58.57 per cent to 59.78 per cent. His preceding acquisition was on Sep 17, 2024, with 300,000 shares acquired at S$0.74 per share. 

Centurion Corporation owns, develops, and manages specialised accommodation assets across six countries globally. 

Mr Loh is responsible for formulating corporate and business strategies and leading the execution of strategic growth plan. He joined the company in May 2015 as a Non-Executive Director and was appointed Joint Chairman of the Board in Nov 2019. He transitioned to Executive Director in Mar 2021 and became Chairman of the Executive Committee in Jan 2022. Mr Loh has over 20 years of experience in the investment and brokerage industry. He has been a Principal and Director of Centurion Global Ltd since April 2008. His previous roles include various directorial positions at UOB Kay Hian and OUB Securities, as well as a Dealer at Ong & Company. 

In 2024, Centurion Corporation ranked among the 100 most traded Singapore stocks, with S$616,000 of average daily trading turnover compared to S$105,000 in 2023 when it ranked in the top 150 by turnover. Prior to 2024, Centurion Corporation streamlined its listings by ceasing its HKEX listing in Dec 2023. Centurion Corporation shares also gained through 2024 on robust financial results which included a 25 per cent increase in revenue for 9MFY2024 to S$186.5 million. For the first nine months of 2024, the Purpose-Built Workers Accommodation (PBWA) segment contributed 77 per cent of the revenue, while the Purpose-Built Student Accommodation (PBSA) contributed 23 per cent. In terms of geographical distribution for the same period, Singapore accounted for 70 per cent of the revenue, the United Kingdom contributed 15 per cent, Malaysia contributed 8 per cent and Australia contributed 7 per cent. In Nov 2024, PBWA Westlite-PKNS Petaling Jaya received the prestigious ‘Best CLQ Award’ at the Malaysia Urban Planning Awards (MUPA), presented by the Ministry of Housing and Local Government (KPKT) through PLANMalaysia. 

Looking forward, Centurion Corporation anticipates continued positive demand-supply dynamics across its operating markets, which will help maintain high occupancies and healthy rental revisions. The group is also actively pursuing opportunities to redevelop and enhance its portfolio assets to meet evolving regulatory requirements and customer needs. On Jan 7, the Group announced its exploration of a proposed transaction to establish a real estate investment trust (REIT) that would include some of its workers' accommodation and student accommodation assets.

Tuan Sing Holdings

Tuan Sing Holdings Executive Director and CEO William Liem and his sister, non-executive and non-independent director Michelle Liem Mei Fung, continued to build their deemed interest between Jan 9 and Jan 15.  

The acquired 4,051,300 shares were transacted at S$0.27 per share. This brings Mr Liem’s total interest from 54.38 per cent to 54.70 per cent. 

The group's property segment focuses on developing properties for sale and investment in Singapore, Australia, Indonesia, and China and is renowned for high-end residential projects in prime locations. The group also holds a 44.5 per cent stake in Gul Technologies Singapore Pte Ltd, a printed circuit board manufacturer with plants in China.

Back in Aug 2024, the Group noted its acquisition of Fraser Residence River Promenade supported its strategy to expand its hospitality business and was expected to boost performance in H2FY2024 (ended Dec 31). Additionally, the group noted that the divestment of greenfield land in Fuzhou, China, is anticipated to yield a gain of S$18.5 million upon completion. Tuan Sing Holdings plans to engage in large-scale integrated developments and townships as it embarks on its next phase of growth. This includes its planning application for an iconic Mixed-Use Redevelopment at the city of Melbourne’s premier intersection in Australia.  

XMH Holdings

XMH Holdings Chairman and Managing Director Tan Tin Yeow has continued to add to his interests, acquiring 212,500 shares since the company reported its H1FY2025 (ended Oct 31) financial results on Dec 12. 

The group reported on Dec 12 that gross profit for H1FY2025 (ended Oct 31) was S$24.3 million, up 8.1 per cent from H1FY2024. The gross profit margin increased to 36.3 per cent from 31.6 per cent, driven by higher margins in the distribution and after-sales segments due to increased demand for engines and spare parts, and better margins in recent project awards. Of the total S$66.9 million H1FY2025 revenue, S$39.5 million was attributed to the distribution segment in Indonesia.

A positive turnaround in write-backs on financial assets and net foreign exchange gains led to a 58.3 per cent increase in H1FY2025 results from operating activities, reaching S$16.2 million. Consequently, profit after tax for H1FY2025 rose by 94.9 per cent from H1FY2024 to S$12.6 million.

XMH Holdings was also removed from the SGX-ST watch-list on Nov 15, 2024.

The group expects the positive business trend to continue over the next 6 to 12 months, driven by strong performance in the distribution and project segments, robust order books, and a steady pipeline of deliveries. XMH Holdings further added on Dec 12 that the distribution segment has sustained demand for engines, particularly for new or replacement tugboats, while the project segment benefits from strong demand for generators, especially for data center applications. Despite healthy order volumes, the group remain cautious of geopolitical uncertainties and aims to stay adaptable and resilient. 

XMH Holdings current primary product offerings include distributorship, agency, and dealership rights from prominent brands such as Mitsubishi Heavy Industries, MTU, Kawasaki, Akasaka, Kamome, Taiyo, D-I, SOLÉ, BUKH, Reintjes, Masson, and CENTA. Its subsidiaries are involved in distribution and provision of value-added products and services, after-sales services, trading, and projects, including the assembly and installation of standby generator sets and related services.

Mr Tan was appointed Chairman and CEO in Oct 2010, and re-designated as Chairman and Managing Director in Sep 2016. He is responsible for the Group's overall strategy, corporate planning, business development, and acquisitions. He established the distribution arm and secured exclusive distributorships for the group. He has over 30 years of experience in the marine and industrial diesel engines industry. Mr Tan maintains a 63.78 per cent direct interest in the company.

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

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