INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.
The buyback consideration was down from S$35.3 million for the preceding five sessions. The bulk of the net institutional buying took place on Mar 15, with the FTSE Index rebalancing, which saw S$226 million of net institutional inflow.
City Developments Ltd bought back 2,215,000 shares at S$5,90 per share. This followed its buybacks of 4,167,400 shares at an average price of S$5.92 over the preceding five shares. Its buybacks through to Mar 21 represent 0.7 per cent of its total outstanding shares (excluding treasury shares).
Back on Mar 15, Yangzijiang Financial Holding bought back 15,025,900 shares at an average price of S$0.32 per share. This brought its buybacks to 4.29 per cent of its total outstanding shares (excluding treasury shares) as of the Apr 21, 2023, start date of the current mandate.
The group maintained on Mar 21 that it would continue to repurchase its own shares at the opportune moments, after considering the prevailing market conditions and other relevant factors and under appropriate circumstances. It will also seek to renew its share repurchase mandate at the upcoming annual general meeting.
Digital Core Reit Management also continued to buy back units of Digital Core Reit over the each of the five sessions.
Leading the net institutional inflow over the five sessions were DBS Group Holdings, OCBC, Singtel, UOB, Thai Beverage, Keppel, Sembcorp Industries, Wilmar International, Frasers Centrepoint Trust and UOL Group.
Meanwhile, Seatrium, CapitaLand Investment, Suntec Reit, Singapore Airlines, Mapletree Pan Asia Commercial Trust, Genting Singapore, Singapore Exchange, Sats, Mapletree Logistics Trust and CapitaLand Integrated Commercial Trust led the net institutional outflow over the five sessions.
The five trading sessions saw more than 80 changes to director interests and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or chief executive officers filed 25 acquisitions and four disposals, while substantial shareholders filed 10 acquisitions and four disposals.
Raffles Medical Group
Between Mar 14 and 20, Raffles Medical Group executive chairman Loo Choon Yong acquired 700,000 shares at an average price of S$1.035 per share, which increased his total interest from 53.76 per cent to 53.79 per cent. This followed his acquisition of 13.6 million shares between Feb 27 and Mar 13.
Prior to the recent spate of acquisitions, Dr Loo’s total stake in Raffles Medical was 53.02 per cent. Back on Mar 6, Raffles Medical traded at S$0.985 per share, a level not seen since Feb 2021.
On Feb 26, the group noted although that slower economic growth in the region, coupled with higher inflation and the strong Singapore dollar, may dampen demand for high-end healthcare services, it continues to explore new business opportunities regionally. To strengthen its presence in Vietnam, the group in October 2023 entered a strategic partnership to manage the American International Hospital in Ho Chi Minh City.
PSC Corp
Between Mar 14 and 20, PSC Corp executive chairman Sam Goi acquired 1,080,500 shares at an average price of S$0.35 per share. With a consideration of S$378,473, this increased his direct interest from 30.46 per cent to 30.66 per cent.
Goi has been gradually increasing this direct interest from 30.41 per cent at the end of February, and 30.02 per cent prior to December 2023.
PSC is a home-grown consumer essentials provider that manufactures, distributes and markets a diverse range of quality consumer products. In February, Goi maintained that despite the challenging environment, PSC performed better in FY23 (ending Dec 31), adding that with the improved net profit from FY22, the group has proposed a special dividend of S$0.005 in celebration of its 50th anniversary, in addition to the final and interim dividends.
Goi added that although the economic conditions in China continue to be tough and inflationary pressure in Singapore weighs on consumer spending, the group will focus on cost control measures while building on its strong brand equity and customer engagement, as it continues to explore opportunities to drive growth.
Jardine Cycle & Carriage
On Mar 15, Jardine Cycle & Carriage (Jardine C&C) group managing director Benjamin Birks acquired 11,000 shares at S$24.31 per share. With a consideration of S$267,410, this increased his direct interest in the South-east Asia investment holding company of the Jardine Matheson Group from 44,000 shares to 55,000 shares. This represents a 0.01 per cent direct interest in the company.
His previous acquisitions were in Mar 2021, with 25,000 shares acquired at S$22.77 per share, and in Aug 2023, with 19,000 shares acquired at S$33.90 per share.
Birks leads the long-term portfolio strategy of the group, which includes having direct oversight over the sustainability strategy. In February, Jardine C&C reported its FY23 (ended Dec 31) attributable profit increased 64 per cent from FY22 to US$1.2 billion. The was principally attributed to Astra’s second year of record profit, despite softer commodity prices and moderating growth in the second half of the year.
JB Foods
Between Mar 14 and 19, JB Foods executive director Goh Lee Beng acquired 214,500 shares at S$0.48 per share. With a consideration of S$102,960, the acquisition increased her total interest in the provider of premium cocoa ingredient products from 47.47 to 47.53 per cent.
This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.
The cocoa ingredients producer maintains operations in China, Indonesia, Malaysia, Singapore, Europe, North America and West Africa, with a cocoa bean processing capacity of 180,000 tonnes per year.
Asian Pay Television Trust
On Mar 20, Brian McKinley, CEO of the trustee-manager of Asian Pay Television Trust (APTT), acquired 588,200 units of APTT at S$0.085 per unit. With a consideration of S$49,997, this increased his direct interest in APTT from 0.24 per cent to 0.28 per cent.
In Feb, McKinley highlighted that the modest increase in real total revenue was encouraging in FY23 (ended Dec 31), reflecting a higher contribution from broadband, with new subscribers and higher average revenue per user.
He added that over 25 per cent of total revenue is now generated from broadband, compared to 22 per cent in FY22. McKinley noted that while the trend cannot be assumed to continue, the growth in total revenue signals that broadband is at least starting to cushion the impact of the decline in its basic cable TV business.
Trans-China Automotive Holdings
Between Mar 14 and 18, Trans-China Automotive Holdings (TCA) executive chairman and CEO Francis Tjia acquired 535,000 shares at S$0.085 per share. With a consideration of S$45,475, this took his deemed interest in the automobile dealership group from 61.12 per cent to 61.23 per cent.
For its FY23 (ended Dec 31) TCA reported revenue of 3,455.5 million yuan (S$652.8 million), a decline of 14.2 per cent from FY22, attributed to the muted China macroenvironment and competitive industry landscape. Tjia noted that with the current intensely competitive environment, TCA’s focus is to tighten its cost control and optimise operations.
He also maintained that the group is cautious and selective with any further expansion and capex plans. Tjia added that in the longer term, when the industry normalises, TCA is well-positioned owing to its established BMW dealerships and exposure to new brands, such as Genesis.
Noel Gifts International
Between Mar 13 and 15, Noel Gifts International executive chairman and managing director Alfred Wong acquired 99,900 shares at an average price of S$0.258 per share. With a consideration of S$25,725, this increased his total interest in the leading hampers, flowers and gifts company from 46.33 per cent to 46.42 per cent. His preceding acquisition was on Dec 13, 2023, with 75,000 shares acquired at S$0.265 per share.
Boustead Singapore
On Mar 15, Boustead Singapore chairman and group CEO Wong Fong Fui acquired 15,000 shares for a consideration of S$13,800 at an average price of S$0.92 per share. Wong’s deemed interest in the engineering services with a heritage of close to two centuries is 43.23 per cent.
This followed his acquisition of 192,000 shares at an average price of S$0.89 per share between Mar 4 and 5, and 103,400 shares at S$0.91 per share on Mar 11.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.
