INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions spanning Sep 6 to 13, with S$523 million of net institutional inflow, following the S$328 million recorded during the preceding five sessions.
The 10 sessions saw a reversal of close to two-thirds of the net institutional outflow in Singapore stocks in the 2024 year through to Aug 29. Financial Services, telecommunications and Reits have led the net institutional inflow over the period spanning Aug 30 to Sep 12.
Meanwhile, technology, consumer non-cyclicals, and real estate (excluding Reits) booked the most net institutional outflow over the period.
Leading the net institutional inflow over the five sessions were Singtel, DBS, OCBC, Singapore Exchange, UOB, Sembcorp Industries, Mapletree Pan Asia Commercial Trust, Sats, Singapore Airlines and Seatrium. Eight of the stocks also led the inflow over the preceding five sessions, with Sats and SIA the exceptions.
Leading the net institutional outflow over the five sessions were Yangzijiang Shipbuilding (Holdings), UMS Holdings, Wilmar International, Thai Beverage, Keppel, Venture Corporation, City Developments, CSE Global, Digital Core Reit and Hongkong Land.
The five sessions also saw 20 primary-listed companies conduct buybacks with a total consideration of S$9.7 million. UOB led the consideration tally during the period, adding 140,000 shares at an average price of S$31.96 per share.
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Digital Core Reit Management also purchased 502,700 units of Digital Core Reit between Sep 10 and 12.
Seatrium bought back 1.25 million shares, taking the cumulative percentage of issued shares (excluding treasury shares) acquired on the current mandate to 0.34 per cent.
The five trading sessions saw over 60 director interests and substantial shareholdings filed for close to 30 primary-listed stocks. Directors or chief executives filed 19 acquisitions, and one disposal, while substantial shareholders filed nine purchases and five sales.
Geo Energy Resources
On Sep 10, three key management personnel from Geo Energy Resources made acquisitions on the open market at S$0.24 per share.
The company is a leading Indonesian coal producer known for its efficient coal mining operations and regional coal sales. It specialises in low-cost production of premium coal assets with low ash and low sulphur content.
Group chief operating officer Philip Hendry bought 500,000 shares, increasing his total interest to 1.08 million shares. He was appointed to his current role in February 2023 and oversees the commercial and business operations of the group.
He has over 20 years of experience in finance and commercial leadership roles, with a strong background in financial transformations, mergers & acquisitions, and managing multiple businesses and projects.
Group chief financial officer Adam Tan Sheng Hua acquired 50,000 shares, increasing his total interest to 130,000 shares. He was appointed group chief financial officer in April 2020, and manages the group’s finance and investment activities, including financial reporting, mergers and acquisitions, corporate finance, and investor relations. He also leads its strategies for expanding its Indonesian operations and global business.
Business development director Lu King Seng also acquired 50,000 shares, taking his total interest to 1.13 million shares. Lu was appointed to his post in June 2024, and oversees the group’s business development, focusing on new business relations and strengthening existing partnerships. He leads the group’s business development strategies and activities.
On Aug 8, Geo Energy Resources reported a H1FY24 (ended Jun 30) net profit of US$26.8 million and declared a second interim dividend of S$0.20 cents per share, despite reporting lower revenue of US$169.4 million due to decreased ICI4 prices.
Following the acquisition of PT Golden Eagle Energy (GEE), the group incurred higher general and administrative expenses and finance costs. Its cash profit per tonne remained healthy at US$11.94, with a stable cash profit margin of 23 per cent.
The group recently signed a cooperation contract with two of the largest state-owned Chinese enterprises for the development of its world-class integrated infrastructure (hauling road and jetty) that will allow its PT Triaryani coal mine (under GEE) to scale up the production of up to 25 million tonnes per annum, with logistical cost savings of up to US$10 per tonne. Assuming coal prices remain at the current levels, Geo Energy will then be able to generate an estimated US$400 million-US$500 million Ebitda per annum. In addition, the group can diversify its revenue stream as an infrastructure provider.
Executive chairman and CEO, Charles Antonny Melati maintained that the group will continue to take proactive steps to expand its value proposition within the energy value chain and position its business model towards its vision of becoming a billion-dollar energy group.
Tai Sin Electric
Between Sep 9 and 10, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock acquired 1,179,955 shares at S$0.40 per share. This increased his total interest in the industrial group from 17.74 per cent to 18.00 per cent. It followed his buying of 200,000 shares at S$0.395 per share on Aug 30.
Lim has gradually increased his total interest in the company from 14.82 per cent at the end of 2019.
Tuan Sing Holdings
Nuri Holdings has continued to increase its interest in Tuan Sing Holdings from 53.65 per cent prior to Aug 21, to 53.95 per cent as at Sep 11. This increased the deemed interests of executive director and CEO William Liem and non-executive and non-independent director Michelle Liem Mei Fung.
The 730,300 shares acquired between Sep 5 and Sep 11 were transacted at an average price of S$0.239 per share.
ABR Holdings
On Sep 10, ABR Holdings managing director Ang Yee Lim acquired 100,000 shares atS$0.435 per share. This increased his direct interest in the homegrown restaurant operator from 52.29 per cent to 52.34 per cent.
His preceding acquisitions were between Aug 22 and Sep 2, with 168,400 shares bought at an average price of S$0.445 per share.
XMH Holdings
Between Aug 5 and Sep 4, XMH Holdings chairman and managing director Tan Tin Yeow increased his direct interest from 63.54 per cent to 63.59 per cent.
Tan was appointed chairman and CEO in October 2010, and later re-designated as chairman and managing director in September 2016. He has overall responsibility for the group, including strategy formulation, corporate planning, business development, and potential acquisitions.
He also played a key role in establishing the distribution arm and securing exclusive distributorships for the group.
With over 30 years of experience in the marine and industrial diesel engines industry, Tan previously worked at Meng Wah Machinery Work, a former partnership founded by the founder, Tan Tum Beng, until 1991.
XMH Holdings provides diesel engine, propulsion, and power generating solutions for marine and industrial sectors across Asia. The group’s main product offerings include distributorship, agency, and dealership rights from renowned brands.
XMH Holdings was placed on the watch list based on the Singapore Exchange’s financial entry criterion on Dec 4, 2019, and the SGX has extended the cure period for the company to exit the watch list, to Dec 4, 2024.
For its FY24 (ended April 30), the group achieved significant profitability improvements, with gross profit rising by 52.9 per cent from FY23, to S$41.8 million and profit attributable to shareholders increasing from S$4.0 million to S$12.6 million, despite a marginal revenue decrease to S$124.2 million and higher operating expenses.
The distribution segment revenue rose by 48.3 per cent to S$77.9 million, due to strong demand for its engines from the commodities transportation tugboats industry in Indonesia.
The group’s order book stood at approximately S$127.5 million as at Jul 18, 2024. Tan maintains that while the focus within the distribution segment remains on Indonesia’s traditional market, to further enhance growth in the distribution segment, the group’s strategic approach is collaborating with sub-dealers and expanding into the markets of Thailand, Malaysia, Singapore, and Indonesia with small-sized fast craft and lifeboat engine repowering segments, using BUKH engines.
Wing Tai Holdings
Wing Tai Holdings chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.
From Sep 10 to 12, Cheng increased his deemed interest in the leading real estate developer and lifestyle retailer by 95,000 shares.
He maintains a 61.52 per cent total interest in the company.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.
