Buying by directors flat, selling rises sharply

BUYING was flat while the selling among directors surged based on filings on the Singapore Exchange from April 11 to 15.

A total of 16 companies recorded 28 purchases worth S$0.94 million versus three firms with eight disposals worth S$0.93 million. The buy figures were slightly down from the previous week's 17 firms, 32 purchases and S$1.01 million. The sales, on the other hand, were sharply up from the previous week's one company, two disposals and S$0.20 million.

While the buying by directors was flat last week, the buyback activity plunged with only six firms that posted 11 repurchases worth S$5.37 million. The figures were sharply down from the previous week's 13 companies, 32 trades and S$7.7 million.

There were several significant director trades last week with insider buys in Hong Fok Corporation, Hotung Investment and San Teh Limited and sales in New Silkroutes Group and OSIM International. On the funds' side, there was a rare buy in Ascendas India Trust and a rare sale in Bukit Sembawang Estates.

Hong Fok Corporation

Joint chairman and joint managing director Cheong Sim Eng resumed buying shares of property and construction play Hong Fok Corporation after the stock rebounded by 17 per cent from S$0.70 on March 28. Mr Cheong bought 80,000 shares on April 12 at S$0.815 each, raising his direct holdings to 94.908 million shares or 11.99 per cent of the issued capital. He also has deemed interest of 40.923 million shares or 5.17 per cent.

He previously acquired 288,000 shares from March 4 to 21 at an average of S$0.774 each and 139,000 shares from Jan 5 to 14 at an average of S$0.70 each. Prior to his purchases this year, he acquired 2.08 million shares from January 2014 to December 2015 at S$1.03 to S$0.68 each or an average of S$0.786 each; 659,000 shares from April to December 2013 at an average of S$0.69 each and 170,000 shares from March to April 2012 at an average of S$0.535 each.

Investors should note that joint chairman and joint managing director Cheong Pin Chuan acquired 262,000 shares from Jan 8 to 15 at an average of S$0.69 each, which boosted his direct stake to 11.210 million shares or 1.42 per cent. He also has deemed interest of 128.980 million shares or 16.297 per cent. He previously acquired 605,000 shares from September to December 2015 at an average of S$0.709 each, and 96,000 shares in December 2013 at S$0.70 each.

The counter closed at S$0.745 on Friday.

Hotung Investment Holdings

Chairman Huang Tsui-Hui resumed buying shares of venture capital firm Hotung Investment at higher than her previous acquisition prices from October 2015 to March this year. She bought 56,600 shares from April 6 to 14 at S$1.495 to S$1.56 each or an average of S$1.52 each. The trades, which accounted for 9 per cent of the stock's trading volume, increased her deemed holdings to 21.343 million shares or 21.48 per cent of the issued capital.

She previously acquired 305,000 shares from March 1 to 21 at an average of S$1.45 each. The purchases since March were made on the back of the rebound in the share price since January from S$1.23.

Prior to her purchases since March, Ms Huang acquired 89,000 shares from Dec 10 to 31, 2015, at S$1.32 to S$1.39 each or an average of S$1.36 each; 153,000 shares* from Nov 24 to Dec 2, 2015, at an average of S$1.37 each; and 89,500 shares from Oct 2 to 22, 2015, at an average of S$1.31 each *(adjusted due to 1 into 10 stock split and Significant Stock Dividend on Dec 9, 2015).

The stock closed at S$1.56 on Friday.

San Teh

Finance director Kao Ching Fong Nee Pan resumed buying shares of building materials manufacturer and distributor, hotel operator and property developer San Teh Limited after the stock fell by as much as 19 per cent from S$0.26 on March 29. She bought 295,000 shares on April 7 at S$0.23 to S$0.21 each or an average of S$0.228 each. The trade increased her deemed holdings to 81.023 million shares or 23.69 per cent of the issued capital. She also has direct interest of 32.422 million shares or 9.48 per cent.

She previously acquired 300,000 shares on March 2 at S$0.23 each. Prior to her purchases since March, she acquired one million shares from April to June 2015 at an average of S$0.29 each, and 10.2 million shares from November 2010 to August 2012 at S$0.42 to S$0.29 each or an average of S$0.34 each.

The counter closed at S$0.22 on Friday.

New Silkroutes Group

Executive director Lee Soek Shen recorded his first on-market sales in marine gas oil and fuel oil trader New Silkroutes Group since the stock was listed in March 2002. He sold 700,000 shares from April 11 to 13 at an average of S$0.307 each. The trades, which accounted for 44 per cent of the stock's trading volume, reduced his deemed holdings to 16.076 million shares or 12.76 per cent of the issued capital (The registered holder of the shares is Goodwood Associates Pte Ltd). The sales were made after the stock fell by 25 per cent from Mr Lee's purchase price on March 14 based on the 56,000 shares that he acquired on that day at S$0.41 each.

The counter closed at S$0.34 on Friday.

OSIM International

Executive director (chief operating officer in the South Asian region) Charlie Teo Chay Lee unloaded more shares of healthy lifestyle products distributor OSIM International with the sale of his entire holdings (deemed interest) of 200,000 shares from March 29 to April 1 at an average of S$1.37 each. The shares sold represented 0.01 per cent of the issued capital. Mr Teo also has direct holdings of 2.156 million shares or 0.287 per cent.

Aside from those sales, Mr Teo sold 100,000 shares (deemed interest) on March 18 at S$1.38 each. The sales since March were made at sharply lower than his previous sale prices based on the 2.24 million shares that he sold from August 2006 to October 2015 at S$1.34 to S$2.05 each or an average of S$1.71 each.

The insider sentiment is not entirely negative this year as chairman and chief executive officer Ron Sim Chye Hock purchased 4.85 million shares from Feb 5 to 15 at an average of S$0.965 each. The trades increased his direct holdings to 397.088 million shares or 53.54 per cent of the issued capital. He also has deemed interest of 116.259 million shares or 15.68 per cent.

He previously acquired 2.27 million shares from Dec 4 to 29, 2015, at an average of S$1.03 each; 11.36 million shares from Aug 20 to Nov 30, 2015, at S$1.64 to S$1.03 each or an average of S$1.38 each; and 500,000 shares in July 2015 at S$1.57 each.

Prior to his purchases since July 2015, Mr Sim acquired 573,000 shares from May 2012 to March 2013 at S$1.26 to S$1.82 each or an average of S$1.57 each; 11.6 million shares from February to December 2011 at S$1.60 to S$0.98 each or an average of S$1.30 each; and 500,000 shares in December 2010 at S$1.49 each.

The stock closed at S$1.39 on Friday.

Ascendas India Trust

Kabouter Management LLC recorded its first notice in real estate investment trust Ascendas India Trust since July 2015 with a purchase-related filing on April 7 of 358,000 units at S$0.89 each. The trade increased its deemed holdings to 74.096 million units or 8 per cent of the issued capital. The filing was made on the back of the 25 per cent rebound in the unit price since January from S$0.71.

The group previously reported a purchase-related filing in July 2015 of 1.58 million units at S$0.90 each.

Prior to its notices since July 2015, the fund manager reported a purchase-related filing in April 2015 of 2.576 million units at S$0.92 each, and an initial filing in January 2015 of 344,000 units at S$0.83 each, which raised its interest to 5.01 per cent.

Overall, Kabouter Management's stake is up by 60 per cent since that initial filing in January 2015.

The sentiment is not entirely positive this year as Massachusetts Financial Services Company reported a disposal-related filing on Jan 11 of 200,000 units at S$0.845 each, which lowered its deemed stake to 64.692 million units or 6.99 per cent. The group previously acquired 983,000 units on Dec 4, 2015, at S$0.86 each.

Prior to that purchase, it reported a disposal-related filing on Nov 25, 2015, of 1.4 million units at S$0.852 each. Prior to its notices since November 2015, the group acquired a net 719,000 units from March to May 2014 at S$0.74 to S$0.79 each.

The stock closed at S$0.91 on Friday.

Bukit Sembawang Estates

Aberdeen International Fund Managers Limited recorded its first notice in property developer Bukit Sembawang Estates since May 2015 with a disposal-related filing on April 12 of 9,000 shares at S$4.33 each. The trade reduced its deemed holdings to 18.121 million shares or 7 per cent of the issued capital. The filing was made on the back of the 10 per cent drop in the share price since October 2015 from S$4.80. The counter is also down since July 2015 from S$5.08.

The group previously reported a disposal-related filing in May 2015 of 249,900 shares at S$5.12 each. Overall, Aberdeen's stake is down by 12 per cent since May 2015.

Prior to those sales, the fund manager acquired 8.64 million shares from October 2011 to March 2013 at estimated prices of S$3.89 to S$7.30 each and an initial filing (for the second time since April 2010) in October 2011 of 620,000 shares at S$3.89 each, which raised its interest to 5.04 per cent.

The counter closed at S$4.38 on Friday.