Buying plunges, selling remains low

THE buying plunged while the selling among directors remained low based on filings on Singapore Exchange in the last week of January. A total of nine companies recorded 19 purchases worth S$3.06 million versus one firm with two disposals worth S$0.04 million. The buy figures were sharply down from the previous week's 30 companies, 71 purchases and S$7.1 million. There were no sales by directors in the previous week.

Aside from directors, the buyback activity plunged last week with only six companies that posted 20 repurchases worth S$1.63 million. The figures were sharply down from the previous week's 27 firms, 87 trades and S$18.9 million. Despite the sharp fall in the buying last week, there were several significant acquisitions with buybacks in GKE Corporation and Travelite Holdings and insider buys in Keppel Corporation, Ho Bee Land, GL Ltd, Cache Logistics Trust and Mapletree Logistics Trust.

GKE Corporation

Integrated comprehensive logistics services provider GKE Corporation recorded its first buybacks since February 2013 with 1.94 million shares purchased from Jan 21 to 29 at an average of S$0.077 each. The trades, which accounted for 57 per cent of the stock's trading volume, were made on the back of the 22 per cent drop in the share price since July 2015 from S$0.099 each. The counter is also sharply down since December 2013 from S$0.18.

The group previously acquired 2.05 million shares in February 2013 and 3.37 million shares from October to November 2012 at an average of S$0.157 each. The recent buybacks were also made after the company announced on Jan 14 a first-half profit of S$262,000 versus a loss of S$567,000 in the same period in the previous year. The counter closed at S$0.08 on Friday.

Travelite Holdings

Merchandise distributor Travelite Holdings bought back for the first time since April 2013 with 306,000 shares purchased on Jan 27 at S$0.208 each. The trade was made after the stock fell by 31 per cent from S$0.30 on Jan 6.

The group previously acquired 2.4 million shares in April 2013 at an average of S$0.15 each and 642,000 shares from March to April 2009 at an average of S$0.20 each. The counter closed at S$0.22 on Friday.

Keppel Corporation

CEO Loh Chin Hua recorded his first on-market trade in shipping, property and infrastructure firm Keppel Corporation since December 2014 with 50,000 shares purchased on Jan 25 at S$4.81 each. The trade boosted his direct stake by 15 per cent to 383,000 shares or 0.02 per cent of the issued capital. He also has deemed interest of 38,500 shares or 0.0021 per cent. The acquisition was made on the back of the 47 per cent decline in the share price since April 2015 from S$9.02.

Mr Loh previously acquired 100,000 shares on Dec 15, 2014, at S$7.97 each. The purchases by the CEO since December 2014 are his first on-market trades since his appointment in January 2014.

Investors should note that Aberdeen Asset Management plc reported a purchase-related filing in November 2015 of 250,000 shares at S$7.10 each, which increased its deemed holdings to 108.850 million shares or 6.01 per cent of the issued capital.

The group previously reported a disposal-related filing in October 2015 of 85,000 shares at S$7.26 each and a disposal-related filing in August 2015 of 2.6 million shares at S$6.53 each. Prior to its notices since 2015, the fund manager acquired a net 37.3 million shares from January 2013 to November 2014 at S$11.16 to S$9.51 each and an initial filing in January 2013 of 438,000 shares at S$11.16 each, which raised its interest to 5.02 per cent.

Overall, Aberdeen's stake is up by 20 per cent since that initial filing in January 2013. Investors should note that there were buybacks by the company last year with 6.8 million shares purchased from June to September 2015 at S$8.52 to S$6.56 each or an average of S$7.25 each.

Prior to the buybacks last year, the company acquired 5.93 million shares in December 2014 at an average of S$8.20 each and 23.5 million shares from February to June 2000 at an average of S$3.63 each. The stock closed at S$5.02 on Friday.

Ho Bee Land

Purchases by chairman & CEO Chua Thian Poh in real estate developer and investor Ho Bee Land since the second half of December 2015 totalling 2.38 million shares accounted for 61 per cent of the stock's trading volume. The acquisitions were made from Dec 22, 2015, to Jan 22 at an average of S$1.97 each.

The chairman recorded buys on nine out of the 22 trading days during that period. He last bought 794,000 shares from Jan 20 to 22 at an average of S$1.93 each, which increased his deemed holdings to 489.867 million shares or 73.53 per cent of the issued capital. The purchases in the past two months were made on the back of the drop in the share price since April 2015 from S$2.37.

Prior to his purchases since December 2015, the chairman acquired 1.8 million shares in March 2015 at an average of S$2.02 each, 123,000 shares in December 2014 at S$1.92 each and 2.16 million shares from March to July 2014 at an average of S$2.17 each.

Investors should note that there were buybacks by the company last year with 917,000 shares purchased in August 2015 and 409,000 shares in January 2015 at an average of S$1.94 each.

Prior to the buybacks in 2015, the company acquired 9.14 million shares from October 2013 to January 2014 at an average of S$2.05 each, 59.3 million shares from March 2011 to June 2013 at S$0.98 to S$1.96 each or an average of S$1.52 each and 24 million shares from July 2001 to October 2008 at S$0.145 to S$0.50 each or an average of S$0.245 each. The stock closed at S$1.88 on Friday.

GL Limited

Purchases by non-executive chairman Quek Leng Chan in hotel and resorts investor, property developer and casino betting services provider GL Ltd so far last month totalling 6.37 million shares accounted for 34 per cent of the stock's trading volume. The acquisitions were made from Jan 6 to 28 at an average of S$0.842 each. The chairman recorded buys on every day during that 17-day period.

He last bought 1.2 million shares from Jan 25 to 28 at an average of S$0.832 each, which increased his deemed holdings to 920.574 million shares or 67.29 per cent of the issued capital. He also has direct interest of 735,000 shares or 0.05 per cent.

Aside from his purchases this month, the chairman acquired 625,000 shares from Dec 11 to 18, 2015 at an average of S$0.843 each. The purchases since December 2015 were made on the back of the drop in the share price since October 2015 from S$0.935.

Prior to his purchases in the past two months, Mr Quek acquired 1.5 million shares in September 2015 at S$0.79 each, 50,000 shares in June 2015 at S$0.98 each and 350,000 shares in May 2015 at S$0.95 each.

Prior to his purchases since 2015, the chairman acquired 1.4 million shares from September to October 2012 at an average of S$0.63 each and 25.27 million shares from February 2009 to November 2011 at S$0.23 to S$0.70 each or an average of S$0.54 each. Mr Quek was appointed to the board in August 1997. The counter closed at S$0.86 on Friday.

Cache Logistics Trust

Chairman & non-executive director Lim How Teck acquired more of real estate investment trust Cache Logistics Trust at a slightly lower price with 50,000 units purchased on Jan 28 at S$0.86 each. The trade increased his direct holdings by 25 per cent to 250,000 units or 0.03 per cent of the issued capital.

The acquisition was made after the group announced on Jan 25 a fourth-quarter loss of S$53.406 million versus a profit of S$21.9 million in the same quarter in 2014. Loss for the full year was S$12.323 million versus a profit of S$65.809 million in the previous year.

He previously acquired 25,000 units on Dec 14, 2015, at S$0.89 each, 50,000 units on Nov 18, 2015, at S$0.905 each and 25,000 units on Sept 8, 2015, at S$0.96 each. The purchases by the chairman since September 2015 are his first on-market trades since the unit trust was listed in April 2010. The acquisitions were made on the back of the drop in the unit price since April 2015 from S$1.20. The counter is also down since May 2013 from S$1.44. The unit trust closed at S$0.87 on Friday.

Mapletree Logistics Trust

Independent director Pok Soy Yoong recorded his first on-market trade in logistics real estate investment trust Mapletree Logistics Trust since he joined the group in 2009 with 200,000 units purchased on Jan 26 at S$0.915 each. The trade increased his direct holdings by 35 per cent to 768,000 units or 0.03 per cent of the issued capital. The acquisition was made on the back of the 22 per cent drop in the unit price since April 2015 from S$1.17.

Despite the fall in the unit price, the counter is still up since October 2011 from S$0.60. The purchase was also made after the group announced on Jan 25 a 2.3 per cent drop in third-quarter profit to S$53.988 million while earnings in the first nine months fell by 4 per cent to S$147.651 million. The unit trust closed at S$0.94 on Friday.