INSIDE INSIGHTS

CEO of Sabana Industrial Reit’s manager adds to his stake in the Reit

FOR the trading sessions that spanned Oct 21 to 27, the Straits Times Index (STI) declined 0.3 per cent, with the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI gaining 0.5 per cent.

Overall, institutions were net sellers of Singapore stocks for the four sessions ended Oct 27, with just over S$100 million of net outflows, following the S$40 million of net outflows for the preceding five sessions. This put the 2022 year-to-Oct-27 net institutional inflows at just over S$460 million.

UOB, Jardine Matheson Holdings, Singtel, DBS, and Sats led the net institutional outflows for the period.

Meanwhile, CapitaLand Integrated Commercial Trust, OCBC, Yangzijiang Shipbuilding (Holdings), Sembcorp Marine and Singapore Airlines led the net institutional inflows for the four trading sessions.

Share buybacks

There were 20 primary-listed stocks conducting share buybacks over the four sessions ended Oct 27, with a total consideration of S$10.4 million, a figure lower than the preceding week's S$14.3 million.

Yangzijiang Financial Holding led the four-session buyback consideration tally, purchasing 7.5 million shares at an average price of 33.9 cents per share. The company has bought back 6.44 per cent of its issued shares (excluding treasury shares) on the current mandate, as of Oct 27.

Olam Group bought back 1.75 million shares at an average price of S$1.29 per share.

Nanofilm Technologies International also bought back 300,000 shares at an average price of S$1.75 per share. In its previous buyback mandate, the leading provider of nanotechnology solutions in Asia purchased 1.09 per cent of its shares, with the current mandate seeing the company buy back 0.38 per cent of its issued shares as of Oct 21.

Director and substantial shareholder transactions

The four trading sessions saw approximately 40 changes to director interests and substantial shareholdings filed for more than 20 primary-listed stocks. This included 11 company director acquisitions with three disposals filed, while substantial shareholders filed five acquisitions.

GSH Corporation

Between Oct 19 and 20, GSH Corporation executive chairman Sam Goi Seng Hui acquired 930,500 shares at 16 cents per share. With a consideration of S$148,880, this took his stake in GSH Corporation from 63.80 per cent to 63.85 per cent. Goi has gradually increased his stake in the property developer from 47.32 per cent at the end of 2014.

Back on Aug 12, GSH Corporation reported that group revenue for H1 2022 increased 5 per cent from H1 2021, to S$41.9 million, generating a net loss after tax of S$5.3 million in H1 2022, compared with a net loss after tax of S$12.4 million in H1 2021.

On a segmental basis, the group's property business registered a 58 per cent rise in revenue to S$23.3 million, boosted by improved sales performance of its Eaton Residences project in H1 2022. The group's hospitality segment also posted a 64 per cent increase in revenue to S$12.2 million in H1 2022 as Malaysia had eased its movement control restrictions in Q2 2022.

On Sep 15, GSH Corporation also announced the successful close of its first initial issue on the digital securities platform ADDX, with S$19.54 million in gross proceeds raised.

Sabana Industrial Reit

On Oct 20, Sabana Real Estate Investment Management CEO Donald Han, acquired 100,000 units of Sabana Industrial Reit at 40 cents per unit.

This increased his direct interest from 0.01 per cent to 0.02 per cent.

A real estate veteran, Han has experience covering most sectors of the property market, including industrial, having spent more than 30 years in various senior management and advisory positions.

His experience ranges from residential agency to collective en bloc, office investment sales to retail leasing, regional hospitality, and hotel disposition to international project marketing.

On Oct 19, Sabana Industrial Reit provided a Q3 2022 business update. It achieved a portfolio occupancy of 92.2 per cent excluding 1 Tuas Avenue 4, which is undergoing an asset enhancement initiative.

Its positive 10.2 per cent rental reversion in Q3 2022 was its 10th positive quarterly reversion in the past 11 quarters.

Under its asset enhancement initiatives, the manager of the Reit has proposed a plan to convert 1 Tuas Avenue 4 into a new warehouse and logistics facility, subject to approval from the relevant authorities.

The manager added that it is concurrently in discussions with several prospective tenants, such as third-party logistics companies and/or other users, and that the new facility will incorporate green and smart features.

Datapulse Technology

On Oct 21, Datapulse Technology executive director Yee Chia Hsing acquired 77,900 shares at an average price of 9.7 cents per share.

This was his first acquisition of shares in the company since his appointment to the board on Aug 1.

Prior to his appointment, Yee was the director of corporate affairs at iX Biopharma and general manager of its nutraceutical business from 2021 to 2022; and head of Catalist, CIMB Bank, Singapore Branch from 2011 to 2021. He is also the lead independent director of First Sponsor Group and a member of the audit committee of Ren Ci Hospital (a Singapore charity).

He previously served as a Member of Parliament of Chua Chu Kang GRC, Nanyang division, from 2015 to 2020.

On Sep 28, Datapulse Technology reported attributable loss of SS$3.3 million for its FY22 (ended Jul 31) against a loss of S$3.7 million in FY21.

The hotel operations business contributed S$1.5 million of revenue through the group's hotel, Travelodge Myeongdong City-Hall, while asset management fees and investment income each contributed S$0.2 million.

On Oct 20, Datapulse Technology received approval in-principle for the listing and quotation of up to 109,537,422 rights warrants and up to 109,537,422 new shares to be issued credited as fully paid upon the exercise of the rights warrants.

A-Sonic Aerospace

Between Oct 20 and 27, A-Sonic Aerospace CEO Janet LC Tan acquired 35,000 shares for a consideration of S$18,007, at an average price of 51.4 cents per share.

This took her direct interest in the company from 60.61 per cent to 60.65 per cent.

Her preceding acquisition was on Oct 10, with 10,000 shares acquired at 54.6 cents per share.

She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.

The company is engaged in two areas of business, aviation and logistics, operating in 28 cities in 16 countries, spanning Asia, North America and Europe.

With more than 20 years of extensive experience in the aviation industry, Tan's responsibilities include setting the overall long-term business direction, developing business strategies, and implementing growth strategies for A-Sonic Aerospace and its subsidiaries.

Daiwa House Logistics Trust

On Oct 19, Daiwa House Asset Management Asia independent non-executive director Tan Juay Hiang acquired 10,000 units of Daiwa House Logistics Trust at 55.0 cents per unit.

This took his direct interest in the Reit to 170,000 units.

Tan has had 14 years of relevant experience in real estate fund management. He was the fund manager of Ascendas Asean Business Space Fund from 2007 to 2010, where he structured the fund and raised US$400 million for it, and invested in Malaysia, Vietnam, and the Philippines.

He held the appointment of senior vice-president, real estate fund at Ascendas Pte Ltd from March 2010 to June 2012, where he was responsible for setting up the new fund and undertaking the capital raising.

From July 2012 to December 2019, he was CEO of Ascendas Hospitality Fund Management, the manager of Ascendas Hospitality Trust, where he was responsible for performance, compliance, and execution of management strategies.

From January 2020 to July 2020, he acted as managing director of Ascott, where he was responsible for the investments of Ascott Residence Trust.

Daiwa House Logistics Trust will provide a Q3 2022 business update before the Nov 9 open.

The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.

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