Dyna-Mac CEO adds to stake at S$0.188 per share

FOR the five trading sessions that spanned Nov 11 to Nov 17, the Straits Times Index (STI) gained 3.6 per cent, with the Hang Seng Index gaining 11.6 per cent and the FTSE Bursa Malaysia KLCI gaining 2.4 per cent.

Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows. This brought the 2022 year to Nov 17 net institutional inflows to S$1.2 billion. Singapore Telecommunications : Z74 0%, United Overseas Bank : U11 0%, CapitaLand Investment : 9CI 0%, DBS Group Holdings : D05 0%, and Singapore Airlines : C6L 0% led the net institutional inflows for the five sessions.

Share buybacks

There were 25 primary-listed stocks conducting share buybacks over the five sessions ending Nov 17, with a total consideration of S$18.5 million, a similar pace to the consideration totals for the preceding four weeks. Singapore Telecommunications led the five-session buyback consideration tally, buying back 3.4 million shares at an average price of S$2.78 per share.

Director and substantial shareholder transactions

The five trading sessions saw more than 50 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 14 company director acquisitions with three disposals filed, while substantial shareholders filed five acquisitions and six disposals.

United Overseas Bank

On Nov 11, United Overseas Bank independent chairman Wong Kan Seng acquired 10,000 shares at an average price of S$29.39 per share. This increased his direct interest in the company to 31,800 shares.

Wong was appointed to the board of United Overseas Bank in July 2017 and assumed the role of chairman in February 2018. He is also the chairman of CapitaLand Group, CLA Real Estate Holdings, and a director of Boao Forum for Asia. Wong previously served for 26 years in the Singapore government, where he held various ministerial appointments in the Communications and Information, Community Development, Foreign Affairs and Home Affairs Ministries, and at the National Population and Talent Division (Prime Minister’s Office). He retired as Deputy Prime Minister and Coordinating Minister for National Security in 2011 but remained as a Member of Parliament till 2015. He joined the private sector in 2011 and served as chairman on the boards of Singapore-Sichuan Investment Holdings, Singbridge Holdings and Singbridge International Singapore.

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On Oct 28, United Overseas Bank provided a business update, with a record high S$1.4 billion net profit for Q3 2022, up 34 per cent from Q3 2021 and driven by strong net interest income, higher customer-related treasury income and lower credit allowance. Deputy chairman Wee Ee Cheong noted with the update that the group had also recently launched its brand refresh, where it laid out its sharpened purpose – to build the future of Asean, adding that the award-winning digital platform, UOB TMRW, also reached a significant milestone in August, achieving 1 million digitally-acquired customers.

Dyna-Mac Holdings

On Nov 16, Dyna-Mac Holdings : NO4 0% executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share. With a consideration of S$94,000, this increased Lim’s direct interest in the global multi-disciplinary contractor from 0.38 per cent to 0.43 per cent. His previous acquisitions of shares on the open market took place on May 13, with 168,000 shares acquired at S$0.142 per share.

Lim oversees the overall organisation, management, and marketing of the group, responsible for steering strategic directions and growth. Lim has more than 20 years of extensive working experience in project management, commercial management, yards operations and design engineering in the oil and gas industries. He was also a Keppel Corporation : BN4 0% scholarship recipient and prior to joining Dyna-Mac, he has held various senior management positions in Keppel Offshore & Marine.

On Nov 14, Dyna-Mac Holdings provided a 9M 2022 business update, with Lim maintaining the update provided a sturdy set of results amid challenging operating environments. For the 9M 2202, the group reported net profit of S$6.3 million, a 75.6 per cent gain from 9M 2021. This was attributed to an increase in revenue due to higher progressive recognition achieved for the projects carried out over the past nine months, partially offset by lower other income and higher administrative expenses. The group’s cash position also improved to S$148 million as compared with S$106.3 million on Dec 31, with the group’s net order book at S$461.6 million with completion, and deliveries stretching till 2024.

Asian Pay Television Trust

On Nov 15, Dai Yung Huei, non-executive director of the trustee-manager of Asian Pay Television Trust (APTT) : S7OU 0%, increased his deemed interest from 18.48 per cent to 18.52 per cent. This saw 844,800 units of APTT acquired by Araedis Investment for a consideration of S$90,994 at S$0.108 per unit. On Nov 14, APTT provided a business update, noting a lower Q3 2022 earnings before interest, taxes, depreciation and amortisation (Ebitda) and Ebitda margin compared to Q3 2021, on higher operating expenses, while the business trust also observed total subscriber base growth and continued momentum in the broadband business.

A-Sonic Aerospace

Between Nov 10 and Nov 16, A-Sonic Aerospace CEO Janet LC Tan acquired 58,000 shares of the company for a consideration of S$31,820, at an average price of S$0.549 per share. This took her direct interest in the company from 60.67 per cent to 60.73 per cent. Her preceding acquisitions included 19,000 shares at S$0.523 per share between Nov 7 and Nov 8, 35,000 shares at S$0.514 per share between Oct 20 and Oct 27, and 10,000 shares at S$0.546 per share on Oct 10. 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 the sale, lease and purchase of aircraft and aircraft engines, while also providing supply chain management services. These services include various aspects of logistic solutions, including international and domestic multi-modal transportation, warehousing, distribution, customs clearance, and airport ground services. Tan’s responsibilities include setting the overall long-term business direction, developing business strategies, and implementing growth strategies.

Megachem

Between Nov 14 and Nov 15, Megachem : 5DS 0% managing director Sidney Chew Choon Tee acquired 33,700 shares at S$0.50 per share. With a consideration of S$16,850, this increased his total interest in the one-stop specialty chemical solutions provider from 35.76 per cent to 35.79 per cent. Chew has gradually increased his total interest from 35.23 per cent at the end of 2019. Chew was first appointed a director of Megachem in April 1989. On Oct 11, Megachem announced it had secured its first sustainability-linked financing of US$10 million from United Overseas Bank. Chew noted the sustainability-linked financing represented a key step in Megachem’s sustainability journey and a clear demonstration of its commitment to be a responsible member of the community, together with its customers and suppliers as well as other stakeholders. Megachem distributes over 1,000 different types and grades of specialty chemicals, with a wide range of applications to an established and diversified base of more than 2,000 industrial customers, comprising mostly well-known multinational companies.

Accrelist

On Nov 16, Accrelist : QZG 0% executive chairman and managing director Terence Tea Yeok Kian acquired 200,000 shares at S$0.045 per share. With a consideration of S$9,000, this increased his total interest in the Catalist-listed investment holding company from 21.97 per cent to 22.03 per cent. Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses. For FY2022 (ended Mar 31), Accrelist reported revenue of S$241.2 million, an increase of 59.4 per cent from FY2021. The three core segments of the group include the medical aesthetics business under AM Aesthetics and AM Skincare, as well as the electronics and mechanical business units under Jubilee Industries Holdings Ltd : NHD 0%, which Accrelist currently holds a 53.15 per cent controlling stake in. Despites challenges posed by the Covid-19 pandemic, A.M Aesthetics has grown its network of clinics over the years, from four local clinics when it was first acquired in 2018, to seven licensed medical clinics across Singapore, with another two overseas branches in Kuala Lumpur and Penang.

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