First Sponsor and Ho Bee Land chairmen build stakes

FOR the 5 trading sessions that spanned Mar 18 to 24, the Straits Times Index (STI) gained 2.3 per cent, with the FTSE China A50 Index rising 1.2 per cent, the Hang Seng Index adding 2.3 per cent and the FTSE Bursa Malaysia KLCI up 0.1 per cent.

Overall, institutions were net buyers over the 5 sessions with S$20 million of net inflow, following on from net inflow of S$155 million for the preceding 5 sessions.

Mapletree North Asia Commercial Trust, RW0U Mapletree Commercial Trust, N2IU City Developments, C09 Wilmar International F34 and Yangzijiang Shipbuilding Holdings BS6 : BS6 0% led the net institutional inflows for the 5 sessions through to Mar 24.

Meanwhile, UOB, U11 OCBC, O39 Ascendas Reit, A17U CapitaLand Integrated Commercial Trust C38U and Geo Energy Resources RE4 : RE4 0% reported the highest net institutional outflows for the 5 sessions.

Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$15.7 million, down from the S$36.2 million for the preceding week. OCBC, Keppel Corporation BN4 and Raffles Medical Group BSL : BSL 0% led the buyback consideration tally. Keppel paid an average price of S$6.30 per share, while Raffles Medical Group paid S$1.15 per share. As at Mar 24, Keppel had bought back 1.48 per cent of its issued shares excluding treasury shares under its current share buyback mandate, while Raffles Medical Group had bought back 1.52 per cent.

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Director and substantial shareholder transactions

The 5 trading sessions saw 80 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks. This included 24 company director acquisitions with 2 disposals filed, while substantial shareholders filed 6 acquisitions and 3 disposals.

First Sponsor Group

Between Mar 17 and 18, First Sponsor Group ADN : ADN 0% non-executive chairman Calvin Ho Han Leong acquired 599,000 shares of the company at an average price of S$1.37 per share. With a consideration of S$819,338 this increased his total interest in the group from 46.37 per cent to 46.44 per cent. This followed on from the acquisition of 63,900 shares at an average price of S$1.34 per share on Feb 24.

Ho was appointed the non-executive chairman of the company in April 2015. Prior to this, he had served as the non-executive vice-chairman of the company since Oct 1, 2007. He has also accumulated extensive experience during his tenure as CEO of Singapore-incorporated Tai Tak Estates.

Back on Feb 11, First Sponsor Group CEO Neo Teck Pheng highlighted that FY21 (ended Dec 31) saw the group set a new record annual pre-tax profit, since its inception, of S$202.6 million and a net profit of S$121.5 million for FY21, representing 17.7 per cent growth from FY20.

This was underpinned largely by the profit contribution from The Pinnacle project and a record annual average China property financing loan book. Mr Neo also added that the group is backed by a strong balance sheet, substantial unutilised committed credit facilities and potential equity infusion from the exercise of outstanding warrants.

Ho Bee Land

On Mar 21, Ng Noi Hinoy, the spouse of Ho Bee Land H13 : H13 0% executive chairman Chua Thian Poh, acquired 280,400 shares of the company for a consideration of S$801,905. At S$2.86 a share, this increased Chua's deemed interest in Ho Bee Land from 75.53 per cent to 75.57 per cent.

Chua provides leadership to promote the culture of the company and further strengthen the effectiveness and performance of the board, particularly in charting the growth strategies of the group. Importantly, since his re-designation as executive chairman with effect from Jan 1, he is working with both the board and management to strengthen the group's ESG framework, ensuring that the group's business continues to be socially responsible.

On Feb 28, Ho Bee Land reported its attributable net profit for FY21 (ended Dec 31) surged 141 per cent, with rental income increasing 4.1 per cent year on year to S$223.7 million, due to positive rental reversions for its London properties.

Development profit also saw an increase during the year, particularly from Turquoise and Seascape in Sentosa Cove.

With the results, Ho Bee Land CEO Nicholas Chua highlighted that the construction of the new biomedical project in one-north, Elementum, is progressing well, and with the biomedical sector registering robust growth, he is confident that demand for the laboratory space in Elementum would be strong when the project is completed in Q3 2023.

Raffles Medical Group

On Mar 23, Raffles Medical Group executive chairman and non-independent director Loo Choon Yong acquired 500,000 shares of the private healthcare provider for a consideration of S$570,000. At an average price of S$1.14 per share, this increased his direct interest from 10.75 per cent to 10.77 per cent. His total interest in Raffles Medical Group is 52.89 per cent, which has gradually increased from 51.93 per cent at the end of 2014.

Multi-Chem

Between Mar 22 and 23, Multi-Chem AWZ : AWZ 0% executive director and general manager Foo Fang Yong acquired 84,400 shares of the company at an average price of S$1.86 per share. With a consideration of S$156,751, this doubled his direct interest in the value-added supplier to PCB manufacturers from 0.09 per cent to 0.18 per cent.

On Feb 18, Multi-Chem reported that for its FY21 (ended Dec 31) the group achieved revenue of S$603.6 million, a year-on-year increase of 25.8 per cent compared to revenue of S$479.7 million in FY20.

Foo was appointed a director of Multi-Chem in May 2015. Incorporated in 1985, Multi-Chem was listed on Sesdaq in January 2000, and upgraded to the Mainboard in November 2000. In May 2002, the group diversified into the business of IT distribution.

Oxley Holdings

Between Mar 17 and 23, Oxley Holdings 5UX : 5UX 0% deputy CEO & executive director Eric Low See Ching acquired 100,000 shares of the company at an average price of 17.3 cents per share. He maintains a 28.12 per cent direct stake in the home-grown property developer.

Low is responsible for the operations of the group including sales and marketing, project development, business development and financial management, and assists the CEO in charting and executing strategic plans.

Low also acquired 39,000 shares of Hafary Holdings on Mar 24 at 18.5 cents per share. He serves as a non-independent non-executive director of Hafary Holdings while maintaining a 25.36 per cent interest in the company.

Creative Technology

On Mar 22, Creative Technology C76 : C76 0% independent non-executive director George Yeo Yong Boon acquired 25,200 shares of the company at S$2.50 per share. With a consideration of S$63,048, this took his interest from 0.26 per cent to 0.30 per cent.

Yeo has been acquiring shares in Creative Technology since Feb 11. His preceding acquisition was 50,000 shares at S$2.51 per share on Mar 11.

Challenger Technologies

On Mar 21, Digileap Capital acquired 100,000 shares of Challenger Technologies 573 : 573 0% at 58.0 cents per share. This took the deemed interest of non-executive non-independent director Tan Keng Soon in the Singapore-focused multi-brand IT retailer from 15.00 per cent to 15.03 per cent.

Tan is the co-founder and manager partner of Dymon Asia Capital and was recently appointed to the board of Challenger Technologies, on Nov 29, 2021.

Tai Sin Electric

On Mar 16, Tai Sin Electric 500 : 500 0% executive director and CEO Bernard Lim Boon Hock acquired 66,000 shares of the company at an average price of 38.8 cents per share. With a consideration of S$25,640, this took his total interest in Tai Sin Electric from 17.29 per cent to 17.31 per cent.

Lim's total interest was further increased on Mar 17 to 17.35 per cent following his wife's inheritance of 216,294 shares from her late father.

Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997.

LHT Holdings

On Mar 18, LHT Holdings BEI : BEI 0% managing director, Yap Mui Kee, acquired 17,700 shares of the company for a consideration of S$12,390.

At 70.0 cents per share, this took her total interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.76 per cent to 14.80 per cent.

This followed her acquisition of 24,600 shares of at 69.1 cents per share on Mar 7.

After Yap's appointment as acting managing director in February 2016, she became chairman, managing director and CEO in February 2017.

Yap has over 35 years of experience in sales and marketing and plays a key role in exploring opportunities in new markets.

On Feb 25, LHT Holdings, which has been in the timber industry for over 40 years, reported that its profit before income tax increased by 55.0 per cent to S$5.65 million in FY21 (ended Dec 31), compared to S$3.64 million in FY20.

This was mainly due to a higher gross profit margin, lower administrative expenses and lower other expenses in FY21 compared to FY20.

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