Raffles Medical chairman Loo Choon Yong raises stake

FOR the 5 trading sessions that spanned Feb 25 to Mar 3, the Straits Times Index (STI) declined 0.7 per cent, while the FTSE China A50 Index gained 0.6 per cent, the Hang Seng Index fell 2.0 per cent and the FTSE Bursa Malaysia KLCI added 3.3 per cent.

DBS Group Holdings, D05 OCBC, O39 UOB, U11 Venture Corporation V03 and UOL Group U14 received the highest net institutional outflows for the 5 sessions.

Overall, institutions were net sellers during the period, with S$650 million of net outflow, reducing the total net institutional inflows for the 2022 year to Mar 3 to S$1.24 billion.

At the same time, approximately 250 stocks booked net institutional inflows over the 5 sessions, with Yangzijiang Shipbuilding (Holdings), BS6 Sembcorp Industries, U96 Geo Energy Resources, RE4 Singapore Technologies Engineering S63 and Suntec Reit. T82U

Share buybacks

There were 23 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$44.2 million, up from the S$34.6 million over the preceding week.

Keppel Corporation BN4 again led the consideration tally, buying back 4,262,000 shares at an average price of S$5.99 per share.

As at Mar 3, Keppel had bought back 0.95 per cent of its issued shares excluding treasury shares under its current share buyback mandate.

Director and substantial shareholder transactions

The 5 trading sessions saw 120 changes in director interests and substantial shareholdings filed for close to 50 primary-listed stocks.

This included 30 company director acquisitions with 2 disposals filed, while substantial shareholders filed 7 acquisitions and 2 disposals.

Raffles Medical Group

Between Feb 24 and Mar 2, Raffles Medical Group BSL executive chairman and non-independent director Loo Choon Yong acquired 4.5 million shares of the private healthcare provider for a consideration of S$1.77 million. At an average price of S$1.17 per share, this increased Dr Loo's direct interest from 10.43 per cent to 10.68 per cent.

This was triple the amount of shares that he acquired in February 2021 at an average price of S$1.02 per share that followed the release of the FY20 financials.

On Feb 24, executive and non-independent director Sarah Lu Qinghui also acquired 1.5 million shares of the group at an average price of S$1.18 per share. Acquired through S & D Holdings, this increased her deemed interest in the company from 3.29 per cent to 3.37 per cent.

She is the daughter of Dr Loo and a shareholder of S & D Holdings, so this acquisition also increased the deemed interest of Dr Loo by 1.5 million shares.

Dr Lu was first appointed a director of Raffles Medical Group in February 2018 at which time she maintained a 3.24 per cent deemed interest in the company.

On Feb 21, Raffles Medical Group reported that its profit after tax and minority interest grew 27.7 per cent to S$84.2 million in FY21 (ended Dec 31) from S$65.9 million in FY20.

Dr Loo noted that with RafflesHospitalShanghai operational, the group now has hospitals in 3 major cities in China.

With this addition to its network of medical facilities and services in the region, the group is able to serve even more local and international patients with the Raffles brand of quality healthcare services.

The group's network includes 3 tertiary hospitals and more than 100 multi-disciplinary clinics, offering services such as health screening, specialist care, and diagnostic radiology, dental and traditional Chinese medicine.

The group was also active in buying back its shares after reporting its FY21 results, buying back 5 million shares since it reported its FY21.

Dr Loo co-founded the group in 1976 and was appointed to his current position in 1997 when the group was listed.

He is also the chairman of the Asian Medical Foundation and Raffles Health Insurance, as well as director of International SOS (MC Holdings).

Dr Loo's total interest in Raffles Medical Group is 52.73 per cent, a stake which has gradually increased from 51.93 per cent at the end of 2014.

Raffles Medical Group also bought back 2.9 million shares over the 5 sessions at an average price of S$1.16 per share.

First Sponsor Group

On Feb 24, First Sponsor Group ADN non-executive chairman Calvin Ho Han Leong acquired 63,900 shares at an average price of S$1.34 per share. With a consideration of S$85,370 this increased his total interest in the group from 46.37 per cent to 46.38 per cent.

On Feb 11, First Sponsor Group reported a record annual pre-tax profit since its inception, of S$202.6 million in its FY21 (ended Dec 31).

The principal business activities of the group are property development, property holding and property financing. Ho has had an instrumental role in assisting the group's senior management in the conceptualisation and setting of the group's strategic direction and corporate values.

Enviro-Hub Holdings

On Feb 25, executive chairman of Enviro-Hub Holdings L23 Raymond Ng acquired 922,300 shares of the company for a consideration of S$65,483 at 7.1 cents per share.

This took his total stake in the environmental management solutions group from 28.11 per cent to 28.17 per cent.

On Feb 24, Enviro-Hub Holdings reported a FY21 (ended Dec 31) earnings turnaround with attributable net profit of S$3.2 million, on the back of a 31 per cent rise in revenue and expansion in gross margin from 17.0 per cent in FY20 to 22.8 per cent in FY21.

Ng is responsible for the group's overall management, business development, investment decisions as well as strategic direction and planning.

In the results release he noted the recent focus on growth opportunities such as the acquisition of Pastel Glove and further expansion in the healthcare segment, while the group was also making good progress in the e-waste segment.

Oxley Holdings

Between Feb 28 and Mar 3, Oxley Holdings 5UX deputy CEO & executive director Eric Low See Ching acquired 256,000 shares of the company at an average price of 17.8 cents per share.

With a consideration of S$45,668 this increased his direct stake in the home-grown property developer to 28.12 per cent.

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.

Megachem

On Feb 28, Megachem 5DS managing director Sidney Chew Choon Tee acquired 100,000 shares of the company at 45.0 cents per share.

This increased his total interest in the one-stop specialty chemical solutions provider from 35.56 per cent to 35.63 per cent.

On Feb 21, Megachem reported record revenue of S$138.9 million in FY21 (ended Dec 31), supported by recovery in both business segments and higher sales volumes and prices.

With the results, Chew maintained that 2022 is the dawn of a new growth cycle for the chemicals industry that will provide many opportunities to elevate Megachem's business further, barring any unforeseen headwinds to the global economic recovery.

Megachem is a one-stop specialty chemical solutions provider that 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.

Hong Fok Corporation

On Mar 1, Hong Fok Corporation H30 executive director and joint CEO Cheong Sim Eng acquired 42,000 shares of the listed company for a consideration of S$31,080 at an average price of 74.0 cents per share.

He maintains a 19.97 per cent total interest in the company, gradually increasing his total interest in the property developer from 19.06 per cent as of the end of 2018.

His preceding acquisition was on Nov 20, 2020, with 64,500 shares acquired at an average price of 70.7 cents per share.

Cheong is principally involved in the group's overall operations and management with greater emphasis in Singapore and has more than 36 years of experience in the property development business.

On Feb 28, Hong Fok Corporation reported an attributable net profit of S$38.9 million for its FY21 (ended Dec 31) compared to a loss of S$8.7 million in FY20.

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