Raffles Medical, Hong Leong Asia, Frencken chairs up stakes

FOR the 5 trading sessions that spanned Mar 4 to 10, the Straits Times Index (STI) declined 0.4 per cent, with the FTSE China A50 Index falling 5.6 per cent, the Hang Seng Index dropping 6.7 per cent and the FTSE Bursa Malaysia KLCI slipping 2.2 per cent.

Overall, institutions were net sellers over the 5 sessions, with S$145 million of net outflow, following on from S$650 million of net outflow for the preceding 5 sessions. DBS Group Holdings, D05 OCBC, O39 Singapore Airlines, C6L Venture Corporation V03 and ComfortDelGro Corporation C52 : C52 0% reported the highest net institutional outflows for the 5 sessions through to Mar 10.

Meanwhile, Singapore Technologies Engineering, S63 Wilmar International, F34 Singapore Telecommunications, Z74 CapLand Integrated Commercial Trust C38U and CapitaLand Investment 9CI : 9CI 0% received the highest net institutional inflows for the 5 sessions.

Share buybacks

There were 20 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$46.6 million, close to the S$44.2 million for the preceding week.

This was on account of Keppel Corporation BN4 : BN4 0% again leading the consideration tally, buying back 5,339,000 shares at an average price of S$6.01 per share. As of Mar 10, Keppel had bought back 1.24 per cent of its issued shares excluding treasury shares under its current share buyback mandate.

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Director and substantial shareholder transactions

The 5 trading sessions saw more than 100 changes to director interests and substantial shareholdings filed for more than 50 primary-listed stocks.

This included 27 company director acquisitions with 5 disposals filed, while substantial shareholders filed 13 acquisitions and 4 disposals.

Raffles Medical Group

Between Mar 3 and 8, Raffles Medical Group BSL : BSL 0% executive chairman and non-independent director Loo Choon Yong acquired 901,300 shares of the private healthcare provider for a consideration of S$1,033,727. At an average price of S$1.15 per share, this increased his direct interest from 10.68 per cent to 10.74 per cent.

Dr Loo's total interest in Raffles Medical Group is 52.84 per cent, which has gradually increased from 51.93 per cent at the end of 2014. Raffles Medical Group also bought back 1,920,600 shares over the 5 sessions at an average price of S$1.15 per share.

Stamford Land Corporation

On Mar 8, Stamford Land Corporation H07 : H07 0% substantial shareholder Kiersten Ow Yiling increased her interest in the company to 11.00 per cent. She acquired 2.3 million shares at 39.5 cents per share, for a consideration of S$908,500. Ms Ow became a substantial shareholder of Stamford Land Corporation on Feb 4.

She is an employee of the group, and the daughter of Stamford Land's executive chairman Ow Chio Kiat, the niece of  former deputy executive chairman and director of the Company Ow Cheo Guan and the sister of CEO Ow Yew Heng.

Hong Leong Asia

Between Mar 7 and 8, Hong Leong Asia H22 : H22 0% executive chairman Kwek Leng Peck acquired 1 million shares of the company for a consideration of S$788,850. At an average price of 78.9 cents per share, this increased his total interest from 1.05 per cent to 1.19 per cent. This followed on from his acquisition of 4,044,100 shares at 59.6 cents per share between Nov 18 and 24, 2020.

On Feb 25, Hong Leong Asia reported that its FY21 (ended Dec 31) attributable net profit grew 28.6 per cent from FY20, to S$60.1 million. The Singapore-based conglomerate is a diversified Asian multinational with core businesses in construction and transport. Mr Kwek has overseen the growth of the group over the last 3 decades.

With the results, Hong Leong Asia noted that the construction of the group's integrated construction and prefabrication hub manufacturing facility remains on track for completion in the second half of 2022, with the facility intended to introduce higher automation and help improve productivity for the precast business.

Frencken Group

Between Mar 7 and 8, Frencken Group E28 : E28 0% chairman and non-executive non-independent director Gooi Soon Chai acquired 100,000 shares of the company at an average price of S$1.50 per share. With a consideration of S$150,075, this took his total interest in the integrated technology solutions company from 23.45 per cent to 23.47 per cent. This followed his acquisition of 50,000 shares at S$1.92 per share on Dec 15.

Appointed as the group's chairman in August 2016, he has over 30 years of experience in the global technology industry.

Also, between Mar 7 and 8, Frencken Group president and executive director Dennis Au acquired 150,000 shares of the company at S$1.52 per share. This took his interest from 0.86 per cent to 0.89 per cent. His preceding acquisition was on Dec 14, with 50,000 shares acquired at S$2.00 per share.

Au has over 30 years of experience in the high technology industry and was appointed president of Frencken Group in May 2015 and executive director in April 2016. He is responsible for charting the group's strategic direction, setting the organisational goals, overseeing its global operations and driving its performance.

On Feb 24, Frencken Group reported that for its H2FY21 (ended Dec 31) group revenue increased 19.4 per cent from H2FY20 to S$391.8 million, driven mainly by higher sales of the mechatronics division. Group H2FY21 revenue also increased 4.4 per cent over H1FY21, despite challenging supply chain conditions in the global technology industry.

The integrated solutions provided by the group involve end-to-end solutions across the entire customer value chain - from product conceptualisation, integrated design, prototyping and new product introductions, to supply chain design and management, state-of-the-art value and volume manufacturing and logistics services.

Its customers include multinational companies in the analytical & life sciences, automotive, healthcare, industrial, and semiconductor segments.

The group's semiconductor segment chalked up S$289.9 million revenue in FY21, which was up 55.6 per cent from FY20, driven by higher orders for both front-end and back-end semiconductor equipment from customers in Europe and Asia. Sales of the analytical & life sciences segment also increased 27.2 per cent from FY20, to S$147.4 million, attributed to improving demand from customers in Europe.

Both these 2 segments contributed approximately 66 per cent of the FY21 revenue generated by the group's mechatronics division. Frencken Group also highlighted that in FY22, to expand its wallet share with its mechatronics customers, the division will continue collaborating closely with them on new product introductions while working to move up the value chain.

Baker Technology

On Mar 9, Baker Technology BTP : BTP 0% executive director Benety Chang acquired 279,000 shares of the company at an average price of 44.8 cents per share. With a consideration of S$124,894 this increased his total interest in the manufacturer and provider of specialised marine offshore equipment and services, from 52.78 per cent to 52.92 per cent. He is also an executive director and CEO of CH Offshore.

Bonvests Holdings

Between Mar 7 and 8, Bonvests Holdings B28 : B28 0% executive chairman and managing director Henry Ngo acquired 40,700 shares of the company for a consideration of S$37,440, at an average price of 92.0 cents per share.

The acquisition was made though Allsland which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.72 per cent to 83.73 per cent. Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group.

LHT Holdings

On Mar 7, LHT Holdings BEI : BEI 0% chairman, managing director and CEO, Yap Mui Kee acquired 24,600 shares of the company for a consideration of S$17,004. At an average price of 69.1 cents per share, this took her total interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.72 per cent to 14.76 per cent. Since Sep 20, 2021, she has been steadily increasing her direct interest in LHT Holdings from 14.12 per cent.

She has been executive director of the company since January 1988. After her appointment as acting managing director on in February 2016, she became chairman, managing director and CEO in February 2017.

The Straits Trading Company

On Mar 9, The Straits Trading Company S20 : S20 0% independent and non-executive director Chua Tian Chu acquired 5,000 shares of the company with a consideration of S$15,250 at S$3.05 per share.

This followed his acquisition of 10,000 shares of the company at S$3.21 per share on Jan 18. Chua maintains a 0.01 per cent total interest in The Straits Trading Company. He was appointed to the board of of the company in January 2018.

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