Singtel leads net institutional flows; Keppel leads buybacks

FOR the 5 trading sessions that spanned Feb 18 to 24, the Straits Times Index (STI) declined 4.8 per cent, with the FTSE China A50 Index slipping 2.2 per cent, the Hang Seng Index falling 6.7 per cent and the FTSE Bursa Malaysia KLCI dipping 1.3 per cent.

Within the STI, Singapore Telecommunications, Z74 DBS Group Holdings, D05 CapitaLand Integrated Commercial Trust, C38U CapitaLand Investment 9CI and Keppel Corporation BN4 received the highest net institutional inflows for the 5 sessions.

Outside the STI, Riverstone Holdings, AP4 Singapore Press Holdings, T39 Suntec Reit, T82U Ascott Residence Trust HMN and Hutchison Port Holdings Trust received the highest net institutional inflows.

Overall, institutions were net sellers over the 5 sessions, with S$12 million of net outflow, reducing the total net institutional inflows for the 2022 year to Feb 24 to S$1.88 billion.

OCBC, O39 UOB, U11 Singapore Airlines C6L and Venture Corporation V03 saw the highest net institutional outflows over the 5 sessions, including the Thursday session which saw the STI decline 3.4 per cent.

For the Thursday session, there was S$29.5 million of net institutional outflow across the Singapore stock market, while Singtel booked S$72.1 million of net institutional inflow for the session.

Share buybacks

There were 12 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$34.6 million, up from the S$16.9 million during the preceding week.

Keppel Corporation again led the consideration tally, buying back 3,434,500 shares at an average price of S$5.98 per share.

As of Feb 24, Keppel had bought back 0.71 per cent of its issued shares excluding treasury shares under its current share buyback mandate.

On Jan 27, Keppel announced that it had established a S$500 million share buyback programme, in accordance with the share purchase mandate granted by its shareholders at the company's previous annual general meeting.

Director and substantial shareholder transactions

The 5 trading sessions saw 120 changes in director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 21 company director acquisitions with 1 disposal filed for Ouhua Energy Holdings, while substantial shareholders filed 11 acquisitions and 7 disposals.

Mapletree Industrial Trust

On Feb 18, Mapletree Industrial Trust Management independent non-executive director Guy Daniel Harvey-Samuel acquired 100,000 units of Mapletree Industrial Trust (MIT) ME8U at S$2.56 per unit. This was his first acquisition of MIT units since his appointment to the board of the manager in July 2017.

He is also a non-executive director of M1 and Wing Tai Holdings, W05 in addition to being the chairman of Capella Hotel Group.

He started his career with the HSBC Group in 1978 and held various senior management roles within HSBC in the United Kingdom, Australia, Malaysia, Hong Kong and Singapore. He was also the CEO of HSBC Singapore before his retirement in March 2017.

Tai Sin Electric

On Feb 16, Tai Sin Electric 500 executive director and CEO Bernard Lim Boon Hock acquired 550,000 shares of the company at 39.0 cents per share.

With a consideration of S$214,500, the married deal took his total interest from 17.09 per cent to 17.21 per cent.

His preceding acquisition was on Sep 22, 2021, with 71,100 shares acquired at 37.5 cents per share.

Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019.

On Feb 14, the leading industrial group in South-east Asia, reported that its H1FY22 (ended Dec 31) revenue increased 29.8 per cent from H1FY21 to S$174.84 million, with revenue increases recorded across all the group's segments except for the switchboard segment.

The group's H1FY22 profit before income tax decreased 51.5 per cent from H1FY21 to S$10.29 million.

This was mainly attributed to the cable & wire segment's provision for onerous contracts, fair value adjustment on derivative financial instruments and lower Covid-19 grants compared to the year before.

This was partially offset by the electrical material distribution segment recording higher revenue from the electronic cluster and building & infrastructure cluster which were sustained by global demand for semiconductors and semiconductor equipment and resumption of construction activities.

Lim has been an executive director of Tai Sin Electric since September 1997, with the company listing on Sesdaq in 1998, and subsequently transferred to the Mainboard in 2005.

Pegasus Asia

Between Feb 17 and 22, Pegasus Asia PGU non-independent director and CEO Neil Parekh acquired 20,000 units of the special purpose acquisition company (SPAC) at an average price of S$4.84 per unit.

With a consideration of S$96,850, this took his direct interest in the SPAC from 0.07 per cent to 0.13 per cent.

Parekh is a partner and head of Asia, Australia & New Zealand at Tikehau Capital.

Prior to his current position, he was general manager, Asia for National Australia Bank where he was responsible for all business, regulatory and governance matters for the bank's business in the Asia-Pacific region.

Koh Brothers Group

On Feb 21, Koh Brothers Group K75 managing director & group CEO Koh Keng Siang acquired 239,300 shares of the company for a consideration of S$39,963.

At 16.7 cents per share, this increased his total interest from 21.83 per cent to 21.88 per cent. His preceding acquisition on the open market was made on Oct 22, 2020, with 45,300 shares acquired at 16.3 cents per share.

Koh has been with the group since 1987 and has held various positions in administration, finance and project management.

He was the main driving force behind the expansion of the group's business into real estate and leisure & hospitality.

On Jan 29, Koh Brothers Group reported FY21 (ended Dec 31) net profit attributable to shareholders at S$6.9 million, a reversal from a net loss attributable to shareholders of S$14.8 million in FY20.

For its construction and building materials division, Koh noted that as demand for public and private construction projects picked up, the group remained committed to building up a strong order book and focusing on higher value projects by leveraging on its strong track records and expertise.

Livingstone Health Holdings

Between Feb 17 and 23, Livingstone Health Holdings PRH executive director and chief executive office Wilson Tay acquired 268,500 shares of the Catalist-listed company at an average price of 14.9 cents per share.

With a consideration of S$39,967, this took his total interest in the Singapore-based multidisciplinary healthcare group from 67.55 per cent to 67.64 per cent.

Tay was appointed to his current role in February 2021.

He specialises in anaesthesiology and has 15 years of clinical experience.

He is responsible for the overall strategic direction and development of the group.

Back in November, Livingstone Health Holdings reported that its revenue for its H1FY22 (ended Sep 30) rose 97 per cent from a year earlier to S$16.0 million, lifted by improved contributions from its existing business segments, as well as maiden contributions from new initiatives and the sale and administration of Sinovac vaccines.

Net profit after tax rose 62 per cent to S$2.1 million over the comparative periods.

Livingstone Health Holdings listed on Catalist following a reverse takeover that was completed on Feb 5, 2021.

Since then, the group highlighted in November that it has focused on increasing its range of healthcare services and specialisations, establishing an internal eco-system to harness synergies and building up corporate processes and capabilities to leverage on its capital market platform.

The group has 16 medical doctors practising at 14 medical clinics, 1 medical spa, a health screening centre and a podiatry clinic located at convenient and accessible locations throughout Singapore.

In addition, it has also ventured into other paramedical products and services, such as physiotherapy.

It has a joint venture to provide aesthetics and wellness services in Cambodia and also offers healthcare design consultancy services.

Creative Technology

Between Feb 17 and 23, Creative Technology C76 independent non-executive director George Yeo Yong Boon acquired 13,950 shares of the company at S$2.44 per share.

With a consideration of S$34,045, this took his interest from 0.07 per cent to 0.09 per cent.

It followed his acquisition of 51,200 shares at S$2.35 per share between Feb 11 and 15.

Yeo was appointed to the board of Creative Technology on Nov 15, 2021.

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