Top Global's Sukmawati raises her stake

FOR the five trading sessions that spanned March 5 to 11, the Straits Times Index (STI) gained 3.0 per cent while the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaged a 0.6 per cent gain. This has brought the STI's total return for the 2021 year to March 11 to 8.8 per cent.

Within the STI, DBS, OCBC, Yangzijiang Shipbuilding Holdings, Jardine Cycle & Carriage and ComfortDelGro Corporation received the highest net institutional inflows from March 5 to 11.

Outside the STI, Ascott Residence Trust, Sembcorp Marine, Singapore Press Holdings, Medtecs International Corporation and Q & M Dental Group saw the highest net institutional inflows for the five sessions.

Over the five sessions, the iEdge S-Reit Leaders Index gained 0.6 per cent, with the decline in total return for the 2021 year to March 11, at 2.6 per cent.

Among the business trusts, stapled trusts and Reits of the S-Reit sector, Ascott Residence Trust, First Reit and Keppel Reit saw the highest net institutional inflows over the five sessions.

Share buybacks

There were 17 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$8,734,531, down from the S$32,593,306 for the preceding five sessions.

Medtecs International Corporation led the buyback consideration tally over the five sessions, buying back 3 million shares at 95 cents per share. This was the first buyback the company conducted on the current mandate, and represented 0.55 per cent of its issued shares (excluding treasury shares).

On March 1, the group reported revenue increased significantly by 480.4 per cent to US$400.3 million in its FY20 (ended Dec 31), due to the global surge in demand for personal protective equipment (PPE) arising from the Covid-19 pandemic.

On Feb 26, Medtecs appointed William Yang the deputy chairman of the Catalist company.

He also serves as the CEO and executive director.

Director and substantial shareholder transactions

The five trading sessions saw 110 changes in director interests and substantial shareholdings filed for close to 50 primary-listed stocks.

This included 18 company director acquisitions and five company director disposals, with substantial shareholders filing eight acquisitions and 11 disposals.

Top Global

On March 10, Top Global executive director and controlling shareholder, Sukmawati Widjaja, acquired 26,023,193 shares of the company for a consideration of S$10,149,045.

At 39.0 cents per share, the married deal increased Mdm Sukmawati's total interest in Top Global from 77.40 per cent to 85.50 per cent.

On Feb 26, Top Global reported that its operating performance for FY20 (ended Dec 31) was broadly in line with the guidance provided on Feb 10.

For its FY20, Top Global's S$18.6 million gross profit was a 38 per cent decrease from FY19, with lower gross profit margins contributing to the FY20 net loss of S$16.0 million.

Appointed executive chairman of Top Global in March 2010, Mdm Sukmawati was re-designated executive director in December 2019.

She also co-founded the family-controlled Sinar Mas Group with her late father, Eka Tjipta Widjaja and during her term as the vice-chairman, she was instrumental in the advancement of the group's lead as one of Indonesia's top conglomerates.

While property development continues to account for be the major proportion of Top Global's revenues, the group is dedicated to becoming a one-stop smart solutions provider to small and mid-sized hospitality businesses.

In a 10-in-10 interview with the Singapore Exchange Research Team last year, Top Global management noted that it hoped to see the expansion of its smart solutions business (under the hospitality management segment) over the next five years, providing recurring and growing revenues and profit margins for the group.

For its FY20 revenues, the property development business contributed 63 per cent, with the hospitality management business contributing 28 per cent, a marked change from respective contributions of 92 per cent and 6 per cent in FY15.

Nanofilm Technologies International

On March 2, SMALLCAP World Fund increased its direct interest in Nanofilm Technologies International to above the substantial shareholder threshold, from 4.87 per cent to 5.09 per cent.

The acquisition of the 1,774,800 shares, transacted at S$5.02 per share, had a consideration of S$8,909,496. This increased the total deemed interest of The Capital Group Companies in Nanofilm Technologies from 5.99 per cent to 6.26 per cent.

On Feb 26, Nanofilm Technologies reported a 52.8 per cent increase in its FY20 (ended Dec 31) revenue to S$218.3 million, from S$142.9 million in FY19, driven by its advanced materials and nanofabrication business units.

First Sponsor Group

Between March 5 and 8, First Sponsor Group non-executive chairman Calvin Ho Han Leong acquired 533,000 shares of the company for a consideration of S$752,883.

At an average price of S$1.41 per share, this increased his total interest in the property development, property holding and property financing company from 46.14 per cent to 46.20 per cent.

This followed Mr Ho's acquisition of 496,900 shares at S$1.39 per share between Feb 6 and March 1.

Appointed as the non-executive chairman of the company in April 2015, Mr Ho had served as the non-executive vice-chairman of the company since October 2007.

Frencken Group

On March 8, Frencken Group chairman and non-executive non-independent director Gooi Soon Chai acquired 100,000 shares of the company for a consideration of S$120,000.

This increased his total interest in the global integrated technology solutions business from 23.32 per cent to 23.34 per cent.

Mr Gooi has been the chairman of Frencken Group since August 2016 and is presently senior vice-president of Keysight Technologies and president of Keysight's Electronic Industrial Solutions Group.

On Feb 25, Frencken Group, which has 3,400 employees located in 17 operating sites across Asia, Europe and the United States, reported a stable net profit attributable to equity holders of S$42.6 million in FY20 (ended Dec 31), compared to S$42.4 million in FY19.

The group maintained a cash balance of S$151.1 million as at Dec 31.

In its outlook, the group noted that barring any unforeseen circumstances and further deterioration in the business environment arising from the Covid-19 pandemic, it anticipated that its revenue in H1FY21 would increase compared to H2FY20, and this would be driven by higher expected sales from the majority of its key business segments.

As Mr Gooi reiterated last year, since listing on the Singapore Exchange in 2005, the group has consistently paid dividends representing at least 30 per cent of its earnings every year.

In line with this policy, Frencken Group has scheduled a 3 cent per share dividend for FY20 to go ex-dividend on May 6, 2021.

Asian Pay Television Trust

Between March 4 and 5, Leong Shin Loong, independent director of the trustee-manager of Asian Pay Television Trust (APTT) acquired 850,000 units of the business trust for a consideration of S$90,650.

At an average price of 10.6 cents per unit, this increased his total interest in APTT from 0.02 per cent to 0.07 per cent.

APTT is the first listed business trust in Asia focused on pay-TV and broadband businesses with an investment mandate to acquire controlling interests in and to own, operate and maintain mature, cash generative pay-TV and broadband businesses in Taiwan, Hong Kong, Japan and Singapore.

On March 1, APTT reported that its FY20 (ended Dec 31) revenue increased 5.0 per cent to S$307.4 million, while Ebitda improved 3.7 per cent to S$181.0 million.

As at Dec 31, the total number of subscribers surpassed the 1.2 million mark, driven by continued growth in Premium digital cable TV and broadband subscribers, which has been steadily increasing for the past 11 quarters.

Ban Leong Technologies

On March 5, Ban Leong Technologies managing director Ronald Teng Woo Boon acquired 200,000 shares of the company for a consideration of S$50,000 at 25.0 cents per share.

This took his total interest in Ban Leong Technologies from 26.10 per cent to 26.27 per cent.

He has gradually increased his total interest in the company from 25.73 per cent at the end of 2020.

Mr Teng is the founder of the group and plays an important role in managing the overall business operations.

Mr Teng's responsibilities include formulating and executing the group's business strategies and policies as well as charting the growth of the group while spearheading the sales and marketing function of the company.

Roxy-Pacific Holdings

Between March 3 and 9, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 112,000 shares of the company for a consideration of S$38,840 at an average price of 34.7 cents per share.

His total interest in the established property and hospitality group is 0.92 per cent.

Mr Tan is also executive chairman of Winmark Investment Holdings and non-executive director of Plastoform Holdings.

JB Foods

Between March 5 and 9, JB Foods non-independent, non-executive director and vice-chairman Sam Goi Seng Hui acquired 24,200 shares of the listed company for a consideration of S$14,545.

At an average price of 60.1 cents per share, this marginally increased Mr Goi's total interest in the major cocoa ingredients producer from 24.35 per cent to 24.36 per cent.

The transactions closely followed Mr Goi's acquisition of 222,700 at 59.4 cents per share between March 1 and 2.

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