Yanlord Land chair ups stake by 7 million shares

FOR the five trading sessions that spanned March 19 to 25, the Straits Times Index (STI) gained 0.1 per cent while the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaged a 3.7 per cent decline. This has brought the STI's total return for the 2021 year to March 25 to 10.9 per cent.

Within the STI, City Developments, Yangzijiang Shipbuilding Holdings, UOB, ComfortDelGro Corporation, UOL Group and Mapletree Industrial Trust received the highest net institutional inflows from March 19 to 25.

Outside the STI, Haw Par Corporation, Suntec Reit, CapitaLand China Trust, AEM Holdings and Frasers Logistics & Commercial Trust saw the highest net institutional inflows for the five sessions.

Over the five sessions, the iEdge S-Reit Leaders Index declined 1.5 per cent, with the total return for the 2021 year to March 25 at a decline of 0.4 per cent.

Share buybacks

There were 14 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$21,342,927, up from the S$17,753,822, for the preceding five sessions.

Director and substantial shareholder transactions

The five trading sessions saw more than 100 changes in director interests and substantial shareholdings filed for close to 50 primary-listed stocks. This included 21 company director acquisitions and eight company director disposals, with substantial shareholders filing nine acquisitions and 10 disposals.

Yanlord Land Group

Between March 18 and 22, Yanlord Land Group founder, chairman and CEO Zhong Sheng Jian acquired 7,116,600 shares of the company for a consideration of S$8,478,541. At an average price of S$1.19, this took his direct holding in Yanlord Land Group from 4.27 per cent to 4.64 per cent.

Mr Zhong also maintains a 66.19 per cent deemed interest in Yanlord Land Group through his 95 per cent ownership of Yanlord Holdings Pte Ltd, with Mr Zhong's spouse owning the remaining 5 per cent of the holding company.

The acquisitions took Mr Zhong's total interest in Yanlord Land Group 70.83 per cent. His preceding acquisition of two million shares on Dec 17 was at an average price of S$1.10.

Mr Zhong is responsible for the overall management and strategy development of Yanlord Land Group. Since the 1980s, he has founded and established a number of businesses in trading, manufacturing and real estate spanning China, Singapore and Hong Kong.

Mr Zhong started property development businesses in the early 1990s through the setting up of offices in Shanghai and Nanjing, which are now part of Yanlord Land Group.

Back on Feb 27, the group reported its FY20 (ended Dec 31) revenue increased by 28.1 per cent to 23.92 billion yuan, compared to FY19. Revenue contributors consisted of: 20.960 billion yuan from property sales, 1.14 billion yuan from rental and hotel income, 813 million yuan from property management services and the remainder from other income.

The profit attributable to owners of the company decreased 22.6 per cent from FY19 to 2.59 billion yuan in FY20, attributed to the net effect from absence of gain on bargain purchase in FY20, and loss on re-measurement of retained interests in associates and joint venture in FY19; and a lower fair value gain on investment properties in FY20.

Mr Zhong noted that the group has a long established presence in the Yangtze River Delta, the Greater Bay Area as well as Chengdu, Tianjin and various other cities, in China, where there are strong fundamentals and positive economic outlook that attract talent to sustain the market growth, which have become the engine of economic recovery from the Covid-19 pandemic.

He added that the group is confident, with its professional development capabilities and a prudent investment approach, that it will be able to sustain its competitive advantage and reputation under the backdrop of urbanisation and a growing middle class.

Mr Zhong also noted that the portfolio of high-quality assets and international exposure attained through the acquisition of United Engineers is also facilitating the group's long-term development.

Jardine Cycle & Carriage

On March 19, Jardine Cycle & Carriage Group managing director Benjamin Birks acquired 25,000 shares of the company for a consideration of S$569,250 at S$22.77 per share.

The following session saw group finance director, Stephen Gore also acquiring 25,000 shares at an average price of S$22.79 per share.

After joining Jardine Matheson in 2000, Mr Birks has held senior positions within the retail, automotive, business outsourcing and technology businesses of the Jardine Matheson Group.

Prior to his current appointment, he was CEO of Jardine International Motors, Zung Fu Group and Jardine Pacific between 2012 and 2019. Mr Gore joined the Jardine Matheson Group in 2017 as CFO, Jardine Pacific and Jardine Motors Group.

He was previously managing director, head of Mergers & Acquisitions and Financial Sponsors Group, APAC at Bank of America Merrill Lynch from 2012 to 2017.

Prior to that, he was managing director, head of Mergers & Acquisitions and Corporate Finance, Asia (ex-Australia, ex-Japan) at UBS AG's Investment Bank Division.

On Feb 26, Jardine Cycle & Carriage Group reported its FY20 (ended Dec 31) results. During the March 1 results briefing, Mr Birks acknowledged that the uncertain operating environment seen in FY20 remains with challenging trading conditions, adding that the group remains confident about the long-term economic prospects for South-east Asia, and will remain focused on delivering its strategic objectives.

While Astra's contribution to Jardine Cycle & Carriage's FY20 underlying profit declined 57 per cent year on year to US$309 million, its other strategic interests segment declined 5 per cent year on year to US$120 million.

Top Global

Between March 19 and 24, Top Global executive director and controlling shareholder, Sukmawati Widjaja, acquired 1,172,000 shares of the company for a consideration of S$429,634.

At an average price of 36.7 cents per share, this increased her total interest in Top Global from 85.76 per cent to 86.12 per cent.

Note that the acquisition of 824,300 shares at 35.3 cents per share between March 11 and 15 took her total interest in the company to 85.76 per cent, and the acquisition of 26,023,193 shares at 39.0 cents per share on March 10 took her total interest to 85.50 per cent (from 77.40 per cent).

Ho Bee Land

Between March 23 and 24, Ho Bee Land executive director and COO Ong Chong Hua acquired 140,000 shares of the company for a consideration of S$342,794.

At an average price of S$2.45 per share, this took his total interest in the real estate developer and investor from 0.27 per cent to 0.29 per cent.

Mr Ong works closely with the group chairman and CEO, Chua Thian Poh, in charting the group's investment, development and marketing strategies.

He is also responsible for all operational aspects of the group's businesses in Singapore and overseas and has more than 30 years of experience in the real estate sector.

Also on March 23, Ho Bee Holdings acquired 15,000 shares of Ho Bee Land for a consideration of S$36,336 at an average price of S$2.42 per share.

Mr Chua maintains a 75.47 per cent deemed interest in Ho Bee Land. He is also the founder of the group, which began work on its first residential property development in 1987, the first property in an ambitious portfolio that will come to include many icons and landmarks.

On March 17, Ho Bee Land announced that its wholly-owned subsidiaries, HB QLD Pty Ltd and HBL VIC Pty Ltd had separately acquired three residential development sites in Australia.

Hanwell Holdings

Between March 22 and 23, Hanwell Holdings non-executive chairman and non-independent director Sam Goi Seng Hui acquired 299,200 shares of the company for a consideration of S$113,696.

At an average price of S$0.38 per share, this took his total interest in the leading provider of consumer essentials from 22.55 per cent top 22.61 per cent.

This followed his acquisition of 1,085,000 shares at S$0.377 per share on March 10 and his appointment as non-executive chairman and non-independent director of Hanwell Holdings on March 8.

GHY Culture & Media

On March 19, GHY Culture & Media (GHY) executive chairman and group CEO Guo Jingyu acquired 143,800 shares of the recently listed Mainboard company for a consideration of S$104,537.

At an average price of 72.7 cents per share, this took his total interest in GHY from 59.76 per cent to 59.78 per cent.

This also followed his acquisition of 655,800 shares at 74.8 cents per share on March 1. GHY's IPO price in December 2020 was 66 cents per share.

Mr Guo founded the entertainment business, which focuses on the production and promotion of dramas, films and concerts.

Tye Soon

Between March 22 and 24, Tye Soon deputy managing director Kelvin Ong Eng Chian acquired 249,700 shares of the company for a consideration of S$70,993.

At an average price of 28.4 cents per share, this increased his total interest in the independent automotive parts distributor from 0.46 per cent to 0.75 per cent.

Mr Ong has been with the group since 1999, starting as a marketing executive before progressing to become marketing manager. Appointed executive director in 2006, he became the deputy managing director in February 2014.

On Feb 24, Tye Soon reported its FY20 (ended Dec 31) financials, growing its profit of S$0.8 million in FY19 to a profit of S$2.6 million in FY20.

On March 19, Tye Soon announced that its controlling shareholder, OBG & Sons, which holds 51.64 per cent of the issued and paid up capital of the company, had entered into a conditional sale and purchase agreement with Bapcor Asia to sell 25 per cent of the issued and paid up capital of Tye Soon worth S$12.5 million.

The purchaser is a wholly-owned subsidiary of ASX-listed Bapcor, a leading vehicle parts and accessories provider in the Asia-Pacific with over 1,100 business locations in Australia, New Zealand and Thailand.

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