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Business Times
29-06-2025
- Business
- Business Times
Reits and tech lead net institutional inflows; Frencken chair and DHLT CEO raise their stakes
[SINGAPORE] Over the five trading sessions from Jun 20 to 26, institutions remained net sellers of Singapore stocks, with net institutional outflow of S$248 million following the S$74 million net outflow for the preceding five sessions. Net institutional outflow for the year to Jun 26 now stands at S$2.16 billion, driven by S$2.73 billion of net institutional outflow from the trio of STI banks. Institutional flows Over the last five trading sessions, stocks that saw the highest net institutional outflow were Singtel , OCBC , DBS , Wilmar International , CapitaLand Investment , Yangzijiang Shipbuilding , Sembcorp Industries , Singapore Technologies Engineering , Jardine Cycle & Carriage , and City Developments . Meanwhile, UOB , Keppel DC Reit , Singapore Exchange , CapitaLand Integrated Commercial Trust , Keppel , Frasers Centrepoint Trust , Jardine Matheson Holdings , Frasers Hospitality Trust , Mapletree Industrial Trust and Yangzijiang Financial Holding led the net institutional inflow over the five sessions. This means, that from a sector perspective, Reits and technology experienced the highest net institutional inflow, while financial services and telecommunications saw the most outflow. Share buybacks The five sessions saw 19 primary-listed companies make buybacks totalling S$72.9 million. UOB, DBS and OCBC again led the consideration tally, collectively buying back S$69.7 million of shares. On their current buyback mandates, UOB bought back 0.43 per cent of its outstanding shares, while DBS bought back 0.23 per cent (as at Jun 26). BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Secondary-listed Hongkong Land also continued conducting share repurchases on each of the five sessions at the rate of 440,000 to 450,000 shares per session. Director transactions The five trading sessions saw close to 100 filings for more than 30 primary-listed stocks. Directors or CEOs filed 11 acquisitions and three disposals, while substantial shareholders filed 24 acquisitions and 13 disposals. This included director or CEO acquisitions in Daiwa House Logistics Trust , Frencken Group , Q&M Dental Group (Singapore) , Raffles Medical Group , Singapore Shipping Corp , Stamford Land Corp and SunMoon Food Company . Q&M Dental Group (Singapore) Between Jun 23 and 26, Q&M non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 55.03 per cent to 55.78 per cent. The 7,041,300 shares were acquired by Quan Min Holdings at an average price of S$0.414 apiece. At the end of April, Dr Ng's total interest stood at 53.02 per cent. Back in April, he maintained that the company is expanding both the number of dentists and number of clinics. Dr Ng added that its courses in its Dental College are now recognised by the Committee for Private Education under SkillsFuture Singapore, with a one-year EduTrust certification, and it aims to achieve the four-year award to attract more foreign dental students. Dr Ng also reiterated that having grown rapidly during Covid, Q&M Dental aims to pursue mergers and acquisitions over the next two to three years. At the same time, the company is leveraging its advanced AI-driven information and treatment services to attract strategic partnerships. Frencken Group Frencken Group chairman and non-executive non-independent director Gooi Soon Chai has increased his deemed interest, with his family acquiring 10,000 shares on Jun 23. Gooi maintains a 23.75 per cent total interest in the company, up from 23.66 per cent at the end of 2024. The acquisition followed his family acquiring 45,000 shares on May 21 and Sinn Hin Company acquiring 30,000 shares on May 29. Gooi was appointed as a director in February 2015 and as the group's chairman in August 2016. He has over 30 years of global leadership in technology, with deep expertise across semiconductors, life sciences and electronics, and has led multiple successful transformations, driving exponential growth in the semiconductor, automotive and industrial electronics sectors. The IMS division currently contributes about 11 per cent of Frencken Group's overall revenue, while the mechatronics division – seen by Gooi to be a key driver of growth – accounts for the majority at around 89 per cent. On Jun 3, the company announced that its wholly owned subsidiary, ETLA, has accepted a lease offer from JTC for an industrial site at Kaki Bukit Avenue 5. The group plans to build a new, larger manufacturing facility at the site to expand and consolidate its mechatronics operations, currently located at Changi North and Seletar Aerospace Link. Back at the FY24 annual general meeting held in April, Gooi said that the group operates across high-growth sectors – semiconductor, medical and life sciences – while maintaining a presence in industrial automation and automotive. He highlighted that with a global footprint spanning the US, Singapore and China, it remains agile amid tariff challenges and recently expanded its US operations. Gooi maintained that the group's customer base includes industry-leading clients and it partners closely with customers on supply chain strategies and currently operates a US facility, with potential for expansion based on demand. He added that growth opportunities also exist in Europe, where several clients are scaling up. In FY24, the group achieved a 14.3 per cent increase in attributable net profit of S$37.1 million, up from S$32.5 million in FY23. For its subsequent Q1FY25 (ending Mar 31), Frencken Group's revenue rose 11.5 per cent year on year to S$215.8 million, driven by stronger contributions from the mechatronics division. The gross profit margin also improved to 14.8 per cent from 13.7 per cent, reflecting better operating leverage. Attributable net profit also grew 12 per cent to S$10 million, up from S$9 million in Q1FY24. Singapore Shipping Corp Between Jun 19 and 24, Singapore Shipping Corp executive chairman Ow Chio Kiat acquired 149,400 shares at an average price of S$0.276. This increased his total interest from 43.62 per cent to 43.66 per cent. Ow has been gradually increasing his interest from 42.97 per cent in May 2024. The group maintains businesses in ship owning, ship management, ship agency and terminal operations, and logistics services. Amid the recent global trade uncertainty, the group maintains it continues to deliver stable ship-owning results through long-term charters with blue-chip partners, recently renewing a five-year deal for MV Boheme, while maintaining zero net gearing and a cautious investment stance. For its FY25 (ended Mar 31), the group reported attributable net profit of US$11.4 million, a 24.6 per cent increase from FY24. It noted that the higher revenue and profit in ship owning for FY25 stemmed from the absence of drydocking off-hire and a US$600,000 waiver on an operational claim, while the agency and logistics segment saw full-year gains from high-margin projects despite a H2FY25 slowdown in activity. Ow also increased his interest in Stamford Land over the week, where he also serves as executive chairman. Daiwa House Logistics Trust On Jun 26, Daiwa House Asset Management Asia non-independent executive director CEO Jun Yamamura acquired 30,000 units of Daiwa House Logistics Trust (DHLT) at S$0.565 apiece. This took his direct interest to 0.02 per cent. Yamamura has over two decades of experience in real estate development and Reit management at Marubeni Corp, including key roles in Reit mergers and IPOs, and most recently served as senior chief of business development at Daiwa House Industry before joining the manager of the Reit. During Q1FY25 (ended Mar 31), DHLT acquired DPL Gunma Fujioka in Greater Tokyo, secured new tenants with a 13 per cent rent uplift, and maintained a strong portfolio occupancy of 92.1 per cent with a weighted average lease expiry of 6.7 years, further enhancing its tenant base and lease profile. SunMoon Food Company Between Jun 20 and 26, SunMoon Food Company executive director and CEO Zhang Ye acquired 672,900 shares. This increased his total interest from 52.24 per cent to 52.31 per cent. Zhang has gradually increased it from 51.57 per cent since the group reported its FY24/25 (ended Mar 31) results on May 27. The writer is the market strategist at SGX. To read SGX's market research reports, visit
Business Times
15-06-2025
- Business
- Business Times
DBS, OCBC, UOB lead weekly buyback consideration tally
[SINGAPORE] Over the five trading sessions from Jun 6 to 12, institutions were net sellers of Singapore stocks with net institutional outflow of S$80 million, following the S$32 million net outflow from the preceding five sessions. This took the net institutional outflow for 2025 to Jun 12 to S$1.84 billion. Institutional flows Over the five trading sessions, the stocks with the highest net institutional outflow were DBS , OCBC , UOB , Singapore Technologies Engineering , Singapore Exchange , Keppel DC Reit , Singapore Airlines , Frasers Centrepoint Trust , Mapletree Industrial Trust and Haw Par Corp . The following companies led the net institutional inflow over those five sessions: Singtel , Keppel , City Developments , Hongkong Land Holdings , CapitaLand Investment , Venture Corp , Sembcorp Industries , Jardine Matheson Holdings , SIA Engineering Co and CapitaLand Integrated Commercial Trust . From a sector perspective, financial services and real estate investment trusts (Reits) experienced the highest net institutional outflow; telecommunications and real estate (ex-Reits) saw the most net institutional inflow. Share buybacks In the five sessions, 17 primary-listed companies undertook buybacks for a total consideration of S$70.7 million. DBS, UOB and OCBC led the consideration tally, collectively buying back S$66.8 million of shares. On its current buyback mandates, UOB had bought back 0.31 per cent of its outstanding shares as at Jun 12; DBS had done so for 0.21 per cent, and OCBC, 0.03 per cent (as at Jun 12). BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up During the week, DBS became the first Singapore-listed stock with a market capitalisation surpassing US$100 billion. First chalked up and quoted on the Stock Exchange of Malaysia and Singapore on Nov 29, 1968, the stock has continued to attract the interest of retail investors, who, amid the volatility in the first half of April, net bought S$810 million of its shares. Secondary-listed Hongkong Land also conducted share repurchases in four of the five sessions, Director transactions In the five trading sessions between Jun 6 and 12, more than 80 director interests and substantial shareholdings were filed for close to 30 primary-listed stocks. Directors or chief executive officers filed 13 acquisitions and no disposals, and substantial shareholders filed 12 acquisitions and one disposal. This included director or chief executive officer acquisitions in Anchun International Holdings , Asian Pay Television Trust (APTT), CapAllianz Holdings , Chemical Industries (Far East) , CosmoSteel Holdings , Ho Bee Land , KOP , Mewah International and Q & M Dental Group (Singapore) . Q & M Dental Group (Singapore) Between Jun 10 and 11, Q & M non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 54.25 to 54.92 per cent. The 6,427,900 shares were acquired by Quan Min Holdings at an average price of S$0.395 apiece. At the end of April, Dr Ng's total interest had stood at 53.02 per cent. The recent spate of acquisitions coincided with the group commencing a share buyback programme on May 8, under which 1,651,200 shares, or 0.17 per cent of the outstanding shares were repurchased. These were the first share buybacks undertaken since November 2021. At the company's FY2024 annual general meeting, Dr Ng announced that Q & M was committed to share buybacks of up to 50 million shares. He stressed the importance of performance share plans in the dental services provider's drive to retain employees. CosmoSteel Holdings Between Jun 6 and 11, CosmoSteel executive director and CEO Jack Ong acquired a million shares at an average price of S$0.220 apiece, increasing his direct interest from 17 to 17.39 per cent. On May 15, Evolve Capital Advisory, on behalf of 3HA Capital, announced a voluntary conditional cash offer for all issued and paid-up ordinary shares of CosmoSteel at S$0.20 apiece. The offer is conditional on the offeror having received more than 50 per cent of the total number of issued shares (excluding shares held in treasury) as at the close of the offer under the minimum acceptance condition. Nine Yards Chambers subsequently sent a letter to 3HA Capital on behalf of the Ong family, raising concerns about the voluntary cash offer for CosmoSteel and requesting clarifications that could influence shareholder decisions, given the Ong family's stake and potential impact on the offer's outcome. Jack Ong, his brother Andy and their father Ong Chin Sum collectively owned 24.45 per cent of the company as at Dec 11, 2024. Filings show that Jack Ong has since increased his interest by 2.89 per cent. Asian Pay Television Trust On Jun 10, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT, acquired 400,000 units of the business trust for a consideration of S$33,600 at S$0.084 per unit. The move increased his total interest in APTT from 1.23 per cent to 1.25 per cent. This followed his acquisitions of 263,600 shares at S$0.081 apiece in May and 319,400 units at S$0.077 apiece in April. Lu served as corporate executive vice-president at Hon Hai Technology Group/Foxconn, following the acquisition of the intelligent hub and switch product ODM (original design manufacturer) company he co-founded in 2000. He was also chairman of Asia Pacific Telecom group, Taiwan's fourth-largest mobile carrier, from 2014 to 2021. On May 14, APTT reported revenue of S$59.4 million for Q1 FY2025. Foreign-exchange effects led to a negative variance of 3.8 per cent compared to Q1 FY2024, due to a weaker Taiwan dollar. On a constant Taiwan dollar basis, revenue declined by 2.7 per cent. APTT highlighted that broadband continued its growth momentum, adding approximately 8,000 new subscribers. With slightly higher average revenue per user, broadband revenue rose by 7.8 per cent in Taiwan dollars and 4 per cent in Singapore dollars, despite adverse exchange rate movements. Revenue from data backhaul also accounted for around 4 per cent of total broadband revenue. The CEO of the manager, Somnath Adak, noted that APTT is progressing towards its goal of growing broadband cash flows to consistently exceed the decline in basic cable TV. Adak added its strategy remains focused on aggressive subscriber acquisition, and leveraging industry networks to unlock long-term broadband growth opportunities. Anchun International Holdings On Jun 9, Ace Sense acquired 77,200 shares of Anchun at an average price of S$0.377 apiece. This increased the deemed interest of Xie Ming, Anchun's non-independent non-executive chairman, from 23.41 to 23.57 per cent. This follows the acquisition of 124,200 shares of Anchun at S$0.318 apiece on Mar 3. Anchun delivers integrated chemical and environmental engineering solutions, offering energy-efficient, eco-friendly technologies to support China's petrochemical and chemical industries. In FY2024, the group's revenue grew by 32.7 per cent from the year before, to 177.4 million yuan (S$31.7 million), driven by a 45 per cent surge in demand for its chemical systems and components (CSC). Demand was slower in other segments. Anchun said its CSC segment is benefiting from China's push for large-scale, modern chemical projects, and rising demand for integrated green hydrogen, ammonia and methanol solutions. Anchun has enhanced its target and budget management, introduced a three- to five-year development road map, and adopted a phased dual-growth strategy for revenue and profit to drive return on equity. Strategic focus areas include large-scale domestic chemical projects, integrated green hydrogen, ammonia and methanol solutions and global partnerships, supporting growth across the CSC, engineering services and catalyst segments. At the same time, its key challenges of domestic pricing pressure, aggressive competitor tactics and slower industry growth remain. To further prepare for new opportunities, the group is actively developing internal talent across geographies. TOTM Technologies On Jun 9, Thomas Clive Khoo increased his substantial shareholding in TOTM Technologies above the 10 per cent threshold, from 9.99 to 10.05 per cent. The 814,300 shares were acquired at S$0.011 apiece. This followed his substantial shareholding crossing above 9 per cent on May 30, and above 8 per cent on Feb 21. He emerged as a substantial shareholder in September 2024. In April, TOTM Technologies and Teneo Communications signed a memorandum of understanding to set up a joint venture that would accelerate Malaysia's digital transformation using advanced artificial intelligence and digital identity technologies. Following the resignation of its CEO Irawan Mulyadi on May 27, Pierre Prunier is currently leading TOTM Technologies' management team until a new CEO is appointed. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
08-06-2025
- Business
- Business Times
Group CEO Ng Chin Siau increases stake in Q & M
[SINGAPORE] Over the five trading sessions from May 30 to June 5, institutions were marginal net sellers of Singapore stocks, with net institutional outflow of S$32 million compared to net outflow of S$2 million for the preceding five sessions. This keeps the net institutional outflow for 2025 to June 5 at S$1.76 billion. The stocks that saw the highest net institutional outflow were UOB , OCBC , Singapore Exchange , Jardine Matheson Holdings , Singtel , CapitaLand Integrated Commercial Trust , CapitaLand Investment , ST Engineering , ComfortDelGro and Mapletree Industrial Trust . Meanwhile, DBS , Singapore Airlines , Yangzijiang Shipbuilding , Keppel , Sats , CapitaLand Ascendas Reit , UOL , SIA Engineering , Thai Beverage , and UMS Integration led the net institutional inflow over the five sessions. From a sector perspective, Reits and telecommunications experienced the highest net institutional outflow, while industrials and real estate (ex-Reits) saw the most net institutional inflow. The five sessions saw 19 primary-listed companies make buybacks with a total consideration of S$46 million. City Developments announced its off-market buyback of 26,800,814, or 10 per cent, of its preference shares at S$0.78 apiece which will be booked on Jun 10. Secondary-listed Hongkong Land also continued to conduct share repurchases on four of the five sessions. More than 80 director interests and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or CEOs again filed 13 acquisitions, and no disposals, while substantial shareholders filed 11 acquisitions and five disposals. This included director or CEO acquisitions in Bonvests Holdings , Digital Core Reit , Megachem , PropNex , Q & M Dental Group (Singapore) , Singapore Shipping Corp , Singtel, Sinostar PEC Holdings , Stamford Land , SunMoon Food Company , TeleChoice International , Uni-Asia Group and Wing Tai . BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Q & M Dental Group (Singapore) Between May 30 and June 3, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.92 per cent to 54.23 per cent. The 2,812,300 shares were acquired by Quan Min Holdings at an average price of S$0.355 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent. At the FY24 AGM in late April, Dr Ng shared that after strong organic growth during Covid, the company expects to pursue more mergers and acquisitions over the next two to three years, while the chief operating officer also noted rising interest from AI-driven firms seeking its information management and treatment services. Singtel On Jun 5, Singtel independent non-executive director Yong Ying-I acquired 150,000 shares at an average price of S$3.87 per share. This increased her direct interest to 210,000 shares. On May 22, Singtel launched a value realisation buyback programme of up to S$2 billion, funded by excess capital from asset recycling. This follows on from the group changing its dividend policy back in May 2024 to include a value realisation dividend in addition to a core dividend. Since then, the mid-term asset recycling target of S$6 billion under the Singtel28 growth plan has been raised to S$9 billion. Uni-Asia Group On May 30, Uni-Asia Group executive director and CEO Masahiro Iwabuchi acquired 454,300 shares at an average price of S$0.78 per share. With a consideration of S$356,171, this increased Iwabuchi's direct interest in the company from 0.82 per cent to 1.4 per cent. He leads the property investment department with deep banking and real estate experience across Asia and holds directorships across multiple group subsidiaries. In its FY24 (ended Dec 31), Uni-Asia Group launched a business transformation aimed at meeting internal return targets to support sustainable dividends, with a focus on driving continued growth in the years ahead. The group has maintained a 14-year track record of consistent dividends and is also exploring a share buyback mandate to enhance shareholder value. At the same time, it continues to reinvest in its Japan real estate portfolio, evaluate its structure, and explore strategic partnerships to support long-term return on equity growth and close the net asset value gap. For shipping, the group is focused on restructuring and reinvesting in joint venture vessels – such as the Kellet Island initiative – to renew fleet structures and broaden both the vessel investment portfolio and stakeholder base. When market conditions are favourable, the group maintains it may consider acquiring newbuild vessels, as part of its broader fleet revitalisation strategy to gradually replace ageing ships – typically around 15 years old – with younger vessels between seven and 10 years of age. Digital Core Reit On May 28, Digital Core Management's lead independent non-executive director John Herbert acquired 250,000 units of Digital Core Reit at US$0.495 per unit. This was his first acquisition on the open market since joining the board in November 2021. Herbert has decades of global investment banking and real estate expertise, having led major real estate divisions at HSBC, Merrill Lynch, and Citigroup, and overseen deals across more than 35 countries. For its Q1FY25 (ended Mar 31), the manager reported Digital Core Reit delivered strong execution with 10 per cent growth in distributable income from Q1FY24, rising occupancy, a strategic Osaka acquisition, and successful fixed-rate debt issuance ahead of tariff impacts. In late March, the Reit also acquired a 20 per cent stake in a fully leased, purpose-built Osaka data centre for 13 billion yen (US$87 million), enhancing its Asia Pacific diversification, lifting distribution per unit by 1.8 per cent, and positioning Osaka as its fourth-largest market. The manager also highlighted that the portfolio is 98 per cent occupied, with over 85 per cent of rental revenue shielded from energy cost inflation via pass-throughs, and full freehold ownership protects against rising ground rents. Bonvests Holdings On May 30, Bonvests Holdings executive chairman Henry Ngo acquired 227,000 shares at an average price of S$0.90 per share. The acquisitions were made through Allsland, which is wholly owned by Ngo. This increases his total interest in Bonvests Holdings from 84.75 per cent to 84.80 per cent. His preceding acquisition was in November 2024 with 101,000 shares acquired at the same price. He has gradually increased his total interest in the group from 82.93 per cent in August 2018. Ngo noted in April that the rental division remains stable, while the hotel division faces rising competition, costs, and global uncertainty despite industry recovery. He added that the industrial division improved in FY24 (ended Dec 31) but continues to face headwinds in its contract cleaning and waste disposal segments due to stiff competition, rising material costs, and wage pressures. Ngo maintained that despite these challenges, the division remains focused on preserving cash and enhancing operational efficiency. PropNex On May 30, PropNex executive director and deputy CEO Kelvin Fong Keng Seong acquired 31,000 shares at an average price of S$1.01 per share. His deemed interest is 10.26 per cent. His preceding acquisitions were in April, with 86,000 shares acquired at an average price of S$1.01 apiece. At the April 23 AGM, Fong highlighted a robust pipeline of upcoming and ongoing launches, with inventory expected to reach about 18,000 units in 2025, indicating a healthy market. He also relayed that PropNex continues to lead in market share across multiple new projects, driven not just by its large salesforce but also by high productivity, strong training, and support systems. Fong also maintained that revenue from these transactions is anticipated to be recognised in the first half of 2025. Fong leads the sales and leadership training initiatives, including the flagship PropNex boot camp which empowers over 2,000 salespersons annually in collaboration with fellow team leaders. He also highlighted at the April AGM that he remains committed to developing its salespersons through training programmes, boot camps, and mindset workshops, reinforcing their role as trusted property consultants. He added that consumer education initiatives and digital tools further enhance customer engagement, while broader outreach efforts and his second book, Property Wealth System: Elevate Your Assets, Elevate Your Wealth, underscore PropNex's focus on thought leadership and empowerment. PropNex is Singapore's largest listed real estate agency. At the April AGM, executive chairman and CEO Mohamed Ismail also relayed Frost & Sullivan data that found PropNex represented 35 per cent of Singapore's salespersons strength, it accounted for 64 per cent of total property transactions for HDB resale, new launches and private residential resale (including executive condominiums, landed and non-landed) in 2024. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to raise his deemed interest in the company from 61.84 to 61.85 per cent, through 100,000 shares bought by his spouse, Helen Chow. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
08-06-2025
- Business
- Business Times
Group CEO Ng Chin Siau increases his stake in Q & M
[SINGAPORE] Over the five trading sessions from May 30 to June 5, institutions were marginal net sellers of Singapore stocks, with net institutional outflow of S$32 million compared to net outflow of S$2 million for the preceding five sessions. This keeps the net institutional outflow for 2025 to June 5 at S$1.76 billion. The stocks that saw the highest net institutional outflow were UOB , OCBC , Singapore Exchange , Jardine Matheson Holdings , Singtel , CapitaLand Integrated Commercial Trust , CapitaLand Investment , ST Engineering , ComfortDelGro and Mapletree Industrial Trust . Meanwhile, DBS , Singapore Airlines , Yangzijiang Shipbuilding , Keppel , Sats , CapitaLand Ascendas Reit , UOL , SIA Engineering , Thai Beverage , and UMS Integration led the net institutional inflow over the five sessions. From a sector perspective, Reits and telecommunications experienced the highest net institutional outflow, while industrials and real estate (ex-Reits) saw the most net institutional inflow. The five sessions saw 19 primary-listed companies make buybacks with a total consideration of S$46 million. City Developments announced its off-market buyback of 26,800,814, or 10 per cent, of its preference shares at S$0.78 apiece which will be booked on Jun 10. Secondary-listed Hongkong Land also continued to conduct share repurchases on four of the five sessions. More than 80 director interests and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or CEOs again filed 13 acquisitions, and no disposals, while substantial shareholders filed 11 acquisitions and five disposals. This included director or CEO acquisitions in Bonvests Holdings , Digital Core Reit , Megachem , PropNex , Q & M Dental Group (Singapore) , Singapore Shipping Corp , Singtel, Sinostar PEC Holdings , Stamford Land , SunMoon Food Company , TeleChoice International , Uni-Asia Group and Wing Tai . BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Q & M Dental Group (Singapore) Between May 30 and June 3, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.92 per cent to 54.23 per cent. The 2,812,300 shares were acquired by Quan Min Holdings at an average price of S$0.355 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent. At the FY24 AGM in late April, Dr Ng shared that after strong organic growth during Covid, the company expects to pursue more mergers and acquisitions over the next two to three years, while the chief operating officer also noted rising interest from AI-driven firms seeking its information management and treatment services. Singtel On Jun 5, Singtel independent non-executive director Yong Ying-I acquired 150,000 shares at an average price of S$3.87 per share. This increased her direct interest to 210,000 shares. On May 22, Singtel launched a value realisation buyback programme of up to S$2 billion, funded by excess capital from asset recycling. This follows on from the group changing its dividend policy back in May 2024 to include a value realisation dividend in addition to a core dividend. Since then, the mid-term asset recycling target of S$6 billion under the Singtel28 growth plan has been raised to S$9 billion. Uni-Asia Group On May 30, Uni-Asia Group executive director and CEO Masahiro Iwabuchi acquired 454,300 shares at an average price of S$0.78 per share. With a consideration of S$356,171, this increased Iwabuchi's direct interest in the company from 0.82 per cent to 1.4 per cent. He leads the property investment department with deep banking and real estate experience across Asia and holds directorships across multiple group subsidiaries. In its FY24 (ended Dec 31), Uni-Asia Group launched a business transformation aimed at meeting internal return targets to support sustainable dividends, with a focus on driving continued growth in the years ahead. The group has maintained a 14-year track record of consistent dividends and is also exploring a share buyback mandate to enhance shareholder value. At the same time, it continues to reinvest in its Japan real estate portfolio, evaluate its structure, and explore strategic partnerships to support long-term return on equity growth and close the net asset value gap. For shipping, the group is focused on restructuring and reinvesting in joint venture vessels – such as the Kellet Island initiative – to renew fleet structures and broaden both the vessel investment portfolio and stakeholder base. When market conditions are favourable, the group maintains it may consider acquiring newbuild vessels, as part of its broader fleet revitalisation strategy to gradually replace ageing ships – typically around 15 years old – with younger vessels between seven and 10 years of age. Digital Core Reit On May 28, Digital Core Management's lead independent non-executive director John Herbert acquired 250,000 units of Digital Core Reit at US$0.495 per unit. This was his first acquisition on the open market since joining the board in November 2021. Herbert has decades of global investment banking and real estate expertise, having led major real estate divisions at HSBC, Merrill Lynch, and Citigroup, and overseen deals across more than 35 countries. For its Q1FY25 (ended Mar 31), the manager reported Digital Core Reit delivered strong execution with 10 per cent growth in distributable income from Q1FY24, rising occupancy, a strategic Osaka acquisition, and successful fixed-rate debt issuance ahead of tariff impacts. In late March, the Reit also acquired a 20 per cent stake in a fully leased, purpose-built Osaka data centre for 13 billion yen (US$87 million), enhancing its Asia Pacific diversification, lifting distribution per unit by 1.8 per cent, and positioning Osaka as its fourth-largest market. The manager also highlighted that the portfolio is 98 per cent occupied, with over 85 per cent of rental revenue shielded from energy cost inflation via pass-throughs, and full freehold ownership protects against rising ground rents. Bonvests Holdings On May 30, Bonvests Holdings executive chairman Henry Ngo acquired 227,000 shares at an average price of S$0.90 per share. The acquisitions were made through Allsland, which is wholly owned by Ngo. This increases his total interest in Bonvests Holdings from 84.75 per cent to 84.80 per cent. His preceding acquisition was in November 2024 with 101,000 shares acquired at the same price. He has gradually increased his total interest in the group from 82.93 per cent in August 2018. Ngo noted in April that the rental division remains stable, while the hotel division faces rising competition, costs, and global uncertainty despite industry recovery. He added that the industrial division improved in FY24 (ended Dec 31) but continues to face headwinds in its contract cleaning and waste disposal segments due to stiff competition, rising material costs, and wage pressures. Ngo maintained that despite these challenges, the division remains focused on preserving cash and enhancing operational efficiency. PropNex On May 30, PropNex executive director and deputy CEO Kelvin Fong Keng Seong acquired 31,000 shares at an average price of S$1.01 per share. His deemed interest is 10.26 per cent. His preceding acquisitions were in April, with 86,000 shares acquired at an average price of S$1.01 apiece. At the April 23 AGM, Fong highlighted a robust pipeline of upcoming and ongoing launches, with inventory expected to reach about 18,000 units in 2025, indicating a healthy market. He also relayed that PropNex continues to lead in market share across multiple new projects, driven not just by its large salesforce but also by high productivity, strong training, and support systems. Fong also maintained that revenue from these transactions is anticipated to be recognised in the first half of 2025. Fong leads the sales and leadership training initiatives, including the flagship PropNex boot camp which empowers over 2,000 salespersons annually in collaboration with fellow team leaders. He also highlighted at the April AGM that he remains committed to developing its salespersons through training programmes, boot camps, and mindset workshops, reinforcing their role as trusted property consultants. He added that consumer education initiatives and digital tools further enhance customer engagement, while broader outreach efforts and his second book, Property Wealth System: Elevate Your Assets, Elevate Your Wealth, underscore PropNex's focus on thought leadership and empowerment. PropNex is Singapore's largest listed real estate agency. At the April AGM, executive chairman and CEO Mohamed Ismail also relayed Frost & Sullivan data that found PropNex represented 35 per cent of Singapore's salespersons strength, it accounted for 64 per cent of total property transactions for HDB resale, new launches and private residential resale (including executive condominiums, landed and non-landed) in 2024. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to raise his deemed interest in the company from 61.84 to 61.85 per cent, through 100,000 shares bought by his spouse, Helen Chow. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
01-06-2025
- Business
- Business Times
Independent director Chua Kee Lock acquires venture shares on open market
[SINGAPORE] Over the five trading sessions from May 23 to May 29, institutions were marginal net sellers of Singapore stocks, with net institutional outflow of S$2 million compared to net outflow of S$65 million for the preceding five sessions. This keeps the net institutional outflow for the 2025 year to May 29 at S$1.73 billion. Institutional Flows Over the five trading sessions through May 29, the stocks that saw the highest net institutional outflow were SingTel , Yangzijiang Shipbuilding Holdings , Genting Singapore , CapitaLand Ascendas Reit , UOB , CapitaLand Investment , ComfortDelGro , Lendlease Global Commercial Reit , Riverstone Holdings , and Mapletree Industrial Trust . Meanwhile DBS , Singapore Exchange , ST Engineering , Singapore Airlines , Sats , Seatrium , Thai Beverage Public Co , Frasers Hospitality Trust , Keppel , and Hongkong Land Holdings led the net institutional inflow over the five sessions. From a sector perspective, telecommunications and Reits experienced the highest net institutional outflow, while financial services and industrials saw the most net institutional inflow. Share buybacks The five sessions through May 29 saw 18 primary-listed companies make buybacks with a total consideration of S$45 million. Secondary-listed Hongkong Land conducted share repurchases on four of the five sessions, with 1,563,300 shares bought at an average price of US$5.24 apiece. The manager of ESR-Reit also bought back 500,000 units of the Reit at an average price of S$2.22 per unit. Director transactions The five trading sessions spanning May 23 through May 29 saw close to 90 director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs again filed 24 acquisitions and two disposals, while substantial shareholders filed 22 acquisitions and six disposals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This included director or CEO acquisitions in Cosmosteel Holdings , Edition , Far East Orchard , Ho Bee Land , Nam Cheong , Niks Professional , Q & M Dental Group (Singapore) , Samudera Shipping Line , Sinostar PEC Holdings , SunMoon Food Company , UMS Integration , Venture Corporation and Wing Tai Holdings . Q & M Dental Group (Singapore) On May 26, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.72 per cent to 53.92 per cent. The 1,882,200 shares were acquired by Quan Min Holdings at an average price of S$0.345 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent. The group reported its FY2024 results in early March. Despite total revenue being comparable to FY2023, FY2024's focus on operational efficiency and cost discipline led to a 27 per cent increase in attributable net profit to S$14.6 million, with FY2025's strategy targeting regional expansion and ESG. Venture Corporation On May 22, Chua KL Family acquired 30,000 shares at S$11.08 apiece. This took the deemed interest of Venture Corporation independent non-executive director Chua Kee Lock to 0.01 per cent. Chua is the group president and CEO of Vertex Venture Holdings (VH), a Singapore-based venture capital investment holding company wholly owned by Temasek Holdings. VH anchors a global network of independently managed funds, including five early-stage technology funds, an early-stage healthcare fund, and a growth-stage fund, all supported by third-party capital. Chua also serves as managing partner of Vertex Ventures Southeast Asia & India and chairman of Vertex Growth Fund. His acquisition follows Venture Corporation detailing in its Q1 FY2025 business update that it improved its net profit margin to 9.1 per cent. This was driven by ongoing cost efficiency efforts and the delivery of higher-value solutions through its differentiated capabilities. The group also noted that overall revenue declined, primarily due to reduced demand in the lifestyle consumer technology segment, where research-and-development-led design innovations enhanced product reliability and lifespan, resulting in fewer replacements. Excluding this segment, the group maintained that revenue would have increased in Q1 FY2025 from Q1 FY2024. Meanwhile, Venture Corporation highlighted those initiatives in other domains – such as networking and communications, and advanced industrials – continued to gain traction, showing year-on-year progress. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to raise his deemed interest in the company from 61.78 per cent to 61.84 per cent, through 395,000 shares bought by his spouse, Helen Chow. UMS Integration On May 26, UMS Integration CEO Andy Luong acquired 100,000 shares at an average price of S$1.15 per share. This increased his deemed interest from 15.36 per cent to 15.38 per cent. His preceding acquisitions on the open market were in April, with 199,800 shares acquired at S$0.925 apiece and in September 2024 with 600,000 shares acquired at S$0.983 apiece. This followed the Q1 FY2025 business update released on May 9. Luong noted that the group performed well in Q1, achieving improved revenue, gross margin expansion, and healthy cash flow despite a challenging global business environment compared with the same period last year. He added that significant progress was made in meeting the needs of key customers, with sales in Malaysia nearly trebling due to strong orders from a new key customer. Luong also maintained that despite the ongoing trade tensions affecting global sentiment, the order forecasts from the group's key customers remain unchanged. Cosmosteel Holdings Between May 23 and 27, Cosmosteel Holdings executive director and CEO Jack Ong acquired 500,000 shares at an average price of S$0.220 apiece, increasing his direct interest from 16.81 per cent to 17 per cent. This follows his acquisition of 6,050,000 shares between May 20 and 22. On May 15, Evolve Capital Advisory, on behalf of 3HA Capital, announced a voluntary conditional cash offer for all issued and paid-up ordinary shares of Cosmosteel Holdings at S$0.20 apiece. Samudera Shipping Line Between May 23 and 28, Samudera Shipping Line executive director and CEO Bani Maulana Mulia acquired 73,100 shares at an average price of S$0.819 apiece. This increased his direct interest from 0.67 per cent to 0.68 per cent and followed his acquisition of 99,600 shares at S$0.80 apiece between May 8 and 14. Ho Bee Land Between May 26 and 29, Ho Bee Holdings acquired 38,600 shares of the company at S$1.77 apiece. This marginally increased the deemed interest of Ho Bee Land executive chairman Chua Thian Poh, which is at 75.65 per cent. This closely followed the acquisition of 129,200 shares at S$1.75 per share between May 16 and 20. Sinostar PEC Holdings Between May 23 and 29, Sinostar PEC Holdings executive chairman and CEO Li Xiang Ping acquired one million shares at S$0.147 apiece. This increased his deemed interest in the China-based producer and supplier of downstream petrochemical products from 69.46 per cent to 69.56 per cent. This follows his acquisition of 800,000 shares at S$0.142 apiece between May 19 and 21, and 880,000 shares acquired in April. Since the end of 2019, he has raised his deemed interest from 57.80 per cent, primarily through a rights issue earlier this year. Nam Cheong Between May 21 and 26, Nam Cheong executive chairman Tiong Su Kouk increased his total interest from 32.17 per cent to 32.18 per cent. This was through the acquisition of 30,000 shares by his wife, Wong Bak Hee, at an average price of S$0.52 apiece. The acquisition follows Nam Cheong providing a Q1 FY2025 business update on May 14 detailing its gross profit increased 13 per cent from Q1FY2024 to RM 56.3 million (S$17.1 million). This followed its FY2024 gross profit increasing to RM 363.3 million from RM 168.6 million in FY2023. Nam Cheong said that its sustained performance underscores the success of its strategic shift towards a more resilient chartering model and its ability to navigate market challenges. Nam Cheong and its subsidiaries are one of South-east Asia's leading offshore support vessel (OSV) providers, originating from Sarawak, Malaysia. Tiong has maintained majority shareholding control with an active role in the management of the group since 1999. He oversees its strategic direction and has played a significant role in steering the company from being primarily involved in the construction of barges and fishing vessels in Malaysia to the building of offshore support vessels. The stock has ranked among the top 70 local stocks traded by turnover this year, while also ranking among the 40 stocks that have booked the most net institutional inflow. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
