OVER the five trading sessions spanning Nov 15 to Nov 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million. This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.
Stocks that led the net institutional outflow over the five sessions until Nov 21 inclusive were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Real Estate Investment Trust (Reit), DBS Group, Yangzijiang Shipbuilding, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC Reit, Wilmar International, and Keppel Reit.
Meanwhile, Singapore Exchange (SGX), OCBC, UOB, Sats, Jardine Matheson, Sembcorp Industries, Keppel, Hongkong Land, Riverstone, and Jardine Cycle & Carriage led the net institutional inflow.
On Nov 14, Hongkong Land provided an interim management statement, announcing that the group’s Q3 FY2024 (ended Sep 30) underlying profit increased due to more build-to-sell completions in China, while investment property contributions declined slightly. The group highlighted that its cost management actions have strengthened its financial position, with net debt decreasing to US$5.3 billion, and committed liquidity rising to US$3.2 billion. It also noted that 67 per cent of its debt is at fixed interest rates.
From a sector perspective, Reits and consumer cyclicals booked the most net institutional outflow in the five sessions, while financial services and industrials booked the most net institutional inflow.
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During the five sessions, 21 primary-listed companies conducted buybacks with a total consideration of S$27.6 million. Sembcorp Industries bought back 2,185,000 shares at an average price of S$5.21 per share. This brings the total shares repurchased to 0.18 per cent of its issued shares (excluding treasury shares) since the beginning of the current mandate. The managers of Digital Core Reit and ESR-Logos Reit also bought back units of their respective trusts.
The five trading sessions saw more than 70 director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs filed 15 acquisitions and no disposals, while substantial shareholders filed six acquisitions and six disposals.
Wilmar International
Between Nov 13 and Nov 20, Wilmar International chairman and CEO Kuok Khoon Hong increased his deemed interest in the global agri-business by 3,279,500 shares. This increased his total interest from 14.16 per cent to 14.22 per cent. HPRY Holdings, Longhlin Asia, Hong Lee, and Jaygar each acquired 819,875 shares at an average price of S$3.08 apiece. Since October 2022, Kuok has been gradually increasing his total interest in Wilmar International from 12.94 per cent.
On Oct 30, Wilmar International reported that its core net profit for Q3 FY2024 (ended Sep 30) fell to US$208.1 million, from US$323.6 million in Q3 FY2023. Despite better-than-expected performance in tropical oils, oleochemicals, shipping, and crushing, weaker contributions from its China operations and sugar division affected the group’s results. The group said it was cautiously optimistic about a satisfactory performance for the rest of the year, with expected improvements in palm production and refining margins for tropical oils. Meanwhile, soybean crushing margins are anticipated to remain positive.
ABR Holdings
Between Nov 14 and Nov 20, ABR Holdings managing director Ang Yee Lim acquired 2,171,700 shares at S$0.40 per share. This increased his direct interest in the home-grown restaurant operator from 52.51 per cent to 53.59 per cent. His preceding acquisitions were between Sep 27 and Sep 30, when he purchased 140,000 shares at S$0.417 each. This year, he has gradually increased his interest from 52.12 per cent as at the end of 2023. He has served as managing director since July 2004. ABR Holdings was established in 1979 with Swensen’s at Thomson Plaza, and now operates more than 25 restaurant outlets in Singapore. The group offers diverse cuisines through brands such as Swensen’s, Tip Top, Season’s, and Chilli Padi, with the aim to create memorable dining experiences that bring friends and families together, for any occasion.
ABR Holdings noted in August that for its first half ended Jun 30, 2024, its food and beverage segment achieved higher profits and increased revenue, despite ongoing challenges such as operating cost pressures, a tight labor market, and intense competition. The group said it remains resilient and proactive in managing costs, innovating, refining operations, and enhancing customer satisfaction. It also noted that its joint venture residential project in Singapore, Baywind Residences, was on track to receive its Temporary Occupation Permit in Q4 this year, with completion slated for 2025. Additionally, the group’s 19 per cent-owned associated company, Sering Manis, entered into a conditional sale-and-purchase agreement in July for the proposed sale of four parcels of land in Genting Highlands, Malaysia, for RM65 million (S$19.6 million). The land has a total area of about 30.167 acres (12.2 hectares), representing 10.8 per cent of the total land area owned by Sering Manis. As ABR Holdings noted in August, the disposal, which is expected to be completed by the end of 2024, is anticipated to contribute to the group’s profits.
Raffles Medical Group
On Nov 18, Raffles Medical Group executive chairman Loo Choon Yong acquired 150,000 shares at S$0.865 per share. This increased his total interest from 55.49 per cent to 55.4 per cent. Since February, he has been increasing his total interest in the stock from 53.02 per cent. His last acquisition was on Sep 26, for 470,000 shares at an average price of S$0.889 apiece.
Southern Alliance Mining
Between Nov 18 and Nov 19, Southern Alliance Mining managing director Pek Kok Sam acquired 127,400 shares at an average price of S$0.410 a share. This took his total interest in the Catalist-listed stock from 63.56 per cent to 63.59 per cent.
Pek has more than 20 years of experience in the mining and exploration of iron ore, tin, and limestone. He began his career in limestone quarrying in Malaysia, his focus from 1993 to 2005. Currently, he oversees Southern Alliance Mining’s business operations, particularly quality control, safety, environment, and site management. Additionally, he serves as a council member of the Malaysian Chamber of Mines.
He observed that during the group’s FY2024 (ended Jul 31), the iron-ore market was volatile due to China’s economic slowdown, but the business navigated these challenges by remaining agile and optimizing operations. This was amid fluctuating prices and increasing demand for sustainable mining practices.
Stamford Land Corporation
Between Nov 14 and Nov 18, Stamford Land Corporation executive chairman Ow Chio Kiat acquired 138,900 shares at S$0.370 per share. This marginally increased his total interest to 46.04 per cent. He is also the executive chairman of Singapore Shipping Corporation.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
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