Wilmar, Raffles Medical chairs continue adding to stakes
INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions through to May 9, with S$15.3 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$53.4 million.
Capitaland Investment (CLI) led the buyback consideration tally, buying back 17,055,700 shares at an average price of S$2.61 per share. This brought the percentage of company shares bought back on the current mandate to 0.47 per cent.
The preceding year’s buyback mandate saw CLI buy back 1.03 per cent of its issued shares (excluding treasury shares) between Sep 28, 2023, and Jan 26, 2024.
With its Q1 FY24 business update, CLI also reiterated its mandate to target funds under management growth from S$100 billion to S$200 billion in five years, driven by organic expansion and strategic inorganic initiatives.
Digital Core Reit Management also bought back 108,200 units of Digital Core Reit at US$0.58 per unit. The previous buyback mandate saw the manager buy back 1.33 per cent of the issued units between Jun 6, 2023, and Apr 17, 2024.
Leading the net institutional inflow over the five sessions were DBS, UOB, Jardine Matheson Holdings, CLI, Mapletree Logistics Trust, Keppel DC Reit, ifast Corp, Olam Group, Suntec Reit and Aims Apac Reit.
Meanwhile, Keppel, OCBC, Genting Singapore, Mapletree Pan Asia Commercial Trust, Capitaland Ascendas Reit, Mapletree Industrial Trust, Singtel, AEM Holdings and Singapore Technologies Engineering led the net institutional outflow over the five sessions.
The five trading sessions saw more than 80 changes to director interests and substantial shareholdings filed for around 40 primary-listed stocks.
Directors or chief executive officers filed 16 acquisitions and two disposals, while substantial shareholders filed six acquisitions and one disposal.
Wilmar International
Between May 6 and 9, Wilmar International chairman and CEO Kuok Khoon Hong increased his deemed interest in the global agribusiness by 5,762,800 shares. This raised his total interest from 13.81 per cent to 13.9 per cent.
HPRY Holdings, Longhlin Asia, Hong Lee Holdings and Jaygar Holdings each acquired 1,440,700 shares at an average price of S$3.18 per share.
Kuok’s preceding acquisitions were on Apr 30 at S$3.23 per share and May 2 at S$3.21 per share. He has been gradually increasing his total interest in Wilmar from 12.94 per cent in October 2022.
For the 2024 year through to May 9, Wilmar has ranked among the 20 Singapore-listed stocks that have booked the most net retail inflow.
On May 7, Wilmar executive and non-independent director Teo La-mei also acquired 30,500 shares at S$3.19 per share. This increased her direct interest to 1.73 million shares, which represents 0.03 per cent of the group.
Teo is the group legal counsel and company secretary. She has extensive experience in legal and corporate secretarial matters.
Teo is also a director of Perennial Holdings and Perennial Group, and a member of the corporate governance and regulatory interest group of the Singapore International Chamber of Commerce.
Kuok maintained that Wilmar will continue to invest in developing new businesses which have synergies with its existing operations, and position itself to tap the growth potential of emerging markets.
He added that with a focus on improving efficiencies of operations, reducing capital expenditure and extracting benefits from its past expansions, the group believes that this strategic direction will enable it to deliver stronger results and greater value to its customers, partners and shareholders.
On May 9, Wilmar announced it had secured a three-year, US$100 million sustainability-linked loan from Maybank. Under the facility, the interest rate will be reduced on a tiered basis, based on Wilmar achieving a set of pre-determined environmental, social and governance metrics.
These targets include Wilmar’s internal key performance indicators as well as external benchmarking standards, one of which is its continued inclusion in the Dow Jones Sustainability Indices World Index.
Wilmar is the only Singaporeincorporated company under the category of Food Products to be listed in this index, and has maintained its inclusion for three consecutive years since November 2021.
Raffles Medical Group
Between May 3 and 7, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.5 million shares at an average price of S$1.01 per share. This increased his total interest from 53.82 per cent to 53.95 per cent.
This followed on from his acquisition of 14.9 million shares between Feb 27 and Mar 25.
For the 2024 year through to May 9, Raffles Medical also ranked just outside the 20 Singapore-listed stocks that have booked the most net retail inflow.
Dr Loo maintained that compared with pre-covid-19 FY19 (ended Dec 31), the group’s revenue and profit after tax have both grown well.
For its FY23, group revenue amounted to S$706.9 million, down from the restated S$822.9 million in FY22, and up from
S$522 million in FY19.
Raffles Medical noted that with normalisation, more patients are returning to its clinics and hospitals in Singapore, China and the region.
Dr Loo also maintained that the group continues to support efforts by the government to keep their hospital bed availability at an acceptable level to serve the public. This is in addition to providing transitional care facility beds to care for patients who need more convalescent care before going home.
Last year, the group’s Raffles Hospitals in Beijing, Shanghai and Chongqing continued to receive more patients for various examinations and treatment. In 2023, the group also entered into a strategic partnership and management agreement on American International Hospital in Ho Chi Minh City.
The group now operates its own medical centres, Raffles Hospitals, telemedicine and crossborder healthcare services in 14 cities in Asia.
LHT Holdings
LHT Holdings managing director and CEO Yap Mui Kee continued to acquire more shares last week, adding 51,900 shares between May 2 and 9 at an average price of S$1.30 per share.
This takes her direct interest in the home-grown pallet manufacturer from 17.27 per cent to 17.37 per cent.
This also follows on from her acquisitions of 291,600 shares in April. Yap has gradually increased her direct interest in LHT from 14.12 per cent in August 2021.
JB Foods
Between May 2 and 3, JB Foods executive director Goh Lee Beng bought 62,500 shares at S$0.49 per share. With a consideration of S$30,888, the acquisition increased her total interest in the provider of premium cocoa ingredient products from 47.6 per cent to 47.62 per cent.
Goh has gradually raised her total interest in JB Foods from 47.37 per cent in mid-december.
Hosen Group
On May 3, Hosen Group executive director and CEO Daniel Lim acquired 233,800 shares at S$0.04 per share. This increased his direct interest in the Catalist-listed stock from 2.04 per cent to 2.11 per cent.
Lim was appointed CEO on May 1. He joined the group in 1997, and was appointed executive director in March 2004.
He is responsible for the brand building, procurement and international sales of the group’s portfolio of brands. He is also in charge of formulating the strategic direction and growth of the chocolate business.
Hosen was established in the 1970s and has since grown to become one of Asia’s leading importers, exporters and distributors of fast-moving consumer goods, specialising in processed food.
For its FY23 (ended Dec 31), the group recorded a net attributable profit of S$0.99 million compared to a net profit attributable to owners of the parent of S$1.2 million in FY22.
The group noted that it experienced lower sales demand and sales volume on the back of high inflationary and elevated interest rate conditions. The increase in administrative expenses and finance costs also posted challenges to the group.
However, despite a drop in overall sales, its revenue for house brands products over the group’s revenue increased in proportion from approximately 79.5 per cent in FY22 to 83.2 per cent in FY23, as the group focused on the sales of these products.