Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close, with S$31.5 million of net institutional inflow. The four sessions also saw 18 primary-listed companies conduct buybacks with a total consideration of S$22.5 million.

Like the preceding nine sessions, Singapore Airlines led the buyback consideration tally over the four-sessions, acquiring 1.5 million shares at an average price of S$5.90 per share.

Digital Core REIT Management also again acquired units of Digital Core REIT over each of the four sessions.

Leading the net institutional inflow over the four sessions were Singapore Exchange, Singapore Telecommunications, Yangzijiang Shipbuilding (Holdings), Jardine Cycle & Carriage, CapitaLand Ascendas REIT, Sembcorp Industries, Keppel DC REIT, Sheng Siong Group, ComfortDelGro Corporation, and CapitaLand Integrated Commercial Trust.

Leading the net institutional outflow over the four sessions were Keppel, Singapore Airlines, United Overseas Bank, Oversea-Chinese Banking Corporation, Thai Beverage, Mapletree Logistics Trust, Wilmar International, Singapore Technologies Engineering, Frasers Logistics & Commercial Trust and Nanofilm Technologies International.

The four trading sessions also saw more than 60 director interests and substantial shareholdings filed for over 30 primary-listed stocks. Directors or CEOs filed 14 acquisitions, and three disposals, while substantial shareholders filed seven acquisitions and on disposal.

Multi-Chem

Between August 8 and 13, Multi-Chem CEO Foo Suan Sai disposed of 344,400 shares at an average price of S$2.83. This decreased his total interest from 69.21 per cent to 68.82 per cent. Mr Foo's previous transaction on the open market was an acquisition of 9,900 shares on June 13 at an average price of S$2.37 per share.

Mr Foo is one of the founding shareholders of Multi-Chem. He has more than 30 years of experience in the Printed Circuit Board (PCB) industry, of which the last 35 years were spent building up the company. He is currently responsible for the overall direction and development of the Group.

Prior to his acquisitions Multi-Chem reported 1HFY24 (ended June 30) Group revenue increased 9.4 per cent from 1HFY23, to S$342.5 million. This saw the Group achieve 1HFY24 profit after tax of S$16.4 million, compared to S$11.4 million in 1HFY23. For its FY23, the Group reported profit after tax of S$27.1 million compared to S$20.0 million in FY22.

With a market capitalisation of S$254 million as of 14 August, the stock maintains a Return-on Equity ratio of 22 per cent, and a price-to-earnings ratio of 7.9x. Cash and cash equivalents stood at S$52.4 million with no bank borrowings at the company level as of June 30. The stock has seen its average daily turnover advance to near S$50,000 a day this year, more than tripling 2023 levels.

For over three decades, Multi-Chem has served as a value-added supplier to PCB manufacturers. Since 2002, through the M.Tech Group, Multi-Chem has been distributing IT products. The M.Tech Group is a leading regional distributor of cyber security and network performance products, offering top-tier products from industry-leading vendors. With a presence in 27 cities across 14 countries, this has become the primary business for the Group, now contributing over per cent of the Group's revenue.

The Group maintains it strategically focuses on selling and promoting only top-tier IT products. Currently, the Group offers industry-leading IT products from vendors such as Check Point, Cisco, CyberArk, Imperva, Trellix (formerly McAfee), Tufin, Proofpoint, RSA, SolarWinds, Symantec (a division of Broadcom), and Trend Micro. To enhance technical competency internally and train its partners, the Group provides certified IT training through the Education Services Division of M.Tech Products Pte Ltd, which is authorised to conduct Check Point courses. This training business complements the core IT distribution business and is expected to increase awareness and technical knowledge through the courses offered
.

Mapletree Industrial Trust & Mapletree Pan Asia Commercial Trust

Mr Chua Tiow Chye serves as Non-Executive Director of the Manger of Mapletree Industrial Trust and the Manager of Mapletree Pan Asia Commercial Trust. He increased his interest in both REITs on August 7. Mr Chua acquired 110,000 units of Mapletree Industrial Trust at S$2.24 a unit, and 200,000 units of Mapletree Pan Asia Commercial Trust at S$1.25 per unit. Mr Chua maintains a 0.06 per cent interest in Mapletree Industrial Trust and 0.07 per cent interest in Mapletree Pan Asia Commercial Trust.

As Deputy Group CEO of Mapletree Investments Pte Ltd, Mr Chua is instrumental in propelling the Group's strategic initiatives, particularly in expanding and steering the Group's international real estate investments and developments. His previous roles within the Group include leading the Global Lodging sector and the Private Capital Management function. He has also served as the Group Chief Investment Officer and the Regional CEO of North Asia & New Markets. His other past leadership roles include being the CEO of the Manager of Mapletree Logistics Trust. Before his tenure at Mapletree, which began in 2002, Mr Chua held senior positions at Vision Century Corporation, Ascendas Pte Ltd, Singapore Food Industries Pte Ltd, and United Overseas Bank.

Raffles Medical Group

On August 12, Raffles Medical Group executive chairman Loo Choon Yong acquired 800,000 shares at an average price of S$0.880 per share. This increased his total interest from 55.14 per cent to 55.18 per cent. Since, late February, Dr Loo has been gradually increasing his total interest in the stock from 53.02 per cent.

IFS Capital

On August 12, IFS Capital Executive Director & Group CEO Randy Sim Cheng Leong acquired 1.1 million shares at an average price of S$0.11 per share. This increased his direct interest in the provider of financing, insurance and asset management services, from 0.28 per cent to 0.57 per cent.

Mr Sim is responsible for the overall management of the entities within the IFS Group. He began his career in the Singapore Economic Development Board and subsequently spent eight years in Citibank across its consumer and commercial banking businesses.

For its 1HFY24 (ended June 30), IFS Capital reported increased revenue from its lending and insurance businesses. However, it also faced higher losses in the insurance sector due to claim reserves for a legacy financial guarantee issued and increased operating expenses. Consequently, the Group's profitability declined by S$0.2 million (6 per cent), ending the period with a pre-tax profit of S$2.8 million. The Group noted in its outlook that on the insurance front, inflation has had an impact on claims costs over the recent years and as it steps up the growth of its insurance portfolio, it will monitor and manage this aspect carefully. The Group added that the financing business should see some margin tailwind if interest rates begin to ease in a meaningful way.

Credit Bureau Asia

On August 12, Credit Bureau Asia Lead Independent Director Chua Kee Lock acquired 100,000 shares at average price of S$0.896 per share. This was his first acquisition on the open market in the Southeast Asia focused credit and risk information solutions provider, which took his direct interest to 0.04 per cent. Mr Chua is also the Group President & CEO of Vertex Venture Holdings Ltd. Additionally, he holds a directorship at Venture Corporation, while his tenure at Vertex group of companies was preceded by his role as president and executive director of Biosensors International Group from 2006 to 2008.

Credit Bureau Asia's 1HFY24 revenue increased 12.2 per cent from 1HFY23, to S$29.6 million, while its net profit before tax saw 21.2 per cent growth, reaching S$15.9 million.

The growth was attributed to the robust performance of the Group's two core businesses, which includes the Financial Institution (FI) Data Business, and the Non-FI Data Business, with the latter covering both consumer and commercial credit risk information.

The Group has observed that digital banks in Singapore are broadening their offerings, which has been beneficial for Credit Bureau Singapore due to increased customer acquisition and monitoring activities. Additionally, Credit Bureau Cambodia's revenue is growing alongside Cambodia's economic expansion, as it broadens its business services. The Group also notes that Myanmar Credit Bureau has resumed full operations, showing significant financial improvement and is anticipated to positively impact the Group's financial performance soon.

ZICO Holdings

Between August 13 and 14, ZICO Holdings Group CEO Datuk Ng Hock Heng acquired 2,338,200 shares at S$0.034 per share. With a consideration of S$79,291, this increased his direct interest in the Catalist-listed stock from 3.41 per cent to 3.98 per cent. His preceding acquisition was on July 4, with 1,791,000 shares acquired at S$0.043 per share. Datuk Ng has been the Executive Director at Zico Holdings since 2014 and was appointed as the Group CEO in May 2023, as part of the Group's planned leadership transition.

On August 12, ZICO Holdings reported a 1HFY24 (ended June 30) a profit after tax of RM 1.03 million compared to a loss after tax of RM 0.98 million in 1HFY23. This was achieved on the back of a slight increase in revenue to RM 30.26 million in 1HFY24, and execution of disciplined cost management measures.

Source: SGX
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