Institutions were net buyers of Singapore stocks over the five trading sessions spanning Sep 6 to 13, with S$523 million of net institutional inflow, following the S$328 million in net institutional inflow for the preceding five sessions.

The 10 sessions saw a reversal of close to two-thirds of the net institutional outflow in Singapore stocks in the 2024 year through to Aug 29. Financial Services, Telecommunications and REITs have led the net institutional inflow over the 10 sessions spanning Aug 30 to Sep 12. Meanwhile, Technology, Consumer Non-Cyclicals, and Real Estate (excluding REITs) booked the most net institutional outflow over the period.

Leading the net institutional inflow over the five sessions were Singapore Telecommunications, DBS Group Holdings, Oversea-Chinese Banking Corporation, Singapore Exchange, United Overseas Bank, Sembcorp Industries, Mapletree Pan Asia Commercial Trust, SATS, Singapore Airlines and Seatrium. Eight of the stocks also led the net institutional inflow over the preceding five sessions, with SATS and Singapore Airlines the exceptions.

Leading the net institutional outflow over the five sessions were Yangzijiang Shipbuilding (Holdings), UMS Holdings, Wilmar International, Thai Beverage, Keppel, Venture Corporation, City Developments, CSE Global, Digital Core REIT and Hongkong Land Holdings.

The five sessions also saw 20 primary-listed companies conduct buybacks with a total consideration of S$9.7 million. United Overseas Bank led the buyback consideration tally over the five-sessions, acquiring 140,000 shares at an average price of S$31.96 per share. Digital Core REIT Management also acquired 502,700 units of Digital Core REIT between Sep 10 and 12. Seatrium also bought back 1.25 million shares, taking the cumulative percentage of issued shares (excluding treasury shares) acquired on the current mandate to 0.34 per cent.

The five trading sessions saw over 60 director interests and substantial shareholdings filed for close to 30 primary-listed stocks. Directors or CEOs filed 19 acquisitions, and one disposal, while substantial shareholders filed nine acquisitions and five disposals.

Geo Energy Resources

On Sep 10, three key management personal from Geo Energy Resources made acquisitions on the open market at S$0.24 per share. Geo Energy Resources is a leading Indonesian coal producer known for its efficient coal mining operations and regional coal sales. The company specializes in low-cost production of premium coal assets with low ash and low sulphur content.

Group Chief Operating Officer Philip Hendry acquired 500,000 shares, increasing his total interest to 1.08 million shares. Mr Hendry was appointed to his current role in February 2023 and oversees the commercial and business operations of the Group. He has over 20 years of experience in finance and commercial leadership roles, with a strong background in financial transformations, mergers & acquisitions, and managing multiple businesses and projects.

Group Chief Financial Officer Adam Tan Sheng Hua acquired 50,000 shares, increasing his total interest to 130,000 shares. Mr Tan was appointed as Group Chief Financial Officer in April 2020, and manages the Group's finance and investment activities, including financial reporting, mergers and acquisitions, corporate finance, and investor relations. He also leads the Group's strategies for expanding its Indonesian operations and global business.

Business Development Director Lu King Seng also acquired 50,000 shares, taking his total interest to 1.13 million shares. Mr Lu was appointed as Business Development Director in June 2024, and oversees the Group's business development, focusing on new business relations and strengthening existing partnerships. He leads the Group's business development strategies and activities.

On Aug 8, Geo Energy Resources reported a 1HFY24 (ended June 30) net profit of US$26.8 million and declared a second interim dividend of S$0.20 SG cents per share, despite lower revenue of US$169.4 million due to decreased ICI4 prices. Following the acquisition of PT Golden Eagle Energy Tbk ("GEE"), the Group incurred higher general and administrative expenses and finance costs. The Group's cash profit per tonne remained healthy at US$11.94, with a stable cash profit margin of 23 per cent.

The Group recently signed a Cooperation Contract with two of the largest state-owned Chinese enterprises for the development of its world-class integrated infrastructure (hauling road and jetty) that will allow its PT Triaryani coal mine (under GEE) to scale up the production of up to 25 million tonnes per annum, with logistical cost savings of up to US$10 per tonne. Assuming coal prices remain at the current levels, Geo Energy will then be able to generate an estimated US$400-US$500 million EBITDA per annum. In addition, the Group can diversify its revenue stream as an infrastructure provider.

Executive Chairman & CEO, Charles Antonny Melati maintained the Group will continue to take proactive steps to expand its value proposition within the energy value chain and position the Group's business model towards its vision of becoming a billion-dollar energy group.

Tai Sin Electric

Between Sep 9 and 10, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock acquired 1,179,955 shares at S$0.40 per share. This increased his total interest in the industrial group from 17.74 per cent to 18.00 per cent. This followed his acquisition of 200,000 shares at S$0.395 per share on Aug 30. Mr Lim has gradually increased his total interest in the company from 14.82 per cent at the end of 2019.

Tuan Sing Holdings

Nuri Holdings (S) Pte Ltd has continued to increase its interest in Tuan Sing Holdings from 53.65 per cent prior to Aug 21, to 53.95 per cent as of Sep 11. This has increased the deemed interests of Executive Director and CEO William Liem and Non-Executive and Non-Independent Director Michelle Liem Mei Fung. The 730,300 shares acquired between Sep 5 and Sep 11 were transacted at an average price of S$0.239 per share.

ABR Holdings

On Sep 10, ABR Holdings Managing Director Ang Yee Lim acquired 100,000 shares atS$0.435 per share. This increased his direct interest in the homegrown restaurant operator from 52.29 per cent to 52.34 per cent. His preceding acquisitions were between Aug 22 and Sep 2, with 168,400 shares acquired at an average price of S$0.445 per share.

XMH Holdings

Between Aug 5 and Sep 4, XMH Holdings Chairman and Managing Director Tan Tin Yeow has increased his direct interest from 63.54 per cent to 63.59 per cent.

Mr Tan was appointed as Chairman and CEO in October 2010, and later re-designated as Chairman and Managing Director in September 2016. He holds overall responsibility for the Group, including strategy formulation, corporate planning, business development, and potential acquisitions. He also played a key role in establishing the distribution arm and securing exclusive distributorships for the Group. With over 30 years of experience in the marine and industrial diesel engines industry, Mr Tan previously worked at Meng Wah Machinery Work, a former partnership founded by the Founder, Tan Tum Beng, until 1991.

XMH Holdings provides of diesel engine, propulsion, and power generating solutions for marine and industrial sectors across Asia. The Group's main product offerings include distributorship, agency, and dealership rights from renowned brands. XMH Holdings was placed on the watch-list due to the Financial Entry Criterion on 4 December 2019, and the Singapore Exchange has extended the cure period for the company to exit the watch-list to 4 December 2024.

For its FY24 (ended April 30), the Group achieved significant profitability improvements, with gross profit rising by 52.9 per cent from FY23, to S$41.8 million and profit attributable to shareholders increasing from S$4.0 million to S$12.6 million, despite a marginal revenue decrease to S$124.2 million and higher operating expenses. The Distribution segment revenue rose by 48.3 per cent to S$77.9 million, due to strong demand for its engines from the commodities transportation tugboats industry in Indonesia. The Group's order book stood at approximately S$127.5 million as at July 18, 2024. Mr Tan maintains that while the focus within the Distribution segment remains on Indonesia's traditional market, to further enhance growth in the Distribution segment, the Groups' strategic approach is collaborating with sub-dealers and expanding into the markets of Thailand, Malaysia, Singapore, and Indonesia with small-sized fast craft and lifeboat engine repowering segments, utilising BUKH engines.

Wing Tai Holdings

Wing Tai Holdings chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares. From Sep 10 to Sep 12, Mr Cheng has increased his deemed interest in the leading real estate developer and lifestyle retailer by 95,000 shares. Mr Cheng maintains a 61.52 per cent total interest in the company.

Inside Insights is a weekly column on The Business Times, read the original version.

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