Singapore stocks close higher amid regional gains; STI up 0.2%

Straits Times

an hour ago

Straits Times

Top banker vows loyalty to DEI at Tokyo Pride parade as Trump's pushback rages

Some Japanese firms have sought to bolster the pool of available workers by becoming more inclusive of different gender and sexual minorities. PHOTO: EPA-EFE TOKYO – The head of one of Japan's largest investment banks used the Tokyo Pride parade to strike a rare public stance on pushing ahead with diversity initiatives, as US President Donald Trump seeks to abolish such policies. Few Japanese corporate executives have taken a clear position on US efforts to roll back the diversity, equity and inclusion policies that had become common at global corporations, though many firms appear to have quietly maintained their initiatives. 'Even if the US has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit,' said Mr Akihiko Ogino, president and chief executive officer of Daiwa Securities Group Inc, before the start of the Tokyo Pride parade near the bustling Shibuya area. He was speaking on June 8 at his first visit to the Tokyo iteration of the global event that organisers describe as 'advocating LGBTQ+ rights and dignity'. Faced with a rapidly ageing and shrinking population, some Japanese firms have sought to bolster the pool of available workers by becoming more inclusive of different gender and sexual minorities, as well as women. Major financial firms including Nomura Holdings, Goldman Sachs and Deutsche Bank are also among the sponsors of the event, according to its website. Companies around the world that do business in the US have faced a dilemma in dealing with the abrupt about-face on the issue. Mr Trump has vowed to stamp out diversity policies across the board, saying they are illegal and have disastrous consequences. In response, Citigroup withdrew its ambitious DEI goals and other US financial firms have made adjustments. Mr Ogino said he doesn't necessarily oppose the anti-DEI movement in the US, but that he thinks it's 'important to recognise that there are people with different viewpoints and work together within an organisation'. 'I believe we should acknowledge such diversity, recognise the differences between ourselves and others, and work together while respecting each other,' he said. Daiwa earned less than 7 per cent of its ordinary profit last fiscal year through businesses in the Americas as a whole. Japanese carmakers Nissan and Toyota rolled back some initiatives in the US in 2024 after pressure from conservative activists like Robby Starbuck. Sumitomo Mitsui Financial Group erased references to DEI from its American websites, but the Japanese company left its international websites untouched, describing the US changes as part of a global digital restructure 'after many months of planning'. A survey by the Mainichi newspaper published in March found 83 per cent of Japanese companies who responded agreed that DEI initiatives are necessary to secure talent. Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.

Group CEO Ng Chin Siau increases stake in Q & M

Business Times

3 hours ago

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

Group CEO Ng Chin Siau increases his stake in Q & M

Business Times

7 hours ago

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

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Top banker vows loyalty to DEI at Tokyo Pride parade as Trump's pushback rages

Group CEO Ng Chin Siau increases stake in Q & M

Group CEO Ng Chin Siau increases his stake in Q & M

Singapore stocks close higher amid regional gains; STI up 0.2%

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Top banker vows loyalty to DEI at Tokyo Pride parade as Trump's pushback rages

Group CEO Ng Chin Siau increases stake in Q & M

Group CEO Ng Chin Siau increases his stake in Q & M

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