Latest news with #JeanKam
Business Times
04-05-2025
- Business
- Business Times
Straco chair Wu Hsioh Kwang elevates his stake
[singapore] Over the four trading sessions from Apr 25 to 30, institutions were net buyers of Singapore stocks, with net institutional inflow of S$56.4 million, reversing the preceding five sessions' institutional outflow of S$14 million. This brings the net institutional outflow for the 2025 year to Apr 30 to S$1.73 billion. Institutional flows The stocks with the highest net institutional inflow were OCBC , Singapore Airlines , Sembcorp Industries , Singtel , Singapore Technologies Engineering , Singapore Exchange , Keppel , Keppel DC Reit , Jardine Matheson Holdings and Hongkong Land Holdings . DBS , iFast Corporation , Mapletree Logistics Trust (MLT), UOB , ComfortDelGro Corporation , Wilmar International , Frasers Centrepoint Trust , ESR-Reit , Frasers Logistics & Commercial Trust and Seatrium led the net institutional outflow over the four sessions. From a sector perspective, industrials and utilities experienced the highest net institutional inflow, and financial services and technology recorded the most net institutional outflow. Share buybacks In the four sessions to Apr 30, 15 primary-listed companies conducted buybacks with a total consideration of S$5.1 million. Director transactions In the four trading sessions between Apr 25 and 30, nearly 80 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or chief executive officers filed 20 acquisitions and no disposals; substantial shareholders filed four acquisitions and two disposals. 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 This included director or CEO acquisitions in Aspial Lifestyle , CDW Holding , ESR-Reit, iFast Corporation, Keppel, MLT, MegaChem , Sheffield Green , Straco Corporation , Tat Seng Packaging Group , Union Steel Holdings and UOB-Kay Hian Holdings (UOBKH). Mapletree Logistics Trust On Apr 25, Mapletree Logistics Trust Management executive director and CEO Jean Kam acquired 100,000 units of MLT at S$1.14 a unit. This increased her interest to 179,800 units. Before the acquisition, MLT provided its Q4 FY2025 results, in which revenue decreased by 0.8 per cent from the year before to S$179.6 million, mainly due to lower contributions from China, divested properties and currency depreciation. This was partially offset by stronger performance in Singapore, Australia and Hong Kong, along with recent acquisitions. Consequently, net property income fell by 1.6 per cent to S$152.8 million. Kam highlighted that the focus for FY2026 would be on tenant retention, cost management and proactive capital management to counteract macroeconomic uncertainties, even as it continues its rejuvenation strategy. She added the real estate investment trust's redevelopment project at 5A Joo Koon Circle had committed 46 per cent of its lettable space ahead of receiving its Temporary Occupation Permit in May 2025, with another 30 per cent in active negotiation. Straco Corporation On Apr 25, Straco executive chairman Wu Hsioh Kwang acquired 16,545,000 shares in a married deal at S$0.40 apiece. With a consideration of S$6,618,000, this increased his direct interest from 1.04 per cent to 2.97 per cent. He also maintains a 55.02 per cent deemed interest through Straco Holding, Straco (HK) and his spouse and non-executive director Chua Soh Har. This brings his total interest to 57.99 per cent. Wu founded Straco, and has been instrumental in driving its growth since inception. Appointed as executive chairman in March 2003, he leads the group's strategic vision and overall management, while guiding its developing growth strategies. The group has been one of the first few foreign-owned companies that built up a significant presence and influence in China's tourism industry. Straco's main operating assets include the Singapore Flyer, Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car. It also holds the development rights to Chao Yuan Ge, a historical site situated at the alighting point for the Lintong Lixing Cable Car. Additionally, it has secured exclusive permission from the State Administration of Cultural Heritage of China to exhibit relics unearthed from the Chao Yuan Ge site on Lishan Mountain. Among the attractions, the Shanghai Ocean Aquarium is the group's flagship attraction; it is sited adjacent to the Oriental Pearl Tower and well positioned to serve visitors in Shanghai's financial district of Lujiazui in the Pudong New Area. For its FY2024 (ended Dec 31), Straco reported revenue of S$81.5 million, down 0.8 per cent from FY2023, attributed to its two China aquariums that pulled in fewer visitors amid a challenging economic and operating environment. This was partially offset by the Singapore Flyer achieving a 15 per cent increase in revenue and a more than 60 per cent surge in net profit, compared to FY2023. Overall attributable net profit for Straco in FY2024 was up 6 per cent to S$27.2 million. The group's financial position also remained robust, with a net cash holding of S$181 million as at the end of 2024. It plans to utilise this cash for ongoing asset enhancements, and is open to exploring collaborations and opportunities for mergers and acquisitions. Wu recently announced a positive economic outlook for 2025 in both the China and Singapore tourism markets. He noted China is aiming for a gross domestic product growth of around 5 per cent in 2025, which is expected to benefit the tourism industry as the economy shifts towards consumption-driven growth. He also expects that stimulus support and structural reforms will help stabilise industries that have struggled in recent years, boosting consumer confidence. Wu said the Singapore Flyer remains a popular attraction, drawing visitors from major markets such as mainland China, Indonesia and India. He added the Singapore Tourism Board projects international visitor arrivals to Singapore to come in at between 17 million and 18.5 million in 2025, which would represent a growth of 3 to 12 per cent, compared to 2024. UOB-Kay Hian Holdings On Apr 29, UOBKH chairman and managing director Wee Ee Chao acquired 788,360 shares at S$1.80 apiece. This increased his deemed interest from 35.27 per cent to 35.35 per cent. He has gradually increased his deemed interest in the regional financial-services group from 29.49 per cent at the end of 2019. ESR-Reit On Apr 25, ESR-Reit Management (S) independent non-executive director Nagaraj Sivaram acquired 936,000 units of ESR-Reit at S$0.21 a unit. This almost doubled his direct interest from 0.013 per cent to 0.025 per cent. The acquisition followed ESR-Reit's Q1 FY2025 business update, which reported increases of 24 per cent in revenue and 31 per cent in net property income from the corresponding period of the year before. This was mainly attributable to contributions from ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14, which were both acquired in November 2024. IFast Corporation On Apr 28, iFast non-executive non-independent director Lim Wee Kian acquired 80,000 shares at an average price of S$6.50 a share. With a consideration of S$520,407, this increased his total interest in the wealth-management fintech platform from 6.45 to 6.47 per cent. His preceding acquisitions on the open market were in March 2024 for 25,000 shares, at an average price of S$6.89 a share, and in October 2022, when he bought 57,000 shares at S$3.79 a share. Lim is also the CEO of DBS Digital Exchange, a subsidiary of DBS. He joined DBS in August 2004 and previously served as the regional head of foreign exchange. Before DBS, he worked at various investment banks, specialising in trading foreign exchange and interest rate products. Lim's acquisition follows on from iFast reporting its Q1 FY2025 financials after the Apr 25 close. The group's Q1 net profit rose 31.2 per cent from the year-ago period to S$19.04 million, propelled by a 24.4 per cent rise in revenue to S$106.92 million. The group's assets under administration (AUA) reached a record high of S$25.68 billion, with net inflows of S$938 million despite market volatility. iFast expects to continue to grow the AUA of its core wealth-management platform business, which will drive further growth in both revenues and profitability. It also added that iFast Global Bank is expected to build upon its progress and achieve a full year of profitability in 2025. It also expects further growth of the ePension division as onboarding rates continue to progress and the ORSO (Occupational Retirement Schemes Ordinance) pension business starts to contribute. Union Steel Holdings On Apr 28, Union Steel executive director Ang Yew Chye acquired 134,600 shares at an average price of S$0.53 a share. This increased his total interest in the metals, scaffolding and engineering company from 12.26 per cent to 12.37 per cent. This closely followed his acquisition of 45,000 shares at S$0.51 a share on Apr 21. The co-founder increased his direct interest from 12.08 per cent when Union Steel reported its H1 FY2025 (ended Dec 31) results on Feb 12. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
23-04-2025
- Business
- Business Times
Mapletree Logistics Trust's Q4 DPU falls 11.6%; manager warns trade tensions could weigh on performance
[SINGAPORE] Lower revenue contribution from China and weak regional currencies crimped Mapletree Logistics Trust's (MLT) earnings for its fourth quarter, with distribution per unit (DPU) falling 11.6 per cent to S$0.01955. Gross revenue for the three months ended Mar 31 dipped 0.8 per cent to S$179.6 million from a year earlier, while net property income (NPI) also fell, by 1.6 per cent to S$152.8 million, its manager said on Wednesday (Apr 23). NPI was also pressured by a 4.5 per cent increase in property expenses to S$26.8 million. For the full year, gross revenue slid 0.9 per cent to S$727 million, while NPI dropped 1.5 per cent to S$625.3 million. The amount distributable to unitholders declined 9.1 per cent to S$406.4 million, hit by higher borrowing costs and lower divestment gain. DPU for the year fell 10.6 per cent to S$0.08053. Despite challenges in the China market, MLT's manager said the overall portfolio saw stable occupancy and positive rental reversions. 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 MLT's portfolio occupancy was relatively stable at 96.2 per cent as at Mar 31, reflecting higher occupancy rates in Japan and China, as well as full occupancy in Australia and India. The portfolio's weighted average lease expiry is about 2.8 years. The trust reported an average positive rental reversion of 5.1 per cent across its portfolio in Q4 FY25, but the performance was uneven. Japan properties had the highest reversion of 15.7 per cent, while its China properties had a negative reversion of 9.4 per cent. Aggregate portfolio valuation rises MLT owns 180 properties as at Mar 31, with an aggregate portfolio property valuation of S$13.3 billion – a 0.8 per cent increase from the previous year, boosted by its acquisition of three properties in the year. The rise was however partly offset by MLT's divestment of 10 properties, a currency translation loss of S$116 million and a S$62 million net fair-value loss on investment properties. The latter largely arises from properties in China, South Korea and Singapore. 'Looking ahead, the macroeconomic outlook has grown more uncertain amid ongoing trade tensions, which could weigh on our business performance,' said Jean Kam, chief executive of MLT's manager. The manager estimates the majority of MLT's tenants serve domestic consumption, accounting for about 85 per cent of its portfolio revenue during Q4. Tenants engaged in exports businesses are projected to account for the remaining 15 per cent of revenue. The manager's priority in the current fiscal year will be to focus on tenant retention and cost management, 'as well as proactive capital management to mitigate the headwinds form higher borrowing costs and forex volatility.' During Q4, MLT completed the divestments of three properties in Malaysia. It also announced the divestments of another three properties in Malaysia and Singapore as part of its portfolio rejuvenation strategy. This brings the total of announced and completed divestments to 14 for the year ended Mar 31, with an aggregate sale value of S$209 million. Units of MLT closed S$0.04, or 3.4 per cent higher, at S$1.21 before the announcement.
