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Business Times
11-05-2025
- Business
- Business Times
Director filings across financials, real estate and Singapore's largest private dental group
OVER the five trading sessions from May 2 to May 8 institutions were net buyers of Singapore stocks, with net institutional inflow of SS$123 million, adding to the S$56 million of net inflow for the preceding four sessions. This brings the net institutional outflow for the 2025 year to May 8 to S$1.61 billion. Institutional flows Over the five trading sessions through to May 8, the stocks that saw the highest net institutional inflow were Singtel , Singapore Airlines , Keppel , OCBC , Jardine Matheson Holdings , Capitaland Ascendas Reit , Hongkong Land Holdings , Sheng Siong Group , Keppel DC Reit , and Genting Singapore . Meanwhile DBS , UOB , Mapletree Logistics Trust , Yangzijiang Shipbuilding Holdings , Capitaland Integrated Commercial Trust , Venture Corporation , Sats , iFast Corporation , Wilmar International , and Mapletree Industrial Trust led the net institutional outflow over the five sessions. From a sector perspective, telecommunications and industrials experienced the highest net institutional inflow, while financial services and technology again saw the most net institutional outflow. Share buybacks The five sessions through to May 8 saw 14 primary-listed companies make buybacks with a total consideration of S$22.8 million. Director transactions The five trading sessions spanning May 2 through to May 8 saw more than 100 director interests and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or chief executive officers (CEOs) filed 11 acquisitions, and one disposal, while substantial shareholders filed eight acquisitions and three disposals. This included director or CEO acquisitions in Darco Water Technologies , Hong Fok Corporation , the manager of Mapletree Logistics Trust , Nera Telecommunications , Niks Professional , Q & M Dental Group (Singapore), Sheffield Green , Southern Alliance Minin g, UOB , and UOB-Kay Hian Holdings . 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 UOB On May 7, UOB deputy chairman and CEO Wee Ee Cheong acquired 100,000 shares at an average price of S$34.48 per share. This increased his direct interest to 0.36 per cent, and total interest from 10.75 per cent to 10.76 per cent. This followed the group reporting a net profit of S$1.49 billion for its Q1 FY25 driven by broad-based growth, highlighted by record fee income and strong loan growth. Wee highlighted that China-Asean and intra-Asean trade flows continue, driven by growing client demand for hedging and a healthy pipeline of infrastructure financing. He also noted that the group will resume FY25 guidance once the situation stabilises and remains committed to the S$3 billion capital distribution plan. UOB-Kay Hian Holdings On May 2, UOB-Kay Hian Holdings chairman and managing director Wee Ee-Chao purchased 139,753 shares at S$1.80 apiece. This increased his deemed interest from 35.35 per cent to 35.37 per cent. This followed his acquisition of 788,360 shares on Apr 29 at the same price. He has gradually increased his deemed interest in the regional financial services group from 29.49 per cent at the end of 2019. UOB-Kay Hian Holdings' regional distribution footprint now encompasses major financial centres in Singapore, Hong Kong, Thailand, Malaysia, Indonesia, London, New Jersey, and Toronto, while also maintaining a research office in Shanghai and an execution presence in the Philippines. For its FY24 (ended Dec 31), the group achieved attributable net profit of S$224 million, an increase of 32 per cent from FY23. Commission and trading income increased by 26 per cent to S$369 million due to higher commission income from structured products. Meanwhile, interest income decreased 3.4 per cent from S$262 million to S$253 million because of lower interest rates and other operating income increased 32.1 per cent to S$48 million due to increased corporate finance activities. Wee Hur Holdings On May 5, Wee Hur Holdings executive director and deputy managing director Goh Yew Gee disposed of one million shares at an average price of S$0.545 apiece. This reduced his total interest from 2.18 per cent to 2.07 per cent. Goh has maintained this role since September 2007. In January 2009, he was also appointed managing director of the wholly owned subsidiary, Wee Hur Construction. He is responsible for overseeing the overall operation of the construction and dormitory business. FY24 (ended Dec 31) was highly eventful for the group with the PBSA Fund I sale proceeds which delivered a S$0.07 special dividend per share that went ex-dividend on May 8. At its FY24 AGM on Apr 30, Wee Hur Holdings announced that it had been awarded a new Build-To-Order project valued at S$236.4 million. This increased its S$263.3 million orderbook as at end-2024, by as much as 90 per cent. Q & M Dental Between May 2 and 5, Q & M Dental Holdings non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.02 per cent to 53.17 per cent. The 1.4 million shares were acquired at an average price of S$0.30 apiece. The shares were bought both directly and through Quan Min Holdings. Dr Ng oversees the corporate direction of the group, leading business strategies, policy planning, and development in Singapore, Malaysia, and China. His preceding acquisition via the market was in November 2021. For FY24, Q & M Dental reported total revenue of S$180.7 million, driven by the resilience of its core dental business, which contributed S$173.8 million. The Malaysian dental clinics also saw increased contributions during this period. While total revenue was comparable to FY23, concentration on operational efficiency and cost discipline saw FY24 attributable net profit increase 27 per cent from FY23 to S$14.6 million. For FY25, its strategy focuses on three key areas: regional expansion, and sustainability and ESG (environmental, social and governance). In Singapore, it aims to explore new outlet locations for growth, while in Malaysia, it is looking to expand its dental business, particularly in the Johor-Singapore Special Economic Zone. For its artificial intelligence (AI) and digital transformation strategy, Q & M Dental has been dedicated to developing AI solutions, since November 2018, with the establishment of the EM2AI subsidiary. Looking ahead, Q & M Dental plans to deploy AI-powered dental charting across all its clinics and establish industry-academia partnerships by the end of FY25. In March 2025, it also signed a binding agreement with a major dental solutions provider in South-east Asia, granting them a licence to integrate EM2AI's dental AI solutions into their platform. The group believes that this collaboration will significantly expand EM2AI's reach, enabling it to provide dental AI solutions to over 1,100 clinics across Singapore, Malaysia, Thailand, Vietnam and Australia. Following Q & M Dental's recent increase in its interest in Aoxin Q & M Dental Group (Aoxin) from 33.33 per cent to 50.53 per cent, it has made a mandatory unconditional cash offer to acquire all the shares it does not already own. With an offer of S$0.0321 per share, Q & M Dental says that it is its intention to maintain the present listing status of Aoxin following completion of the offer. Q & M Dental has also recently proposed a secondary listing of the company on the main market of Bursa Malaysia. Hong Fok Corporation On May 6, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng bought 80,000 shares, for a consideration of S$50,345 at an average price of S$0.754 cents per share. He maintains a 20.41 per cent total interest in the property developer. This was his first acquisition since August 2022, when 35,000 shares were bought at S$1.05 cents per share. Prior to that he purchased 43,000 shares at 98.0 cents per share in June 2022. Cheong is principally involved in the group's overall operations and management, with greater emphasis in Singapore and he has over 40 years of experience in the property development business. Looking ahead, Hong Fok Corporation plans for Yotel Singapore Orchard Road to enhance operational efficiency, implement cost-saving measures, and boost guest satisfaction to attract both loyal and new visitors despite economic challenges. The group acknowledges that geopolitical uncertainties make predicting interest rate trends difficult, but a decline in mortgage financing costs could improve affordability and encourage first-time homeowners and upgraders, though foreign demand will remain low due to the Additional Buyer's Stamp Duty. The Singapore office market is expected to see modest growth amid economic uncertainty, with the group focusing on sustainability practices and targeted marketing to retain and attract tenants, ensuring stable rental income. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung has increased his deemed interest in the company through shares acquired by his spouse, Helen Chow. Between May 2 and May 8, Cheng's deemed interest in the leading real estate developer and lifestyle retailer rose by 240,000 shares, from 61.65 per cent to 61.69 per cent. Mapletree Logistics Trust On May 8, Mapletree Logistics Trust Management non-executive chairman and director Lee Chong Kwee bought 100,000 units of Mapletree Logistics Trust at S$1.10 per unit. This increased his direct interest in the Reit to 400,000 units. The trust invests in a diversified portfolio of quality logistics real estate in Singapore, Australia, China, Hong Kong, India, Japan, Malaysia, South Korea and Vietnam. Its tenant base includes 934 customers, with about 85 per cent of its revenue coming from tenants serving domestic consumption and around 15 per cent from those engaged in export businesses. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Straits Times
08-05-2025
- Business
- Straits Times
Singapore stocks end lower as investors keep eye on tariff negotiations; STI down 0.4%
Singapore stocks end lower as investors keep eye on tariff negotiations; STI down 0.4% SINGAPORE – Local investors kept their powder dry on May 8 as global markets await news of a possible trade deal between Britain and the US. Nerves were also steadied by the much-anticipated decision by Federal Reserve chair Jerome Powell to rule out a pre-emptive rate cut to blunt the impact of tariffs on the US economy. The upshot was a modest retreat in the Straits Times Index, which fell 0.4 per cent or 17.15 points to 3,848.22 with losers outnumbering gainers 262 to 226 on trade of 1.1 billion securities worth $1.5 billion. Mapletree Logistics Trust led the losers, declining 4.4 per cent to $1.08, while Venture Corp was the top gainer, rising 0.9 per cent to $11.07. The local banks were mixed. DBS rose 0.8 per cent to $43.09 after reporting better-than-expected first-quarter results, UOB added 0.2 per cent to $34.55 but OCBC fell 0.7 per cent to $16.16. The decline here was out of step with Wall Street overnight, where the three key indexes all rose on the interest rate decision. The S&P 500 added 0.4 per cent, the Dow Industrials advanced 0.7 per cent and the tech-focused Nasdaq gained 0.3 pet cent. It was much the same elsewhere: Japan's Nikkei and the Hang Seng in Hong Kong added 0.4 per cent while the Kospi in Seoul and Australian shares both gained 0.2 per cent. Mr Vasu Menon, managing director for investment strategy at OCBC, said the Fed decision means that equity investors cannot expect support from a US rate cut until there is greater clarity about trade negotiations and the impact of tariffs. Investors are focused on President Trump's trade policies and the effect they will have on the US and global economy, he added, noting that this is likely to be the key driver of the local bourse for now. 'Irrespective, Singapore's stock market is attractively valued, and the local markets should enjoy valuation support,' Mr Menon said. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
08-05-2025
- Business
- Business Times
Singapore stocks end lower as investors keep eye on tariff negotiations; STI down 0.4%
[SINGAPORE] Local stocks ended lower on Thursday (May 8), as investors kept their eyes on tariff deal negotiations after the US central bank unsurprisingly kept interest rates steady. The benchmark Straits Times Index fell 0.4 per cent or 17.15 points to 3,848.22. Across the broader market, losers outnumbered gainers 262 to 226, after 1.1 billion securities worth S$1.5 billion changed hands. Leading the declines was Mapletree Logistics Trust, which lost 4.4 per cent or S$0.05 to S$1.08. Meanwhile, Venture Corporation was the top gainer, rising 0.9 per cent or S$0.10 to S$11.07. The local banks were mixed. DBS rose 0.8 per cent or S$0.33 to S$43.09, after it reported Q1 results that beat expectations. UOB was also up 0.2 per cent or S$0.06 at S$34.55. Meanwhile, OCBC fell 0.7 per cent or S$0.11 to S$16.16. 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 US Federal Reserve chair Jerome Powell ruled out a pre-emptive rate cut to blunt the impact of tariffs on the US economy. This means that equity investors cannot expect support from a Fed put until there is greater clarity about ongoing trade negotiations, and until more data is available for the Fed to assess the economic impact of tariffs, said Vasu Menon, managing director for investment strategy at OCBC. At this juncture, investors are focused on Trump's trade policies and the impact this will have on the US and global economic outlook, Menon said. This is likely to be the key driver of the local bourse for now. 'Irrespective, Singapore's stock market is attractively valued, and the local markets should enjoy valuation support,' he added.
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.
Straits Times
23-04-2025
- Business
- Straits Times
Singapore shares close higher amid potential easing of trade tensions; STI up 1%
Adding to the positive sentiment, data from Singapore's Department of Statistics showed that the country's core inflation slowed more than expected in March. PHOTO: ST FILE SINGAPORE - Stocks on the Singapore bourse ended higher on Apr 23, tracking gains in the region. The uptick followed remarks from US President Donald Trump, who signalled no plans to dismiss Federal Reserve chairman Jerome Powell and suggested the possibility of lower tariffs for China. Adding to the positive sentiment, data from Singapore's Department of Statistics showed that the country's core inflation slowed more than expected in March. The benchmark Straits Times Index rose 1 per cent or 36.91 points to 3,832.32. Across the broader market, gainers outnumbered decliners 385 to 178, after 1.5 billion securities worth $1.7 billion changed hands. The top gainer on the index was Mapletree Logistics Trust. The counter rose 3.4 per cent or $0.04 to $1.21. Meanwhile, the biggest decliner was ST Engineering, which slid 3.8 per cent or $0.28 to $7.08. The trio of local banks closed in positive territory, with DBS, up 2.5 per cent or $1.03 at $42.88. OCBC rose 1.3 per cent or $0.21 to $16.59, and UOB gained 1.1 per cent or $0.41 to finish at $35.95. Key indices across Asia closed higher on Apr 23, buoyed by overnight gains on Wall Street as optimism around the easing of US-China trade tensions grew. Hong Kong's Hang Seng Index rose 2.4 per cent, Japan's Nikkei 225 gained 1.9 per cent, South Korea's Kospi advanced 1.6 per cent, and Malaysia's FTSE Bursa Malaysia KLCI was up 1 per cent. Eli Lee, chief investment strategist at Bank of Singapore, noted that broad-based weakness in US equities, Treasuries and the greenback will exert 'significant pressure' on Trump to de-escalate. 'We see market volatility staying heightened over the near term given limited progress made in the US trade discussions, and uncertainty over President Trump's recent threats to remove Fed chairman Jerome Powell, which he has since attempted to walk back from,' he said. Lee warned that a recession could materialise if Trump's proposed global reciprocal tariffs are implemented alongside existing US-China tariffs and remain in effect until the end of 2025, particularly if they provoke foreign retaliation. 'Our base case expectation is that the 10 per cent baseline tariff in place today will stay, but most of the threatened reciprocal tariffs will not be implemented, and thus we expect two quarters of stagflation in (the first half of) 2025 instead of a recession,' he added. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
