Institutions were net buyers of Singapore stocks over the five trading sessions spanning Oct 4 to Oct 10, with S$211 million of net institutional inflow, adding to the preceding five sessions of S$50 million net inflow. This has brought net institutional flow in the 2024 year to Oct 10, back to inflow, at S$123 million. 

Leading the net institutional inflow over the five sessions through to Oct 10 were DBS Group Holdings, Seatrium, Hongkong Land Holdings, Wilmar International, iFAST Corporation, Genting Singapore, SATS, Sembcorp Industries, Singapore Exchange and Frasers Logistics & Commercial Trust. 

Meanwhile, Singapore Telecommunications, Yangzijiang Shipbuilding, CapitaLand Ascendas REIT, CapitaLand Investment, Singapore Airlines, Jardine Matheson, CapitaLand Integrated Commercial Trust, Venture Corporation, Yanlord Land Group and Capitaland China Trust led the net institutional outflow.

Thus, from a sector perspective, the five sessions saw Financials Services book the most net institutional inflow, while the Telecommunications and REIT Sector booked the most net institutional outflow. 

The five sessions also saw 17 primary-listed companies conduct buybacks with a total consideration of S$24.0 million, like the consideration amounts for the preceding two weeks. 

Intraco bought back 762,900 shares at an average price of S$0.35 per share. This brings the total shares repurchased to 2.3 per cent of its issued shares (excluding treasury shares) since the beginning of the current mandate. Placed on the SGX Watch-List in June 2023, in its most recent update on efforts to meet the Financial Exit Criteria, Intraco highlighted that it continues to uphold a healthy balance sheet and net cash position. Its 1HFY24 (ended June 30) net profit of S$0.3 million compared to a net profit of S$0.4 million for 1HFY23. The Group’s net assets increased from S$61.7 million as at Dec 31, 2023, to S$62.2 million as at June 30, while cash and cash equivalents increased from S$29.6 million as at Dec 31, 2023, to S$31.3 million as at June 30. 

The five trading sessions saw less director interests and substantial shareholdings filed that the usual amount, with 50 filings for close to 30 primary-listed stocks. Directors or CEOs filed five acquisitions, and one disposal, while substantial shareholders filed eight acquisitions and nine disposals. 

Dyna-Mac Holdings

On Oct 7, Morgan Stanley & Co. International plc (“MSIP”) increased its direct interest in Dyna-Mac Holdings above the 6 per cent threshold, from 5.45 per cent to 6.23 per cent. The 9,059,800 shares were acquired by MSIP in a market transaction at an average price of S$0.569 per share. MSIP is a wholly owned UK-based broker-dealer of Morgan Stanley. The deemed interests of Mitsubishi UFJ Financial Group Inc are also impacted as it is holding more than 20 per cent interest in shares of Morgan Stanley.

Also last week, Dyna-Mac Holdings was awarded the prestigious LowCarbonSG Award 2024 at the Singapore APEX Corporate Sustainability Awards, organised by the UN Global Compact Network Singapore. The award recognises businesses that have significantly reduced their carbon emissions by at least 5 per cent in Scope 1 and 2 over 24 months, promoting corporate sustainability and helping local businesses monitor and reduce their carbon footprint. 

Back in August, Dyna-Mac Holdings maintained its order book stood at S$681 million, with future growth expected from blue hydrogen and ammonia projects. At the same time its S$308 million in net cash, had the company well-positioned for strategic initiatives, including M&As, while prioritising steady growth and investing in staff productivity and training. In September, another substantial shareholder of Dyna-Mac Holdings, South Korean company Hanwha, initiated a voluntary conditional cash offer via a special-purpose company to gain management control of the company.

Zixin Group Holdings

Thomas Clive Khoo has continued to increase his substantial shareholding in Zixin Group Holdings (“Zixin”), which is now above 9 per cent.  Mr Khoo emerged as a substantial shareholder on June 13, and subsequently increased his interest above the 6 per cent threshold on Sep 25, above the 7 per cent threshold on Sep 27 and above the 8 per cent threshold on Sep 30. This has coincided with the share price of Zixin increasing from S$0.022 on Sep 25 to S$0.027 on Oct 10. 

Zixin is a leading biotech-focused sweet potato integrated circular economy industrial value chain operator in China. 

For its FY24 (ended Mar 31), Zixin reported revenue increased by 45 per cent to RMB 318.4 million, up from RMB 219.6 million in FY23, due to higher production and sales of sweet potato products in 2HFY24. The Group also maintained that improved operational efficiency, economies of scale, and resource utilisation lowered production costs, boosted gross profit by 72 per cent to RMB 101.9 million. This led to a net profit of RMB 13.4 million, reversing a net loss of RMB 14.2 million in FY23. 

The Executive Chairman & CEO Liang Chengwang, noted back in July that in its 2HFY24, the Group tested its integrated circular economy model by harvesting sweet potatoes from Liancheng County and processing them in a third-party smart warehouse. Mr Liang added that this collaboration improved operational efficiency, reduced spoilage, and cut costs. He also highlighted that the smart warehouse maintains the freshness and extends the shelf life of sweet potatoes, potentially opening new business opportunities with supermarkets and e-commerce platforms.

Zixin’s wholly owned subsidiary Fujian Zixin Biotechnological Potato Co., Ltd., focuses on R&D of extraction and production techniques to maximise sweet potato applications in snacks and functional foods, like purple sweet potato powder and nutritional supplements. Back in July, the Group noted its upcoming high-tech facility will use these processes to produce functional food products, including purple sweet potato powder, for the food and beverage industry, with a plan to start phased manufacturing by the end of September 2024

The Group is expected to report is 1HFY25 results in mid-November. 

Overseas Education

On Oct 4, Overseas Education Executive Director and CEO Irene Wong Lok Hiong, acquired 2,604,900 shares at S$0.20 per share, through WLH Private Limited. This married deal increased her deemed interest from 32.96 per cent to 33.59 per cent. Her preceding acquisition was on July 3, with 1,049,482 shares also acquired at S$0.20 per share. 

Overseas Education is the holding company of Overseas Family School Limited which operates Overseas Family School (OFS), a leading foreign system school in Singapore. Ms Wong, a founder of the School, became CEO in Jan 2022 and oversees the School’s business and operations. OFS provides a comprehensive, inquiry-based program that includes the International Early Years Curriculum, International Primary Curriculum, and International Baccalaureate curriculum for expatriate children aged 2 to 18. Ms Wong maintains over 40 years of experience managing foreign system schools. 

For its 1HFY24 (ended June 30), Overseas Education reported total revenue of S$45.55 million compared to S$43.59 million for 1HFY23. The increase in total revenue was due to an improvement in student enrolment. Net profit after taxation ended 18.3 per cent higher at S$5.25 million in 1HFY24 compared to S$4.44 million in 1HFY23. 

Overseas Education maintained in mid-August that it anticipates a continued recovery in expatriate family inflow as Singapore attracts talent and creates jobs through its FDI policies. The Group is cautiously optimistic about student enrollment improving alongside these policies, despite geopolitical tensions and a challenging global economy. However, at the same time the Group maintains that a competitive landscape, rising costs, and high inflation will continue to pose challenges for foreign system schools.

Noel Gifts International 

Between Oct 7 and 10, Noel Gifts International Managing Director Alfred Wong Siu Hong acquired 153,500 shares at an average price of S$0.36 per share. With a consideration of S$55,260 this increased his total interest in the leading hampers, flowers, and gifts company from 47.00 per cent to 47.15 per cent. This followed his acquisition of 128,800 shares at S$0.36 per share on Sep 24, 163,500 shares at S$0.359 per share on Sep 16 and of 302,800 shares at S$0.356 per share between Sep 4 and 5. Mr Wong, the founder of Noel Gifts International, has been its Managing Director since its inception. 

Stamford Land Corporation

Between Oct 2 and 3, Stamford Land Corporation Executive Chairman Ow Chio Kiat acquired 35,000 shares at S$0.375 per share. This marginally increased Mr Ow’s total interest which stands at 46.02 per cent. This followed his acquisition of 254,600 shares between Sep 25 and 30.  Stamford Land Corporation, Australia’s largest independent luxury hotel owner-operator, reported a 7 per cent increase in core net profits for FY23/24 (ended Mar 31), while maintaining S$452 million in net cash. 

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

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