Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million. This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.

Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.

Meanwhile, Singapore Exchange, Oversea-Chinese Banking Corporation, United Overseas Bank, SATS, Jardine Matheson Holdings, Sembcorp Industries, Keppel, Hongkong Land Holdings, Riverstone Holdings and Jardine Cycle & Carriage the net institutional inflow. 

On Nov 14, Hongkong Land Holdings provided an Interim Management Statement, announcing the Group's 3QFY24 (ended Sep 30) underlying profit increased due to more build-to-sell completions in China, while investment property contributions slightly declined. The Group highlighted its cost management actions have strengthened its financial position, with net debt decreasing to US$5.3 billion and committed liquidity rising to US$3.2 billion. Hongkong Land Holdings also noted 67 per cent of its debt is at fixed interest rates.

From a sector perspective, the five sessions saw REITs and Consumer Cyclicals book the most net institutional outflow, while Financial Services and Industrials booked the most net institutional inflow. 

The five sessions also saw 21 primary-listed companies conduct buybacks with a total consideration of S$27.6 million. Sembcorp Industries bought back 2,185,000 shares at an average price of S$5.21 per share. This brings the total shares repurchased to 0.18 per cent of its issued shares (excluding treasury shares) since the beginning of the current mandate. The manager of Digital Core REIT and ESR-LOGOS REIT also bought back units of their respective REITs. 

The five trading sessions saw more than 70 director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs filed 15 acquisitions, and no disposals, while substantial shareholders filed six acquisitions and six disposals. 

Wilmar International

Between Nov 13 and 20, Wilmar International Chairman and CEO Kuok Khoon Hong increased his deemed interest in the global agri-business by 3,279,500 shares. 

This increased his total interest from 14.16 per cent to 14.22 per cent. HPRY Holdings, Longhlin Asia, Hong Lee Holdings and Jaygar Holdings each 819,875 acquired shares at an average price of S$3.08 per share. Mr Kuok has been gradually increasing his total interest in Wilmar International from 12.94 per cent in October 2022. 

On Oct 30, Wilmar International reported the Group's core net profit for 3QFY24 (ended Sep 30) fell to US$208.1 million from US$323.6 million in 3QFY23. Despite better-than-expected performance in tropical oils, oleochemicals, shipping, and crushing, weaker contributions from China operations and the Sugar division impacted results. Including joint ventures, associates, and non-operating gains from investment securities, the overall net profit was US$254.4 million, down from US$313.9 million in 3QFY23. The Group noted it was cautiously optimistic about a satisfactory performance for the rest of the year, with expected improvements in palm production, refining margins for tropical oils should improve, while soybean crushing margins are anticipated to remain positive.

ABR Holdings

Between Nov 14, and 20, ABR Holdings Managing Director Ang Yee Lim acquired 2,171,700 shares at S$0.40 per share. This increased his direct interest in the homegrown restaurant operator from 52.51 per cent to 53.59 per cent. His preceding acquisitions were between Sep 27 and 30, when Mr Ang acquired 140,000 shares at S$0.417 per share. This year, Mr Ang has gradually increased his interest from 52.12 per cent at the end of 2023. 

He has served as Managing Director since July 2004. ABR Holdings was established in 1979 with Swensen’s at Thomson Plaza, and now operates over 25 restaurant outlets in Singapore. The Group offers diverse cuisines through brands like Swensen’s, Tip Top, Season’s, and Chilli Padi, aiming to create memorable dining experiences that bring friends and families together, for any occasion. 

ABR Holdings noted back in Aug, that for its 1HFY24 (ended June 30) its F&B segment achieved higher profits and increased revenue, despite ongoing challenges like operating cost pressures, a tight labor market, and intense competition. The Group maintained they remain resilient and proactive in managing costs, innovating, refining operations, and enhancing customer satisfaction. The Group also noted its joint venture residential project in Singapore, Baywind Residences, was on track to receive its Temporary Occupation Permit in 4Q24 and is slated for completion in 2025. Additionally, the Group’s 19 per cent-owned associated company, Sering Manis Sdn Bhd (SMSB), entered into a conditional sale and purchase agreement in July for the proposed sale of four parcels of land in Genting Highlands, Malaysia, for RM65.0 million. The Land has a total area of about 30.167 acres, representing 10.8 per cent of the total land area owned by SMSB. As noted back in August, the disposal, expected to be completed by the end of 2024, is expected to contribute some profits to the Group.

Raffles Medical Group

On Nov 18, Raffles Medical Group executive chairman Loo Choon Yong acquired 150,000 shares at S$0.865 per share.  This increased his total interest from 55.49 per cent to 55.40 per cent. Since February, Dr Loo has gradually increased his total interest in the stock from 53.02 per cent, with his preceding acquisition of 470,000 shares at an average price of S$0.889 per share on Sep 26. 

Southern Alliance Mining

Between Nov 18 and 19, Southern Alliance Mining Managing Director Dato’ Sri Pek Kok Sam acquired 127,400 shares at an average price of S$0.410 a share. This took his total interest in the Catalist-listed stock from 63.56 per cent to 63.59 per cent.

Southern Alliance Mining is a high-grade iron ore producer based in Pahang, Malaysia. Established in 2019, the Group operates the Chaah Mine in Johor and focuses on mining and processing high-grade iron ore for various industrial applications. The Group is diversifying into rare-earth mining and continuing gold exploration, emphasising adaptive growth strategies and responsible mining practices. Dato’ Sri Pek Kok Sam has over 20 years of experience in the mining and exploration of iron ore, tin, and limestone. He began his career in limestone quarrying in Malaysia from 1993 to 2005. Currently, he oversees the Group’s business operations, focusing on quality control, safety, environment, and site management. Additionally, he serves as a council member of the Malaysian Chamber of Mines.

Dato’ Sri Pek Kok Sam recently observed that during the Group’s FY24 (ended July 31) the iron ore market had been volatile due to China’s economic slowdown, but the Group navigated these challenges by remaining agile and optimising operations amidst fluctuating prices and increasing demand for sustainable mining practices. He also expects iron ore prices to be influenced by Chinese government stimulus measures, with large-scale infrastructure investments and real estate market stabilisation efforts expected to drive strong steel demand, potentially increasing iron ore prices with a premium on high-quality ores to reduce carbon emissions

In FY24, Southern Alliance Mining shifted to full underground mining at the Chaah Mine, enhancing efficiency and reducing environmental impact. This change is also expected to boost extraction speed and competitiveness. Despite initial production dips, the Group is optimistic about overcoming these challenges with ongoing training and optimisation, aligning with the rising demand for sustainable “green steel”. 

Stamford Land Corporation

Between Nov 14 and 18, Stamford Land Corporation Executive Chairman Ow Chio Kiat acquired 138,900 shares at S$0.370 per share. This marginally increased Mr Ow’s total interest which stands at 46.04 per cent. Mr Ow is also the Executive Chairman of Singapore Shipping Corporation.

Stamford Land Corporation is Australia’s largest independent luxury hotel owner-operator, reported its 1HFY24/25 (ended Sep 30) profit before tax at S$19.2 million. The Group also noted that it is facing competitive pressures and rising costs in its hotel operations, while maintaining stable commercial tenancy in London, holding surplus cash in reputable banks due to a lack of compelling acquisitions, and undertaking development and restoration works at Stamford Plaza Brisbane. 

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

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