FOR the 5 trading sessions that spanned Aug 12 to 18, the Straits Times Index (STI) declined 0.9 per cent, with the FTSE China A50 Index slipping 0.1 per cent, the Hang Seng Index falling 0.6 per cent and the FTSE Bursa Malaysia KLCI gaining 1.1 per cent.

Overall, institutions have been net buyers of Singapore stocks during the 2022 year through to Aug 17, with S$329 million of net inflows.

Among the stocks currently listed for trading, Singtel, City Developments, Keppel Corporation, OCBC and Sembcorp Industries have led the net institutional inflows for the 33 weeks.

Share buybacks

There were 21 primary-listed stocks conducting share buybacks over the 4 sessions ended Aug 17, with a total consideration of S$113.6 million, up from S$48 million for the preceding 4 sessions.

Wilmar International, CapitaLand Investment and The Hour Glass led the consideration tally.

Yangzijiang Financial Holding (YZJFH) led the tally in terms of the number of shares bought back over the 4 sessions with 26 million shares bought back at an average price of 36.8 cents per share.

Yangzijiang Financial Holding

The current buyback mandate of YZJFH has seen the company buy back 45 million shares or 1.14 per cent of its issued shares (excluding treasury shares) as of Aug 17.

On Jun 8, YZJFH established its S$200 million share buyback programme, with a maximum of 395,058,922 shares that can be purchased under the programme, amounting to 10 per cent of the issued shares.

At the Jun 8 EGM, YZJFH executive chairman Ren Yuanlin noted that the purpose of the share buybacks is to optimise shareholder value and improve return on investment for shareholders.

Coinciding with the spin-off from Yangzijiang Shipbuilding (Holdings), YZJFH acquired GEM Asset Management, a Singapore-based asset management firm.

This provided YZJFH with a private investment platform for the establishment of variable capital companies (VCCs).

On Aug 11, the company announced that its wholly owned subsidiary, GEM Asset Management, was setting up and managing a new maritime fund with an initial target fund size of up to US$250 million, of which up to US$100 million will be funded by the group.

Tapping the group’s competitive advantage and strategic network in the shipping industry, the maritime fund will focus on vessels in the gas sector, including liquefied natural gas, liquefied petroleum gas, liquefied ethane gas, methanol, hydrogen, ammonia and carbon dioxide.

The maritime fund is targeting to raise capital from investors via private placement, as well as through bank loans and structured financing and will be established under the VCC structure with multiple sub-funds, which also segregates assets and liabilities from each other.

The fund management arm of YZJFH also includes the ICH Gemini Asia Growth Fund, GEM Tech Holding VCC and Golden Ox Fund VCC, and the company also announced on May 11, that it would establish the GEM Asia Growth Fund.

Aside from the fund management business, YZJFH operates an investment management business and wealth management business.

For its H1 2022, YZJFH reported its net income decreased by 30.6 per cent year on year to S$136.4 million, with the fall in total income mainly due to fair value changes on financial assets due to weakness in financial markets in H1 2022.

With the results, Ren maintained that the company remains focused on long-term value creation, seeking to create a diversified portfolio with a focus on growth opportunities to achieve attractive risk-adjusted returns while providing a steady stream of dividends to shareholders through income generated from its investment management and fund/wealth management businesses.

Director and substantial shareholder transactions

The 5 trading sessions saw a resumption of the typical pace of director acquisitions and disposals following the recent wave of earnings reports.

Nanofilm Technologies International

On Aug 15, Neufront Investment acquired 500,000 shares of Nanofilm Technologies International, increasing the deemed interest of founder and executive chairman Shi Xu from 50.99 per cent to 51.07 per cent.

He is responsible for charting the corporate direction and business strategies, business and corporate development and policy planning of the group.

On Aug 11, the leading provider of nanotechnology solutions reported that its H1 2022 group revenue increased by 15.2 per cent to S$111.3 million with attributable profit growing 5.1 per cent to S$18.8 million, compared to H1 2021.

Uni-Asia Group

On Aug 15, Uni-Asia Group executive chair Michio Tanamoto acquired 200,000 shares of the company at S$1.12 per share. With a consideration of S$224,000, this took his direct interest from 3.88 per cent to 4.14 per cent.

His preceding acquisition was on Jul 7, with 100,000 shares acquired at 99.5 cents per share.

Appointed the executive chair of Uni-Asia Group in April 2020, Tanamoto is one of the founders who established the company in 1997 and has been a director since then. He has over 39 years of experience in financial sector, and was based in Japan, Hong Kong and Singapore.

On Aug 16, Uni-Asia Group executive eirector Masahiro Iwabuchi acquired 80,000 shares of the company, also at an average price of S$1.12 per share. This took his direct interest from 0.51 per cent to 0.61 per cent.

Iwabuchi joined the group in 1997, and was appointed senior managing director on Apr 30, 2014. He heads the property investment department.

On Aug 12, Uni-Asia Group announced a H1 2022 net profit of US$16.5 million, a 134 per cent increase from the US$7.0 million net profit in H1 2021, propelled by the upcycle momentum in the shipping market.

Following the financial performance, and to reward shareholders for their continued support, the group declared an interim dividend of 6.5 Singapore cents per share for H1 2022, a 225 per cent year-on-year increase from 2 Singapore cents per share for H1 2021. The H1 2022 interim dividend goes ex-dividend on Sep 20.

Hotung Investment Holdings

Between Aug 15 and 16, Hotung Investment Holdings chairman and CEO, Tsui-Hui Huang, acquired 110,000 shares of the company at an average price of S$1.77 per share.

With a consideration of S$194,188, this increased her deemed interest from 22.61 per cent to 22.73 per cent.

Huang who was elected chairman and CEO of HIHL in July 2010, began her career in mergers and acquisitions with Bankers Trust Company in 1988.

The group’s net asset value per share as of Jun 30, 2022 was NT$63.89, down from NT$66.40 as of the end of 2021, and NT$64.61 as of the end of 2020.

Baker Technology

On Aug 12, Baker Technology executive director Benety Chang acquired 115,000 shares of the company at an average price of 46.0 cents per share.

With a consideration of S$52,717, this increased his total interest in the company from 53.02 per cent to 53.08 per cent.

Previously he had acquired 132,000 shares at of 44.9 cents per share on Aug 2, 82,300 shares at 43.9 cents per share on May 4, and 279,000 shares at 44.8 cents per share on Mar 9. As the major shareholder of the company, he has extensive experience in the offshore oil and gas industry.

Asian Pay Television Trust

On Aug 15, the CEO of the trustee-manager of Asian Pay Television Trust, Brian McKinley, acquired 300,000 units of APTT at 12.0 cents per unit. With a consideration of S$36,000, this increased his direct interest in the business trust from 0.15 per cent to 0.17 per cent.

His preceding acquisitions were on May 17, with 300,000 units acquired at 13.3 cents per unit and Feb 28, with 200,000 units acquired at 13.7 cents per unit.

Prior to his appointment as CEO in Apr 2017, McKinley was the CFO of the trustee-manager, an office he held since the listing of APTT in May 2013.

Livingstone Health Holdings

Between Aug 15 and 16, Livingstone Health Holdings executive director and CEO Wilson Tay Ching Yit acquired 200,000 shares of the Catalist-listed company at an average price of 11.9 cents per share.

With a consideration of S$23,800, this increased his total interest in the multidisciplinary healthcare group from 58.48 per cent to 58.53 per cent.

Dr Tay specialises in anesthesiology, has 16 years of clinical experience, and is responsible for the overall strategic direction and development of the group.

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