FOR the five trading sessions that spanned Dec 2 to 8, the Straits Times Index (STI) declined 1.7 per cent, with the Hang Seng Index gaining 3.7 per cent and the FTSE Bursa Malaysia KLCI slipping 1.6 per cent.

Overall, institutions were net sellers of Singapore stocks for the five sessions ended Dec 8 with S$359 million of net outflow. This brought the 2022 year to Dec 8 net institutional inflow to S$932 million. DBS, OCBC and Jardine Cycle & Carriage led the net institutional outflow for the five sessions.

Share buybacks

There were 24 primary-listed companies conducting share buybacks over the five sessions ended Dec 8, with a total consideration of S$10.1 million, matching the consideration pace for the preceding two weeks.

For the companies, Sembcorp Industries led the consideration tally, buying back 1.5 million shares at S$3.27 per share. The company has bought back 0.50 per cent of its issued shares (excluding treasury shares) on the current mandate.

Digital Core Reit Management also continued to buy back units of Digital Core Reit on each of the five sessions, bringing the total amount of units bought back from Dec 1 through to Dec 8 to 2,870,000 units.

Director and substantial shareholder transactions

The five trading sessions saw more than 60 changes to director interests and substantial shareholdings filed for close to 30 primary-listed stocks. This included 16 company director acquisitions with two disposals filed, while substantial shareholders filed seven acquisitions and two disposals.

Wilmar International

Wilmar International’s chairman and CEO Kuok Khoon Hong has continued to increase his deemed interest. HPRY Holdings, in which he has a deemed interest, acquired 6,421,700 shares between Dec 1 and 8 at an average price of S$4.08 per share.

The consideration of the acquisitions totalled S$26,215,697 and increased Kuok’s total interest in Wilmar International from 13.01 per cent to 13.11 per cent.

Since Wilmar International reported its Q3 2022 business update on Oct 28, Kuok has increased his total interest in Asia’s leading agribusiness group from 12.94 per cent.

Chip Eng Seng Corporation

Between Dec 5 and 7, Chip Eng Seng Corporation non-executive chairman and non-independent and non-executive director Celine Tang bought 13,908,000 shares at 75 cents per share. With a consideration of S$10,431,000, this increased her total interest in the property player from 47.25 per cent to 49.02 per cent.

Back on Dec 2, Tang and her husband Gordon Tang revised the mandatory conditional cash offer to acquire the property player to 75 cents per share, a three-cent or 4.2 per cent improvement over the initial offer of 72 cents per share.

Wee Hur Holdings

A married deal on Dec 5 saw Wee Hur Holdings executive chairman and managing director Goh Yeow Lian acquire one million shares at 20 cents per share, increasing his total interest from 44.41 per cent to 44.52 per cent.

Executive director and deputy managing director Goh Yew Tee also acquired one million shares at 20 cents per share, while executive director Goh Yeo Hwa acquired 2,783,800 shares at 20 cents per share.

Trans-China Automotive Holdings

Between Dec 1 and 2, Trans-China Automotive Holdings (TCA) executive chairman and CEO Francis Tjia acquired 7,000,100 shares at an average price of 18 cents per share.

The acquisitions were conducted through Octo Holdings, which Tjia wholly owns, with the consideration for the acquisitions totalling S$1,261,818. This increased his total interest in TCA from 73.22 per cent to 74.41 per cent.

Meanwhile, pursuant to the distribution of shares in the capital of the company by its controlling shareholder announced on Oct 18, TCA International effected a partial disposal of 6,056,000 shares to certain limited partners of TCA, LP, on Dec 2 and 6, which reduced Tjia’s total interest in TCA to 73.38 per cent.

Back on Oct 18, the Catalist-listed company provided a business update, noting that the strict Covid-19 control protocols implemented across China impacted consumer confidence and disrupted economic activity. As a result, China’s vehicle sales for the first eight months of 2022 decreased by 6.3 per cent to 13 million units compared to the same period the prior year.

However, the premium segment decreased by 9.2 per cent to 2.1 million units during the same period.

As a result, TCA’s revenues from vehicle sales decreased by 15 per cent in the first nine months of 2022.

TCA shared that the premium segment decreased more than the mass market because some manufacturers are still affected by supply chain issues and prospective buyers are holding off expensive purchases in the soft economy.

At the same time, electric vehicle sales in China were observed to rise strongly, led by Tesla and BYD and new local brands such as Aito, Aion, NIO, Avatr, Zeeker and others that cater primarily to the midmarket segment.

Asian Pay Television Trust

Between Dec 1 and 6, the non-executive director of the trustee-manager of Asian Pay Television Trust (APTT), Dai Yung Huei, increased his deemed interest from 18.75 per cent to 18.84 per cent. This saw 1,705,000 units of APTT acquired by Araedis Investment for a consideration of S$188,683 at an average price of 11.1 cents per unit.

It followed the acquisition of 2,825,500 units at 10.8 cents per unit between Nov 23 and 28.

APTT is the first listed business trust in Asia focused on pay-TV and broadband businesses. Its investment mandate is to acquire controlling interests in and to own, operate and maintain mature, cash generative pay-TV and broadband businesses in Taiwan, Hong Kong, Japan, and Singapore.  APTT’s sole investment, Taiwan Broadband Communications Group (TBC) is ranked Taiwan’s third largest cable TV operator. Its premium digital cable TV and broadband subscribers have been steadily increasing over the past four years, with a total subscriber base now in the vicinity of 1,286,000.

In the Q3 2022 results presentation, the trustee-manager of APTT noted that the increase in the take-up rate of higher broadband speed plans since Q1 2020 had contributed to an average revenue per user (ARPU) improvement. The trustee-manager added that a lot of TBC subscribers were still in speed plans of below 300 Mbps, presenting an opportunity for TBC to move them up to higher speed plans. In the results briefing, the trustee manager shared that the take-up of higher speed plans and ARPUs had increased alongside Covid because there are now more applications to use them, for instance for home-based learning and work-from-home arrangements.

Mapletree Pan Asia Commercial Trust

On Dec 2, MPACT Management independent non-executive director Lilian Chiang Sui Foo acquired 16,000 units of Mapletree Pan Asia Commercial Trust (MPACT) at S$1.65 per unit.

With a consideration of S$26,400, this increased her deemed interest in the diversified Reit to 46,000 units.

Chiang is the senior partner of Deacons and the head of its property department and has extensive experience in all types of real estate related transactions.

MPACT maintains a diversified and high-quality portfolio of 18 properties, anchored by VivoCity and Mapletree Business City (MBC) in Singapore, in addition to Festival Walk in Hong Kong.

A-Sonic Aerospace

Between Dec 1 and 5, A-Sonic Aerospace CEO Janet LC Tan acquired 26,000 shares for a consideration of S$16,036 at an average price of 61.7 cents per share. This took her direct interest in the company from 60.80 per cent to 60.83 per cent.

Tan has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.

With over 20 years of extensive experience in the aviation industry, Tan is also the promoter founder of A-Sonic Aerospace.

Accrelist

Between Dec 1 and 7, Accrelist executive chairman and managing director Terence Tea Yeok Kian acquired 266,900 shares at 4.7 cents per share.

With a consideration of S$12,439 this increased his total interest in the Catalist-listed investment holding company from 22.28 per cent to 22.37 per cent.

This followed his acquisition of 132,700 shares at 4.8 cents per share on Nov 30.

Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses.

Ban Leong Technologies

On Dec 6, Ban Leong Technologies founder and managing director Ronald Teng Woo Boon acquired 20,000 shares at 34.5 cents per share.

With a consideration of S$6,900, this increased his total interest in the distributor of technology products from 26.73 per cent to 26.75 per cent.

Headquartered in Singapore, Ban Leong Technologies distributes a diverse range of IT accessories, multimedia, and data storage products in both commercial and consumer segments.

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