For the five trading sessions that spanned Jun 30 to Jul 6, the Straits Times Index declined 1.8 per cent while the Hang Seng Index declined 2.0 per cent and the FTSE Bursa Malaysia KLCI gained 0.2 per cent.

Institutions were net sellers of Singapore stocks over the five sessions with S$130 million of net outflow. Singapore Airlines, DBS Group, Jardine Matheson, Oversea-Chinese Banking Corporation and Mapletree Industrial Trust led the net institutional outflow. Meanwhile Keppel Reit, Seatrium, CapitaLand Ascendas Reit, Jardine Cycle & Carriage and Yangzijiang Shipbuilding led the institutional inflow.

For the month up to Jul 6, all three Singapore Depository Receipts (SDR) on Thai blue-chip companies continued to attract net buying interest from individual investors. The largest inflows were into CP All, the exclusive operator of 7-Eleven convenience stores in Thailand, Cambodia, and Laos. Of the SDRs traded on SGX, PTT Exploration & Production, Asean’s largest listed exploration and production petroleum company, was the best performing with returns of 1.6 per cent for the first four sessions of July, and 5.8 per cent since the close of the first SGX trading day on May 30, 2023.

Share buybacks

There were 17 primary-listed companies conducting share buybacks over the five trading sessions through to Jul 6 with a total consideration of S$12.8 million. United Overseas Bank and UOB-Kay Hian Holdings led the buyback tally, buying back shares at respective average prices of S$27.89 and S$1.40.

Note the table does not include the buyback filings of secondary-listed Comba Telecom Systems Holdings which since Mar 28 has been conducting all its share buybacks on the Hong Kong stock market. These buybacks have seen 36,782,000 shares repurchased for a consideration of HK$55,427,407, at an average price of HK$1.51 per share, as of Jul 6.

Director and substantial shareholder transactions 

The five trading sessions saw close to 90 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks. This included 17 company director acquisitions with three disposals filed, while substantial shareholders filed 12 acquisitions and five disposals.

XMH Holdings

Between Jun 28 and Jul 3, XMH Holdings chairman and managing director Tan Tin Yeow acquired 600,000 shares at an average price of S$0.30 per share. With a consideration of S$180,150 this increased his direct interest in the company from 43.38 per cent to 43.93 per cent. His preceding acquisition was on Mar 6 with 1,241,825 shares acquired at S$0.27 per share. Tan has gradually increased his direct interest in the diesel engine, propulsion and power generating solutions provider from 41.27 per cent prior to Aug 25, 2022. Tan was appointed the XMH Holdings chairman and CEO in October 2010 and re-designated as chairman and managing director in September 2016. He bears overall responsibility for the group as well as strategy formulation, corporate planning, business development and potential acquisitions.

XMH Holdings was placed on the SGX-ST watch-list due to Financial Entry Criterion with effect from Dec 4, 2019. In December 2022, XMH Holdings announced it had been granted an extension of time to Dec 4, 2023, to comply with the SGX-ST Listing Manual to exit the watch-list.

On Jun 27, XMH Holdings reported profit after tax for FY23 was up 29.2 per cent from FY22 (ended Apr 30) to S$3.97 million. Group revenue for FY23 amounted to S$128.7 million, a significant increase of S$56.8 million or 79 per cent compared to FY22. The distribution segment recorded a significant increase of 124.1 per cent from S$23.4 million in FY22 to S$52.5 million in FY23, mainly due to increased demand for engines to build transportation tugboats in Indonesia. The project segment recorded an increase of 70.1 per cent from S$38.0 million in FY22 to S$64.7 million in FY23, mainly due to substantial completion of a major project as well as income recognition based on performance obligation for some major contracts in FY23. The third segment, which comprises after-sales service, recorded an increase of 10.1 per cent from S$10.4 million in FY22 to S$11.4 million in FY23, mainly due to demand of spare parts for service and maintenance of vessels.

At the same time, the group’s cost of sales also increased from FY22, with a decrease in the gross profit margin from 27.3 per cent in FY22 to 21.3 per cent in FY23, mostly attributed to the development in the project segment. This included the group substantially completing a major project tendered with low margin for strategic reasons, in addition to increased materials cost and a shortage of labour resulting in having to subcontract out certain job functions.

While the group achieved an increase in revenue and gross profits in Q4 FY23, it remained cautious in terms of its outlook given that global uncertainties, brought about by the ongoing geopolitical tensions, are expected to continue disrupting the global supply chain, costs of materials and energy prices. The group maintains that to mitigate the impact on its business, it will continue to focus on further improving its operational capabilities, strengthening its existing business and cost-tightening measures across its business segments. In addition, the group will also continue to manage its inventory level so as to mitigate any possible shortfall in the near future due to supply chain disruptions. XMH Holdings also highlighted with its FY23 results that its distribution segment continues to see strong demand for its engines for new and/or replacement transportation tugboats and its project segment continues to record healthy orders mainly from data centres and infrastructure projects.

While the stock is among the less traded in terms of turnover, its average daily turnover for the year thus far is up threefold from 2022 levels to near S$5,000 per day. The stock also ranks among the 100 Singapore stocks that have booked the highest net institutional inflows this year.

China Kunda Technology Holdings

On Jul 4, China Kunda Technology Holdings executive chairman and CEO Cai Kaoqun acquired 4.05 million shares at S$0.012 per share. With a consideration of S$48,600 this took his deemed interest from 30.04 per cent to 31.03 per cent.

Cai is responsible for the overall strategic and business management of the group and has over 20 years of experience in the plastic and mould industry. On May 29, China Kunda Technology Holdings reported its FY23 (ended Mar 31) group revenue decreased slightly by 0.3 per cent to HK$28.8 million from HK$28.9 million for FY22. This was mainly attributed to the decline in sales of its In-Mould Decoration (“IMD”) and plastic injection parts (collectively, the “IMD Products”) to customers in the electrical appliances, consumer electronics and medical devices industries, which was offset by the maiden sales of IMD Products to new customers in the network communication and external energy storage industries during FY23. The group’s revenue is largely contributed by the electronics manufacturers in the PRC who supply their products to the domestic and international markets

JEP Holdings

On Jul 5, JEP Holdings executive chairman Andy Luong acquired 150,000 shares at an average price of S$0.305 per share. With a consideration of S$45,750, this increased his direct interest in the company from 0.66 per cent to 0.70 per cent. This followed his acquisition of 115,000 shares at an average price of S$0.301 per share on Jun 28. Luong also holds 15.89 per cent of the issued share capital of UMS Holdings : 558 0%, which in turn holds 73.85 per cent of the issued share capital of JEP Holdings. This brings his total interest in JEP Holdings to 74.55 per cent

Uni-Asia Group 

Between Jun 30 and Jul 6, Uni-Asia Group executive director Masahiro Iwabuchi acquired 28,000 shares at S$0.91 per share. With a consideration of S$25,480 this increased Iwabuchi’s direct interest in the company from 0.76 per cent to 0.80 per cent.

Beng Kuang Marine

On Jul 4, Beng Kuang Marine CEO Yong Jiunn Run acquired 100,000 shares at an average price of S$0.07 per share, taking his direct interest in the company from 4.02 per cent to 4.07 per cent. His preceding acquisition was on Sep 7, 2022, with 2.4 million shares acquired at S$0.053 per share. Yong’s responsibilities include making major corporate decisions, developing, and steering corporate plans, implement business directions and strategies for the group.

Union Steel Holdings

On Jul 3, Union Steel Holdings executive director Ang Yew Chye acquired 8,100 shares at an average price of S$0.805 per share. With a consideration of S$6,521, this increased Ang’s direct interest in the multi-business investment holding company from 10.70 per cent to 10.72 per cent. Ang is responsible for the day-to-day operations and management of the companies and has more than 30 years of experience in the scrap metal recycling business.

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