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 year to Oct 10 back to inflow, at S$123 million.

 

Leading the net institutional inflow over the five sessions until Oct 10 inclusive were DBS Group : D05 -0.13%, Seatrium : 5E2 +0.5%, Hongkong Land : H78 -2.97%, Wilmar International : F34 -1.2%, iFast Corporation : AIY -0.25%, Genting Singapore : G13 0%, Sats : S58 -4.22%, Sembcorp Industries : U96 +0.92%, Singapore Exchange : S68 +0.78% (SGX) and Frasers Logistics & Commercial Trust : BUOU 0%.

 

Meanwhile, Singtel : Z74 -0.32%, Yangzijiang Shipbuilding : BS6 +0.81%, CapitaLand Ascendas Real Estate Investment Trust : A17U -0.36% (Reit), CapitaLand Investment : 9CI +0.33%, Singapore Airlines : C6L -0.15%, Jardine Matheson : J36 -1.76%, CapitaLand Integrated Commercial Trust : C38U -0.48%, Venture Corporation : V03 -0.73%, Yanlord Land Group : Z25 -0.7% and CapitaLand China Trust : AU8U +0.63% led the net institutional outflow.

 

Thus, from a sector perspective, the five sessions saw financial services book the most net institutional inflow, while the telecommunications and Reit sectors booked the most net institutional outflow.

 

The five sessions also saw 17 primary-listed companies conduct buybacks with a total consideration of S$24 million, similar to the consideration amounts for the preceding two weeks.

 

Intraco : I06 0% 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, Intraco, in its most recent update on efforts to meet the financial exit criteria, highlighted that it continued to have a healthy balance sheet and net cash position.

 

Its H1 FY2024 (ended Jun 30) net profit of S$0.3 million was comparable with its net profit of S$0.4 million for H1 FY2023. The group&rsquo s net assets increased from S$61.7 million as at Dec 31, 2023, to S$62.2 million as at Jun 30, while cash and cash equivalents increased from S$29.6 million as at Dec 31, 2023, to S$31.3 million as at Jun 30.

 

The five trading sessions saw fewer director interests and substantial shareholdings filed than 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

On Oct 7, Morgan Stanley & Co International (MSIP) increased its direct interest in Dyna-Mac : NO4 +3.17% to 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. In a subsequent filing on Oct 11, Morgan Stanley&rsquo s total interest in Dyna-Mac was reported to be 7.04 per cent as at Oct 8, up from 6.06 per cent on Oct 4. The deemed interests of Mitsubishi UFJ Financial Group are also impacted, as it holds more than 20 per cent interest in shares of Morgan Stanley.

 

Also last week, Dyna-Mac Holdings announced that it was awarded the prestigious LowCarbonSG Award 2024 at the Singapore Apex Corporate Sustainability Awards, organised by the United Nations 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 said that 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 mergers and acquisitions, while prioritising steady growth and investing in staff productivity and training.

 

In September, another substantial shareholder of Dyna-Mac, South Korean company Hanwha, initiated a voluntary conditional cash offer via a special-purpose company to gain management control of the company.

 

Zixin Group

Thomas Clive Khoo has continued to increase his substantial shareholding in Zixin Group : 42W -3.7%, which is now above 9 per cent. Khoo emerged as a substantial shareholder on Jun 13 and subsequently increased his interest to 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 FY2024 (ended Mar 31), the company reported that its revenue increased by 45 per cent to 318.4 million yuan (S$58.8 million), up from 219.6 million yuan in FY2023, due to higher production and sales of sweet potato products in H2 FY2024.

 

The group also said that improved operational efficiency, economies of scale, and resource utilisation lowered production costs and boosted gross profit by 72 per cent to 101.9 million yuan. This led to a net profit of 13.4 million yuan, reversing a net loss of 14.2 million yuan in FY2023.

 

The executive chairman and CEO, Liang Chengwang, noted back in July that in its H2 FY2024, the group tested its integrated circular economy model by harvesting sweet potatoes from Liancheng county and processing them in a third-party smart warehouse.

 

He 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&rsquo s wholly owned subsidiary Fujian Zixin Biotechnological Potato Co focuses on research and development of extraction and production techniques to maximise sweet potato applications in snacks and functional foods, such as purple sweet potato powder and nutritional supplements.

 

In July, the group said that 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 H1 FY2025 results in mid-November.

 

Overseas Education

On Oct 4, Overseas Education : RQ1 -2.44% executive director and CEO Irene Wong acquired 2,604,900 shares at S$0.20 apiece, 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 Jul 3, with 1,049,482 shares also purchased 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. Wong, a founder of the school, became CEO in January 2022 and oversees its business and operations.

 

OFS provides a comprehensive, inquiry-based programme that includes the International Early Years Curriculum, the International Primary Curriculum, and the International Baccalaureate curriculum, for expatriate children aged two to 18. Wong has more than 40 years of experience managing foreign system schools.

 

For its H1 FY2024 (ended Jun 30), Overseas Education reported total revenue of S$45.55 million, compared with S$43.59 million for H1 FY2023. 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 H1 FY2024, compared to S$4.44 million in H1 FY2023.

 

Overseas Education said in mid-August that it anticipated a continued recovery in expatriate family inflow as Singapore attracts talent and creates jobs through its foreign direct investment policies. The group is cautiously optimistic about student enrolment improving alongside these policies, despite geopolitical tensions and a challenging global economy.

 

However, at the same time, the group noted 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 Oct 10, Noel Gifts International : 543 +1.39% managing director Alfred Wong bought 153,500 shares at an average price of S$0.36 apiece. With a consideration of S$55,260, this increased his total interest in the leading hampers, flowers and gifts company from 47 per cent to 47.15 per cent.

 

This followed his acquisitions 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 302,800 shares at S$0.356 per share between Sep 4 and Sep 5. Wong, the founder of Noel Gifts International, has been its managing director since its inception.

 

Stamford Land Corporation

Between Oct 2 and Oct 3, Stamford Land Corporation : H07 0% executive chairman Ow Chio Kiat bought 35,000 shares at S$0.375 per share. This marginally increased his total interest, which now stands at 46.02 per cent.

 

The move followed his purchase of 254,600 shares between Sep 25 and Sep 30. Stamford Land Corporation, Australia&rsquo s largest independent luxury hotel owner-operator, reported a 7 per cent increase in core net profits for FY2023/2024 (ended Mar 31), along with S$452 million in net cash.