Between May 31 and Jun 5, Raffles Medical Group : BSL 0% executive chairman Loo Choon Yong acquired 2.30 million shares at an average price of S$1.02 per share. This increased his total interest from 54.29 per cent to 54.41 per cent. Since, late February, Loo has been gradually increasing his total interest in the stock from 53.02 per cent. 

Between May 23 and 29, Raffles Medical Group : BSL 0% executive chairman Loo Choon Yong acquired 1.55 million shares at an average price of S$1.029 per share. This increased his total interest from 54.20 per cent to 54.29 per cent. Since, late February, Dr Loo has been gradually increasing his total interest in the stock from 53.02 per cent.

 

Raffles Medical Group currently maintains a presence in 14 cities and five countries. At its FY23 AGM on Apr 26, it relayed its goal to deliver improved results for FY24, building on its reputation as a reliable healthcare service provider, as well as improving operational leverage and efficiency.

 

Between May 9 and 15, Raffles Medical Group : BSL 0% executive chairman Loo Choon Yong acquired 2.6 million shares at an average price of S$1.03 per share. This raised his total interest from 53.95 per cent to 54.09 per cent. Since late February, Dr Loo has been gradually increasing his total stake in the group from 53.02 per cent.

 

United Hampshire US Reit

On May 15, United Hampshire US Reit Management CEO Gerard Yuen Wei Yi acquired 100,000 units of United Hampshire US Reit : ODBU 0% (UHReit) at US$0.425 per unit. This increased his direct interest from 0.07 per cent to 0.09 per cent.

 

As CEO, he collaborates with the board to set UHReit&rsquo s strategic direction. His responsibilities encompass the comprehensive management of daily operations and close coordination with teams across investment, asset management, finance, investor relations and compliance to achieve UHReit&rsquo s strategic, investment and operational goals.

 

He has been CEO since May 2023, and was previously the chief financial officer, playing a pivotal role in the listing of UHReit in March 2020.

 

On May 10, UHReit reported that its first quarter FY24 (ended Mar 31) gross revenue increased 2.3 per cent from Q1 FY23 to US$18.5 million, supported by new leases and rental escalations from existing leases. The Q1 FY24 net property income of US$12.7 million was 1.3 per cent lower than for Q1 FY23, partly attributable to the absence of a contribution from Big Pine Center, which was divested in August 2023.

 

Yuen noted that the Reit&rsquo s strong leasing momentum in 2023 had carried over into 2024, and the Reit manager had executed long-term lease renewals with Home Depot and LA Fitness at three properties. He added that this had increased the weighted average lease expiry to 7.9 years, further enhancing the stability and resilience of the portfolio.

Between May 3 and 7, Raffles Medical Group : BSL +0.97% executive chairman Loo Choon Yong acquired 2.5 million shares at an average price of S$1.01 per share. This increased his total interest from 53.82 per cent to 53.95 per cent. This followed on from his acquisition of 14.9 million shares between Feb 27 and Mar 25.

 

For the 2024 year through to May 9, Raffles Medical also ranked just outside the 20 Singapore-listed stocks that have booked the most net retail inflow.

 

Dr Loo maintained that compared with pre-Covid-19 FY19 (ended Dec 31), the group&rsquo s revenue and profit after tax have both grown well. For its FY23, group revenue amounted to S$706.9 million, down from the restated S$822.9 million in FY22, and up from S$522 million in FY19.

 

Raffles Medical noted that with normalisation, more patients are returning to its clinics and hospitals in Singapore, China and the region. Dr Loo also maintained that the group continues to support efforts by the government to keep their hospital bed availability at an acceptable level to serve the public. This is in addition to providing transitional care facility beds to care for patients who need more convalescent care before going home.

 

Last year, the group&rsquo s Raffles Hospitals in Beijing, Shanghai and Chongqing continued to receive more patients for various examinations and treatment. In 2023, the group also entered into a strategic partnership and management agreement on American International Hospital in Ho Chi Minh City.

 

The group now operates its own medical centres, Raffles Hospitals, telemedicine and cross-border healthcare services in 14 cities in Asia.

Between Mar 14 and 20, Raffles Medical Group : BSL 0% executive chairman Loo Choon Yong bought 700,000 shares at an average price of S$1.035 per share, which increased his total interest from 53.76 per cent to 53.79 per cent. This followed his acquisition of 13.6 million shares between Feb 27 and Mar 13.

 

Prior to the recent spate of acquisitions, Dr Loo&rsquo s total stake in Raffles Medical was 53.02 per cent. Back on Mar 6, Raffles Medical traded at S$0.985 per share, a level not seen since Feb 2021.

 

On Feb 26, the group noted that although slower economic growth in the region, coupled with higher inflation and the strong Singapore dollar, may dampen demand for high-end healthcare services, it continues to explore new business opportunities regionally. To strengthen its presence in Vietnam, the group in October 2023 entered a strategic partnership to manage the American International Hospital in Ho Chi Minh City.

 

Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow.

INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.

 

The buyback consideration was down from S$35.3 million for the preceding five sessions. The bulk of the net institutional buying took place on Mar 15, with the FTSE Index rebalancing, which saw S$226 million of net institutional inflow.

 

City Developments Ltd : C09 0% bought back 2,215,000 shares at S$5,90 per share. This followed its buybacks of 4,167,400 shares at an average price of S$5.92 over the preceding five sessions. Its buybacks through to Mar 21 represent 0.7 per cent of its total outstanding shares (excluding treasury shares).

 

Back on Mar 15, Yangzijiang Financial Holding : YF8 +1.56% bought back 15,025,900 shares at an average price of S$0.32 per share. This brought its buybacks to 4.29 per cent of its total outstanding shares (excluding treasury shares) as of the Apr 21, 2023, start date of the current mandate.

 

The group maintained on Mar 21 that it would continue to repurchase its own shares at opportune moments, after considering the prevailing market conditions and other relevant factors and under appropriate circumstances. It will also seek to renew its share repurchase mandate at the upcoming annual general meeting.

 

Digital Core Reit Management also continued to buy back units of Digital Core Reit : DCRU +0.86% over each of the five sessions.

 

Leading the net institutional inflow over the five sessions were DBS : D05 +0.48%, OCBC : O39 -0.29%, Singtel : Z74 0%, UOB : U11 -0.51%, Thai Beverage : Y92 -1.01%, Keppel : BN4 +0.27%, Sembcorp Industries : U96 0%, Wilmar International : F34 -2.59%, Frasers Centrepoint Trust : J69U 0% and UOL Group : U14 -0.17%.

 

Meanwhile, Seatrium : S51 -1.25%, CapitaLand Investment : 9CI -0.36%, Suntec Reit : T82U 0%, Singapore Airlines : C6L +0.31%, Mapletree Pan Asia Commercial Trust : N2IU -1.55%, Genting Singapore : G13 -0.56%, Singapore Exchange : S68 0%, Sats : S58 -0.79%, Mapletree Logistics Trust : M44U -0.68% and CapitaLand Integrated Commercial Trust : C38U -0.51% led the net institutional outflow over the five sessions.

 

The five trading sessions saw more than 80 changes to director interests, and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or chief executive officers filed 25 acquisitions and four disposals, while substantial shareholders filed 10 purchases and four disposals.

Dr Loo Choon Yong, the CEO and a substantial shareholder of Raffles Medical Group BSL -0.96% , has acquired 100,000 units in the company for $103,000 or $1.03 each.

 

The shares were sold via market transaction on March 19.

 

After the purchase, Loo&rsquo s direct stake in Raffles Medical has increased to 11.573% from 11.568% previously.

 

In addition, Loo has a deemed interest in another 783.8 million shares, giving him a total interest of 998.75 million shares, or 53.782%.

Between Mar 7 and 13, Raffles Medical Group : BSL -1.89% executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share. This increased his total interest from 53.61 to 53.76 per cent. This followed his acquisition of 10.9 million shares between Feb 27 and Mar 6. Prior to the recent spate of acquisitions Dr Loo&rsquo s total stake in Raffles Medical Group was 53.02 per cent. On Feb 26, Raffles Medical Group reported FY23 (ended Dec 31) profit after tax and minority interests of S$90.2 million, 37.1 per cent lower than FY22, due to the discontinuance of Covid-19 related activities in FY23. The group added that its balance sheet remained strong with S$342.5 million in cash and cash equivalents. Dr Loo noted that the group is cautiously optimistic in its 2024 outlook and despite geopolitical and economic headwinds, it is seeing a growing demand for quality healthcare services in Singapore and the region.