To The Moon

Institutions were net buyers of Singapore stocks over the four trading sessions through to Aug 10, with S$136 million of net institutional inflow, with eight primary-listed companies conducting buybacks with a total consideration of S$7.7 million.

DBS $DBS GROUP HOLDINGS LTD(D05.SI)$ , UOB $UNITED OVERSEAS BANK LIMITED(U11.SI)$, Singtel $SINGTEL(Z74.SI)$ , Yangzijiang Shipbuilding $YANGZIJIANG SHIPBLDG HLDGS LTD(BS6.SI)$ and OCBC $OVERSEA-CHINESE BANKING CORP(O39.SI)$ led the net institutional inflow over the four sessions, while Venture Corporation $VENTURE CORPORATION LIMITED(V03.SI)$ , CapitaLand Investment $CapitaLandInves(9CI.SI)$ , Genting Singapore $GENTING SINGAPORE LIMITED(G13.SI)$, Suntec Reit $SUNTEC REAL ESTATE INV TRUST(T82U.SI)$ and CapitaLand Ascott Trust $Ascott Trust(HMN.SI)$ $Ascott Trust(HMN.SI)$ led the net institutional outflow.

On the Thailand blue-chip Singapore Depository Receipts (SDR) front, PTT Exploration & Production SDR $PTT Exploration & Production NVDR(TPED.SI)$ was the top traded SDR on the back of strong crude oil prices while both CP All $CP All NVDR(TCPD.SI)$ and Airports of Thailand SDR $Airports of Thailand NVDR(TATD.SI)$ attracted net buying interest from individual investors in the first two weeks of August. CP All SDR booked the largest individual investor inflows over the period.

1.The Hour Glass $THE HOUR GLASS LIMITED(AGS.SI)$

The Hour Glass bought back 337,600 shares over the week at an average price of S$2.08 per share. The current mandate has seen it buy back 600,600 of its own shares. The previous mandate saw the company buy back 14,250,100 of its shares which represented 2.12% of its total number of issued shares (excluding treasury shares).

The Hour Glass maintains that share purchases or acquisitions provide the company with a mechanism to facilitate the return of surplus cash over and above its ordinary capital requirements, in an expedient and cost-efficient manner, and the opportunity to purchase or acquire shares when such shares are undervalued.

The group adds that purchases or acquisitions will also allow the directors greater flexibility over the company’s share capital structure with a view to enhancing the earnings and/or net asset value per share.

The Hour Glass said that FY23 profit-after-tax increased by 11 per cent in FY22 to a “high-water mark” of S$174.2 million. It increased its FY23 earnings per share to S$0.2591 from S$0.2234 in FY22. It also increased its net asset value per ordinary share in FY23 to S$1.18, from S$1.10 in FY22. The group is expected to report its H1FY24 results in early-to-mid November.

2.Fortress Minerals $FORTRESS MINERALS LIMITED(OAJ.SI)$

Between Aug 2 and 3, Greger International increased its substantial shareholding in Fortress Minerals from 6.99% to 7.03%. This saw 174,300 shares acquired at S$0.307 per share for a consideration of S$53,475.

This increased the deemed interest of chief executive officer Ivan Chee Yew Fei in the Catalist-listed stock to 48.43% and the deemed interest of chief operating officer Ng Mun Fey to 7.03%. Both Chee and Ng are executive directors of Fortress Minerals.

Greger International’s preceding acquisition of Fortress Minerals shares was filed back on Mar 23, with one million shares acquired in a married deal at S$0.45 per share.

On Jul 12, Fortress Minerals reported revenue of US$13.3 million for its Q1FY24 (ended May 31), which declined 9.2% from Q1FY23. This was mainly attributable to a 12.4% decrease in average realised selling price from Q1FY23 to US$104.92/dry metric tonne (DMT).The decrease in revenue was partially offset by a 4.0% increase in sales volume to 126,324 DMT for Q1FY24.

https://www.sgx.com/research-education/market-updates/20230814-fortress-minerals-ceo-ivan-chee-raises-his-stake