Over the five trading sessions from Nov 29 to Dec 5, institutions were net buyers of Singapore stocks, leading to a net institutional inflow of S$418 million. This inflow has shifted the balance of institutional flow for 2024 back to inflow.

Stocks that led the net institutional inflow over the five sessions until Dec 5 inclusive were DBS, Suntec Real Estate Investment Trust (Reit), Yangzijiang Shipbuilding, Sembcorp Industries, Singtel, Keppel, Thai Beverage, Seatrium, Jardine Matheson, and Singapore Airlines.

Meanwhile, OCBC, Wilmar International, UOB, Mapletree Pan Asia Commercial Trust, Hongkong Land, Keppel Reit, NetLink NBN Trust, Mapletree Logistics Trust, Sats, and DFI Retail Group led the net institutional outflow.

From a sector perspective, industrials and financial services again booked the most net institutional inflow, while real estate (excluding Reits) and materials and resources booked the most net institutional outflow.

The five sessions also saw 16 primary-listed companies conduct buybacks with a total consideration of S$117.2 million, up from the S$44.8 million in the preceding five sessions.

DBS bought back 2.6 million shares at an average price of S$43.67 per share. This takes the number of shares bought back on the current mandate to 0.11 per cent of its issued shares (excluding treasury shares).

The managers of ESR-Reit also bought back three million units at S$0.26 a unit on Dec 2.

More than 50 director interests and substantial shareholdings were filed for over 25 primary-listed stocks.

Directors or chief executive officers filed 12 acquisitions and no disposals, while substantial shareholders filed three acquisitions and no disposals.

Marco Polo Marine

On Dec 4, Marco Polo Marine executive director and CEO Sean Lee acquired two million shares at S$0.053 per share. This increased his total interest from 4.72 per cent to 4.78 per cent.

Lee is a key co-founder of the group, overseeing overall management, daily operations, and strategic direction. He has been pivotal to Marco Polo Marine, spearheading the shipbuilding operations since their inception in December 2005. He also led efforts to enter new markets in shipping and shipyard operations, and helped launch the offshore ship chartering operation in 2011, which remains the group’s main growth engine.

On Dec 2, Marco Polo Marine non-executive director Darren Teo acquired 800,000 shares at S$0.052 apiece. This increased his direct interest from 0.17 per cent to 0.19 per cent.

He also holds deemed interest through Apricot Capital, which holds a total of 607,142,857 of the shares in Marco Polo Marine. Teo indirectly owns 20 per cent of the issued and paid-up share capital of the company. His preceding acquisition was a year ago, with one million shares acquired at S$0.049 per share on Dec 1, 2023.

In the week prior to the acquisitions, Lee acknowledged the challenges of FY2024 but highlighted the resilience in key business areas. He emphasised that the focus on operational efficiency and strategic expansion in renewable energy position Marco Polo Marine well to handle market uncertainties.

The group reported revenue of S$123.5 million for FY2024 (ended Sep 30), a slight decrease from S$127.1 million in FY2023, with gross profit increasing by 6.1 per cent to S$48.5 million. The shipyard segment faced lower revenue due to the construction of a new commissioning service operation vessel, while ship chartering continued to drive growth with higher charter rates and utilisation.

The group also maintained a strong net cash position of S$35.8 million as at Sep 30, 2024.

Marco Polo Marine is optimistic about future growth, supported by demand from offshore wind farms and oil-and-gas markets, and the completion of a fourth dry dock in early 2025. Its diversified business model and strategic pivot to renewables are expected to enhance profitability and asset utilisation.

It maintains a price-to-earnings ratio of 9.2 times and return on equity of 12.4 per cent. It was established in 1991, and maintains about 400 employees, with its corporate office in Singapore and operations located in Batam, Indonesia.

The stock has been among the 100 most-traded counters this year, ranking just outside the 50 stocks that booked the highest net institutional inflow.

Union Steel

On Dec 2, Union Steel executive director Ang Yew Chye acquired 63,800 shares at an average price of S$0.624 per share. This increased his total interest in the metals, scaffolding, and engineering company from 12.03 per cent to 12.08 per cent. His preceding acquisition of 30,000 shares at S$0.685 apiece was on Jul 16. Ang is a co-founder of the group and an executive director since August 2004.

He oversees daily operations and management, bringing more than 30 years of experience in the scrap metal recycling industry. Union Steel ranks among the 250 most-traded stocks this year, and among the 150 stocks that booked the highest net institutional inflow.

Lian Bee Metal has also increased its direct interest in Union Steel this year from 5.44 per cent to 6.52 per cent as at Oct 7.

In its FY2024 ended Jun 30, Union Steel’s revenue rose by 7 per cent to S$114.9 million, driven by strong performance in the engineering segment, despite declines in the metals and scaffolding segments.

The engineering segment saw a 33 per cent increase in revenue due to recovery in related industries and diversification. However, annual sales for the metals segment decreased by 11 per cent due to competition and price softening, while the scaffolding segment’s revenue dropped by 26 per cent as operations normalised post-Covid-19.

Singapore remained the main revenue contributor, accounting for 81 per cent of sales. The group’s gross profit grew by 14 per cent from FY2023, with an improved profit margin of 27.2 per cent. Net asset value per share increased to S$0.75.

Looking ahead, Union Steel said that its metal segment faces volatile pricing and competition but leasing activities have grown steadily. It added that the scaffolding business remains profitable, and the engineering unit has expanded regionally through acquisitions, optimising costs and improving efficiency across the group.

The company maintains a price-to-earnings ratio of 5.7 times and return on equity of 15.3 per cent. It operates in Singapore with more than 550 employees. Founded in 1984, the group has expanded from trading ferrous scrap metal to include diverse services such as engineering and deck equipment for the offshore and marine industries, guided by socially responsible practices.

Wing Tai

Wing Tai chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company through his spouse Helen Chow. Between Dec 2 and Dec 5, Cheng increased his deemed interest in the leading real estate developer and lifestyle retailer by 400,000 shares, raising his total interest from 61.58 per cent to 61.63 per cent.

Singtel

On Nov 27, Singtel’s independent non-executive director Yong Ying-I acquired 20,000 shares at S$3.01 per share. Her preceding acquisition was on Feb 26, with 10,000 shares acquired at S$2.33 per share.

Yong, who has been on the Singtel board since November 2022, holds several prominent positions. She is the chairman of the Central Provident Fund Board and senior adviser to the Smart Nation and Digital Economy – Research Innovation Enterprise at the Smart Nation and Digital Government Office in the Prime Minister’s Office. She also serves as chairman of SGInnovate and Cyber Youth Singapore.

Hosen Group

Between Dec 3 and Dec 4, Hosen Group executive director and CEO Daniel Lim acquired 1,774,600 shares at S$0.04 per share. With a consideration of S$70,313, this increased his direct interest in the leading importer, exporter and distributor of fast-moving consumer goods from 2.18 per cent to 2.72 per cent.

Back in the first half of FY2024 (ended Jun 30), the company reported that group revenue increased by 11.6 per cent to S$37.67 million from H1 FY2023, primarily due to higher sales volume and price adjustments. Net profit attributable to owners also rose to S$0.59 million, up from S$0.31 million in H1 FY2023.

Lim joined the group in 1997 and was appointed executive director in March 2004, and CEO in May 2024.

Inside Insights is a weekly column on The Business Times, read the original version.

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