Daniel Lim Increases Stake in Hosen Group

Over the five trading sessions from March 14 to 20, institutions were net sellers of Singapore stocks, with net institutional outflow narrowing to S$18 million, from S$221 million over the preceding five sessions. This brings the net institutional outflow for the 2025 year to March 20 to S$1.47 billion.

Institutional Flows 

Over the five trading sessions through to March 20, the stocks that saw the highest net institutional outflow were DBS Group Holdings, Oversea-Chinese Banking Corporation, CapitaLand Integrated Commercial Trust, United Overseas Bank, Keppel DC REIT, iFAST Corporation, SATS, CapitaLand Ascott Trust, First Resources, and Genting Singapore.

Meanwhile, Singtel led the net institutional inflows over the five sessions, followed by Singapore Technologies Engineering, CapitaLand Ascendas REIT, Jardine Matheson Holdings, Mapletree Logistics Trust, Keppel, Yangzijiang Financial Holding, Singapore Airlines, and Sembcorp Industries.

From a Sector perspective, Industrials again experienced the highest net institutional inflow, while Financial Services saw the most net institutional outflow. 

Trading Activity

Stocks that saw trading turnover notch higher over the five sessions included OKH Global, China Sunsine Chemical Holdings, Raffles Medical Group, Singapore Technologies Engineering, Nam Cheong, and ISOTeam. OKH Global owns a portfolio of investment properties, with a Special General Meeting scheduled on April 3 to obtain a vote on the acquisition of Chip Eng Seng Construction Pte Ltd. OKH Global expects the acquisition to revitalise its business and provide a strong financial footing for future growth opportunities.

Share Buybacks

The five sessions saw 17 primary-listed companies conduct buybacks with a total consideration of S$29.8 million down from S$49.7 million for the preceding five sessions. Oversea-Chinese Banking Corporation led the consideration tally, with 1.05 million shares bought back at an average price of S$16.85 a share. 

HC Surgical Specialists

HC Surgical Specialists repurchased 330,000 shares at an average price of S$0.29 apiece. This was the first time the Catalist-listed medical services group had bought back its shares since May 2021. 

In January, HC Surgical Specialists reported its 1HFY25 (ended 30 Nov) revenue increased 3.4 per cent, and attributable net profit declined 2.1 per cent from 1HFY24. Chief Executive Officer Heah Sieu Min highlighted that the Group is continuing to focus on its core competencies and look for opportunities for expansion. Dr Heah also noted that the renovation of the Camden Centre, completed in December 2024, optimises the endoscopy centre space and modernises the GP clinic. He added that the alignment within one premise streamlines healthcare services, ensuring continued quality primary and specialist care for all Singapore residents. 

ESR-REIT 

ESR-REIT Management bought back 3.2 million units of ESR-REIT on March 20 at an average price of S$0.25 per unit. This took the number of units acquired on the current buyback mandate to 39.2 million units or 0.51 per cent of the outstanding issued units. 

The Manger maintains that over the past two years, it had successfully executed its “4R Strategy,” achieving key milestones for ESR-REIT. This has involved recapitalising through equity fund raising and recycling capital via the divestment of non-core assets. The Manager added that these initiatives have enhanced the REIT’s asset and earnings quality, lengthening portfolio land leases and increasing the proportion of new economy assets. 

Stoneweg European Reit

On March 20, the Manager of Stoneweg European Real Estate Investment Trust (SERT) also conducted a unit buyback, funded from recent asset sales. This saw 50,000 SERT units bought at an average price of EUR 1.43. The Manager maintains the buyback serves as a flexible and cost-effective tool to enhance ROE and NAV per unit, mitigate market volatility, counter speculative trading, and bolster market confidence in SERT’s units. It also noted that in addition to closing the gap to its NAV at EUR 2.03 per unit, SERT remains focused on unlocking long-term growth and capitalising on opportunities to drive higher DPU over the medium term. Its new sponsor, SWI Group, holds a 27.8 per cent stake in SERT, and has also maintains its medium-term objective for the diversified European REIT is to achieve long-term growth and higher DPU.

Director Transactions

The five trading sessions saw more than 70 director interests and substantial shareholdings filed for close to 40 primary-listed stocks. Directors or CEOs filed 11 acquisitions, and no disposals, while substantial shareholders filed five acquisitions and two disposals. This included director or CEO acquisitions in ABR Holdings, Accrelist, Audience Analytics, Hosen Group, Hyphens Pharma International, IFS Capital, Megachem, Singapore Shipping Corporation, Stamford Land Corporation, and Union Steel Holdings.

Hosen Group

On March 18, Hosen Group Executive Director and CEO Daniel Lim Hock Chye acquired 716,000 shares at an average price of S$0.44 apiece. This increased his direct interest from 2.72 per cent to 2.94 per cent.  His preceding acquisitions were in early December with 1,774,600 shares acquired at an average price of S$0.04 per share. Mr Lim joined the Group in 1997 and became Executive Director in March 2004. He oversees brand building, procurement, international sales, and the strategic growth of the chocolate business. 

Hosen Group is primarily engaged in the fast-moving consumer goods (FMCG) business, specialising in consumer-packaged food. The company reported 43 per cent of its revenue to Singapore and 33 per cent of its revenue to Malaysia in its FY24 (ended Dec 31). The business focuses on providing high-quality, convenient food solutions to consumers through various channels, including supermarkets, quick service restaurants, hotels, restaurants, catering services, and e-commerce platforms. In February, Hosen Group reported an FY24 attributable net profit of S$1.974 million, which doubled the S$0.986 million recorded in FY23. The Group's revenue for FY24 increased by 8.1 per cent to S$72.75 million, up from S$67.30 million in FY23, driven by higher sales demand and volume of canned food and chocolate products. Gross profit rose by S$2.11 million to S$17.08 million, with the gross profit margin improving from 22.24 per cent to 23.47 per cent. Other income increased by S$0.68 million to S$1.65 million in FY24 mainly due to gain on disposal of indirect subsidiary Hock Seng Food (Shanghai) Co Ltd and gain in forex exchange in FY24.  

Cognisant of  the broader macroeconomic challenges of 2025, the Group signaled it will continue to focus on actively managing costs, improve operational efficiencies, and explore new business opportunities to navigate the uncertain landscape. Management will also keep shareholders informed on any material updates and developments regarding the pending Sale and Purchase Agreement for Hosen Chocolate Sdn Bhd to acquire land in Malaysia, that is subject to State Authority approval.

Audience Analytics

On March 14, Audience Analytics Chairman and Managing Director Datuk William Ng Yan Meng acquired 111,000 shares at an average price of S$0.277 per share. This increased his total interest from 83.97 per cent to 84.02 per cent. Datuk William Ng manages the Group’s daily operations, in addition to setting the growth direction. He has more than 22 years of experience in the business impact assessment and recognition, marketing, media, and exhibition industries.

In February, Audience Analytics reported a 29 per cent increase in attributable net profit from FY23, to S$6.0 million, and proposed a higher dividend payment. The company's revenue climbed 6 per cent to S$15.6 million, while the net profit increase was also driven by a margin increase, higher interest income from fixed deposits and foreign exchange gains. The Group's net cash position stands at S$22 million, which constitutes approximately one-third of its market capitalisation of around S$64 million. The proposed dividends of 1.500 Singapore cents per share for FY24 represent a 17.6 per cent increase compared to the FY23 dividends of 1.275 Singapore cents per share, based on the adjusted number of ordinary shares following the 3-for-1 bonus share issue in January 2025. This also aligns with the recently announced dividend payout policy of at least 50 per cent of profit attributable to equity holders of the Company.

With the results, Datuk William Ng noted Audience Analytics’ unwavering commitment to innovation, efficiency, and market expansion has resulted in robust profit growth and established a solid foundation for future opportunities. As of March 20, the Catalist-listed stock maintained an ROE of 30 per cent and P/E ratio of 14x. 

ABR Holdings

On March 18, ABR Holdings managing director Ang Yee Lim acquired 50,000 shares at S$0.41 per share. This increased his direct interest in the home-grown restaurant operator from 53.87 per cent to 53.90 per cent. Mr Ang has gradually increased his interest from 52.12 per cent as of the end of 2023 and has served as managing director since July 2004. 

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

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