Director Interests, Buybacks and Capital Formation Across SGX Stocks

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Over the five sessions, close to 90 director interests and substantial shareholdings were filed for around 40 primary-listed stocks. Directors or CEOs reported 22 acquisitions and four disposals, ...

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This included CEO or director acquisitions filed for A-Sonic Aerospace, Attika Group, Ho Bee Land, Huationg Global, Kin Global, Nera Telecommunications, Singapore Shipping Corporation, Stamford Land Corporation, SunMoon Food Company, Ultragreen.ai, YHI International and Yongmao Holdings.Share Buybacks In addition, the five sessions saw 17 primary-listed companies conduct buybacks with a total consideration of S$46 million, led by United Overseas Bank, Keppel and Singapore Telecommunications.  Frencken: S$100 Million Placement to Fund Capacity and Strategic ExpansionOn 27 August, Frencken Group entered into a placement agreement with Maybank Securities as sole placement agent for a proposed placement of 44.08 million new shares at S$2.2687 per share to raise gross proceeds of S$100 million. The placement price represents a discount of approximately 10 per cent to the pre-halt VWAP. The new shares represent 10.27 per cent of existing issued shares and approximately 9.31 per cent of the enlarged share capital.Approximately 90 per cent of the net proceeds, or S$87.4 million, will fund business expansion initiatives, manufacturing capacity and capabilities, and strategic investments including potential acquisitions, joint ventures and alliances. The remaining S$9.7 million is allocated to working capital requirements and/or repayment of bank borrowings.The strategic rationale centres on expanding Frencken's Mechatronics and Advanced Plastics Solutions divisions, while strengthening capacity for semiconductor-related demand, automotive radar antenna production and future growth opportunities.The placement also broadens the shareholder base. No change in control will result. Amova Asset Management Asia, a substantial shareholder, subscribed for 2.922 million placement shares as part of the placement.Recent trade and manufacturing indicators have reinforced the relevance of capital formation. Manufacturing output rose sequentially in July, although year-on-year growth moderated, while electronics exports surged, suggesting demand may have been running ahead of production. This was consistent with Singapore’s manufacturing PMI, which showed new orders expanding faster than output while inventories declined. As order books grow, companies often require additional capital to fund capacity expansion, equipment investment and working capital ahead of revenue realisation.Ho Bee Land: Founder Accumulation as Development and Redevelopment Plans ProgressOn 25 August, Mdm Ng Noi Hinoy, spouse of Executive Chairman and Executive Director Chua Thian Poh, acquired 50,000 Ho Bee Land shares on market for S$102,115, at an average price of approximately S$2.04 per share. The transaction continues a long history of substantial insider ownership and periodic share accumulation by the founding family. Dr Chua maintains a deemed interest of 76.07 per cent in the companyHo Bee Land is a property developer and investor with development exposure in Australia and investment properties across Singapore and London. The group reported 1HFY26 revenue of S$230.5 million, up 29.6 per cent year-on-year, while profit after tax increased 4.9 per cent to S$52.9 million. Management also provided more project-level detail on its growth and value creation initiatives, highlighting continued growth in the Australian development business, the commencement of asset enhancement works at 67 Lombard Street, redevelopment preparations for 1 St Martin's Le Grand, and new investments in a convenience retail portfolio in the Netherlands and a hospitality fund in Japan.NeraTel Executive Chairman Accumulates Shares Amid Improving Earnings VisibilityBetween 18 August and 25 August, Steve Chu Fu-Chuan, Executive Chairman and Executive Director of Nera Telecommunications, acquired an aggregate 219,500 shares on-market for S$39,352, at an average price of approximately S$0.179 per share. The purchases increased his direct interest from 3,126,800 shares to 3,346,300 shares, representing 0.925 per cent of the company's issued share capital from 0.864 per cent previously. The acquisitions comprised 49,600 shares and 5,000 shares on 18 August, 400 shares on 19 August, 50,000 shares on 20 August, 100,000 shares on 21 August and 14,500 shares on 25 August.Mr Chu has served as Executive Chairman and Executive Director of Nera Telecommunications since April 2025. He is also Chairman and CEO of Ennoconn Corporation, whose wholly owned subsidiary, Ennoconn Solutions Singapore Pte Ltd is NeraTel's controlling shareholder. Incorporated in 1978 and listed on the SGX Mainboard since 1999, NeraTel is a Singapore-headquartered technology integrator providing connectivity, network infrastructure, cybersecurity and managed technology services across Asia-Pacific, Europe, the Middle East and Africa. The share purchases followed NeraTel's return to profitability in 1H26. In commenting on the results, Mr Chu said the first-half performance reflected the progress made in strengthening the business over the past year, with the group returning to profitability, delivering positive EBITDA and significantly increasing order intake, providing a solid platform for sustainable growth. Revenue increased 1.1 per cent to S$45.2 million, while gross profit rose 8.1 per cent to S$10.0 million and gross margin improved to 22.2 per cent from 20.7 per cent. The group reported net profit of S$535,000, reversing a loss of S$1.8 million in 1H25, while EBITDA improved to S$2.4 million from negative S$0.4 million. Order intake increased 40.9 per cent to S$56.8 million and order backlog stood at S$116.1 million as of 30 June, providing revenue visibility into 2027. A-Sonic CEO Continues to Raise Stake Following 1H26 Earnings SurgeChief Executive Officer and substantial shareholder Janet LC Tan acquired 59,600 A-Sonic Aerospace shares on 21 August through an open-market purchase at an average price of S$0.58 per share, for a total consideration of S$34,817. Following the transaction, her direct interest increased to 67.14 million shares from 67.08 million shares previously, raising her stake to 67.07 per cent from 67.01 per cent. In its 1H26 results announced on 11 August, A-Sonic Aerospace reported a 28.1 per cent increase in turnover to US$142.6 million, while profit attributable to equity holders surged 234.0 per cent to US$1.45 million from US$0.44 million in 1H25. Profit before tax increased 197.7 per cent to US$1.67 million, supported by stronger logistics operations and improved marginsA-Sonic Aerospace operates aviation and logistics businesses across 28 cities in 14 countries. As of 30 June 2026, the group held US$39.8 million in cash and cash equivalents and reported net asset value per share of 63.77 Singapore cents. During 1H26, the company bought back and cancelled 3.95 million shares for a consideration of US$1.62 million pursuant to its share buyback mandate.Attika: Insider Buying, Project Visibility and the Valuation BridgeOn 21 August, Steven Tan Buan Joo, Managing Director and Executive Chairman of Attika Group Ltd, acquired 200,000 shares on market for S$40,000, at S$0.20 per share. The purchase increased his direct interest from 198.8 million shares to 199.0 million shares, with his total interest remaining at 73.8 per cent of the company’s issued share capital. Mr Tan, who founded the group in 2014, is responsible for its strategic direction and overall management. Listed on the Catalist board in November 2024, Attika Group is a Singapore-based integrated interior fit-out and Mechanical, Electrical and Plumbing engineering services provider. In FY25, the group expanded into property development and investment, completing the acquisition of a property at 186 Tagore Lane as part of its diversification strategy.The insider purchase also came against a backdrop of improved external visibility on the group. On 30 June, KGI Securities analyst Ting Shuo Chong initiated coverage on Attika in a report titled Attika Group Ltd: Scaling into Data Centres and Public-Sector Infrastructure, setting out how the company’s disclosed project awards and operating information could be translated into forecasts and valuation. Among the projects discussed were a commercial office project valued at approximately S$36.0 million, a data-centre fit-out contract estimated by KGI at approximately S$20.8 million, LTA-related projects and other commercial and institutional works. KGI grouped these and other disclosed contracts into an estimated award base of approximately S$76 million.From that award base, KGI then sets out the revenue and cash-flow bridge. Its forecasts assume revenue increases from S$37.5 million in FY25A to S$54.9 million in FY26E and S$60.8 million in FY27E, with EBIT rising from S$4.5 million in FY25A to S$6.9 million in FY26E and S$8.7 million by FY30E. After adjusting for tax, depreciation and amortisation, and working-capital requirements, KGI forecasts free cash flow of S$3.6 million in FY26E, increasing to S$7.2 million by FY30E.These forecast cash flows are then discounted to present value using KGI’s discounted cash flow methodology. The report derives an enterprise value of S$91.4 million, deducts debt of S$14.0 million and adds cash of S$6.8 million to arrive at equity value of S$84.2 million. Based on 269.8 million diluted shares, this results in a fair value estimate of S$0.312 per share.An important point is that the valuation is not based solely on the cash flows forecast over the next five years. KGI estimates that the present value of cash flows generated during FY26E-FY30E contributes approximately S$23 million to enterprise value, while assumptions regarding cash flows beyond FY30E contribute approximately S$68 million. As with many discounted cash flow valuations, a substantial proportion of value is therefore derived from assumptions regarding the company's ability to continue winning projects, replenishing its order book and generating cash flows over the longer term.This highlights an important feature of many valuation models. A target price is influenced not only by near-term earnings and cash-flow forecasts, but also by assumptions regarding a company's ability to sustain its operations, replenish its order book, execute projects, and generate cash flows over the longer term. As with any valuation model, the outcome depends on assumptions. KGI identifies execution delays, margin pressure, slower order replenishment, working-capital demands, and small-cap liquidity as key risks to the investment case. The broader takeaway extends beyond Attika. Project awards, contract values, completion timelines and operating metrics provide analysts with the building blocks needed to construct revenue forecasts, earnings estimates, cash-flow projections and valuation frameworks. The greater the visibility around those drivers, the easier it becomes for analysts and investors to assess how operational assumptions may translate into forecasts and ultimately into valuation.Share Buybacks by Primary-listed Companies by way of Market Acquisition (Aug 21 to 27)Number of Shares/Units Purchased Buyback Consideration (incl stamp duties & clearing charges) S$   Avg price paid per share S$UNITED OVERSEAS BANK 330,00013,463,23940.80KEPPEL 1,000,00011,385,62511.39SINGAPORE TELECOMMUNICATIONS 1,262,0005,543,1724.39SINGAPORE TECHNOLOGIES ENGINEERING 500,0005,356,04710.71SEATRIUM 930,0001,999,4382.15THE HOUR GLASS 632,8001,774,0962.80SIA ENGINEERING COMPANY 499,7001,563,5333.13FOOD EMPIRE HOLDINGS 650,0001,466,6392.26ULTRAGREEN AI 1,500,0001,372,6950.92NANOFILM TECHNOLOGIES INTERNATIONAL 865,800817,2580.94VENTURE CORPORATION 34,900584,55516.75ADDVALUE TECHNOLOGIES 1,500,000225,9740.15GLOBAL INVESTMENTS 1,500,000191,6620.13WINKING STUDIOS 599,200126,2590.21ASPIAL CORPORATION 355,30053,9500.15INTRACO 73,55027,9920.38SARINE TECHNOLOGIES 4,0007730.19Total12,237,25045,952,905 Inside Insights is a weekly column on The Business Times, read the original version.Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}