Tag Archive | "Starhub"

Selling among directors rebounds sharply

THE buying slowed while the selling among directors rebounded sharply based on filings on the exchange from June 27 to July 1. A total of 13 companies recorded 30 purchases worth $18.76 million versus five firms with nine disposals worth $30.36 million. Although the number of purchases was only two trades shy from the previous week’s acquisitions, the number of firms and value were sharply down from the previous week’s 19 companies and $43.04 million. On the negative side, the sale totals, although low, were a turnaround from the previous week’s zero disposals.

Aside from directors, the buyback activity among listed firms also fell with 12 companies that posted 24 repurchases worth $1.77 million, which were down from the previous week’s 13 firms, 40 trades, and $6.17 million.

There were several significant trades in the local market last week. On the directors’ side, the COO of GMG Global Limited recorded his first purchase since 2007 after the stock fell by 17 per cent. Meanwhile, there were more insider sales in StarHub Ltd and Super Group Limited at higher prices last week.

On the substantial shareholders’ front, the fund manager sentiment was mostly bearish last week with disposals recorded in Artivision Technologies, CapitaMall Trust, Tiger Airways, and Fraser and Neave Limited.

GMG Global Limited

COO Jeffrey Gondobintoro recorded his first on-market trade in Singapore-based rubber plantation firm GMG Global Limited since 2007 with one million shares purchased on June 24 at 24 cents each. The trade increased his holding (direct & deemed) to 691.494 million shares or 18.01 per cent of the issued capital.

The purchase was made on the back of the 17 per cent drop in the share price since the second half of April from 29 cents. The counter is also sharply down since November 2010 from 33.5 cents.

Although Mr Gondobintoro resumed buying this month following the drop in the share price, the trade was made at sharply higher than his previous purchase price based on the 780,000 shares that he acquired in August 2007 at an estimated price of 10.5 cents each.

Also positive this year are directors Tay Puan Siong and Ong Kian Min. Director Tay Puan Siong acquired one million shares on May 5 at 27 cents each, which boosted his direct stake by 100 per cent to two million shares or 0.05 per cent. He previously acquired an initial one million shares on March 11 at 28 cents each.

Director Ong Kian Min, on the other hand, purchased one million shares on March 11 at 28 cents each, which raised his deemed holdings 100 per cent to two million shares or 0.05 per cent. He previously acquired an initial one million shares on Feb 24 at 28 cents each. The counter closed at 24 cents on Friday.

StarHub Ltd

Non-executive director Steven Terrell Clontz unloaded more shares of information, communications, and entertainment services provider StarHub Ltd at higher than his sale prices from June 2010 to January this year with two million shares sold from June 24 to 30 at an average of $2.74 each.

The trades, which accounted for 50 per cent of the stock’s trading volume, reduced his direct holdings by 50 per cent to 2.015 million shares or 0.11 per cent. The disposals were made on the back of the 12 per cent rise in the share price since the last week of January from $2.44.

He previously sold nearly three million shares from June 2010 to Jan 4 this year at $2.28 to $2.65 each or an average of $2.47 each. Aside from the sales in 2010, Mr Clontz sold a net 850,000 shares in 2008 at an average of $3.05 each. The stock closed at $2.75 on Friday.

Super Group Limited

Executive director Wong Fook Sung recorded his first on-market trade in convenient food products manufacturer Super Group Limited (formerly known as Super Coffeemix Manufacturing) since January 2007 with 30,000 shares sold on June 28 at $1.48 each. The trade reduced his direct holdings by 77 per cent to 9,000 shares. The disposal was made on the back of the 23 per cent rebound in the share price since March from $1.20. The counter is also sharply up since March 2009 from 32.5 cents.

The director resumed buying this month at sharply higher than his previous sale price based on the 110,000 shares that he sold from Jan 3 to 22, 2007 at an average of 89.5 cents each. Prior to his disposals since 2007, Mr Wong acquired 10,000 shares in March 2004 at 48.5 cents each.

The corporate shareholder sentiment is not entirely negative this year as The Capital Group Companies, Inc purchased 7.95 million shares on March 3 at an estimated price of $1.29 each, which increased its deemed holdings to 35.92 million shares or 6.44 per cent. The group previously reported an initial filing on Feb 18 of 424,000 shares at $1.50 each, which raised its interest to 5.02 per cent. The counter closed at $1.45 on Friday.

Artivision Technologies Ltd

Tembusu Growth Fund Ltd ceased to be a substantial shareholder of visual intelligence and video management solutions provider Artivision Technologies on June 24 following the sale of 30.713 million shares at an estimated price of 22.5 cents. The trade reduced its direct holdings by 56 per cent to 24.588 million shares or 4.97 per cent. The disposal was made after the stock rebounded by 73 per cent from 13 cents on June 2.

Despite the rebound in the share price, the counter is still down since the second half of May from 28.5 cents. The group previously sold three million shares (deemed) on May 12 at 19 cents each. That disposal was made at a huge profit based on the three million shares that the group acquired in May 2009 at 10 cents each. The counter closed at 21.5 cents on Friday.

CapitaMall Trust

The Capital Group Companies, Inc unloaded more units of real estate investment trust CapitaMall Trust with nearly 32 million units sold from March 30 to June 23 at estimated prices of $1.85 to $1.90 each.

The trades reduced its deemed holdings by 11 per cent to 254.207 million units or 7.98 per cent. The group previously sold 315,000 units on March 29, 2010 at an estimated price of $1.85 each.

Prior to its disposals since March 2010, the fund manager acquired 31.725 million units on March 22, 2010 at an estimated price of $1.85 each and 78.66 million units from August to October 2009 at estimated prices of $1.52 to $1.74 each. The Capital Group Companies became a substantial shareholder in March 2009 following the purchase of 15.447 million units at $1.04 each, which raised its interest to 5.56 per cent. The unit trust closed at $1.88 on Friday.

Tiger Airways Holdings Limited

The Capital Group Companies, Inc recorded its first sales in low-cost airliner Tiger Airways Holdings since it became a substantial shareholder in October 2010 with 450,000 shares sold from June 22 to 24 at an estimated price of $1.21 each.

The trades reduced its holdings to 43.442 million shares or 7.97 per cent. The disposals were made after the stock fell by 22 per cent from $1.55 on May 19. The counter is also sharply down since the second half of January from $1.82.

The sales were made at sharply lower than its purchase prices based on the 16.71 million shares that the fund manager acquired from Nov 26, 2010 to Jan 4 this year at an estimated average price of $1.85 each. The Capital Group Companies reported an initial filing on Oct 12, 2010 of 1.35 million shares at an estimated price of $1.93 each, which raised its interest to 5.03 per cent.

Also negative this year are CEO Anthony Alfred Peter Davis and Schroder Investment Management Group. CEO Anthony Alfred Peter Davis recorded the first on-market trade by a director of the company since the stock was listed in January 2010 with one million shares sold on May 27 at $1.42 each, which reduced his direct holdings by 24 per cent to 3.104 million shares or 0.57 per cent. The sale was made at a huge profit based on the 5.906 million shares that he acquired via options from April 8, 2010 to March 2 this year at an average of 8.5 cents each.

Investors should note that the CEO’s sale price was slightly lower than the IPO price of $1.50. Schroder Investment Management Group, on the other hand, reported a disposal-related filing on April 13 of 2.31 million shares at an estimated price of $1.51 each, which reduced its deemed holdings by 8 per cent to 26.185 million shares or 4.81 per cent. The fund manager previously reported an initial filing on Oct 8, 2010 of 556,000 shares at $1.97 each, which raised its interest to 5.05 per cent. The stock closed at $1.19 on Friday.

Fraser and Neave Limited

The PNC Financial Services Group, Inc and Prudential Asset Management (Singapore) Ltd unloaded more shares of beverage producer, property investor, and publishing firm Fraser and Neave Limited. The PNC Financial Services Group ceased to be a substantial shareholder on June 22 following the sale of 777,000 shares at an estimated price of $5.55 each, which reduced its deemed holdings to 70.25 million shares or 4.99 per cent.

The group previously reported an initial filing in July 2010 of 574,000 shares at $5.33 each, which raised its interest to 5.04 per cent. Prudential Asset Management, on the other hand, reported a disposal-related filing on June 13 of 280,000 shares at an estimated price of $5.66 each, which lowered its deemed stake to 112.3 million shares or 7.97 per cent. The group previously reported a disposal-related filing on April 13 of 120,000 shares at an estimated price of $6.23 each.

Prior to the disposals this year, the fund manager acquired 42.77 million shares from September 2009 to March 2010 at estimated prices of $4.02 to $4.35 each. Prudential Asset reported an initial filing in September 2009 of 903,000 shares at an estimated price of $4.02 each, which raised its interest to 5.01 per cent. The stock closed at $5.85 on Friday.

The writer is managing director, Asia Insider Limited.

Adapted from The Business Times ( By ROBERT HALILI )

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StarHub’s AGM draws flurry of queries from shareholder

StarHub’s AGM draws flurry of queries from shareholder
StarHub shareholder Dr Tony Tan’s complaint that that the telco had too many board members and paid them too much, attracted comebacks from no less than three directors. — PHOTO: BLOOMBERG

TWO years ago, StarHub shareholder Dr Tony Tan’s complaint that that the telco had too many board members and paid them too much, attracted comebacks from no less than three directors.

On Friday morning, Dr Tan again took to the stage at the telco’s 13th annual general meeting, asking a flurry of questions, ranging from how the board justified its pay, to whether StarHub’s directors were too old for a company that that needs to be at the forefront of technology.

Dr Tan – who did not attend last year’s AGM as he was overseas – wanted the board to justify its directors’ fees of $1.17 million, up from $1.08 million in 2010. ‘What KPI (key performance indicators) do you use to determine whether you have performed, against the fees you are getting? How will I know you have done a good job?’ asked Dr Tan, who runs his own consulting firm.

Dr Tan, 46, was also concerned whether StarHub’s board members, given their average age of 61, ‘really understand the needs of their customers given their difference in age’.

StarHub’s chairman Tan Guong Ching took his comments in his stride. ‘Your point is taken. And I am not offended,’ said the 65-year-old.

On board compensation, he said, StarHub has an external consulting company, Carrots Consulting. On its advice, ‘a variable quantum is pegged to performance, and measures how StarHub performs compared to Morgan Stanley Capital International’s stock indices, amongst other indicators,’ he said.

adapted from ST online

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