Highs and lows of a short week

BUYING was high for the first time in three weeks while selling among directors was low for the 10th straight week based on Singapore Exchange filings during the holiday-shortened Aug 5-7 week.文件倉A total of eight companies recorded 18 purchases worth $1.24 million versus one firm with one disposal worth $10,000. The number of companies and value on the buying side were not far off from the previous week's five-day totals of eight firms and $1.36 million while the number of purchases was up from the previous week's 14 acquisitions. Sales, on the other hand, were lower than the previous week's two companies, two disposals and $1.59 million.Buyback activity among listed firms rose for the first time in the past four weeks with five companies that posted 10 repurchases worth $2.03 million. The figures were up sharply from the previous week's two firms, four trades and $589,000.Despite the short trading week, there were several significant corporate shareholder trades, most of which were purchases following the announcement of results with buybacks in Viking Offshore and Marine, Soup Restaurant Group, Koh Brothers Group and OCBC, and insider acquisitions in Fragrance Group, Global Premium Hotels, CCM Group and Yongmao Holdings.Viking Offshore and Marine LtdHeating, ventilation, air-conditioning and refrigeration solutions provider Viking Offshore and Marine Ltd bought back for the first time since December 2012 with 537,000 shares purchased from Aug 6 to 7 at 7.9 cents each. The trades were made on the back of the 35 per cent drop in the share price since January from 12.2 cents. Not surprisingly, the buybacks this month were made at lower than previous acquisition prices based on the 6.7 million shares that the group acquired from January to December 2012 at an average of 10.9 cents each.The company announced on Aug 5 an 87 per cent drop in Q2 profit to $255,000 while earnings in first half fell by 81 per cent to $523,000. The counter closed at 7.9 cents on Wednesday.Koh Brothers Group LtdConstruction and real-estate firm Koh Brothers Group resumed buying back after the company announced its interim results on Aug 6, with 321,000 shares purchased on Aug 7 at 30.3 cents each. The company posted a 100 per cent gain in second-quarter profit after tax to $5.423 million while earnings in the first half rose by 47 per cent to $8.538 million.The group previously acquired 2.4 million shares from May 21 to June 28 at an average of 30.7 cents and 2.764 million shares from Feb 20 to April 2 at an average of 31.6 cents. The trades since the second half of February were made after the stock fell from 37 cents on Feb 13.Despite the fall in the share price, the counter is still up since January from 27.5 cents. Prior to the repurchases this year, the group acquired 5.85 million shares from Feb 17 to Dec 3, 2012, at an average of 20.8 cents each and 11.4 million shares from May to December 2011 at 22 cents to 17 cents or an average of 21.1 cents. The counter closed at 30.5 cents on Wednesday.Oversea-Chinese Banking Corporation LtdOCBC resumed buying back after the banking and financial services provider announced its interim results on Aug 2 with 130,000 shares purchased from Aug 5 to 7 at an average of $10.72 each. The bank posted an 8 per cent drop in second-quarter profit to $597 million while earnings in the first half fell by 10 per cent to $1.293 billion.The group previously acquired 12.4 million shares from Feb 19 to July 17 at $9.84 to $11.19 or an average of $10.42. Overall, OCBC has bought back 12.57 million shares worth $131 million since February at an average of $10.43.Prior to the repurchases this year, the company acquired 18.2 million shares from January to November 2012 at an average of $8.89 and 213 million shares from March 2000 to December 2011 at $5.10 to $10.26 or an average of $6.77. The stock closed at $10.74 on Wednesday.Fragrance Group LtdChairman and CEO Koh Wee Meng resumed buying shares of property developer and hotel operator Fragrance Group after the company announced its interim results on Aug 2 with 1.5 million shares purchased from Aug 5 to 6 at an average of 24.1 cents each. The trades increased his direct holdings to 4.930 billion shares or 73.44 per cent of the issued capital. He also has deemed interest of 735.000 million shares or 10.948 per cent.The group posted a 67 per cent gain存倉in second-quarter profit to $45.037 million while earnings in first half rose by 41.3 per cent to $72.981 million.Mr Koh previously acquired two million shares from June 13 to July 2 at an average of 23.8 cents, 9.4 million shares from May 13 to 20 at an average of 25.2 cents and one million shares on March 25 at 26 cents.Prior to his trades this year, the chairman acquired $1.01 million worth of shares from April 2009 to August 2010 and $7.508 million worth of shares from March 2005 to November 2008.The recent purchases bode well for shareholders as the stock rose by an average of 39 per cent six months after the chairman bought shares based on 143 acquisitions since 2005. The stock recorded a price gain six months later on 81 per cent of those purchases. The counter closed at 24 cents on Wednesday.Global Premium Hotels LtdNon-executive chairman Koh Wee Meng resumed buying shares of Fragrance Group subsidiary Global Premium Hotels after the company announced its interim results on Aug 2 with twomillion shares purchased from Aug 5 to 6 at an average of 25.5 cents each. The trades increased his direct holdings to 52.000 million shares or 4.94 per cent of the issued capital. He also has deemed interest of 550.000 million shares or 52.28 per cent.The group posted a 36.2 per cent gain in second-quarter profit to $4.897 million while earnings in first half fell by 7.3 per cent to $9.2 million. He previously acquired nine million shares from May 10 to June 28 at an average of 26.2 cents and 3 million shares from Feb 4 to 5 at 27 cents. Prior to his trades this year, the chairman acquired 31 million shares from November to December 2012 at an average of 24.7 cents and 6 million shares from April to June 2012 at an average of 25 cents. The counter closed at 25.5 cents on Wednesday.Soup Restaurant Group LtdRestaurant chain operator Soup Restaurant Group recorded its first buyback since the stock was listed in May 2007 with 505,000 shares purchased on Aug 7 at 15.8 cents each. The trade was made on the back of the 34 per cent rebound in the share price since November 2012 from 11.8 cents. The counter is also sharply up since October 2007 from 4.8 cents. On Aug 2, the company announced an 89.9 per cent drop in first half profit after tax to $150,000. The counter closed at 16 cents on Wednesday.CCM Group LtdChairman and CEO Liew Sen Keong and directors Ambrose Chan Heng Fai and Teh Wing Kwan recorded the first insider buys in construction services provider CCM Group since the stock was listed in July 2010 with a combined 410,000 shares purchased on Aug 6 at an average of 10 cents.The purchases were made on the back of the 30 per cent drop in the share price since the last week of April, from 14.3 cents. The acquisitions were also made after CCM Group announced on Aug 2 a first-half loss of $68,000, which was less than the loss of $1.578 million in the same period last year.Mr Liew acquired 200,000 shares on Aug 6 at 10.1 cents each, which increased his direct holdings to 42.900 million shares or 25.06 per cent of the issued capital. He also has deemed interest of 5.900 million shares or 3.45 per cent. He previously sold 4.5 million shares in March 2012 at six cents each. Mr Chan, on the other hand, purchased an initial 110,000 shares or 0.06 per cent on Aug 6 at 9.8 cents each. Mr Teh acquired an initial 100,000 shares or 0.06 per cent on Aug 6 at 10 cents each. The counter closed at 10.2 cents on Wednesday.Yongmao Holdings LtdExecutive director Sun Tian recorded his first on-market trade in towercranes and towercrane components and accessories designer and manufacturer Yongmao Holdings since November 2011 with 119,000 shares purchased on Aug 6 at 20 cents each. The trade increased his direct holdings to 3.609 million shares or 0.81 per cent of the issued capital.The acquisition was made on the back of the 82 per cent rise in the share price since June from 11 cents. The counter is also up since November 2012 from 7.8 cents.The purchase was also made after the company announced on Aug 5 a 96.1 per cent gain in first quarter profit to RMB 14.683 million. The director previously acquired 375,000 shares in November 2011 at 15 cents each and an initial 3.115 million shares in June 2010 via married deal at 22 cents each. The counter closed at 20.5 cents on Wednesday.The writer is managing director, Asia Insider Ltd自存倉