SINGAPORE (Mar 20): Top managers of the two listed property agencies have bought shares in their companies this past week, amid a wider market selldown. On March 13, Jack Chua, executive chairman and CEO of
APAC Realty which runs the ERA franchise here, bought 10,000 shares at 38 cents each. On March 16, he bought another 50,000 shares at 36 cents each. Chua now owns 80,000 shares, or 0.02% of the company.
In FY2019 ended Dec 31, 2019, APAC Realty recorded earnings of $13.9 million, down 42.8% from the preceding year. Revenue in the same period was down 12.8% to $369.5 million. For the 4QFY2019, the company reported earnings of $5.4 million, up 32.4% y-o-y. Revenue in the same period was up 31.7% y-o-y to $107.8 million.
Meanwhile, Kelvin Fong, an executive director of Propnex, scooped up 1.4 million shares at 49.99 cents on March 16. He now owns more than 29.6 million shares, or 8.01% of the company, up from 7.63% earlier. Fong was not the only Propnex insider buying. On March 10, Ismail Gafoor, the company’s executive chairman and CEO, via his nominee account at UOB Kay Hian, bought 43,700 shares at 52 cents each.
He bought more shares again on March 11 and March 12. He paid an average of 51.953 cents each for 212,600 shares on March 11, and he paid an average of 50.627 cents each for 343,700 shares. He now holds more than 238.9 million shares, or 64.57%.
In FY2019 ended Dec 31 2019, Propnex’s revenue was down 2.7% over FY2018 to $419.8 million. However, earnings grew by 3.2% to $20 million, as a slate of new launches in the later half of the year helped drive earnings.
In 4QFY2019, its earnings more than quadrupled to $8.2 million from a year ago. Revenue in the same period was up 57.9% y-o-y to $131 million.
Centurion’s duo
The duo controlling Centurion Corporation, former UOB Kay Hian remisiers David Loh and Han Seng Juan, have launched another bout of share purchases amid a wider market selldown.
On March 13, Han bought 254,700 shares at an average of 38.961 cents. He also bought 30,000 shares at HK$2.15 (39.5 cents). The company, which operates workers’ dormitories and student hostels, is dual listed on both the Singapore and Hong Kong exchanges.
Han’s purchase on March 13 followed a few rounds of earlier buying. On March 9, he bought 325,000 shares at 42.46 cents. On March 10, David Loh, Han’s cousin, and long-time colleague and business partner, bought two million shares at HK$2.40 each. On March 11, he snapped up 2.15 million shares at an average price of 42.884 cents. On March 12, he bought 251,500 shares at 40.395 cents each.
With his most recent purchase on March 13, Han now holds a direct stake of just over 28 million shares, or 3.331%, up from 3.301% previously. He also has a deemed stake of more than 433.7 million shares, or 51.583%, which is held via an entity called Centurion Global. He and Loh each own half of this entity, which is used to hold Centurion shares.
As of Dec 31, 2019, Centurion’s NAV was 70.43 cents, up from 60.34 cents as at Dec 31 2018. Year to date, the company’s share price is down some 18% to close at 39 cents on March 17.
On Feb 26, Centurion reported earnings of $103.8 million for the year ended Dec 31, 2019, up 23% from the preceding year. Revenue in the same period was up 11% to $133.4 million.
The bulk of the earnings were contributed by a revaluation gain of some $66.3 million booked by the company.
Earlier in the year, Centurion received regulatory approval from the URA to redevelop one of its assets, Westlite Toh Guan, from a workers dormitory and industrial training centre, into one that can be used for ancillary commercial purposes as well. In addition, the existing lease of this property has been given a 25-year extension. Instead of expiring in September 2032, it will now last till November 2057. According to Knight Frank, the property is now valued at $284 million as at Dec 31, 2019, an increase of $70 million.
