Ow started buying on May 28, acquiring 20,000 shares for 24 cents each. He continued buying on most days till June 6. For most days, he paid about 24.5 cents for each share. Before this streak, Ow last bought in January. He had acquired 88,750 shares at 25 cents each on Jan 26 and 200 shares on Jan 30.
Singapore Shipping Corp charters out a fleet of vessels specialising in transporting vehicles. It runs a ship management and agency business as well. For the year ended March 31, the company reported earnings of US$9.1 million, down 20.7% y-o-y, weighed down by lower agency and logistics earnings but offset by higher finance and investment income. Revenue in the same period was down 4% y-o-y to US$45.5 million ($61.5 million).
“Excluding planned drydocking off-hire, the group continues to record stable results in its ship-owning segment, which forms most of its revenue and operating profits. The group continues to cautiously evaluate investment opportunities. Net of cash, we have no gearing,” states the company in its earnings commentary.
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Absence of divestment gains
Over at Stamford Land Corporation, Ow’s recent spate of buying started on May 27, paying 39.2 cents each for 297,600 shares on the open market. He bought again on most days from May 28 to June 6, paying an average of between 39 and 39.5 cents each. Ow bought again on June 11 and June 12, paying 39.5 cents each for 300,000 shares on those two days.
Ow bought again on June 20 and 21, acquiring 50,000 and 4,000 shares at 38.5 cents each, respectively. These bring his direct stake in Stamford Land to 621.16 million shares or 41.868%. Coupled with a deemed stake of 4.02%, Ow now has a total interest of 45.888%, up from 45.796% when he first started buying on May 27.
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Stamford Land owns and operates a portfolio of luxury, high-end hotels under the Stamford brand throughout the major Australian cities of Sydney, Adelaide, Melbourne and Brisbane.
It has also developed residential projects, including Macquarie Park Village at the corner of Herring and Epping Roads Macquarie Park, The Stamford Residences and The Reynell Terraces in Sydney, and The Stamford Residences Auckland.
For the financial year ended March 31, Stamford Land reported earnings of $5.95 million, a drop from earnings of $152.4 million reported in the year earlier, which was largely lifted by a one-off gain from the divestment of a property in Auckland. Revenue in the same period was up 3.4% y-o-y to $157 million for the year ended March, as the hotels enjoyed a recovery. As of March 31, Stamford Land’s net asset value was 54 cents per share versus 58 cents as of March 31, 2023.
Stamford Land warns that its hotels continue to face competition, even as manpower and other operating costs increase. To generate new growth, it is exploring acquisitions but will, for now, place its surplus cash in “reputable” banks to earn interest income. “We balance the desire for higher income versus the management of credit risk. Hence, we do not necessarily chase after the highest interest rates,” says Stamford Land in its earnings commentary.
