Lim & Tan Securities
Daily Review | 21 April 2025
Singapore Stock Market Insights: Oiltek, Geo Energy, and Fund Flow Analysis
FSSTI Index and Global Market Overview
- The FSSTI Index closed at 3,720.3, marking a 1.6% increase, but showing a MTD decrease of -6.3% and a YTD decrease of -1.8%. [[1]]
- Global indices present a mixed bag with the INDU Index at 39,142.2 (-1.3%), SPX Index at 5,282.7 (0.1%), CCMP Index at 16,286.5 (-0.1%), UKX Index at 8,275.7 (0.0%), NKY Index at 34,730.3 (1.0%), HSI Index at 21,395.1 (1.6%), and SHCOMP Index at 3,276.7 (-0.1%). [[1]]
- The VIX Index stands at 29.7, decreasing by -9.2%. [[1]]
- Singapore’s daily market value is S\$1,409.0 million with a daily market volume of 1,172.7 million. [[1]]
- The 52-week high for STI is 4,005.2 and the low is 3,176.6. [[1]]
Key Interest Rates
- The 3 Month SGD SORA is at 2.5, showing a decrease of -0.1%. [[1]]
- SG 10 YR Bond Yield is at 2.6, increasing by 0.8%. [[1]]
- US 10 YR Bond Yield is at 4.3, remaining unchanged. [[1]]
US Futures and Commodities
- Dow Jones is at 39,130.0 (-0.5%), S&P 500 at 5,287.5 (-0.5%), and NASDAQ at 18,299.0 (-0.4%). [[1]]
- Gold is priced at 3,345.6 (0.6%), Crude Oil at 64.7 (3.5%), Baltic Dry at 1,261.0 (1.6%), and Crude Palm Oil at 3,975.0 (-0.9%). [[1]]
Market Commentary
- On Thursday, the S&P 500 increased by 0.13%, while the tech-heavy Nasdaq composite decreased by 0.13%, and the Dow Jones moved down by 1.3%. [[1]]
Idea of the Day: Oiltek (OILTEK:SP)
- Oiltek’s stock is at \$1.17, down 2 cents. [[1]]
- Oiltek has addressed queries from their AGM, focusing on the implications of Indonesia’s restriction on exports of used cooking oil, POME (Palm Oil Mill Effluent), and High Acid Palm Residue. [[1]]
- The company believes these restrictions may lead to increased domestic processing, presenting an opportunity for Oiltek to support local processing in Indonesia with its advanced technologies. [[2]]
- Oiltek is not aware of similar export restrictions being considered by Malaysian authorities and has the technical capability to process high acid palm residue into various useful products. [[3]]
- Oiltek does not intend to change its financial year end. [[4]]
- Oiltek’s market cap stands at \$167.3 million and it trades at 15.6x FY25 PE with a dividend yield of 2.8%. [[4]]
- The target price stands at \$1.50, representing a 28.2% upside from the current share price. [[4]]
- A ‘BUY’ recommendation is maintained on Oiltek with a TP of S\$1.50, representing a 29.3% upside from the current share price, driven by order-winning momentum and initiatives in Indonesia and Malaysia to increase biodiesel blend ratios. [[4], [5]]
- The approval in principle to transfer its listing to the Mainboard and the incoming 2 for 1 bonus issue are expected to attract interest from funds that invest exclusively in Mainboard-listed companies. [[5]]
Other Highlights
Highest Consensus Forward Dividend Yield (%)
- DBS Bank: 7.46 [[6]]
- Frasers Logistics Trust: 7.16 [[6]]
- Mapletree Logistics Trust: 6.86 [[6]]
- Mapletree Industrial Trust: 6.83 [[6]]
- Mapletree Pan Asia Comm Trust: 6.75 [[6]]
Lowest Consensus Forward P/E (X)
- Yangzijiang Shipbuilding: 6.18 [[6]]
- Jardine Cycle & Carriage: 7.18 [[6]]
- Jardine Matheson: 7.45 [[6]]
- Singapore Airlines: 8.36 [[6]]
- UOB Bank: 9.25 [[6]]
Lowest Trailing P/B (X)
- Hongkong Land: 0.30 [[6]]
- UOL Group: 0.41 [[6]]
- Jardine Matheson: 0.43 [[6]]
- City Developments: 0.48 [[6]]
- Mapletree Pan Asia Comm Trust: 0.69 [[6]]
Lowest Trailing EV/EBITDA (X)
- Yangzijiang Shipbuilding: 2.94 [[6]]
- Genting Singapore: 5.34 [[6]]
- Jardine Cycle & Carriage: 5.91 [[6]]
- DFI Retail Group: 6.30 [[6]]
- SATS: 8.08 [[6]]
Geo Energy Resources Limited (GGR:SP)
- Geo Energy Resources Limited (\$0.335, up 2 cts) has provided responses to questions received from shareholders ahead of its Annual General Meeting to be held on 25 April 2025. [[6]]
- Thermal coal demand is generally quite resilient due to its role as a stable and cheapest source of energy, especially in developing countries. [[6]]
- The domestic market in Indonesia contributed 32% of the Group’s revenue in FY2024, driven by the Domestic Market Obligation (DMO). [[7]]
- The Group has a cash profit of around US\$10 per tonne when ICI4 coal price has been ranging between US\$48 – 50 per tonne in the last few months. [[7]]
- The Group manages its foreign exchange risk primarily through natural hedges. [[7]]
- At 33.5 cents, Geo Energy is capitalized at \$474 million and trades at an undemanding forward consensus PE ratio of 5.3x. [[8]]
- Price-to-book stands at 0.8x and dividend yield is 3%. [[8]]
- A “Buy” rating is recommended for Geo Energy, given that Bloomberg consensus 1-year target price is 59 cents, a 74% increase from its current share price level of 33.5 cents. [[8]]
- Earnings and dividend trajectory for the company is expected to be “exciting” for FY2025 with a significant expansion of production volumes. [[8]]
- Validation of their new road infrastructure with potential injection of US\$50-100 million by their substantial shareholder with a potential independent valuation of US\$1.5 billion by year end could be another re-rating catalyst. [[8]]
Macro Market News Affecting US, Hong Kong, and China Markets
- Low correlations and regional dispersion are shaping market dynamics, creating selective opportunities outside the US. [[9]]
- Capital has rotated out of the US and into Europe and China. [[9]]
- China has discovered new deposits of high-purity quartz, a mineral crucial in the production of semiconductors and solar panels. [[9]]
- The Chinese discoveries were announced by the Ministry of Natural Resources, highlighting Beijing’s desire to minimize leverage points the US may have in the trade war. [[9], [10]]
US Market Analysis
- The March ISM Manufacturing adds to the recent stagflationary impulse, but markets remain focused on the growth drag, reinforcing a defensive asset allocation. [[10]]
- The headline index fell more than expected to 49.0 from 50.3, with new orders and employment contracting further. [[10]]
- Prices paid surged to 69.4, well above expectations. [[11]]
- BCA Research recommends caution on quantum computing, as the industry is still too early-stage for reliable investment exposure. [[11]]
Share Transactions
Acquisitions
- OUE Ltd: Stephen Riady acquired 44,200 shares at \$0.94, new balance 552,834,800, stake 73.09%. [[12]]
- Valuemax: Yeo Hiang Nam acquired 284,100 shares at \$0.50, new balance 740,731,124, stake 85.02%. [[12]]
- Ho Bee Land Ltd: Chua Wee Chern acquired 45,000 shares at \$1.78, new balance 3,350,000, stake 0.5%. [[12]]
- Singpost: Temasek (via DBS) acquired 300,000 shares at \$0.51, new balance 495,558,681, stake 22.01%. [[12]]
- UMS Integration: Catcher Tech Co Ltd acquired 950,000 shares at \$0.995, new balance 36,350,000, stake 5.12%. [[12]]
- Valuetronics: Sandy Liu acquired 70,000 shares at \$0.605, new balance 129,900, stake 0.032%. [[12]]
- Singapore Shipping Corp: Ow Chio Kiat acquired 100,000 shares at \$0.255, new balance 174,679,088, stake 43.61%. [[12]]
Disposals
- CNMC Goldmine: Choo Chee Kong disposed of 750,000 shares at \$0.38, new balance 37,217,500, stake 9.18%. [[12]]
- Digital Core REIT: Daiwa Securities disposed of 100,000 shares at US\$0.53, new balance 77,805,583, stake 5.99%. [[12]]
Share Buybacks
| Company | No. of Shares | Price (\$) | Cumulative Purchases Of Mandate (%) |
|---|---|---|---|
| Raffles Medical Group | 300,000 | 0.99 | 4.1 |
| Capitaland Invest | 3,000,000 | 2.45 | 40.6 |
| Global Investment Limited | 300,000 | 0.125 | 38.0 |
| Venture | 25,000 | 10.73 | 17.4 |
| Yangzijiang Shipbuilding | 1,000,000 | 2.06 | 3.8 |
| SGX | 150,000 | 12.75 | 1.2 |
| Pan United Corp | 60,000 | 0.60 | 4.2 |
| DBS | 700,000 | 38.19 | 5.2* |
| UOB | 280,000 | 34.67 | 7.4 |
| OCBC | 400,000 | 15.54 | 9.2 |
| 17Live Group Ltd | 50,000 | 0.76 | 7.6 |
| OXLEY | 550,000 | 0.065 | 3.3 |
| ST Engineering | 500,000 | 6.27 | 14.4 |
| SEATRIUM | 2,900,000 | 1.81 | 48.2 |
| Valuetronics | 200,000 | 0.604 | 16.9 |
| SIA | 517,500 | 6.27 | 4.4 |
| Stoneweg European REIT | 100,000 | 2.10 | 1.6 |
| Zheneng Jinjiang | 150,000 | 0.435 | 9.5 |
| ESR REIT | 16,000,000 | 0.224 | 8.4 |
*5.2% of current buy back maximum mandate of 85,328,308 shares. [[13]]
*15.3% of DBS’ \$3billion buy back target absolute \$ mandate. [[13]]
Fund Flow Data
Top 10 Institution Net Buy (+) Stocks (S\$M) – Week of 7 Apr
- Singtel: 186.5 [[14]]
- SGX: 22.6 [[14]]
- Yangzijiang Financial: 19.4 [[14]]
- SIA: 15.9 [[14]]
- Wilmar International: 15.3 [[14]]
- Frasers Centrepoint Trust: 15.0 [[14]]
- Hongkong Land: 13.2 [[14]]
- Genting Singapore: 11.0 [[14]]
- Sembcorp Industries: 10.8 [[14]]
- ST Engineering: 8.4 [[14]]
Top 10 Institution Net Sell (-) Stocks (S\$M) – Week of 7 Apr
- DBS: (199.2) [[14]]
- UOB: (81.5) [[14]]
- OCBC: (57.5) [[14]]
- Keppel: (47.8) [[14]]
- Mapletree Logistics Trust: (33.3) [[14]]
- Yangzijiang Shipbuilding: (25.6) [[14]]
- CapitaLand Integrated Commercial Trust: (17.3) [[14]]
- Venture Corporation: (13.3) [[14]]
- CapitaLand Investment: (9.4) [[14]]
- Keppel DC REIT: (9.2) [[14]]
Top 10 Retail Net Buy (+) Stocks (S\$M) – Week of 7 Apr
- DBS: 376.6 [[14]]
- OCBC: 229.9 [[14]]
- UOB: 135.6 [[14]]
- Keppel: 71.9 [[14]]
- Mapletree Logistics Trust: 33.2 [[14]]
- CapitaLand Investment: 21.9 [[14]]
- CapitaLand Ascendas REIT: 16.9 [[14]]
- Venture Corporation: 15.6 [[15]]
- Mapletree Industrial Trust: 13.0 [[15]]
- SIA: 11.6 [[15]]
Top 10 Retail Net Sell (-) Stocks (S\$M) – Week of 7 Apr
- Singtel: (106.0) [[14]]
- ST Engineering: (27.9) [[15]]
- Yangzijiang Financial: (24.7) [[15]]
- Sembcorp Industries: (13.6) [[15]]
- SGX: (10.5) [[15]]
- Frasers Centrepoint Trust: (8.3) [[15]]
- UOL: (8.1) [[15]]
- Seatrium: (7.3) [[15]]
- CapitaLand Integrated Commercial Trust: (7.0) [[15]]
- Paragon REIT: (4.4) [[15]]
Institutional vs. Retail Investor Activity
- Institutional investors net sell (-S\$178.9m) vs. (-S\$137.9m) a week ago. [[15]]
- Retail investors net buy (+S\$776.0m) vs. (+S\$560.6m) a week ago. [[15]]
Institutional Investors Net Buy/Sell (S\$M) by Sector
| Sector | 17-Mar-25 | 24-Mar-25 | 31-Mar-25 | 7-Apr-25 |
|---|---|---|---|---|
| Consumer Cyclicals | 1.6 | (16.4) | (7.3) | 6.4 |
| Consumer Non-Cyclicals | 11.2 | (2.9) | 8.6 | 29.8 |
| Energy/Oil & Gas | (3.9) | 0.3 | (0.2) | 0.1 |
| Financial Services | (81.5) | (129.4) | (262.6) | (305.5) |
| Health Care | 1.2 | (0.6) | 1.6 | 1.9 |
| Industrials | 110.4 | (34.2) | (28.1) | (48.4) |
| Materials & Resources | (0.4) | (0.1) | 0.4 | 1.4 |
| Real Estate (excl. REITs) | (6.8) | 7.2 | 3.6 | 18.0 |
| REITs | 42.5 | (8.0) | 8.1 | (54.7) |
| Technology (Hardware/Software) | (1.2) | (17.5) | (18.7) | (25.4) |
| Telcos | (23.6) | (27.6) | 131.2 | 188.8 |
| Utilities | 17.7 | (2.0) | 25.6 | 8.5 |
Retail Investors Net Buy/Sell (S\$M) by Sector
| Sector | 17-Mar-25 | 24-Mar-25 | 31-Mar-25 | 7-Apr-25 |
|---|---|---|---|---|
| Consumer Cyclicals | (20.6) | 1.9 | 5.2 | 7.1 |
| Consumer Non-Cyclicals | (12.0) | (13.0) | (13.5) | (11.2) |
| Energy/Oil & Gas | 4.9 | 0.4 | 1.7 | 0.3 |
| Financial Services | (63.3) | (164.0) | 660.5 | 729.3 |
| Health Care | 2.8 | 3.1 | (1.9) | (5.7) |
| Industrials | (105.9) | 15.2 | 83.6 | 58.3 |
| Materials & Resources | 0.2 | (0.0) | (1.0) | (1.4) |
| Real Estate (excl. REITs) | 1.4 | (5.2) | 1.6 | (11.0) |
| REITs | (10.2) | (6.3) | (87.2) | 99.3 |
| Technology (Hardware/Software) | 12.3 | 21.8 | 34.4 | 30.1 |
| Telcos | (32.7) | (14.3) | (104.8) | (107.7) |
| Utilities | (10.5) | (4.2) | (18.1) | (11.4) |
STI Constituents – Week of 7 Apr
| Stock | Code | Institution Net Buy (+) / Net Sell (-) (S\$M) | Retail Net Buy (+) / Net Sell (-) (S\$M) |
|---|---|---|---|
| CapitaLand Ascendas REIT | A17U | 8.0 | 16.9 |
| CapitaLand Integrated Commercial Trust | C38U | (17.3) | (7.0) |
| CapitaLand Investment | 9CI | (9.4) | 21.9 |
| City Developments | C09 | (5.4) | 5.0 |
| DBS | D05 | (199.2) | 376.6 |
| DFI Retail Group | D01 | 4.1 | (2.4) |
| Frasers Centrepoint Trust | J69U | 15.0 | (8.3) |
| Frasers Logistics & Commercial Trust | BUOU | (0.9) | 8.8 |
| Genting Singapore | G13 | 11.0 | 3.7 |
| Hongkong Land | H78 | 13.2 | (3.4) |
| Jardine Cycle & Carriage | C07 | (4.7) | 3.3 |
| Jardine Matheson | J36 | (2.8) | 0.7 |
| Keppel | BN4 | (47.8) | 71.9 |
| Mapletree Industrial Trust | ME8U | (3.5) | 13.0 |
| Mapletree Logistics Trust | M44U | (33.3) | 33.2 |
| Mapletree Pan Asia Commercial Trust | N2IU | 0.1 | 6.4 |
| OCBC | O39 | (57.5) | 229.9 |
| SATS | S58 | (3.4) | 6.7 |
| Seatrium | 5E2 | 0.7 | (7.3) |
| Sembcorp Industries | U96 | 10.8 | (13.6) |
| SIA | C6L | 15.9 | 11.6 |
| SGX | S68 | 22.6 | (10.5) |
| ST Engineering | S63 | 8.4 | (27.9) |
| Singtel | Z74 | 186.5 | (106.0) |
| Thai Beverage | Y92 | 4.5 | (4.3) |
| UOB | U11 | (81.5) | 135.6 |
| UOL Group | U14 | 4.9 | (8.1) |
| Venture Corporation | V03 | (13.3) | 15.6 |
| Wilmar International | F34 | 15.3 | (2.4) |
| Yangzijiang Shipbuilding | BS6 | (25.6) | (3.3) |
| Overall Net Buy (+) / Net Sell (-) (S\$M) | (184.8) | 756.3 |
Dividends / Special Distributions / Others
- DBS Group Holdings Ltd: 60 c Final, Ex-Dividend Date 7 Apr, Payable 16 Apr [[17]]
- Yangzijiang Financial Holdings Ltd: 3.45 cts Final, Ex-Dividend Date 24 Apr, Payable 15 May [[17]]
- OCBC: 41 cts Final & 16 cts Special, Ex-Dividend Date 25 Apr, Payable 9 May [[17]]
- Propnex Ltd: 3 cts Final & 2.5 cts Special, Ex-Dividend Date 25 Apr, Payable 8 May [[17]]
- Keppel Ltd: 19 ct Final, Ex-Dividend Date 28 Apr, Payable 9 May [[17]]
- UOB: 92 cts Final & 25 cts Special, Ex-Dividend Date 28 Apr, Payable 13 May [[17]]
- SCI: 17 cts Final, Ex-Dividend Date 30 Apr, Payable 13 May [[17]]
- City Dev: 8 cts Final, Ex-Dividend Date 2 May, Payable 20 May [[17]]
- YZJ Shipbuilding: 12 cts Final, Ex-Dividend Date 2 May, Payable 13 May [[17]]
- SBS Transit: 14.69 cts Final & 8.41 cts Special, Ex-Dividend Date 2 May, Payable 13 May [[17]]
- Sheng Siong Group: 3.2 cts Final, Ex-Dividend Date 2 May, Payable 16 May [[17]]
- Olam: 3.0 cts Final, Ex-Dividend Date 5 May, Payable 14 May [[17]]
- Haw Par Corp: 20 ct Final & \$1 Special, Ex-Dividend Date 5 May, Payable 21 May [[17]]
- Venture Corp: 50 cts Final, Ex-Dividend Date 5 May, Payable 19 May [[17]]
- Hong Leong Finance: 10ct Final, Ex-Dividend Date 5 May, Payable 22 May [[17]]
- Comfort Delgro: 4.25 cts Final, Ex-Dividend Date 5 May, Payable 14 May [[17]]
- Soilbuild Construction: 1 ct Final & 1 ct Special, Ex-Dividend Date 6 May, Payable 19 May [[17]]
- Samudera: 1 ct Final & 5.8 ct Special, Ex-Dividend Date 7 May, Payable 20 May [[17]]
- UMS: 2 cts Final, Ex-Dividend Date 7 May, Payable 23 May [[17]]
- China Sunsine: 2 cts Final & 1 ct Special, Ex-Dividend Date 7 May, Payable 22 May [[17]]
- Indofood Agri Resources Ltd: 1ct Final, Ex-Dividend Date 7 May, Payable 28 May [[17]]
- Innotek Ltd: 2 ct Final, Ex-Dividend Date 8 May, Payable 23 May [[17]]
- Wee Hur: 7 ct Special, Ex-Dividend Date 8 May, Payable 23 May [[17]]
- Valuemax: 2.68 cts Final, Ex-Dividend Date 8 May, Payable 22 May [[17]]
- China Aviation Oil: 3.72 cts Final, Ex-Dividend Date 9 May, Payable 27 May [[17]]
- Japfa Ltd: 1 ct Final, Ex-Dividend Date 19 May, Payable 27 May [[17]]
- Asian Enterprises: 0.5ct Final, Ex-Dividend Date 19 May, Payable 6 June [[17]]
- Jardine Cycle and Carriage: US84 cts Final, Ex-Dividend Date 28 May, Payable 13 June [[17]]
- SUTL: 5 ct Final, Ex-Dividend Date 2 June, Payable 19 June [[17]]
- UOB: 25 ct Special, Ex-Dividend Date 15 Aug, Payable 28 Aug [[17]]
What’s Ahead – April 2025
- Sabana REIT – After [[18]]
- Aztech – After [[18]]
- Parkway Life – B4 [[18]]
- Digital Core REIT – After [[18]]
- Mapletree Log – After [[18]]
- Capland China Tr-B4 [[18]]
- Capland India Tr – After [[18]]
- OUE REIT – After [[18]]
- Suntec REIT – After [[18]]
- Mapletree P Asia – B4 [[18]]
- iFast – After [[18]]
- Capland Integrated-B4 [[18]]
- CaplandAscott Tr – B4 [[18]]
- CaplandAscendas-After [[18]]
- Frasers Centrepoint -B4 [[18]]
- Wilmar – After [[18]]
- First REIT – After [[18]]
- Stoneweg REIT – After [[18]]
- IREIT – After [[18]]
- Starhill Global – After [[18]]
- Micro Mechanics – B4 [[18]]
- Far East Trust – B4 [[18]]
- CDL H Trust – B4 [[18]]
- Elite UK REIT – After [[18]]
- Capland Invest – After [[18]]
What’s Ahead – May 2025
- UOB – B4 [[19]]
- AIMS APAC – B4 [[19]]
- OCBC – B4 [[19]]
- United Hampshire – B4 [[19]]
- Singpost – B4 [[19]]
- SIA – After [[19]]
