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AGT raises Nam Cheong stake Silchester increases holdings of ComfortDelGro
[SINGAPORE] Over the five trading sessions from May 22 to 28, 22 primary-listed companies conducted buybacks with a total consideration of S$88.9 million.
Singtel : Z74 -0.46% again led the buyback tally, with 14 million shares acquired at an average price of S$4.47 apiece. They were purchased under the company&rsquo s S$2 billion value realisation share buyback programme.
Over the five sessions, more than 80 director interests and substantial shareholdings were filed for around 35 primary-listed stocks.
Directors or chief executive officers reported five acquisitions and two disposals, while substantial shareholders recorded 12 acquisitions and four disposals.
These included CEO or director acquisitions filed for Aspial Lifestyle : 5UF +3.8%, First Resources : EB5 -0.75%, Geo Energy Resources : RE4 +5.62% and Nera Telecommunications : N01 0%.
On May 26, Azure Capital completed its acquisition of 22,074,000 shares of Trek 2000 International : 5AB +41.46% under a share purchase agreement entered on May 11.
This resulted in Azure Prime Fund VCC-Azure Singapore Equity Fund becoming a substantial shareholder of the company known for its ThumbDrive USB flash drive, with a deemed 7.3 per cent interest.
Nam Cheong: AGT accumulates shares amid improving operating performance
Ginko-AGT Global Growth Fund increased its stake in Nam Cheong : 1MZ +2.31% in May through on-market acquisitions, raising its interest to 6.009 per cent from 5.996 per cent.
These followed a February transaction which lifted its holdings above the substantial shareholder threshold, from 4.999 per cent to 5.062 per cent.
The buying comes alongside stronger results for the first quarter ended Mar 31. The offshore marine group posted a 160 per cent year-on-year rise in profit after tax and minority interests to RM78.9 million (S$25.4 million).
The increase was driven by higher vessel utilisation and a gain on vessel disposal.
Revenue for Q1 FY2026 grew 1 per cent to RM117.9 million, with utilisation improving to 58 per cent as more vessels operated under long-term charters.
The group&rsquo s borrowings declined to RM405.1 million and its net gearing fell to 0.17 times following debt repayment during the quarter.
ComfortDelGro: Silchester stake rises above 9%
Silchester International Investors grew its deemed interest in ComfortDelGro : C52 -0.77% through filings in May, following continued on-market purchases.
Disclosures were triggered as its stake in the transport operator crossed the 8 and 9 per cent thresholds.
On May 8, Silchester acquired 893,600 shares at an average price of S$1.4312 each. This raised its holdings from 7.99 per cent to 8.03 per cent.
On May 21, it purchased a further 1,935,800 shares at S$1.2908 apiece on average, lifting its interest from 8.998 per cent to 9.087 per cent.
In January, Silchester crossed the 5 per cent substantial shareholder threshold. Subsequently, its holdings moved above 6 per cent in February and 7 per cent in March.
The pace of accumulation in 2026 has been quicker than in the prior cycle, with multiple threshold crossings within about four months. In comparison, the build-up was more gradual in 2023 to 2024.
Silchester is a London-based investment manager established in 1994 and specialises in international equities. It manages a single International Value Equity strategy through long-only commingled funds on behalf of institutional clients, and seeks long-term returns from quoted equities.
All its ComfortDelGro holdings are classified as deemed interests, reflecting its role as an investment manager with discretionary control over client portfolios.
At its FY2025 annual general meeting, ComfortDelGro highlighted a shift towards a more actively deployed balance sheet to support growth, following capital expenditure spending and acquisitions.
Its management noted that revenue crossed S$5 billion for the first time, with international operations contributing over half of the top line.
This was alongside continued expansion into 13 countries and a larger global fleet.
Operationally, the transport operator&rsquo s focus has moved towards integrating recent acquisitions and extracting efficiencies, particularly in the point-to-point segment.
While the return on equity has moderated from pre-Covid levels, ComfortDelGro said this reflects structural changes including increased competition and evolving public transport models, with performance still benchmarked against global peers.
The group also reiterated its dividend framework, maintaining an 80 per cent payout ratio while targeting earnings growth to support higher absolute distributions.
A March 2026 report by Corporate Monitor noted that while ComfortDelGro&rsquo s FY2025 earnings improved, part of the uplift reflected a one-off inspection activity related to Singapore&rsquo s Electronic Road Pricing 2.0 system and higher leverage.
Additionally, underlying performance in the taxi and private hire segment stayed weaker despite recent acquisitions.
In a business update in May, ComfortDelGro said its revenue for Q1 FY2026 was 5 per cent higher on the year at S$1.23 billion, supported by long-term public transport contracts.
It noted that its taxi and private hire segment remained under pressure from competition and cautious consumer spending. Meanwhile, its management continued to prioritise integration and the build-out of higher-margin, platform-enabled mobility capabilities.
Mooreast: Placement supports balance sheet flexibility and project capacity
On May 28, Mooreast : 1V3 +17.99% proposed a placement of 44.45 million new shares at the maximum amount of S$0.135 each to raise up to S$6 million.
Zico Capital is the placement agent, with Maybank Securities as sub-placement agent on a best-effort basis.
The placement is intended to strengthen the financial position and capital structure of the group, which provides mooring and anchoring solutions. This would boost its ability to take on additional projects while improving balance sheet flexibility. It intends to use the proceeds primarily for working capital, including manpower and administrative costs. Management noted that the group&rsquo s existing capital is largely committed to ongoing projects and a development at Shipyard Crescent. The transaction also aims to broaden Mooreast&rsquo s shareholder base and enhance trading liquidity, positioning the group to manage near-term conditions and pursue future growth initiatives.
TrickleStar: Secondary placement completes with capital base expansion
TrickleStar : CYW +6.67% on May 22 completed a secondary placement, issuing 79.1 million new shares at S$0.0306 each and expanding its issued share capital to 237.3 million shares. PrimePartners was the placement agent.
The green technology company undertook the placement to enhance its capital base and financial flexibility, supporting business expansion &ndash including potential mergers and acquisitions &ndash and working capital requirements.
Aspial Lifestyle: Equity fundraising gains institutional backing and liquidity lift
Aspial Lifestyle completed a S$60 million private placement at S$0.402 per share, with the offering more than two times covered.
It was supported by institutional investors including Eastspring Investments (Singapore), ICH Synergrowth Fund, JP Morgan Asset Management, Lion Global Investors and Value Partners Hong Kong.
The placement forms part of a broader S$84.8 million equity fundraising, which also comprises a S$24.8 million preferential offering to existing shareholders.
The proceeds will be directed primarily towards business expansion, including scaling its pawnbroking and secured lending platforms, alongside working capital and potential acquisitions.
The transaction followed the group&rsquo s transfer to the Singapore Exchange (SGX) mainboard, a move seen as supporting broader institutional access, improved free float and enhanced trading liquidity.
Koh Brothers Eco Engineering: Mainboard transfer application
Koh Brothers Eco Engineering : 5HV -0.62% on May 26 submitted its application to transfer from the SGX Catalist to the mainboard &ndash extending the recent run of upgrades among mid-cap issuers.
The company said the proposed transfer is intended to enhance its corporate profile, widen its investor base and improve trading liquidity, particularly among institutional investors.
The move is also expected to strengthen visibility and support future fundraising, given the mainboard&rsquo s wider access to capital and deeper investor pool.
In applying for the transfer, the company highlighted that it will be assessed against mainboard admission thresholds, which require issuers to meet criteria relating to profitability, operating track record and market capitalisation, as well as higher standards of governance, disclosure and public float.
The proposed transfer follows a cluster of completed moves over the past 12 months, including those of Oiltek International : HQU -4.43% (Jun 6, 2025), Ever Glory United : ZKX 0% (Dec 30, 2025) and Ley Choon Group : Q0X -0.91% (Mar 23, 2026).
More recently, in May, were the transfers of Aspial Lifestyle (May 4), MoneyMax Financial Services : 5WJ +1.12% (May 6) and Choo Chiang : 42E 0% (May 7).
Koh Brothers Eco Engineering is the controlling shareholder of Oiltek International, with a 68.14 per cent stake.
FLCT: European logistics footprint expands
Frasers Logistics & Commercial Trust : BUOU +1.01% (FLCT) has entered into agreements to acquire interests in four logistics and industrial properties &ndash two in Germany and two in the Netherlands &ndash for about 294.9 million euros (S$441.5 million).
The assets are fully leased with a weighted average lease expiry of 5.7 years. They comprise around 179,645 square metres of gross lettable area.
The properties are within established logistics clusters in Duisburg and Dusseldorf in Germany, and Breda in the Netherlands. The tenants include multinational corporations and third-party logistics providers, and also grant FLCT exposure to e-commerce-related demand.
After the transaction&rsquo s completion, the trust&rsquo s portfolio occupancy is expected to increase from 96.1 per cent to 96.3 per cent. Meanwhile, its proportion of logistics and industrial assets will rise from 75.1 per cent to 76.6 per cent.
The acquisition is expected to be distribution per unit (DPU) accretive, with pro forma DPU for the first half of FY2026 climbing from S$0.0295 to S$0.03. The move will be funded entirely through external debt financing.
Strategically, the transaction deepens FLCT&rsquo s exposure to Germany and the Netherlands, two of Europe&rsquo s key trade-oriented logistics markets. It is also aligned with its strategy to scale its logistics and industrial platform within existing markets.
Nam Cheong&rsquo s reports 1QFY2026 patmi of RM78.9 mil, lowers net gearing to 0.17 times
Mainboard-listed Nam Cheong has reported patmi of RM78.9 ($25.5) million, a y-o-y gain of around 160% for 1QFY2026 ended March 31. The increase was mainly due to a one-off gain from a vessel sale worth RM60.5 million.
The offshore service vessel (OSV) provider earned nearly RM118 million in revenue from core operations, a y-o-y increase of 1.1%. Due to higher operating costs for a vessel deployed in the Middle East, gross profit declined by 12% y-o-y to RM49.6 million, with gross margin dropping to 42% from the prior 48%. The vessel was chartered to the region prior to escalation of geopolitical tensions.
In the results filing on May 15, the company says that despite a smaller fleet size, revenue increased slightly due to improved vessel utilisation as more long-term charter contracts commenced and began contributing to earnings. Vessel utilisation rose to 58% in 1Q2026 from 48% in 1Q2025, reflecting a higher mix of vessels operating under long-term charters, says the firm.
Cash and cash equivalents rose to almost RM251 million as at March 31 from nearly RM203 million at the end of FY2025, mainly due to the collection from customers during the period. During the quarter, borrowings declined by around RM20.3 million to RM405 million with financing costs decreasing by 21.7% y-o-y to RM4.1 million.
Overall, net gearing ratio fell q-o-q from 0.27 times to 0.17 times as of March 31 and is expected to decrease further following accelerated debt repayment in 2QFY2026.
Against the backdrop of elevated energy security concerns and an aging global OSV fleet, Nam Cheong says it remains well-positioned to meet robust offshore demand moving forward, supported by its young and technologically advanced fleet. Fleet utilisation is expected to rise in 2QFY2026 post monsoon season with five new vessels scheduled to make their debut and contribute to revenue for the rest of 2026.
Nam Cheong CEO Leong Seng Keat says: &ldquo With five new vessels scheduled to join our fleet for the remainder of 2026, we expect our revenue base to be further enhanced. At the same time, we remain on track to recognise the first revenue streams from our shipbuilding segment during 2QFY2026. Moving forward, we remain focused on balancing fleet growth with capital discipline as offshore demand stays firm in the era of heightening of energy security.&rdquo
Shares in Nam Cheong closed at $1.41 on May 15, down two cents or 1.4%.
Trump & lsquo willing to end war without reopening Hormuz& rsquo
The Wall Street Journal, citing US officials, is reporting that Trump has told his aides he is willing to end the war on Iran even if the Strait of Hormuz remains largely closed.
here comes 1.51 .... let' s see cabn hit 1.55 today for closing
nam cheong starts to chiong today. 1.47 now very soon can see 1.5 series this week
new target price from $1.75 to $2.05. can' t wait to see that
RHB initiates &lsquo buy&rsquo on Nam Cheong, betting on long-term contracts and young fleet
The brokerage sets its target price for the stock at S$2.05
[SINGAPORE] RHB has initiated &ldquo buy&rdquo on shipbuilder Nam Cheong : 1MZ +6.62%, citing its young fleet of 36 vessels and long-term charter portfolio.
In a Tuesday (Mar 17) note, the brokerage also set a target price of S$2.05 for the stock, representing a 51.8 per cent upside to the company&rsquo s closing price on Monday.
The counter ended Wednesday at S$1.45, up 6.6 per cent or S$0.09.
RHB analyst Syahril Hanafiah said that Nam Cheong, which specialises in shipbuilding and repair, holds a &ldquo competitive advantage&rdquo in the vessel chartering segment due to its relatively young fleet.
Its vessels have an average age of nine years &ndash &ldquo significantly lower&rdquo than the industry average of about 14 to 16 years, he noted.
They could also provide cost savings as they would require less maintenance than older vessels, which are subject to more frequent and costly upgrades, he added.
He also noted that Nam Cheong&rsquo s multi-year charter contracts with leading regional and international oil players will be among its key revenue drivers, providing &ldquo earnings visibility for the next two to three years&rdquo .
These agreements will generate a total contract sum equal to 2.5 years of the offshore marine group&rsquo s revenue, the analyst said.
Potential revival of shipbuilding segment
RHB highlighted that Nam Cheong&rsquo s shipbuilding contract wins in a tight offshore support vessel (OSV) market suggests the potential revival of its shipbuilding segment, as well as additional earnings upside.
OSVs are specialised ships designed to transport and provide logistical support.
Syahril said the company can ride on the &ldquo growing appetite&rdquo for younger vessels amid constrained supply and an ageing global OSV fleet in the shipbuilding and chartering sector.
In its latest financial results, released on Feb 27, Nam Cheong&rsquo s net profit for the second half of its 2025 financial year stood at RM189.6 million (S$61.8 million), up 17.4 per cent from the corresponding year-ago period.
Revenue for H2 fell 8.4 per cent year on year to RM341.5 million, as vessel utilisation rates normalised from their 2024 peak.
RHB forecasts the shipbuilder&rsquo s recurring net profit to grow to RM202 million by December this year &ndash a jump of about 22 per cent from RM165 million in December 2025, fuelled by long-term agreements and young fleet utilisation.
Syahril also expects a compound annual growth rate of 15 per cent within the next three years, &ldquo driven by stable vessel utilisation and charter rates, gradual fleet expansion, and balance sheet deleveraging&rdquo .
However, he projects margins for FY2027 and FY2028 to &ldquo slightly drop&rdquo due to a growing share of contributions from the lower-margin shipbuilding segment.
Meanwhile, he expects the group&rsquo s chartering segment to generate RM698.2 million in FY2026, making up 95 per cent of the group&rsquo s total revenue. For FY2027, he forecasts chartering revenue to grow 9 per cent to RM763 million.
He projects the shipbuilding segment to pull in RM36.9 million in revenue in FY2026, with that amount quadrupling to RM147.4 million in FY2027.
Contract renewal risks, energy-sector reliance
Noting that a substantial share of Nam Cheong&rsquo s earnings comes from long-term contracts, Syahril said the group may be unable to guarantee future profit if contracts are not renewed.
In addition, demand for its OSVs and charter rates rely heavily on the oil and gas sector. The analyst said this exposes the group to volatile crude oil and natural gas prices affected by geopolitical uncertainty, shifting production strategies from the Organization of the Petroleum Exporting Countries and its allies, as well as inconsistent demand patterns.
Nam Cheong also faces the hurdles of high capital expenditure in fleet renewal and expansion, including large upfront investments and exposure to fluctuating material and labour costs.
However, Syahril said the company is &ldquo unlikely to face material disruption&rdquo from the ongoing Petronas-Petroleum Sarawak dispute over oil and gas rights in Sarawak, despite being based in the East Malaysian state.
This is because Nam Cheong is well-positioned to support Sarawak&rsquo s expanding offshore activity, he noted, also citing the group&rsquo s established commercial ties with Petronas, which cover upstream and downstream operations.
Let' s Hope he' s not going to party like this CEO!
melody88 ( Date: 16-Mar-2026 15:20) Posted:
| CEO..... wru...... we need you to push up the price ..... |
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CEO..... wru...... we need you to push up the price .....
Let' s hope CEO Leong hears u and start buying to push up the share price!
melody88 ( Date: 16-Mar-2026 15:04) Posted:
| hahaha........ need CEO to come in to buy another 100,000 shares to move the price up.... |
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hahaha........ need CEO to come in to buy another 100,000 shares to move the price up....
melody88 ( Date: 16-Mar-2026 14:06) Posted:
| stagnant at 1.34 to 1.36.... not much movement. |
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stagnant at 1.34 to 1.36.... not much movement.
Nam Cheong CEO adds shares following H2 recovery
Between Mar 2 and 4, Nam Cheong CEO Leong Seng Keat increased his total interest from 3.95 per cent to 4.05 per cent, following his acquisition of 400,000 shares at an average price of S$1.42 each.
On Feb 27, the offshore marine group reported a rebound in H2 FY25, with Patmi rising 17.4 per cent year on year and 138.2 per cent half on half to RM189.6 million (S$61.2 million).
This was driven by improved vessel utilisation and significant gains from vessel sales, as longer-term charter contracts began contributing to earnings.
Nam Cheong&rsquo s H2 FY25 revenue increased 22.7 per cent half on half to RM341.5 million, while gross profit rose 13.2 per cent, although margins moderated due to scheduled vessel maintenance completed in the fourth quarter of 2025.
The group expects higher vessel utilisation in FY26, supported by long-term charters and potential vessel monetisation to unlock value, recycle capital, and support fleet renewal and long-term growth.
JPM, Goldman, Merill Lynch, MS buying...
superb, less than half an ago from 1.47 to 1.57. sold mine at 1.54 grab the profit and run first. market really crazy can up fast and down fast
can break 1.5 today? still at 1.47 - 1.49. looking forward to see the $1.5 series.... getting closer to the TP
They should be paying dividends this coming 2026, wont be surprised after their auditor, FKT signed off the 2025 statement... Should ask our dear auditor what news ..
Ride along the upwave, should reach 150 today or tmr...
superstartup ( Date: 02-Mar-2026 12:44) Posted:
Later 4pm company briefing analysts.
trader1970 ( Date: 02-Mar-2026 12:03) Posted:
Nam Cheong 2H Annt 2025_Final.ashx
General Announcement::NAM CHEONG CLINCHES US$64.5 MILLION SHIPBUILDING CONTRACTS FROM AN ESTABLISHED UAE BASED COMPANY
Strong earnings recovery in 2H 2025.
- Higher fleet utilization and longer-term contracts.
- Shipbuilding contract win signals early recovery in newbuild demand.
- Strategic fleet recycling and cost discipline are positive.
Above all, Accumulated losses turn positive or become retained earnings which will allow it to pay dividends in next coming FY. When oil price rises, OSV upstream will have more capex to spend and NC will benefit from the higher charter rates plus its Miri shipyard contracts will have a signifcant positive contribution to this coming FY 26 earnings.. Per extract from announcement: " All four OSVs will be fully constructed in-house at the Group&rsquo s Miri Yard in Sarawak, Malaysia. These contract-wins reflect the Group&rsquo s strengthened shipbuilding capabilities developed over 60 years, while also showcasing the customer&rsquo s strong trust and confidence in the Group&rsquo s proven track record built over decades. Subject to the fulfilment of the conditions of the contracts, the contracts are expected to contribute positively to the Group&rsquo s earnings for the financial year ending 2026 to 2028 ."
Superundervalued compared to its peers. Will be a phoenix prepare to rise soon. Accumulate within your means ... |
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Later 4pm company briefing analysts.
trader1970 ( Date: 02-Mar-2026 12:03) Posted:
Nam Cheong 2H Annt 2025_Final.ashx
General Announcement::NAM CHEONG CLINCHES US$64.5 MILLION SHIPBUILDING CONTRACTS FROM AN ESTABLISHED UAE BASED COMPANY
Strong earnings recovery in 2H 2025.
- Higher fleet utilization and longer-term contracts.
- Shipbuilding contract win signals early recovery in newbuild demand.
- Strategic fleet recycling and cost discipline are positive.
Above all, Accumulated losses turn positive or become retained earnings which will allow it to pay dividends in next coming FY. When oil price rises, OSV upstream will have more capex to spend and NC will benefit from the higher charter rates plus its Miri shipyard contracts will have a signifcant positive contribution to this coming FY 26 earnings.. Per extract from announcement: " All four OSVs will be fully constructed in-house at the Group&rsquo s Miri Yard in Sarawak, Malaysia. These contract-wins reflect the Group&rsquo s strengthened shipbuilding capabilities developed over 60 years, while also showcasing the customer&rsquo s strong trust and confidence in the Group&rsquo s proven track record built over decades. Subject to the fulfilment of the conditions of the contracts, the contracts are expected to contribute positively to the Group&rsquo s earnings for the financial year ending 2026 to 2028 ."
Superundervalued compared to its peers. Will be a phoenix prepare to rise soon. Accumulate within your means ... |
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