Nam Lee sees new substantial shareholder; GSH, Hongkong Land insiders raise stakes

The Edge Singapore
The Edge Singapore9/30/2021 03:21 PM GMT+08  • 3 min read
Nam Lee sees new substantial shareholder; GSH, Hongkong Land insiders raise stakes
As of March 31, its net asset value (NAV) was 62.07 cents per share
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Fund management firm Yeoman Capital Management has emerged as a substantial shareholder of Nam Lee Pressed Metal Industries after additional purchases on the open market.

According to a Sept 23 filing, Yeoman Capital Management acquired 250,000 shares at 38.27 cents each, raising its total stake to 12.2 million shares or 5.045%, up from 4.941% previously.

A day earlier, it had purchased 128,400 shares at 37.81 cents each. On June 14, it had also bought 200,000 shares at 35.93 cents each.

Executive chairman & chief investment officer Yeo Seng Chong and his wife are the founders and owners of Yeoman Capital Management. Yeo has a direct stake of 2.6 million shares or 1.074% in Nam Lee. This gives Yeo a total stake of 14.56 million shares or 6.015%, up from 5.962%.

Nam Lee is a one-stop specialist offering complete services in the design, manufacturing and supplying of metal products and solutions for diverse industries including building, shipping container and infrastructure.

In 1HFY2021 ended March, Nam Lee reported earnings surged about 64 times to nearly $8 million from $125,000 in 1HFY2020. Revenue rose 62.8% y-o-y to $94.5 million as the company ramped up production and booked revenue recognition for ongoing projects.

Year to date, Nam Lee shares have gained by around 10%. As of March 31, its net asset value (NAV) was 62.07 cents per share, up slightly from 60.53 cents as at Sept 30, 2020.

Hit by pandemic

Sam Goi Seng Hui, executive chairman of GSH Corporation, has raised his stake in the company. On Sept 23, he acquired 433,400 shares for a total of $73,678 or 17 cents each. With the purchase, his direct stake has increased to around 945 million shares or 48.29%, up from 48.27% previously.

In addition, Goi has a deemed interest in another 300 million shares or 15.33%. This means he has a total interest of 1.24 billion shares or 63.62%, up from 63.6% previously.

Goi has been actively buying shares in the company, which has a property development business and also operates holiday resorts.

Earlier on Sept 9, 20 and 21, Goi had acquired 4,700 shares at 17 cents each, 42,400 shares also at 17 cents each and 19,200 shares at 16.9 cents each respectively. In 1HFY2021 ended June 30, GSH reversed into losses of $10.1 million from earnings of $395,000 a year ago.

Revenues were 40% y-o-y lower at $39.8 million as it booked lower sales from its ongoing projects while hospitality revenue halved because of the pandemic.

A fraction of NAV

Less than a month after Hongkong Land announced a US$500 million ($678.4 million) share buyback programme, one of its longtime insiders has bought shares under his own name too.

On Sept 27, Pang Yiu Kai, who was Hongkong Land’s CEO between 2007 and 2016, acquired 100,000 shares at US$4.77 each.

Pang, who has been a director of Hongkong Land since 2007, holds other senior appointments within the Jardine conglomerate as well.

For years, Hongkong Land, which owns a sprawling portfolio of choice real estate assets in Hong Kong, Singapore and in the region, has been trading at a fraction of its book value. As at June 30, its NAV per share was US$14.75.

Meanwhile, Hongkong Land continues to buy back its own shares. The most recent was on Sept 29 when 279,500 shares were acquired at prices between US$4.75 and US$4.78, bringing the total number of shares bought back so far to around 3.5 million units.

So far, the acquisition prices have ranged between US$4.31 and US$4.83.

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