[SINGAPORE] Over the five trading sessions from Aug 8 to 14, institutions were net sellers of Singapore stocks, with net institutional outflow of S$465 million. This brought the net institutional outflow for the year to S$2.4 billion.
Institutional flows
Over the five trading sessions until Aug 14 inclusive, the stocks that had the highest net institutional outflow included UOB, Sembcorp Industries, Singapore Airlines, DBS, OCBC, Mapletree Logistics Trust, ST Engineering, Singapore Exchange (SGX), CapitaLand Ascendas Real Estate Investment Trust (Reit), and ComfortDelGro.
Meanwhile, City Developments Ltd, iFast Corporation, Suntec Reit, Genting Singapore, Mapletree PanAsia Commercial Trust, PropNex, Venture Corporation, Lendlease Global Commercial Reit, CapitaLand Investment, and Frasers Hospitality Trust led the net institutional inflow over the five sessions.
Suntec Reit
Over the five sessions, Suntec Reit booked S$8.5 million in net institutional inflow, taking its cumulative net inflows for 2025 to S$53.7 million. This year, the Reit has booked the most net institutional inflows in the Singapore Reit sector, adding to its S$114 million in net institutional inflow in 2024.
On Aug 8, HSBC upgraded its rating on Suntec Reit from to “buy” from “hold”, and raised its target price for the stock to S$1.40 from S$1.25. On Jul 24, the Reit reported its results for the first half of FY2025 – its distributable income rose 4.6 per cent year on year to S$92.8 million, with distribution per unit (DPU) rising by 3.7 per cent to S$0.03155.
Despite global macroeconomic uncertainties, Suntec Reit said its Singapore office, retail and convention portfolios continued to deliver strong operating performances. It added that financing costs declined from that in H1 FY2024, due to refinancing efforts and debt reduction from the divestment of Suntec strata office units, reflecting the team’s focus on strengthening property fundamentals.
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Mapletree Pan Asia Commercial Trust
Over the five sessions, Mapletree Pan Asia Commercial Trust booked S$7 million in net institutional inflow, reversing close to 30 per cent of its cumulative net institutional outflows in the year to S$17.6 million.
On Jul 30, the manager of Mapletree Pan Asia Commercial Trust provided a business update for the first quarter of FY2026. Net property income (NPI) was S$166 million, lower than the S$179.4 million in Q1 FY2025. This reflected the absence of contributions from Mapletree Anson following its divestment, as well as softer performance from assets overseas.
Core Singapore NPI, excluding Mapletree Anson, grew 2.9 per cent year on year, led by VivoCity’s robust 6 per cent NPI growth despite disruptions from ongoing asset enhancement initiatives (AEIs).
Lower operating expenses and a 16.4 per cent decline in finance costs, driven by debt reduction, were also a cushion against overseas headwinds, resulting in a DPU of S$0.0201, down from S$0.0209 in the year-ago quarter.
In addition to VivoCity’s resilient performance, the Singapore portfolio was boosted by early renewals at Mapletree Business City. The Reit highlighted that proactive asset management – including AEIs and proposed Japan divestments – helped optimise the asset mix and mitigate risks.
Share buybacks
Over the five sessions inclusive of Aug 14, a dozen primary-listed companies made buybacks with a total consideration of S$55.8 million.
Keppel led the consideration tally, repurchasing 2.99 million of its shares at an average price of S$8.41 apiece. On Aug 11, Keppel announced that it had entered into a share-purchase agreement with Simba Telecom to divest M1’s telecommunications business.
Keppel will retain M1’s fast-growing information and communications technology business, which complements the group’s integrated connectivity segment, including data centres and subsea cables.
If approved, the transaction with Simba will add to Keppel’s identified S$14.4 billion non-core portfolio for monetisation, unlocking nearly S$1 billion in cash that can be redeployed for growth, debt reduction and shareholder returns.
Secondary-listed Hongkong Land also continued to conduct share repurchases.
Director transactions
Over the five trading sessions, close to 70 director interests and substantial shareholdings were filed. Among 30 primary-listed stocks, directors or chief executive officers reported 12 acquisitions and four disposals; substantial shareholders recorded four acquisitions and two disposals.
This included director or CEO filings for Credit Bureau Asia, Far East Orchard, IFS Capital, Singtel, Stamford Land Corporation, and SunMoon Food Company.
IFS Capital
On Aug 8, IFS Capital chairman and non-executive director Lim Hua Min increased his deemed interest to 67.22 per cent from 60.36 per cent. The married deal entailed Phillip Assets acquiring 25,773,280 shares at S$0.180 apiece.
Lim, a stockbroking pioneer, is executive chairman of the PhillipCapital group of companies. He was appointed chairman of IFS Capital in May 2003.
On Aug 12, IFS Capital executive director and group CEO Randy Sim also made an acquisition. The 900,000 shares he bought at an average price of S$0.148 a share raised his direct interest in the company to 1.66 per cent from 1.43 per cent.
He is responsible for the overall management of the entities within the IFS Group.
IFS Capital provides a range of financing, insurance and asset management services to corporations, small and medium-sized enterprises (SMEs) and consumers, with a focus on South-east Asia.
On Aug 8, IFS Capital reported that its net profit for H1 FY2025 ended Jun 30 grew 92.8 per cent year on year to S$1.75 million. This was on the back of its credit financing segment’s total operating income rising to S$18.87 million, from S$15.57 million previously. The unit provides services to corporate clients, mainly SMEs, through commercial finance businesses.
At the same time, the company’s insurance revenue expanded to S$9.38 million from S$5.92 million, driven by stronger collaborations with new and existing distribution partners.
The increase in revenue from its lending and insurance businesses was partially offset by higher impairment provisions due to a borrowing client default.
IFS Capital highlighted growth in its accounts receivable purchase portfolio, which carries a higher margin. It attributed a drop in interest expenses largely to lower borrowing costs in Singapore and Thailand.
While the company remains cautious about financing, it forecasts prudent growth opportunities in its target sectors. It said lower funding costs are expected to support its lending portfolio in H2 this year.
In insurance, it noted that inflation continues to raise claims costs, so it will reposition its portfolio and diversify into non-motor segments.
Chairman Lim notes that in a protectionist climate, building collaborative communities is key to fostering trust and mutual benefit.
He said that regional frameworks such as the Regional Comprehensive Economic Partnership and the Johor-Singapore Special Economic Zone are vital, as IFS Capital continues to expand its trade finance network – which is rooted in South-east Asia – while managing risk.
Singtel
On Aug 14, Singtel independent non-executive director Yong Ying-I acquired 100,000 shares at an average price of S$4.05 a share. This raised her direct interest to 310,000 shares.
Her preceding acquisition was on Jun 5, with 150,000 shares bought at S$3.87 apiece.
On Aug 13, Singtel posted a 14 per cent year-on-year rise in its Q1 FY2026 underlying net profit to S$686 million. The S$2.88 billion net profit for the period was boosted by exceptional gains, as well as resilient operating metrics despite currency headwinds, driven by strong contributions from subsidiaries Optus, NCS, Airtel and AIS.
Credit Bureau Asia
Between Aug 8 and 12, Credit Bureau Asia executive chairman and CEO Kevin Koo acquired 172,100 shares at an average price of S$1.33 apiece. This raised his total interest to 64.12 per cent from 63.97 per cent.
Koo, who founded the credit information business in 1993, has been pivotal to its success and expansion. With more than 30 years of industry experience, he played a key role in shaping its growth.
On Aug 7, Credit Bureau Asia reported H1 FY2025 revenue of S$30.2 million, up 2 per cent from that in H1 FY2024, while net profit before tax declined 3 per cent to S$15.4 million.
Despite ongoing US trade policy uncertainties, the group highlighted that it maintained a net profit margin above 50 per cent. Koo also noted back in April that, having grown organically since the 1990s, the company continues to explore strategic acquisitions across the Asia-Pacific, in areas aligned with its core business.
He added that Credit Bureau Asia is actively evaluating several opportunities with a prudent approach, focusing only on deals that offer strong long-term value at the right price.
Stamford Land Corporation
Between Aug 7 and 12, Stamford Land Corporation executive chairman Ow Chio Kiat acquired 155,800 shares at an average price of S$0.42 a share. This took his total interest in the independent owner-operator of luxury hotels in Australia, which is also a real estate developer and investor, to 46.2 per cent.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research
