Over the five trading sessions from Feb 21 to Feb 27, institutions were net sellers of Singapore stocks, leading to net institutional outflow of S$265 million, a similar pace to the S$217 million net outflow over the preceding five sessions. This brings the net institutional outflow for the 2025 year to Feb 28 to S$1.115 billion.
Institutional Flows
Over the past five trading sessions leading up to February 27, the stocks that experienced the highest net institutional outflow included Oversea-Chinese Banking Corp, Yangzijiang Shipbuilding Holdings, United Overseas Bank, Seatrium, SATS, Singtel, Mapletree Industrial Trust, Genting Singapore, Keppel DC REIT, and Frasers Centrepoint Trust.
Meanwhile, the stocks that led the net institutional inflow included Singapore Airlines, Singapore Exchange, Sembcorp Industries, DBS Group Holdings, Yangzijiang Financial Holding, iFAST Corporation, Mapletree Logistics Trust, Singapore Technologies Engineering, Thai Beverage Public Co, and Hongkong Land Holdings.
Consequently, over the five sessions, from a Sector perspective, Financial Services and Industrials experienced the highest net institutional outflow, while Utilities and Technology saw the most net institutional inflow.
Share Buybacks
The five sessions saw 24 primary-listed companies conduct buybacks with a total consideration of S$31,062,634. DBS Group Holdings led the consideration tally, with 350,000 shares bought back at an average price of S$46.73 a share. Leading the tally for the non-STI constituents, were CSE Global and GP Industries. CSE Global bought back 5 million shares at an average price of S$0.46 a share, while GP Industries bought back 665,700 shares, also at S$0.46 per share.
Raffles Medical Group also bought back 210,400 shares at an average price of S$0.92 per share. Last week, Raffles Medical Group announced plans to repurchase up to 100 million ordinary shares, which represents 5.3 per cent of the total issued ordinary shares, over the next two years. Initially, these repurchased shares will be held as treasury shares, adding to the existing 26.4 million shares already held. Some of these treasury shares will be used for the Raffles Medical Group Employee Incentive Schemes, while any excess may be cancelled in the future. These capital management initiatives aim to optimise its capital structure, return excess cash, improve return on equity, and achieve earnings per share accretion. Cash and cash equivalents of the Group totaled S$343.7 million as of December 31. The Group also reported a revenue of S$751.6 million for its FY24, a 6.3 per cent increase as compared to FY23.
Director Transactions
The five trading sessions saw more than 70 director interests and substantial shareholdings filed for more than 40 primary-listed stocks. Directors or CEOs filed 20 acquisitions, and no disposals, while substantial shareholders filed four acquisitions and six disposals. Companies that saw director acquisition filings included ABR Holdings, Accrelist, GuocoLand, Hong Leong Asia, Hyphens Pharma International, IFS Capital, Megachem, PNE Industries, Singapore Shipping Corporation, Singapore Telecommunications, Stamford Land Corporation, Trans-China Automotive Holdings, Wilmar International, and XMH Holdings.
Wilmar International
On Feb 21, Wilmar International chairman and chief executive officer Kuok Khoon Hong grew his deemed interest in the global agribusiness by 1,662,800 shares at S$3.07 a share. This increased his total interest from 14.31 per cent to 14.33 per cent. He has gradually increased his total interest in Wilmar from 12.94 per cent in October 2022.
Wilmar International non-executive and independent director George Yeo also acquired 176,500 shares at an average price of S$3.09 a share. This increased his direct interest in the global agribusiness to 776,500 shares or 0.012 per cent. Mr Yeo was appointed to the Wilmar Board on April 19, 2024.
On Feb 20, Wilmar International reported 2HFY24 core net profit declined by 44 per cent from 2HFY23 to US$558 million, with FY24 core net profit declining 26 per cent from FY23, to US$1.16 billion. This reduction was partly due to the absence of a US$231 million gain from the disposal of a Moroccan associate in 2HFY23. Despite this, Wilmar International recorded sales volume growth across most business divisions, with better performance from the Food Products and Plantations business. However, there were lower contributions from Feed & Industrial Products due to weaker performance in sugar merchandising, while the oilseeds business enjoyed higher crushing volume in 2HFY24 despite weaker crushing margins. There were higher contributions from India and Southeast Asia Joint Ventures and Associates in 2HFY24.
Wilmar International’s integrated agribusiness model encompasses the entire value chain of the agricultural commodity business, from origination, to processing, branding, merchandising and distribution of a wide range of edible food and industrial products. The plantation and sugar milling segment contributed 2 per cent of the FY24 external sales revenue, with the Feed & Industrial Products contributing 56 per cent and the Food Products segment contributing 42 per cent.
With the results, Mr Kuok stated that despite challenging conditions, most of the Group’s businesses reported higher profits in FY24. However, he noted this was offset by weaker sugar merchandising within the Feed and Industrial Products segment, which had an exceptional year in FY23. For FY25, he expects to increase market share for the Food Products segment, building on their reputation for quality and healthy food. While palm oil refining remains challenging, he is cautiously optimistic about the oilseeds business, with a record soybean crop expected in Brazil in 2025. Barring unforeseen circumstances, he is confident that FY25 results will be satisfactory.
On Feb 25, Wilmar International has also appointed Lee Huay Leng as a non-executive and independent director, to be effective April 22, 2025. Ms Lee is also the editor-in-chief of the Chinese Media Group of SPH Media.
Hong Leong Asia
On Feb 27, Hong Leong Asia Executive Director & CEO Stephen Ho Kiam Kong acquired 110,000 shares at an average price of S$0.929 a share. This doubled up his direct interest from 0.014 per cent to 0.029 per cent. The previous 103,500 shares were acquired at an average price of S$0.519 per share back in November 2020. Mr Ho has extensive experience in finance, treasury and risk management from his executive positions previously held at Wilmar International Ltd and Dutch multinational corporate, Royal Philips.
On Feb 20, Hong Leong Asia announced its subsidiary China Yuchai International (CYI) entered a strategic cooperation agreement with Kim Long Motor Hue, a subsidiary of Vietnam's FUTA Group. The agreement includes technology licenses, component supply, and support for constructing an engine factory in Vietnam. Kim Long Motor will manufacture engines for trucks, buses, and commercial vehicles, with exclusive sales rights in Vietnam and priority rights in other ASEAN countries and South Korea. The licenses are valid for 15 years, with total licensing fees of US$28 million. Yuchai will provide technical services for equipment installation and commissioning and supply all engine assembly parts and service kits.
Singapore Telecommunications
On Feb 24, Singapore Telecommunications independent non-executive director Yong Ying-I acquired 30,000 shares at S$3.28 per share. Her preceding acquisitions were Nov 27, with 20,000 shares acquired at S$3.01 per share and in Feb 2024, with 10,000 shares acquired at S$2.33 per share. Ms Yong has been on the Singtel board since Nov 2022.
On Feb 19, Singapore Telecommunications provided a 3QFY25 Business Update highlighting its 3QFY25 underlying net profit increased 22 per cent from 3QFY24 to S$680 million, or 23 per cent in constant currency terms, driven mainly by Optus and NCS, as well as higher profit contributions from Airtel and AIS. Group CEO Yuen Kuan Moon also maintained that with the positive momentum and active capital management of the past nine months, the Group is making good progress with the Singtel28 plan for growth and sustained value realisation and remains focused on capturing growth opportunities in artificial intelligence, data centres, and global connectivity.
ABR Holdings
Between Feb 26 and 27 ABR Holdings managing director Ang Yee Lim acquired 150,000 shares at an average price of S$0.421 per share. This increased his direct interest in the home-grown restaurant operator from 53.80 per cent to 53.87 per cent. Mr Ang as gradually increased his interest from 52.12 per cent at the end of 2023.
On Feb 25, ABR Holdings reported 2HFY24 Group revenue increased by 19 per cent to S$71.6 million from 2HFY23. For the FY24, Group revenue increased by 16 per cent to $135.6 million. All the food and beverage businesses within the Group registered revenue growth in FY24, with the increase partly contributed by new outlets opened during the year. In line with the revenue growth, gross profit for 2HFY24 and FY24 increased by S$5.2 million to S$31.0 million and by S$9.3 million to S$57.8 million respectively. Gross profit margin also improved from 41 per cent in FY23 to 43 per cent in FY24.
| Share Buybacks by Primary-listed Companies by way of Market Acquisition (Feb 21 to Feb 27) | Number of Shares/Units Purchased | Buyback Consideration (incl stamp duties & clearing charges) S$ | Avg price paid per share S$ |
| DBS GROUP HOLDINGS | 350,000 | $16,354,512 | $46.73 |
| SINGAPORE TECHNOLOGIES ENGINEERING | 1,000,000 | $5,143,219 | $5.14 |
| SATS | 1,000,000 | $3,084,059 | $3.08 |
| VENTURE CORPORATION | 210,700 | $2,693,678 | $12.78 |
| CSE GLOBAL | 5,000,000 | $2,281,673 | $0.46 |
| GP INDUSTRIES | 665,700 | $309,186 | $0.46 |
| RAFFLES MEDICAL GROUP | 210,400 | $192,768 | $0.92 |
| PAN-UNITED CORPORATION | 311,400 | $190,224 | $0.61 |
| HRNETGROUP | 255,000 | $176,260 | $0.69 |
| MTQ CORPORATION | 413,600 | $104,810 | $0.25 |
| KSH HOLDINGS | 425,600 | $97,553 | $0.23 |
| SIA ENGINEERING COMPANY | 38,700 | $92,829 | $2.40 |
| GLOBAL INVESTMENTS | 600,000 | $73,740 | $0.12 |
| PACIFIC CENTURY REGIONAL DEVELOPMENTS | 150,000 | $59,156 | $0.39 |
| FRASER AND NEAVE | 39,000 | $50,944 | $1.31 |
| EUROSPORTS GLOBAL | 195,000 | $29,204 | $0.15 |
| VIBRANT GROUP | 360,700 | $29,127 | $0.08 |
| JUMBO GROUP | 100,000 | $27,104 | $0.27 |
| GLOBAL TESTING CORPORATION | 21,500 | $21,533 | $1.00 |
| OXLEY HOLDINGS | 300,000 | $20,772 | $0.07 |
| SHS HOLDINGS | 550,000 | $12,193 | $0.02 |
| CSC HOLDINGS | 1,000,000 | $10,048 | $0.01 |
| SARINE TECHNOLOGIES | 30,000 | $6,793 | $0.23 |
| INTRACO | 3,200 | $1,250 | $0.39 |
| Total | 13,230,500 | $31,062,634 |
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