GuocoLand chairman Quek Leng Chan builds interest

[SINGAPORE] For the five trading sessions spanning Feb 6 to 12, institutions were net sellers of Singapore stocks, with net institutional outflow of S$137 million, taking the accumulated net outflow for early 2026 to S$50 million.

Stocks that had the highest net institutional outflow over the five sessions included DBS , CapitaLand Ascendas Reit , iFast Corporation , Jardine Matheson Holdings , Sheng Siong Group , Frasers Centrepoint Trust , Suntec Reit , Singapore Technologies Engineering , Keppel Reit and ComfortDelGro Corporation .

Meanwhile, UOB , Singapore Airlines , CapitaLand Investment , Singtel , Singapore Exchange (SGX), Genting Singapore , Keppel , CapitaLand Integrated Commercial Trust , AEM Holdings and Wilmar International led the net institutional inflow.

Share buybacks

Over the five sessions, six primary-listed companies conducted buybacks with a total consideration of S$13.2 million. This was on the back of a typical seasonal reduction in buybacks, due to the higher number of companies set to report their FY2025 financials in February.

Singtel led the consideration tally, buying back 1,058,200 shares on Feb 12 at an average price of S$4.99 to fulfil performance share obligations. This followed its Q3 FY2026 and 9M FY2026 (ended Dec 31) business update prior to the session opening. Singtel also provided a 9M FY2026 progress report on the Singtel28 strategy.

On the business performance front, it highlighted that Optus recorded a rise of around 4 per cent in mobile service revenue, while Singtel strengthened its post-paid proposition with 5G+ unlimited plans in Singapore.

NCS also sustained momentum, with a 38 per cent growth of earnings before interest and taxes, and robust bookings of S$2.6 billion. Digital InfraCo also progressed, with more than 90 per cent presold capacity at DC Tuas’ opening and 280 megawatts of power secured for a data centre in Johor, supporting continued expansion of artificial intelligence-ready capacity.

On the active capital management front, portfolio actions were highlighted, including S$1.5 billion from a 0.8 per cent stake sale in Airtel and a S$740 million commitment for a 25 per cent stake in ST Telemedia Global Data Centres.

Keppel bought back 361,000 shares at an average price of S$12.12. Primarily intended to fund share-based plans and provide acquisition currency for potential mergers and acquisitions, this brings total repurchases under the current mandate to 13.756 million shares, or 0.76 per cent of its outstanding shares (excluding treasury shares).

Director transactions

Over the five sessions, more than 40 director interests and substantial shareholdings were filed for around 25 primary-listed stocks. Directors or chief executive officers reported four acquisitions and one disposal, while substantial shareholders recorded six acquisitions and eight disposals.

GuocoLand

On Feb 5, GuocoLand chairman and non-independent non-executive director Quek Leng Chan increased his deemed interest via acquisitions by GuoLine Group Management Company. He purchased 112,900 shares in a married deal at an average price of S$2.64 apiece. Quek has a 71.86 per cent deemed interest in the leading real estate group that offers comprehensive capabilities across the entire real estate value chain.

On Jan 29, GuocoLand reported a 14 per cent year-on-year (yoy) increase in profit attributable to equity holders to S$85.4 million for H1 FY2026 (ended Dec 31), supported by healthy demand and strong launch sales across three new residential projects.

Property investment rental revenue rose 5 per cent yoy to S$143.2 million, reflecting continued execution of the group’s twin-engine strategy across property development and property investment.

The group continues to drive value through asset stabilisation and portfolio maturation, with a growing proportion of its portfolio comprising completed and fully operational investment properties.

As at Dec 31, its investment properties’ asset value stood at S$7 billion, supported by the full operational ramp-up of assets such as Guoco Midtown II and Lentor Modern.

An analysis of its balance sheet shows that high commitment rates across premium office and retail assets, including 100 per cent commitment at Guoco Tower and Guoco Midtown, has reduced vacancy risk and enhanced income visibility, which underpins valuation resilience.

Its balance-sheet strength is further supported by prudent capital management, with total loans and borrowings reduced by 12 per cent yoy and the debt-to-assets ratio improving to 0.41 times.

The growing stability of the portfolio is reinforced by a recurring income base that has expanded at a 19 per cent compound annual growth rate from FY2017 to FY2025, reflecting the successful maturation of key investment assets.

Duty Free International

Between Feb 4 and 11, Duty Free International non-independent non-executive director Chew Soo Lin acquired 387,700 shares at an average price of S$0.077 per share. This increased his direct interest from 0.28 per cent to 0.3 per cent.

Chew joined the board as an independent director in August 2011, and was re-designated as a non-independent non-executive director in June 2024.

Duty Free International is one of the largest duty-free trading groups in Malaysia, operating the premium travel retail brand The Zon across major entry and exit points including international airports, seaports, ferry terminals, border towns and tourist destinations.

The stock maintains a market capitalisation of S$93 million, return on equity of 15 per cent, and price-to-earnings ratio of 15 times.

Duty Free International delivered top-line growth in Q3 FY2026 (ended Nov 30), with revenue up 40.6 per cent yoy to RM57.9 million (S$18.7 million), driven mainly by the consolidation of United Industries Group (UIG) following its October acquisition, partly offset by weaker duty-free/non-dutiable trading.

However, profit before tax fell to RM2.8 million (from RM42.6 million in the year-ago period) largely due to the absence of a RM69.6 million one-off compulsory land acquisition compensation recognised in Q3 FY2025. The company’s 9M FY2026 revenue rose 13.7 per cent to RM132.7 million, also underpinned by UIG.

Operating cash flow strengthened to RM54.2 million in Q3 FY2026, while investing outflows were driven mainly by acquisition payments under common control and a structured note investment.

Chew qualified as a UK chartered accountant in 1971, built his early career with international audit firms in England and Singapore, and subsequently gained extensive regional management experience in food manufacturing and trading as part of the Khong Guan group, where he has been executive chairman since August 2007.

Metro Holdings

Metro Holdings , through its indirect wholly owned subsidiary Metrobilt Construction, has agreed to divest its 26 per cent stake in Boustead Industrial Fund as part of a broader sale of the fund’s portfolio to UI Boustead Reit. The completion of the divestment is conditional upon the listing of UI Boustead Reit on the SGX, which is expected to take place by March 2026.

The divestment covers Metrobilt Construction’s interest in 12 industrial and logistics properties, alongside associated transactions involving a further three properties under “put” and “call” option arrangements, with a total agreed property value of approximately S$765.7 million.

Upon completion, Metro Group is expected to receive net proceeds of approximately S$116.0 million, comprising proceeds from the sale of units, its share of distributions and the redemption of notes, after expenses.

The transaction will also result in the full redemption of 26 per cent of the 7 per cent notes held by Metrobilt Construction at par plus accrued interest. The divestment is intended to realise the value of Metro Group’s investment, unlock capital and recycle funds into strategic opportunities, and is not expected to have a material impact on earnings or net tangible assets for FY2026.

Meanwhile, UI Boustead Reit’s initial portfolio is expected to comprise 23 properties (21 leasehold properties in Singapore and two freehold properties in Japan) with an agreed property value of approximately S$1.9 billion).

Mary Chia Holdings

Mary Chia Holdings has raised S$200,000 through the subscription of 5,714,285 new ordinary shares at S$0.035 per share by Chua Chuan Seng, representing about 1.71 per cent of the enlarged share capital. After estimated expenses, the company expects to receive net proceeds of approximately S$190,000.

The subscription price was agreed at arm’s length, and reflects a modest discount to the prevailing market price. The proceeds will be used entirely for general working capital purposes, including professional fees, manpower costs and administrative expenses.

The transaction is intended to strengthen the group’s financial position and cash reserves, with the subscriber participating purely as a passive investor.

The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research