[SINGAPORE] For the first five trading sessions of 2026, institutions were net buyers of Singapore stocks, with net institutional inflow of S$63 million.
Stocks that saw the highest net institutional inflow included City Developments Ltd , OCBC , Yangzijiang Shipbuilding , Hongkong Land , CapitaLand Investment , Singapore Exchange (SGX), ST Engineering , Sats , Venture Corporation and UOL Group .
Meanwhile, Singtel , DBS , Sembcorp Industries , Frasers Centrepoint Trust , Keppel DC Real Estate Investment Trust (Reit), Yangzijiang Financial , Genting Singapore , ComfortDelGro , CapitaLand Ascendas Reit and SingPost led the net institutional outflow.
Over the five sessions, stocks that had the highest increase in daily trading turnover over their averages for the second half of 2025 included Travelite , Acma , Asia Vets , First Ship Lease Trust , Luminor Financial , Lincotrade & Associates , GSH Corporation , Aoxin Q&M Dental Group , Ley Choon Group , and Embracing Future .
Share buybacks
Nineteen primary-listed companies conducted buybacks with a total consideration of S$16.1 million. UOB led the consideration tally with 194,000 shares acquired at an average price of S$35.75 each.
This took the number of shares repurchased on the bank’s current mandate to 18,969,200 or 1.14 per cent of its issued shares (excluding treasury shares) as at the date of the share buyback resolution.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Secondary-listed Hongkong Land also bought back 830,000 shares at an average price of S$7.08 apiece. Stoneweg Europe Stapled Trust repurchased units as well, bringing the number of units bought back on its current mandate to 4,812,000.
Director transactions
More than 50 director interests and substantial shareholdings were filed. Across more than 30 primary-listed stocks, directors or chief executive officers reported seven acquisitions and one disposal, while substantial shareholders recorded six acquisitions and two disposals.
XMH
Between Jan 5 and 6, XMH chairman and managing director Tan Tin Yeow acquired 92,600 shares at S$1.53 apiece. This increased his direct interest to 64.72 per cent from 64.63 per cent.
His preceding transaction was on Dec 16, with 500,000 shares acquired at S$1.50 each.
Tan was appointed chairman and CEO in 2010 and re-designated as chairman and managing director in 2016. He oversees the group’s strategy, corporate planning, business development and acquisitions, and was instrumental in establishing the distribution arm and securing exclusive distributorships.
He has more than 40 years of experience in marine and industrial diesel engines, and previously worked at Meng Wah Machinery Work, a partnership founded by Tan Tum Beng.
Since listing in 2011, XMH has generated a 6 per cent average annualised total return. Founded in 1955 as a small machinery repair shop on Kitchener Road, the company has grown into a trusted provider of diesel engines, propulsion systems and power solutions for marine and industrial customers across Asia.
The group presently operates three reportable segments: distribution (propulsion engines), after-sales (services, spare parts and trading), and project (manufacturing and commissioning of power generator sets).
Last year, Tan relayed the group’s commitment to driving sustainable growth and creating enduring value for all stakeholders. On Dec 12, the group reported its H1 (ended Oct 31) results for the 2026 financial year, with revenue up 40.5 per cent and profit after tax rising 23 per cent from H1 FY2025. This was on the back of robust market demand and contributions from both distribution and project segments.
Its net cash from operating activities surged by S$12.2 million to S$13.2 million in H1 FY2026, driven by lower inventories and contract assets, while investing activities generated S$12.3 million from a partial subsidiary disposal.
Net cash used in financing activities rose to S$29.7 million in H1 FY2026 from S$11.1 million in the year-ago period, due mainly to net repayments of revolving credit facilities and trade bills, as well as higher dividend payments of S$8.8 million versus S$3.8 million in H1 FY2025.
Supported by a healthy order book, the group said it expects its business activities to remain resilient in H2 FY2026, providing good visibility for the financial year.
Management is optimistic about growth prospects, but nonetheless cautious over global uncertainties, citing cost discipline, inventory management and operational efficiency as its priorities to safeguard margins.
In November 2025, XMH joined the MSCI Singapore Micro Cap Index. The stock’s average daily turnover has increased from near S$7,000 in 2024, to S$15,000 in H1 2025, and S$85,000 in H2 2025. The stock maintains a return-on-equity ratio of 37 per cent and a price-to-earnings ratio of 6x.
JB Foods
Between Dec 30 and 31, JB Foods executive director and CEO Tey How Keong acquired 101,300 shares at an average price of S$0.68 apiece. This increased his direct interest to 1.73 per cent from 1.7 per cent, bringing his total interest to 44.42 per cent.
Tey maintains a deemed interest of 42.69 per cent in JB Foods, through JB Cocoa Group.
He joined the board in January 2012 and oversees the group’s strategy, management and business development. He has spent more than 25 years in the cocoa industry and played a key role in establishing a major cocoa processing plant in Pasir Gudang.
In 2000, he founded JB Cocoa, leading its growth into a prominent player in Malaysia and international markets. Today, JB Foods is a leading cocoa ingredients producer with operations across the Asia-Pacific, Europe, North America and West Africa, with an annual processing capacity exceeding 200,000 tonnes.
The JB Cocoa brand supplies cocoa mass, butter and powder for chocolate, confectionery and cocoa-based products to global customers from trade houses to end-users.
In November, Tey reiterated JB Foods’ focus on strengthening fundamentals, optimising working capital, and pursuing sustainable growth to enhance long-term shareholder value. This includes strategies to improve operational efficiency and cost management.
In 2023, he highlighted investments in renewable energy, machinery upgrades and continual innovation to reduce the group’s environmental footprint.
In June 2025, JB Foods completed a renounceable rights issue of 43,314,280 shares at S$0.45 apiece, raising net proceeds of around S$19.4 million after deducting estimated expenses of S$113,000.
The objective of the rights issue was to strengthen the group’s financial position, enhance working capital flexibility and support strategic growth initiatives, while allowing shareholders to maintain their equity interests and participate in the group’s expansion.
For its H1 FY2026 (ended Sep 30), JB Foods reported US$89.9 million in earnings before interest, taxes, depreciation and amortisation –compared with a loss in H1 FY2025.
The better showing was supported by operational improvements, hedging gains and stronger contract margins despite higher administrative costs.
Tey highlighted that in rewarding shareholders, JB Foods declared a special dividend of S$0.028 per share, in addition to an interim dividend per share of S$0.002. Both went ex-div on Nov 20.
Group revenue rose 57.7 per cent on the year to US$794.5 million in H1 FY2026, driven by higher average selling prices of cocoa ingredients.
The group’s liabilities also decreased by 40.4 per cent to US$452.9 million as at Sep 30, 2025, from US$760.2 million as at Mar 31, 2025. This was attributed to decreases in trade payables, in line with the lower inventory levels.
JB Foods noted that global demand for its products is stabilising as manufacturers adapt formulations and purchasing strategies after last year’s price surges.
It added that while cocoa bean prices have eased from 2024 highs, volatility persists amid European Union deforestation rules, macroeconomic pressures and US tariff measures.
Therefore, the group intends to remain agile, monitoring developments and adjusting sourcing, pricing and hedging strategies to navigate changing market conditions.
The stock’s average daily turnover decreased from S$11,000 in 2024 to S$8,000 in H1 2025, before surging to S$70,000 in H2 2025.
Its heaviest day of trading activity last year was Nov 13, the session that followed the release of its H1 FY2026 results, with S$1.8 million in shares changing hands. That was also the stock’s highest daily trading turnover since 2013.
Reclaims Global
On Jan 7, Reclaims Global executive director and CEO Tan Kok Huat acquired 50,000 shares at S$0.40 apiece. This increased his direct interest to 33.65 per cent from 33.62 per cent. His preceding acquisition was on Nov 10, in which he acquired 150,000 shares also for S$0.40 each on average.
Listed on the Catalist, Reclaims Global is an eco-friendly integrated services provider in Singapore’s construction industry. It specialises in the recycling of construction and demolition waste, customisation of excavation solutions, and operating fleet management.
Tan oversees the group’s business strategy, growth and project execution. He has been in the construction industry since the 1990s, and was instrumental in establishing the group as a leading industry player.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
