[singapore] Over the four trading sessions from Apr 25 to 30, institutions were net buyers of Singapore stocks, with net institutional inflow of S$56.4 million, reversing the preceding five sessions’ institutional outflow of S$14 million. This brings the net institutional outflow for the 2025 year to Apr 30 to S$1.73 billion.
Institutional flows
The stocks with the highest net institutional inflow were OCBC, Singapore Airlines, Sembcorp Industries, Singtel, Singapore Technologies Engineering, Singapore Exchange, Keppel, Keppel DC Reit, Jardine Matheson Holdings and Hongkong Land Holdings.
DBS, iFast Corporation, Mapletree Logistics Trust (MLT), UOB, ComfortDelGro Corporation, Wilmar International, Frasers Centrepoint Trust, ESR-Reit, Frasers Logistics & Commercial Trust and Seatrium led the net institutional outflow over the four sessions.
From a sector perspective, industrials and utilities experienced the highest net institutional inflow, and financial services and technology recorded the most net institutional outflow.
Share buybacks
In the four sessions to Apr 30, 15 primary-listed companies conducted buybacks with a total consideration of S$5.1 million.
Director transactions
In the four trading sessions between Apr 25 and 30, nearly 80 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or chief executive officers filed 20 acquisitions and no disposals; substantial shareholders filed four acquisitions and two disposals.
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This included director or CEO acquisitions in Aspial Lifestyle, CDW Holding, ESR-Reit, iFast Corporation, Keppel, MLT, MegaChem, Sheffield Green, Straco Corporation, Tat Seng Packaging Group, Union Steel Holdings and UOB-Kay Hian Holdings (UOBKH).
Mapletree Logistics Trust
On Apr 25, Mapletree Logistics Trust Management executive director and CEO Jean Kam acquired 100,000 units of MLT at S$1.14 a unit. This increased her interest to 179,800 units.
Before the acquisition, MLT provided its Q4 FY2025 results, in which revenue decreased by 0.8 per cent from the year before to S$179.6 million, mainly due to lower contributions from China, divested properties and currency depreciation.
This was partially offset by stronger performance in Singapore, Australia and Hong Kong, along with recent acquisitions. Consequently, net property income fell by 1.6 per cent to S$152.8 million.
Kam highlighted that the focus for FY2026 would be on tenant retention, cost management and proactive capital management to counteract macroeconomic uncertainties, even as it continues its rejuvenation strategy.
She added the real estate investment trust’s redevelopment project at 5A Joo Koon Circle had committed 46 per cent of its lettable space ahead of receiving its Temporary Occupation Permit in May 2025, with another 30 per cent in active negotiation.
Straco Corporation
On Apr 25, Straco executive chairman Wu Hsioh Kwang acquired 16,545,000 shares in a married deal at S$0.40 apiece. With a consideration of S$6,618,000, this increased his direct interest from 1.04 per cent to 2.97 per cent.
He also maintains a 55.02 per cent deemed interest through Straco Holding, Straco (HK) and his spouse and non-executive director Chua Soh Har. This brings his total interest to 57.99 per cent.
Wu founded Straco, and has been instrumental in driving its growth since inception. Appointed as executive chairman in March 2003, he leads the group’s strategic vision and overall management, while guiding its developing growth strategies.
The group has been one of the first few foreign-owned companies that built up a significant presence and influence in China’s tourism industry. Straco’s main operating assets include the Singapore Flyer, Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car. It also holds the development rights to Chao Yuan Ge, a historical site situated at the alighting point for the Lintong Lixing Cable Car.
Additionally, it has secured exclusive permission from the State Administration of Cultural Heritage of China to exhibit relics unearthed from the Chao Yuan Ge site on Lishan Mountain. Among the attractions, the Shanghai Ocean Aquarium is the group’s flagship attraction; it is sited adjacent to the Oriental Pearl Tower and well positioned to serve visitors in Shanghai’s financial district of Lujiazui in the Pudong New Area.
For its FY2024 (ended Dec 31), Straco reported revenue of S$81.5 million, down 0.8 per cent from FY2023, attributed to its two China aquariums that pulled in fewer visitors amid a challenging economic and operating environment. This was partially offset by the Singapore Flyer achieving a 15 per cent increase in revenue and a more than 60 per cent surge in net profit, compared to FY2023. Overall attributable net profit for Straco in FY2024 was up 6 per cent to S$27.2 million.
The group’s financial position also remained robust, with a net cash holding of S$181 million as at the end of 2024. It plans to utilise this cash for ongoing asset enhancements, and is open to exploring collaborations and opportunities for mergers and acquisitions.
Wu recently announced a positive economic outlook for 2025 in both the China and Singapore tourism markets. He noted China is aiming for a gross domestic product growth of around 5 per cent in 2025, which is expected to benefit the tourism industry as the economy shifts towards consumption-driven growth.
He also expects that stimulus support and structural reforms will help stabilise industries that have struggled in recent years, boosting consumer confidence. Wu said the Singapore Flyer remains a popular attraction, drawing visitors from major markets such as mainland China, Indonesia and India. He added the Singapore Tourism Board projects international visitor arrivals to Singapore to come in at between 17 million and 18.5 million in 2025, which would represent a growth of 3 to 12 per cent, compared to 2024.
UOB-Kay Hian Holdings
On Apr 29, UOBKH chairman and managing director Wee Ee Chao acquired 788,360 shares at S$1.80 apiece. This increased his deemed interest from 35.27 per cent to 35.35 per cent. He has gradually increased his deemed interest in the regional financial-services group from 29.49 per cent at the end of 2019.
ESR-Reit
On Apr 25, ESR-Reit Management (S) independent non-executive director Nagaraj Sivaram acquired 936,000 units of ESR-Reit at S$0.21 a unit. This almost doubled his direct interest from 0.013 per cent to 0.025 per cent.
The acquisition followed ESR-Reit’s Q1 FY2025 business update, which reported increases of 24 per cent in revenue and 31 per cent in net property income from the corresponding period of the year before. This was mainly attributable to contributions from ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14, which were both acquired in November 2024.
IFast Corporation
On Apr 28, iFast non-executive non-independent director Lim Wee Kian acquired 80,000 shares at an average price of S$6.50 a share. With a consideration of S$520,407, this increased his total interest in the wealth-management fintech platform from 6.45 to 6.47 per cent.
His preceding acquisitions on the open market were in March 2024 for 25,000 shares, at an average price of S$6.89 a share, and in October 2022, when he bought 57,000 shares at S$3.79 a share.
Lim is also the CEO of DBS Digital Exchange, a subsidiary of DBS. He joined DBS in August 2004 and previously served as the regional head of foreign exchange. Before DBS, he worked at various investment banks, specialising in trading foreign exchange and interest rate products.
Lim’s acquisition follows on from iFast reporting its Q1 FY2025 financials after the Apr 25 close. The group’s Q1 net profit rose 31.2 per cent from the year-ago period to S$19.04 million, propelled by a 24.4 per cent rise in revenue to S$106.92 million.
The group’s assets under administration (AUA) reached a record high of S$25.68 billion, with net inflows of S$938 million despite market volatility. iFast expects to continue to grow the AUA of its core wealth-management platform business, which will drive further growth in both revenues and profitability.
It also added that iFast Global Bank is expected to build upon its progress and achieve a full year of profitability in 2025. It also expects further growth of the ePension division as onboarding rates continue to progress and the ORSO (Occupational Retirement Schemes Ordinance) pension business starts to contribute.
Union Steel Holdings
On Apr 28, Union Steel executive director Ang Yew Chye acquired 134,600 shares at an average price of S$0.53 a share. This increased his total interest in the metals, scaffolding and engineering company from 12.26 per cent to 12.37 per cent.
This closely followed his acquisition of 45,000 shares at S$0.51 a share on Apr 21. The co-founder increased his direct interest from 12.08 per cent when Union Steel reported its H1 FY2025 (ended Dec 31) results on Feb 12.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.
