Over the five trading sessions from Nov 22 to 28, institutions were net buyers of Singapore stocks, resulting in a net institutional inflow of S$188 million, reversing the net outflow of S$38 million observed over the five preceding sessions up to Nov 21.

Stocks that led the net institutional inflow over the five sessions through to Nov 22 were Yangzijiang Shipbuilding Holdings, Oversea-Chinese Banking Corporation, Keppel, CapitaLand Integrated Commercial Trust, Singapore Exchange, United Overseas Bank, Seatrium, Jardine Matheson Holdings, Eneco Energy and Thai Beverage Public Co.

Meanwhile, Singtel, Frasers Logistics & Commercial Trust, CapitaLand Investment, Singapore Airlines, AEM Holdings, Hongkong Land Holdings, Frasers Centrepoint Trust, Sembcorp Industries, Keppel REIT and ESR-Logos REIT led the net institutional outflow. 

From a sector perspective, the five sessions saw Industrials and Financial Services book the most net institutional inflow, while Telecommunications and REITs booked the most net institutional outflow. 

The five sessions also saw 22 primary-listed companies conduct buybacks with a total consideration of S$44.8 million, up from the S$27.6 million in the preceding five sessions. On Nov 28, DBS Group Holdings bought back 350,000 shares at an average price of S$42.04 per share. This represented 0.01 per cent of its issued shares (excluding treasury shares). 

The five trading sessions saw more than 70 director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs filed 21 acquisitions, and two disposals, while substantial shareholders filed six acquisitions and two disposals. 

Cortina Holdings 

On Nov 22, Lim Keen Ban Holdings Pte Ltd acquired 1.6 million shares of Cortina Holdings at S$2.90 per share. This increased its substantial shareholding in Cortina Holdings above the 34 per cent threshold, from 33.74 per cent to 34.70 per cent. Lim Keen Ban Holdings Pte Ltd increased its direct interest above the 33.0 per cent threshold in April 2024 and above the 32.0 per cent threshold in Oct 2023.

Executive Chairman Anthony Lim Keen Ban, Group CEO and Executive Director Raymond Lim Jit Ming, Group COO and Executive Director Jeremy Lim Jit Yaw are deemed interested in the shares held by Lim Keen Ban Holdings Pte Ltd through LKB Private Trust Company Limited. 

The acquisition saw Cortina Holdings rank as the twelfth stock that booked the highest net institutional inflow for the five sessions. The Group operate over 40 boutiques in markets such as Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan and Australia.

On Nov 12, Cortina Holdings reported its revenue for 1HFY25 (ended Sep 30) increased by 5.5 per cent from 1HFY24 to S$413.0 million, but the gross profit margin slightly decreased to 32.2 per cent. Despite higher operating expenses due to increased rental and depreciation costs, the Group maintained a healthy balance sheet with total equity of S$418.3 million, though 1HFY25 profit after tax fell 8.6 per cent from 1HFY24 to S$31.1 million.

Wilmar International

Between Nov 22 and 28, Wilmar International Chairman and CEO Kuok Khoon Hong increased his deemed interest in the global agri-business by 4,306,300 shares. This increased his total interest from 14.22 per cent to 14.29 per cent. The shares were acquired between S$3.08 and S$3.04 over the five sessions. Mr Kuok has been gradually increasing his total interest in Wilmar International from 12.94 per cent in October 2022. 

Raffles Medical Group

Between Nov 22 and 27, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.4 million shares at an average price of S$0.859 per share.  This increased his total interest from 55.50 per cent to 55.63 per cent. Since February, Dr Loo has gradually increased his total interest in the stock from 53.02 per cent. The leading integrated private healthcare provider in Asia, operates in 14 cities across five countries with four hospitals and over 100 clinics, serving 2.8 million patients annually. The Raffles Hospital segment includes the Group's flagship private tertiary hospital in Singapore, with a growing network of hospitals in Singapore, China, and Vietnam, including Raffles Hospital Chongqing, Raffles Hospital Shanghai, Raffles Hospital Beijing, and American International Hospital. Back on July 29, the Group reported the Raffles Hospitals revenue grew in both Singapore and China in 1HFY24. The Group noted that earlier this year, it added 176 beds to its capacity and has started receiving patients in 1HFY24, to support the transitional care facilities (TCF) with the Ministry of Health. Under the TCF programme, the Group also continues to operate step-down care facilities, in the East at Singapore Expo in addition to TCF at Raffles Hospital Singapore. 

Oiltek International

On Nov 25, the Ginko-AGT Global Growth Fund became a substantial shareholder of Oiltek International, with the acquisition of 25,200 shares boosting its direct interest from 4.98 per cent to 5.00 per cent.  The Ginko-AGT Global Growth Fund, launched in February 2019, employs three investment strategies: long-term investments, short-term active trading, and a quant-driven multi-factor approach. The fund manager maintains an objective to double its Net Asset Value every four years with an average annual return of 20 per cent. Presently around 75 per cent of the Fund's Assets Under Management are dedicated to long-term, concentrated investments. The Ginko-AGT Global Growth Fund is also a substantial shareholder of Beng Kuang Marine. 

Oiltek International is an established integrated process technology and renewable energy solutions provider for the global vegetable oils industry. On Nov 19, the Group reported its 3QFY24 revenue increased 14.5 per cent from 3QFY23  to RM67.60 million , driven by gains in the Edible & Non-Edible Oil Refinery and Product Sales and Trading segments, while gross profit surged by 75.2 per cent to RM19.91 million, with a margin increase to 29.5 per cent due to improved profitability in the Edible & Non-Edible Oil Refinery segment. 

Oiltek International maintain its revenue and profit growth have been driven by its asset-light business model, strong management, and engineering capabilities. The Group maintains it benefits from rising global demand for vegetable oils, its comprehensive service range across the value chain, a strong financial position, and its recent geographical expansion into Latin America and Africa. The Group is also confident in the long-term outlook of the Edible & Non-Edible Oil Refinery segment, citing industry projections that the global fats and oils market is expected to grow from US$257 billion in 2023 to US$403 billion by 2033 at a 4.6 per cent Compound Annual Growth Rate. The Group also note that its Renewable Energy segment will benefit from increased biodiesel mandates in Indonesia and Malaysia, and the aviation industry's shift to sustainable aviation fuel. 

While Oiltek International listed in early 2022, it has over 40 years of experience in vegetable and edible oil process engineering. The Group noted last week that it also aims to create recurring income streams through strategic investments, mergers, acquisitions, joint ventures, and alliances. Oiltek International has seen its average daily turnover grow 8-fold this year, from 2023 levels.  

Wing Tai Holdings

Wing Tai Holdings chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares. Between Nov 22 and 28,  Mr Cheng has increased his deemed interest in the leading real estate developer and lifestyle retailer by 230,000 shares. Mr Cheng maintains a 61.58 per cent total interest in the company.

Bonvests Holdings

On Nov 25, Bonvests Holdings executive chairman Henry Ngo acquired 101,000 shares at an average price of S$0.90 per share. The acquisitions were made through Allsland Pte Ltd, which is wholly owned by MR Ngo.

His total interest in Bonvests Holdings is 84.75 per cent. His preceding acquisitions were in September and June. Mr Ngo has gradually increased his total interest in the group from 82.93 per cent in August 2018.

Back in August, Bonvests Holdings reported its 1HFY24 revenue increased 3.4 per cent from 1HFY23 to S$108.991 million, driven by higher revenue from the Industrial Division. However, EBITDA decreased by 8.5 per cent to S$21.68 million due to higher operating expenses from the Hotel Division. The Group reported a loss before taxation of S$1.91 million, mainly due to higher finance costs, depreciation, and lower EBITDA. The five revenue segments of the group span rental, hotel, industrial, investment and property development. Bonvests holdings expect its Rental Division to remain stable, while the Hotel Division faces challenging market conditions despite industry recovery, with ongoing construction in Medina of Tunis, Tunisia, scheduled for completion by mid-2026. The Industrial Division has improved financial results but continues to face challenges from market competition and rising costs, while the Investment Division's performance will be influenced by stock market volatility, and the Development Division currently has no active projects.

Inside Insights is a weekly column on The Business Times, read the original version.

Enjoying this read?

• Subscribe now to the SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.
• Stay up-to-date with our SGX Invest Telegram channel.