Over the five trading sessions from June 6 to June 12, institutions were net net sellers of Singapore stocks, with net institutional outflow of S$80 million following the S$32 million net outflow for the preceding five sessions. This takes the net institutional outflow for the 2025 year to June 12 at S$1.84 billion. 

Institutional Flows 

Over the five trading sessions through to June 12, the stocks that saw the highest net institutional outflow were DBS Group Holdings, Oversea-Chinese Banking Corporation, United Overseas Bank, Singapore Technologies Engineering, Singapore Exchange, Keppel DC REIT, Singapore Airlines, Frasers Centrepoint Trust, Mapletree Industrial Trust, and Haw Par Corporation.

Meanwhile Singapore Telecommunications, Keppel, City Developments, Hongkong Land Holdings, CapitaLand Investment, Venture Corporation, Sembcorp Industries, Jardine Matheson Holdings, SIA Engineering Co, and CapitaLand Integrated Commercial Trust led the net institutional inflow over the five sessions.

From a Sector perspective, Financial Services and REITs experienced the highest net institutional outflow, while Telecommunications and Real Estate (ex-REITs) saw the most net institutional inflow.

Share Buybacks

The five sessions through to June 12 saw 17 primary-listed companies make buybacks with a total consideration of S$70.7 million. DBS Group Holdings, United Overseas Bank and Oversea-Chinese Banking Corporation led the consideration tally, collectively buying back S$66.8 million of shares.

On their current buyback mandates, United Overseas Bank has bought back 0.31 per cent of its outstanding shares, DBS Group Holdings has bought back 0.21 per cent and Oversea-Chinese Banking Corporation has bought back 0.03 per cent (as of June 12).

During the week, DBS Group Holdings became the first Singapore-listed stock to see it market capitalisation surpass US$100 billion. First chalked up and quoted on the Stock Exchange of Malaysia and Singapore on November 29, 1968, the stock has continued to attract the interest of retail investors, who amid the volatility in the first half of April, net bought S$810 million of its shares. 

Secondary-listed Hongkong Land also continued to conducted share repurchases on four of the five sessions 

Director Transactions

The five trading sessions spanning June 6 through to June 12 saw more than 80 director interests and substantial shareholdings filed for close to 30 primary-listed stocks. Directors or CEOs again filed 13 acquisitions, and no disposals, while substantial shareholders filed 12 acquisitions and one disposal. This included director or CEO acquisitions inAnchun International Holdings, Asian Pay Television Trust, CapAllianz Holdings, Chemical Industries (Far East), Cosmosteel Holdings, Ho Bee Land, KOP, and Mewah International Inc and Q & M Dental Group (Singapore).

Q & M Dental Group (Singapore)

Between June 10 and June 11, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 54.25 per cent to 54.92 per cent. The 6,427,900 shares were acquired by Quan Min Holdings Pte Ltd at an average price of S$0.395 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent.

The recent spate of acquisitions has also coincided with the Group commencing a share buyback program on 8 May which has since seen 1,651,200 shares or 0.17 per cent of the outstanding shares repurchased. These were the first share buybacks it had filed since November 2021. At the FY24 AGM, Dr Ng relayed that the Company’s result announcement back in February 2025 had committed to share buybacks of up to 50 million shares. Dr Ng also maintains that Performance Share Plans are important for leading dental services provider to retain employees.

CosmoSteel Holdings

Between June 6 and 11, CosmoSteel Holdings executive director and CEO Jack Ong acquired 1 million shares at an average price of S$0.220 apiece, increasing his direct interest from 17 per cent to 17.39 per cent.

On May 15, Evolve Capital Advisory, on behalf of 3HA Capital, announced a voluntary conditional cash offer for all issued and paid-up ordinary shares of CosmoSteel Holdings at S$0.20 apiece. The Offer is conditional on the Offeror having received more than 50 per cent of the total number of issued Shares (excluding shares held in treasury) as at the close of the Offer under the Minimum Acceptance Condition. Nine Yards Chambers LLC subsequently sent a letter to 3HA Capital Private Limited on behalf of the Ong Family, raising concerns about the voluntary cash offer for CosmoSteel Holdings requesting clarifications that could influence shareholder decisions, given the Ong Family’s stake and potential impact on the offer’s outcome. 

Together Mr Ong, with his brother Andy Ong and their father Ong Chin Sum collectively owned 24.45 per cent of the company as of December 11, 2024. Filings show that Mr Ong has since increased his interest by 2.89 per cent.

Asian Pay Television Trust

On June 10, Lu Fang-Ming, non-executive director, and vice-chair of the trustee-manager of Asian Pay Television Trust (APTT) acquired 400,000 units of the business trust for a consideration of S$33,600. At S$0.084 per unit, this increased his total interest in APTT from 1.23 per cent to 1.25 per cent. This followed his acquisitions of 263,600 shares at S$0.081 apiece in May and 319,400 units at S$0.077 apiece in April. 

Mr Lu served as Corporate Executive Vice President at Hon Hai/Foxconn Technology Group following the acquisition of the intelligent hub and switch products ODM manufacturing company he co-founded in 2000. He also served as Chairman of Asia Pacific Telecom Group, Taiwan’s fourth-largest mobile carrier, from 2014 to 2021.

On May 14, APTT reported revenue of S$59.4 million for its 1QFY25. Foreign exchange effects led to a negative variance of 3.8 per cent compared to 1QFY24, due to a weaker Taiwan dollar. On a constant Taiwan dollar basis, revenue declined by 2.7 per cent. APTT highlighted that broadband continued its growth momentum, adding approximately 8,000 new subscribers. 

With slightly higher average revenue per user (ARPU), broadband revenue rose by 7.8 per cent in Taiwan dollars and 4.0 per cent in Singapore dollars, despite adverse exchange rate movements. Revenue from data backhaul also accounted for around 4 per cent of total broadband revenue. The CEO of the Manger, Somnath Adak, noted that APTT is progressing toward its goal of growing broadband cash flows to consistently exceed the decline in basic cable TV. Mr Adak added that strategy remains focused on aggressive subscriber acquisition and leveraging industry networks to unlock long-term broadband growth opportunities.

Anchun International

On June 9 , Ace Sense acquired 77,200 shares of Anchun International at an average price of S$0.377 apiece. This increased the deemed interest of Ms Xie Ming, Anchun’s non-independent non-executive chairman, from 23.41 per cent to 23.57 per cent.  This followed the acquisition of 124,200 shares of Anchun International at S$0.318 apiece on March 3. Anchun delivers integrated chemical and environmental engineering solutions, offering energy-efficient, eco-friendly technologies to support China’s petrochemical and chemical industries. 

In its FY24, the Group grew revenue by 32.7 per cent from FY23, to RMB 177.4M driven by a 45 per cent surge chemical systems and components (CSC) —but slower demand in other segments.  Anchun maintains its CSC segment is benefitting from China’s push for large-scale modern chemical projects and rising demand for integrated green hydrogen, ammonia, and methanol solutions. Looking further ahead, Anchun has enhanced its target and budget management, introduced a 3-to-5-year development roadmap, and adopted a phased dual-growth strategy for revenue and profit to drive ROE. Strategic focus areas include large-scale domestic chemical projects, integrated green hydrogen–ammonia–methanol solutions, and global partnerships—supporting growth across the CSC, Engineering Services, and Catalyst segments. At the same time its key challenges of domestic pricing pressure, aggressive competitor tactics, and slower industry growth remain. To further prepare for new opportunities, the Group is actively developing internal talent across geographies. 

TOTM Technologies

On June 9, Thomas Clive Khoo increased his substantial shareholding in TOTM Technologies above the 10 per cent threshold, from 9.99 per cent to 10.05 per cent. The 814,300 shares were acquired at S$0.011 apiece. This followed his substantial shareholding crossing above 9 per cent on May 30, and above 8 per cent on February 21. He emerged as a substantial shareholder in September 2024. 

Back in April, TOTM Technologies and Teneo Communications signed an MoU to form a joint venture that will accelerate Malaysia’s digital transformation using advanced AI and digital identity technologies. Following the resignation of Irawan Mulyadi as CEO on May 27, Pierre Prunier is currently leading TOTM Technologies’ management team until a new CEO is appointed. 

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

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