Buybacks and director filings surge following heavy earnings season

[SINGAPORE] For the five trading sessions spanning Feb 27 to Mar 5, institutions were net sellers of Singapore stocks, with net institutional outflow of S$41 million, taking the accumulated net outflow for the first quarter of 2026 to Mar 5 to S$148 million.

Stocks that had the highest net institutional outflow over the five sessions included DBS , Sembcorp Industries , Genting Singapore , Keppel , CapitaLand Investment , Sats , Hongkong Land , Olam Group , Suntec Real Estate Investment Trust (Reit) and Sheng Siong .

Meanwhile, Singapore Airlines , OCBC , Yangzijiang Shipbuilding , Seatrium , ST Engineering , AEM , Singtel , Keppel DC Reit , City Developments Ltd , and UOB Kay Hian led the net institutional inflow.

Share buybacks surge

Over the five sessions, 26 primary-listed companies conducted buybacks with a total consideration of S$131 million. The tally was likely incremented by purchases for share performance plans following a busy earnings season for the 2025 financial year.

Singtel topped the consideration tally, acquiring 10.15 million shares at an average price of S$4.92 each, with the roughly S$50 million spent over five sessions conducted under its value realisation share buyback programme.

Stoneweg Europe Stapled Trust also bought back units, as did secondary-listed Hongkong Land.

Director transactions

Over the five sessions, more than 130 director interests and substantial shareholdings were filed for over 50 primary-listed stocks. Directors or chief executive officers reported 25 acquisitions and five disposals, while substantial shareholders recorded nine acquisitions and 10 disposals.

These included CEO or director acquisitions filed for Asti , Avi-Tech , CapitaLand China Trust , Centurion Corp , Duty Free International , Far East Orchard , Hyphens Pharma International , IFS Capital , MegaChem , Nam Cheong and Raffles Medical Group .

On Mar 4, Silchester International Investors also increased its interest in ComfortDelGro from 6.86 per cent to 7.05 per cent, following the acquisition of four million shares at an average price of S$1.46 each.

This followed Silchester re-establishing itself as a substantial shareholder on Jan 21, then lifting its deemed interest above 6 per cent on Feb 2.

Centurion: CEO and chairmen lift stakes following results

On Feb 27, Centurion CEO Kong Chee Min acquired 50,000 shares at S$1.55 apiece. This increased his direct interest from 0.056 per cent to 0.062 per cent. He has served as CEO since August 2011 and oversees group operations, strategy execution and the board’s long-term growth agenda.

Executive director and joint chairman David Loh and non-executive director and joint chairman Han Seng Juan also increased their interests.

Between Feb 27 and Mar 3, Loh acquired 1.5 million shares at S$1.53 each. This increased his total interest from 59.82 per cent to 60 per cent. Han acquired 600,000 shares at an average price of S$1.44 apiece, raising his total interest from 55.83 per cent to 55.9 per cent. 

On Feb 26, Centurion reported that its FY25 net profit from core business operations increased 26 per cent to S$139.2 million. This was underpinned by a 17 per cent year-on-year increase in revenue to S$295.9 million, driven by healthy rental reversions and robust occupancies across Singapore and the UK.

Reported net profit attributable to equity holders declined 67 per cent to S$114.8 million, largely reflecting lower fair-value gains on investment properties and one-off costs related to the Centurion Accommodation Reit (CAReit) initial public offering, rather than operational weakness.

The group maintains a healthy development pipeline with new bed capacities coming onstream over 2026 to 2028. Shareholders are set to receive a final dividend of S$0.02 per share, alongside a special distribution in specie of one CAReit unit for every 10 Centurion shares, reinforcing the group’s commitment to shareholder returns.

Raffles Medical: Chairman ups interest as earnings momentum builds

On Mar 4, Raffles Medical Group executive chairman Dr Loo Choon Yong acquired 1.8 million shares at an average price of S$1.01 per share. This increased his total interest from 56.17 per cent to 56.27 per cent.

The week prior, Raffles Medical Group reported a 13.4 per cent growth in FY25 profit after tax and minority interests (Patmi) to S$70.6 million, supported by resilient hospital services performance and improved insurance profitability. Meanwhile, revenue rose 1.8 per cent to S$765.3 million.

The group highlighted that its second-half momentum was strong, with Patmi for the period up 21.7 per cent, diluted earnings per share increasing 14.1 per cent to S$0.0381, and operating cash flow reaching S$101.3 million, underpinning a healthy cash position of S$310.8 million.

Reflecting the earnings strength, the board proposed a final dividend of S$0.03 per share, representing an 84 per cent payout ratio of sustainable group Patmi.

Nam Cheong CEO adds shares following H2 recovery

Between Mar 2 and 4, Nam Cheong CEO Leong Seng Keat increased his total interest from 3.95 per cent to 4.05 per cent, following his acquisition of 400,000 shares at an average price of S$1.42 each. 

On Feb 27, the offshore marine group reported a rebound in H2 FY25, with Patmi rising 17.4 per cent year on year and 138.2 per cent half on half to RM189.6 million (S$61.2 million).

This was driven by improved vessel utilisation and significant gains from vessel sales, as longer-term charter contracts began contributing to earnings.

Nam Cheong’s H2 FY25 revenue increased 22.7 per cent half on half to RM341.5 million, while gross profit rose 13.2 per cent, although margins moderated due to scheduled vessel maintenance completed in the fourth quarter of 2025.

The group expects higher vessel utilisation in FY26, supported by long-term charters and potential vessel monetisation to unlock value, recycle capital, and support fleet renewal and long-term growth.

Geo Energy taps market with S$14.9 million placement

On Mar 4, Geo Energy Resources entered into a best-endeavours placement agreement with KGI Securities (Singapore) to place up to 35 million new shares priced at S$0.425 apiece. This will raise gross proceeds of up to S$14.9 million (with net proceeds of about S$14.3 million after expenses).

The placement price represents a 4.5 per cent discount to the volume-weighted average price prior to the company’s trading halt. The transaction is not underwritten, with the new shares accounting for about 2 per cent of enlarged share capital if fully issued.

The proceeds will be used entirely for working capital, with the stated rationale being to strengthen the group’s capital structure, enhance financial flexibility and broaden its shareholder base.

Aoxin Q&M: S$17 million placement to fund expansion

On Mar 1, Aoxin Q&M Dental Group entered into placement agreements to issue up to 113 million new shares at S$0.1566 each, raising gross proceeds of up to S$17.7 million and net proceeds of about S$17 million after expenses.

The fundraising comprises two tranches: a best-endeavours placement of up to 63 million shares arranged by SAC Capital, and a 50 million-share strategic subscription by controlling shareholder Q&M Dental Group, with the placements not underwritten.

The issue price represents a 10 per cent discount to the volume-weighted average price prior to the agreements, and the new shares will account for around 9.95 per cent of the enlarged share capital if fully issued.

The proceeds will be used primarily to fund business expansion, including potential mergers, acquisitions, joint ventures and partnerships (95 per cent).

The remainder will be allocated to general working capital (5 per cent), as the company seeks to strengthen its capital base and enhance financial flexibility to support growth.

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