[SINGAPORE] Over the five trading sessions from Jul 25 to 31, institutions were net sellers of Singapore stocks. The net institutional outflow of S$351 million was a reversal from the S$334 million net inflow in the preceding five sessions. This took the net institutional outflow for the 2025 year till Jul 31 to S$1.67 billion.  

 

Institutional flows 

Over the five trading sessions till Jul 31, the stocks that saw the highest net institutional outflow included Singapore Airlines : C6L +0.29%, Singtel : Z74 +0.52%, OCBC : O39 -0.47%, UOB : U11 -0.33%, DBS : D05 -0.65%, Singapore Post : S08 +1.02%, Sembcorp Industries : U96 -1.93%, CapitaLand Integrated Commercial Trust : C38U -0.45%, Jardine Matheson Holdings : J36 +2.66% and Keppel : BN4 -1.89%. 

 

Meanwhile, iFast Corp : AIY -0.33%, Yangzijiang Shipbuilding Holdings : BS6 -1.17%, City Developments Ltd : C09 -0.65%, ComfortDelGro Corp : C52 -0.65%, Yangzijiang Financial Holding : YF8 -2.07%, Jardine Cycle & Carriage : C07 -2.05%, Venture Corp : V03 -1.78%, Haw Par Corp : H02 +0.22%, UOB-Kay Hian Holdings : U10 +2.98% and StarHub : CC3 0% led the net institutional inflow over the five sessions.

 

This saw financial services leading the net institutional outflow over the five sessions, while technology booked the highest net institutional inflow. 

 

A notable divergence in net institutional flows was that, over the five sessions, the 20 stocks with the highest net outflows had an average market capitalisation of S$25.4 billion, while those with the highest net inflows averaged just S$3.7 billion. 

 

Among the stocks with sub-S$4 billion market capitalisation that were attracting the most net institutional inflows were Venture Corp, Suntec Real Estate Investment Trust (Reit) : T82U +0.86%, Yangzijiang Financial Holding, Frasers Logistics & Commercial Trust : BUOU -2.27%, ComfortDelGro Corp, Haw Par Corp, iFast Corp, UOB-Kay Hian Holdings, Hutchison Port Holdings Trust : P7VU +1.92%, StarHub, CapitaLand India Trust : CY6U -3.36%, Frencken Group : E28 -0.6%, Samudera Shipping Line : S56 -2.88%, and CSE Global : 544 -0.77%. 

 

iFast Corp

iFast Corp saw S$50.3 million of net institutional inflow over the five sessions, turning around its 2025 year-to-date net institutional outflow of S$8.6 million to net institutional inflow of S$42.9 million. 

 

On Jul 25, iFast Corp reported that its net profit for the first half of the 2025 financial year ended Jun 30 increased 34.7 per cent from H1 FY2024 to S$41.1 million, with expectations for stronger H2 FY2025 performance. The global digital banking and wealth management platform also reported that its second-quarter dividend per share (DPS) rose 33.3 per cent from that in Q2 FY2024, and that the FY2025 DPS is projected to grow at least 35.6 per cent from the previous year. Key revenue drivers included strong growth in the Hong Kong ePension business, a turnaround at iFast Global Bank, and record assets under administration of S$27.2 billion, with a record quarterly inflow of S$1.29 billion in the latest Q2. 

 

In Q2, the Hong Kong segment saw a 33.4 per cent gross revenue increase to S$45.6 million from the corresponding period in the prior year. Following its first profitable quarter in the fourth quarter of FY2024, iFast Global Bank posted a S$0.7 million net profit in Q2 FY2025, and a 124.2 per cent growth in customer deposits to S$1.45 billion from the previous corresponding quarter.

 

The group&rsquo s return on equity (ROE) in H1 stood at 24.6 per cent. The group expects its ROE to remain at healthy levels, supported by the ongoing growth of the core wealth management platform and the continued progress of iFast Global Bank, as both fee-based and net interest income scale with business expansion.

 

Raffles Medical led share buybacks

The five sessions through to Jul 31 saw six primary-listed companies file buybacks with a total consideration of S$4.7 million. 

 

Raffles Medical Group : BSL +1.01% led the consideration tally, buying back 3.3 million of its shares at an average price of S$1.02 apiece. It also reported its results for H1 FY2025, ended Jun 30, last week. 

 

Its H1 profit after tax increased 5 per cent to S$32.5 million, supported by stable performance across core segments. At the same time, revenue rose 3.5 per cent to S$378.4 million, with hospital services contributing S$174 million and healthcare services, S$142.2 million.

 

The group also reiterated that, reflecting its disciplined capital management and strong operating cash flow, it had revised its dividend policy in February to distribute at least 50 per cent of sustainable earnings annually and to buy back up to 100 million ordinary shares over the next two years.

 

Keppel announces share buyback programme

Keppel bought back 100,000 of its shares at an average price of S$8.56 each. Along with reporting its results for H1 ended Jun 30 last week, Keppel announced a S$500 million share buyback programme. It maintained that shares repurchased will be held as treasury shares that will be used in part for the annual vesting of employee share plans, as well as currency for future merger and acquisition (M& A) activities.

 

During the week, Keppel chief executive officer Loh Chin Hua relayed that the M& A activity will include phase two of the acquisition of European real estate manager Aermont Capital that is due in 2028. The group also detailed the role of the previous buyback programme in its initial 50 per cent acquisition of Aermont in April 2024. Keppel tendered treasury shares at S$7.16 apiece that had an average cost of S$5.80. This cost was based on the average purchase price of the treasury shares of approximately S$6.65, less the FY2022 and FY2023 cash dividends and dividend in-specie of Keppel Reit units paid to shareholders amounting to S$0.84 apiece. 

 

Loh added that while buyback timing details remain undisclosed, the company prefers buybacks over issuing new shares to avoid dilution, especially as it anticipates a re-rating and continued share-price performance.

 

Hongkong Land Holdings continues buybacks

Secondary-listed Hongkong Land Holdings : H78 -1.98% also continued to conduct share repurchases, acquiring 1,193,000 shares at US$6.26 each. This takes its cumulative buyback consideration to US$137 million since Apr 24. 

 

It reported on Jul 29 that its underlying profit for H1, ended Jun 30, rose 11 per cent on the year to US$320 million, excluding China provisions. Meanwhile contributions from Hong Kong declined due to lower office rents and ongoing renovations at the commercial complex Landmark. It highlighted that capital recycling reached US$1.3 billion &ndash 33 per cent of its 2027 target &ndash highlighted by a landmark transaction with Hong Kong Exchanges and Clearing.

 

Director transactions

Over the five trading sessions, more than 40 director interests and substantial shareholdings were filed. Across 25 primary-listed stocks, directors or CEOs filed seven acquisitions and five disposals, while substantial shareholders recorded five acquisitions and three disposals. 

 

This included director or CEO acquisitions in iWow Technology : NXR 0%, Japan Foods Holding : 5OI 0%, Jason Marine Group : 5PF 0%, Micro-Mechanics (Holdings) : 5DD -3.26%, Stamford Land Corp : H07 -3.45% and SunMoon Food Company : AAJ -5.56%.

 

Share buybacks and director filings remained below typical levels, as the local market remained in a busy stretch of financial reporting.