[SINGAPORE] Over the four trading sessions from Jun 13 to 18, institutions were net sellers of Singapore stocks, with net institutional outflow of S$42 million following the S$80 million net outflow in the preceding five sessions. This takes the net institutional outflow for the year to Jun 18 to S$1.88 billion.
Institutional flows
In the four trading sessions, the stocks with the highest net institutional outflow were DBS, Singapore Airlines (SIA), Wilmar International, Singtel, OCBC, Sats, Mapletree Industrial Trust, UOL, Riverstone, and DFI Retail Group.
Meanwhile, Keppel, Singapore Exchange (SGX), ST Engineering, CapitaLand Integrated Commercial Trust, Yangzijiang Shipbuilding, Jardine Matheson, Mapletree Logistics Trust, Rex International, Hongkong Land, and Seatrium led the net institutional inflow over the four sessions.
From a sector perspective, financial services and consumer non-cyclicals experienced the highest net institutional outflow, while industrials and real estate investment trusts (Reits) had the most net institutional inflow.
Singtel leads net institutional inflows in Q2 2025
Institutions were net sellers for much of the second quarter of 2025, but sector flows were mixed, with financial services and Reits seeing the largest outflows, while telecommunications and industrials – led by Singtel, SIA, Keppel, and ST Engineering – recorded notable inflows.
From end-2023 to Jun 18, Singtel led net institutional inflows into the local market with S$1.6 billion, while its Straits Times Index weight rose from 6 per cent to 8 per cent. Its total return ranked it as the second-best performer in the Dow Jones Sector Titans Telecommunication Index.
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Earlier this month, Gerald Wong, founder of financial advisory platform Beansprout, interviewed Singtel’s group chief financial officer Arthur Lang to discuss the company’s recent momentum. Lang noted that profit growth in FY2025 was driven by strong execution across core business units, with subsidiaries Optus and NCS achieving earnings before interest and taxes expansion of 55 per cent and 39 per cent, respectively.
He also highlighted the “Singtel28” strategy’s focus on lifting business performance by strengthening the company’s core connectivity businesses, and scaling growth areas such as IT services and digital infrastructure. For instance, its data centre arm, Nxera, is expanding rapidly with support from a partnership with KKR, enabling regional growth with partial funding from external capital.
Lang also highlighted that longstanding regional partnerships and active capital management to fund growth and boost shareholder returns continue to position Singtel for long-term resilience.
Share buybacks
In the four sessions, 15 primary-listed companies made buybacks with a total consideration of S$61.8 million. DBS, UOB and OCBC again led the consideration tally, collectively buying back S$58.9 million of shares.
On their current buyback mandates, UOB has bought back 0.35 per cent of its outstanding shares, DBS has repurchased 0.22 per cent, and OCBC has bought back 0.06 per cent, as at Jun 18.
Secondary-listed Hongkong Land also continued to conduct share repurchases over the four sessions.
Director transactions
The four trading sessions saw a bit of a pause in director interests and substantial shareholdings filings. There were fewer than 40 filings for 20 primary-listed stocks. Directors or chief executive officers filed six acquisitions and two disposals, while substantial shareholders filed one acquisition and two disposals.
These included director or CEO acquisitions in CosmoSteel, Hyphens Pharma International, Mencast and SunMoon Food Company.
CosmoSteel
On Jun 13, CosmoSteel executive director and CEO Jack Ong acquired two million shares at an average price of S$0.22 each, boosting his direct interest from 17.39 per cent to 18.15 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 at S$0.20 apiece. The offer has drawn scrutiny from significant shareholders the Ong family, who have requested clarifications. Prior to the development, CosmoSteel’s CEO had also raised his direct interest from 14.5 per cent.
SunMoon Food Company
Between Jun 13 and 18, SunMoon Food Company executive director and CEO Zhang Ye acquired 3,099,100 shares at S$0.16 apiece. This increased his total interest from 51.77 per cent to 52.12 per cent.
He has been gradually increasing his total interest from 51.57 per cent May 27, when the group reported its FY2024/2025 (ended Mar 31) results. He was appointed CEO and executive director in December 2018.
The serial entrepreneur also founded Yiguo – China’s first fresh food e-commerce platform – and Enmore Group, which is now a leading player in China’s bulk chemical services sector.
For FY2024/2025, SunMoon Food Company reported revenue of S$33.83 million, up from S$27.06 million the previous year. The growth was driven by stronger sales of fruits, aquatic foods, and non-hazardous chemical products. The group generated 93 per cent of its revenue for the period from China, with the remainder coming from Asean.
Its gross profit for FY2024/2025 remained steady at S$821,000, though the margin declined to 2.43 per cent from 3.03 per cent in FY2023/2024, due mainly to the clearance of slow-moving inventory sold at minimal or negative margins.
The company said it is working to enhance profitability by expanding its non-hazardous chemical segment through strategic partnerships. It also remains focused on growing cross-border trade – exporting food products from China to South-east Asia, and importing basa fish (a freshwater fish native to South-east Asia) into China.
Hyphens Pharma International
On Jun 16, Hyphens Pharma International non-executive director Tan Kia King acquired 33,600 shares at S$0.30 apiece. This grew his total interest incrementally, from 28.13 per cent to 28.14 per cent.
The open market purchase followed his acquisitions of 100,000 shares in May and 88,000 shares in April, with both transactions at S$0.285 per share.
Appointed in December 2017, Dr Tan brings more than 30 years of medical and leadership experience to the group, including roles as managing director of Westpoint Family Hospital and chairman of Taka Jewellery.
Hyphens Pharma International is headquartered in Singapore with direct operations in Indonesia, Malaysia, the Philippines and Vietnam. Its foundation dates back to 1998, when current chairman and CEO Lim See Wah invested in Pan-Malayan Pharmaceuticals, laying the groundwork for a regional healthcare platform.
Established in the 1940s, Pan-Malayan is Singapore’s oldest pharmaceutical wholesaler, with a rich history of supplying clinics, pharmacies, hospitals, nursing homes and trade partners.
In 2002, Lim bought into Hyphens Pharma. The move unlocked Asean expansion and proprietary innovation, including the launch of Ceradan – a therapeutic skincare brand – and strategic research and development with the Agency for Science, Technology and Research.
Hyphens Pharma International listed on the SGX Catalist in 2018. With a growing regional footprint, it continues to champion Asia’s role in healthcare innovation.
The group currently comprises five key entities: Hyphens Pharma, DocMed Technology, Ocean Health, Novem and Ardence Pharma. They advance the three core segments of speciality pharmaceuticals; proprietary brands; as well as medical hypermart and digital.
In FY2024 (ended Dec 31), the group reported record revenue of S$195.4 million and a net profit after tax of S$10.9 million. It remains focused on scaling its core segments, with proprietary brands expanding regionally and speciality pharmaceuticals advancing through new launches and exclusive rights.
It also continues to strategically enhance longstanding assets such as Pan-Malayan and online marketplace POM, with a focus on building high-traffic digital platforms to unlock greater value. Part of DocMed Technology, POM is a business-to-business pharmaceutical marketplace that operates in Singapore, Malaysia and Vietnam.
Hyphens Pharma International maintains a market capitalisation of nearly S$100 million, with a return on equity ratio of 15.2 per cent, dividend yield of 4.8 per cent, and price-to-earnings ratio of 9.6 times as at last week.
The counter is also among the 10 SGX-listed healthcare stocks that have booked the highest net institutional inflows in the first half of 2025. In April, Evolve Capital initiated coverage on Hyphens Pharma International with a target price of S$0.365. The advisory platform noted that despite its smaller scale, Hyphens Pharma International maintains decent margins, a net cash position, and consistent revenue growth, making its low valuation unjustified.
While near-term growth may moderate, Evolve Capital expects continued portfolio expansion across the segments of speciality pharmaceuticals and proprietary brands.
Buybacks and director transactions for Jun 19 will be included next week.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
