Institutions pull back as buybacks and insider buying persist
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FOR the five trading sessions spanning Mar 20 to 26, institutions were net sellers of Singapore stocks, with net institutional outflow of S$79 million, partially reversing the S$365 million net inflow for the preceding five sessions.
The stocks that had the highest net institutional outflow over the five sessions included CapitaLand Ascendas Real Estate Investment Trust (Reit), ST Engineering , Hongkong Land , DBS , Keppel , OCBC , Seatrium , CapitaLand Investment , Yangzijiang Shipbuilding and City Developments Ltd .
Meanwhile, Sembcorp Industries , Haw Par Corporation , Singtel , UOB Kay Hian , AEM , Centurion Accommodation Reit , ComfortDelGro Corporation , Singapore Airlines , Suntec Reit and Singapore Exchange (SGX) led the net institutional inflow.
Separately, CapitaLand Ascendas Reit raised S$903.5 million in gross proceeds during the week, comprising about S$600 million from an oversubscribed private placement and S$303.5 million from a preferential offering.
The placement drew strong demand from a quality mix of new and existing unitholders, including long-only funds, real estate specialists, private wealth and multi-strategy investors.
Share buybacks
Over the five sessions, 25 primary-listed companies conducted buybacks with a total consideration of S$136 million. Stoneweg Europe Stapled Trust also bought back units, as did Digital Core Reit .
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Director transactions
Over the five sessions, close to 100 director interests and substantial shareholdings were filed for more than 50 primary-listed stocks. Directors or chief executive officers reported 24 acquisitions and no disposals, while substantial shareholders recorded six acquisitions and seven disposals.
These included CEO or director acquisitions filed for Asian Pay Television Trust , CapitaLand China Trust , Centurion Corporation, Darco Water Technologies , Hyphens Pharma International , IFS Capital , ISOTeam , Multi-Chem , Nera Telecommunications , NetLink NBN Trust , Raffles Medical Group , SunMoon Food Company , Tai Sin Electric , Wing Tai and XMH .
Many of the acquisitions were continuations of transactions initiated earlier in the month.
Centurion Corporation executive director and joint chairman David Loh as well as non-executive director and joint chairman Han Seng Juan continued to increase their interests.
Between Mar 19 and 23, Han acquired 529,000 shares at an average price of S$1.46 each, raising his total interest from 56.06 per cent to 56.13 per cent.
On Mar 23, Loh bought another 200,000 shares at an average price of S$1.45 apiece. This grew his total interest from 60.04 per cent to 60.07 per cent.
Between Mar 23 and 25, Raffles Medical Group executive chairman Dr Loo Choon Yong purchased 287,900 shares at an average price of S$0.99 a share. This increased his total interest from 56.27 per cent to 56.29 per cent.
On Mar 20, XMH chairman and managing director Tan Tin Yeow acquired 33,700 shares at S$1.85 apiece. This lifted his direct interest from 65.22 per cent to 65.25 per cent.
Wing Tai chairman and managing director Cheng Wai Keung continued to gradually build his deemed interest in the company, now at 62.77 per cent, through his spouse Helen Chow’s acquisition of shares. As at end-2024, his stake was 61.64 per cent, and 62.32 per cent as at end-2025.
ABR MD buys amid steady cash generation
Between Mar 24 and 25, ABR managing director Ang Yee Lim acquired a total of 354,400 shares via market transactions at prices ranging from S$0.39 to S$0.40. This raised his direct interest in the group from 53.97 per cent to 54.15 per cent.
His previous acquisitions were in March 2025, similarly following the company’s financial year reporting.
ABR is the long-time owner and operator of Swensen’s Singapore, and continues to refresh the brand. Last May, it expanded the Swensen’s Unlimited buffet concept with a new outlet at Geneo in Singapore Science Park. This was alongside regular updates to the core family-dining menu.
For its 2025 financial year ended Dec 31, ABR reported revenue of S$143 million, up 5.5 per cent on the year, driven mainly by contributions from new outlets.
Net profit attributable to shareholders declined 7.9 per cent to S$3.35 million, as higher manpower, food ingredient and depreciation costs weighed on margins.
Despite this, the group generated an operating cash flow of S$25.8 million, lifting group cash and cash equivalents to S$34.2 million as at end-December, while maintaining dividends with a total payout of S$0.015 per share for the year.
Geo Energy Resources: Insider buying, capital raising and infrastructure upside
On Mar 25, Huang She Thong, chairman and CEO of Geo Energy Indonesia, bought one million Geo Energy Resources shares at S$0.504 each. This grew his holdings from 29.83 million shares to 30.83 million shares.
As a co-founder of the group, he oversees its Indonesian operations, setting country strategy and executing marketing initiatives to drive sales growth, expand the customer base and enhance financial performance. He was appointed chairman and CEO of Golden Eagle Energy on Oct 18, 2023, with overall responsibility for the business and management.
Separately, on Mar 9, 2026, group chief operating officer Philip Hendry and group chief financial officer Adam Tan also purchased Geo Energy Resources shares at S$0.475 apiece.
On Mar 16, Geo Energy Resources completed a 35-million-share placement at S$0.425 a share. Through this, it raised about S$15 million to strengthen its capital structure, enhance financial flexibility and broaden its shareholder base.
The funds are intended to support the execution of ongoing projects and growth initiatives, reinforcing the group’s strategy to scale as a resilient, high-growth Indonesian energy and infrastructure player.
On Mar 17, the company announced that the Marga Bara Jaya integrated infrastructure project is 80 per cent complete and on track to be finished in mid-2026.
Geo Energy Resources also said it had secured binding third-party haulage commitments of nine million tonnes annually to create a new, recurring toll-based revenue stream.
Meanwhile, higher coal prices support an outlook for US$170 million to US$200 million in 2026 coal sales earnings before interest, taxes, depreciation and amortisation (Ebitda).
The infrastructure upside could also lift group earnings materially over the medium term, by up to an additional US$300 million in annual Ebitda.
ISOTeam director buys shares following H1 profit jump
ISOTeam director Jeremiah Huang bought 438,800 ordinary shares in the facilities maintenance specialist through an on-market purchase on Mar 23.
He acquired them for a total consideration of S$34,226, implying an average price of about S$0.078 per share. Prior to the transaction, he held no shares in the company.
He chairs the group’s remuneration committee, and sits on its audit and nominating committees as well.
He is also the principal of Everstead Law, advising on corporate finance, capital markets, mergers and acquisitions, joint ventures and commercial matters.
On Feb 11, ISOTeam reported a sharp improvement in earnings for the first half (ended Dec 31) of FY2026. Profit attributable to shareholders jumped 70 per cent year on year to S$3.3 million, despite revenue falling 18.9 per cent to S$53.1 million.
The stronger bottom line was due mainly to lower costs, including savings from the company converting one floor of its headquarters into a foreign-worker dormitory. This lifted the gross margin by 3.5 percentage points to 18.6 per cent.
Revenue from repairs and redecoration, addition and alteration, as well as coating and painting, declined due to project timing. However, this was partly offset by stronger contributions from renewable solutions under the others segment.
Management noted that several projects are scheduled for completion in H2, supporting a pickup in revenue recognition. As at Feb 11, ISOTeam’s order book stood at S$176.2 million, following S$26.5 million of new contract wins announced in January.
In H1 FY2026, the company raised a total of S$17.5 million, comprising S$7.5 million via the SDAX platform through two series of three-month commercial paper issuance, and S$10 million through a share-cum-convertible-bond placement exercise.
AEM partners ASE in S$12 million strategic investment
On Mar 21, semiconductor equipment maker AEM announced a strategic partnership with ASE Technology. Under this, an ASE subsidiary will invest S$12 million for 3.35 million new AEM shares at S$3.591 each. This is equal to 1.06 per cent of its present issued capital.
ASE will also receive warrants that can be exercised only if revenue targets are met. Assuming full exercise of all warrants, the subscription shares and warrant shares will together represent 9.09 per cent of the company’s issued shares (excluding treasury shares).
Upon completion of the proposed subscription, the company will issue the warrants and deliver the warrant instruments to the subscriber.
The partnership combines AEM’s artificial intelligence (AI) and high-performance computing (HPC) test systems with ASE’s global manufacturing and semiconductor testing scale.
The focus is on advanced computing, including chiplet-based and system-in-package designs. The proceeds will fund AEM’s Taiwan expansion, product development and joint market execution.
AEM CEO Samer Kabbani said the partnership represents an important step in the company’s strategy to work closely with industry leaders to advance the state of AI and HPC testing.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
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