Q&M, UOL and CLCT directors build stakes
Telecoms and technology book the most net institutional inflow for the week
OVER the five trading sessions from Oct 31 to Nov 6, institutions were net sellers of Singapore stocks, with net institutional outflow of S$96 million.
Institutional flows
Stocks that saw the highest net institutional outflow over the five sessions included UOB , CapitaLand Integrated Commercial Trust , Mapletree Industrial Trust , China Sunsine Chemical Holdings , Sembcorp Industries , Frasers Centrepoint Trust , City Developments , Parkway Life Reit , Singapore Airlines , and Singapore Exchange (SGX).
Meanwhile, Singtel , OCBC , Wilmar International , Keppel , Jardine Matheson Holdings , UMS Integration , Venture Corporation , Jardine Cycle & Carriage , Mapletree Pan Asia Commercial Trust , and Mapletree Logistics Trust led the net institutional inflow over the five sessions.
This saw the telecommunications and technology sectors book the most net institutional inflow for the week, while real estate investment trusts (Reits) and financial services led the net institutional outflow.
Excluding the S$157 million net institutional outflow for the Reit sector, Singapore stocks booked net institutional inflow of S$60 million for the week.
Share buybacks
For the five trading sessions through to Nov 6, nine primary-listed companies conducted buybacks with a total consideration of S$16.4 million. UOB led the tally, buying back 240,000 of its shares at an average price of S$33.81 on Nov 6.
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Director transactions
Over the five trading sessions, 40 director interests and substantial shareholdings were filed.
Across more than 20 primary-listed stocks, directors or chief executive officers reported seven acquisitions and no disposals, while substantial shareholders recorded eight acquisitions and two disposals.
Q&M Dental Group
On Oct 31, Quan Min Holdings acquired 2.9 million shares of Q&M Dental Group (Singapore) at an average price of S$0.547 a share. This increased the total interest of non-independent executive director and group CEO Ng Chin Siau to 56.77 per cent, from 56.46 per cent previously.
Dr Ng is responsible for the corporate direction of the group. He leads in all aspects of its business strategies, policy planning and business development in Singapore, Malaysia and China.
He has gradually increased his total interest from 53.09 per cent in April. Last month, Q&M Dental signed a non-binding memorandum of understanding for a proposed acquisition of a Thai company operating one of the country’s largest private dental clinic networks.
The target runs over 30 clinics across Thailand, mainly in Bangkok and major north-eastern provinces, offering comprehensive dental services. Its network emphasises accessible, standardised care and has grown through strategic site expansion and brand development.
UOL Group
On Oct 31, group chief executive Liam Wee Sin acquired 120,000 shares at an average price of S$6.80 following option conversions, raising his direct interest to 728,777 shares. He also maintains 400,000 options on an equal number of underlying shares.
With UOL Group for over 30 years, Liam is a seasoned business leader with extensive experience in real estate development and investment. The company maintained total assets of about S$23 billion as at Jun 30, with a geographical presence in 13 countries.
This followed a busy October for the group. During the month, it completed the acquisition of Thomson View Condominium and divested the commercial strata lots in Kinex, Singapore. The group also secured a tender for a residential site at Dorset Road.
CapitaLand China Trust
Between Oct 30 and Nov 5, CapitaLand China Trust Management Limited (CLCTML) non-executive independent director Chua Keng Kim made his first open market purchases since joining the board in January, buying 500,000 units at an average price of S$0.789 each.
Chua brings extensive experience from senior roles at organisations including SC Capital Partners, Stonegate China Properties, Rodamco Asia and GIC Real Estate.
Since its 2006 IPO, CLCT has expanded from seven shopping malls to a diversified portfolio of 18 properties across 12 major Chinese cities.
In 2025, CLCT has maintained its focus on driving asset performance, reconstituting its portfolio through strategic divestments and investments, and enhancing financial management. This includes participating in CapitaLand Commercial C-Reit, unlocking value from mature assets, and implementing asset enhancement initiatives to support organic growth.
For its Q3 FY25 (ended Sep 30), CLCT’s gross revenue fell 8 per cent year on year, and net property income declined 8.5 per cent. Excluding the impact of CapitaMall Yuhuating’s divestment, same-store gross revenue was down 3.4 per cent and net property income fell 4.4 per cent. Retail revenue dropped 8.4 per cent (or 1.8 per cent excluding Yuhuating), business park revenue fell 9.1 per cent, while logistics park revenue rose 13 per cent due to improved occupancy.
As at Sep 30, retail properties contributed 69.9 per cent of gross rental income, with nine-month 2025 shopper traffic up 4.5 per cent and tenant sales rising 2.3 per cent year on year. CLCTML highlights retail as a key asset class in China benefiting from government initiatives to boost domestic consumption.
Business parks accounted for 26.5 per cent of gross rental income and logistics parks made up 3.6 per cent, both strategically aligned with China’s technology and innovation-driven agenda, providing exposure to sectors such as semiconductors, electronics, and information and communication technology.
CDW Holding
Between Nov 3 and 4, CDW lead independent non-executive director Chia Seng Hee bought 567,800 shares at an average price of S$0.14 per share.
This increased his direct interest from 0.19 per cent to 0.44 per cent. His preceding acquisition of 432,500 shares at S$0.125 apiece was in April.
Chia has over two decades of experience across Arthur Andersen, Singapore Technologies and GIC. He later served as senior director at Enterprise Singapore, overseeing China operations from Shanghai.
Currently a corporate governance practitioner, he brings deep expertise in governance and risk management. He is a fellow of the Institute of Singapore Chartered Accountants.
The core activities of CDW Holdings include supplying LCD backlight units and precision parts for electronics, producing payment devices, and operating businesses in food and beverage, biotech R&D, healthcare, beauty products and bio-related intellectual property.
In August, CDW Holding reported H1 FY2025 (ended Jun 30) revenue of US$43.2 million, down 1.4 per cent from US$43.7 million in H1 FY2024, mainly due to a 15.8 per cent drop in LCD backlight units sales volumes to 1.7 million units.
This was partly offset by a strong OEM rebound, while gross margin held at 16 per cent versus 17.3 per cent a year ago. Cost optimisation drove administrative expenses down 24 per cent to US$7 million, narrowing the pre-tax loss to US$500,000, from US$2.5 million in H1 FY2024.
Overall, the group ended with a net loss of US$1 million in H1 FY2025, a 63 per cent improvement from a year ago. It is focusing on strengthening customer relationships across all segments and driving higher-margin products.
It has also been exploring to diversify its business and production base, particularly in South-east Asia, establishing a Ho Chi Minh City office and assessing production feasibility in Vietnam.
Mooreast Holdings
On Nov 5, ICH Group co-founder and ICH Asset Management managing director Vincent Toe directly bought 3,615,939 shares of Mooreast Holdings , with ICH Capital Pte Ltd also directly acquiring eight million shares. The shares were acquired in a married deal at S$0.087 apiece. This took Toe’s total interest in Mooreast to above the 5 per cent substantial shareholder threshold to 5.47 per cent.
Toe is an experienced investment executive with over 30 years in investment banking, private equity, fund management and corporate advisory across Asia.
From 2022 to 2024, he served as the inaugural CEO of Yangzijiang Financial Holding, managing assets under management of about S$4.6 billion, and previously held senior roles at UBS, DBS, JPMorgan and worked as a fund manager at GEM.
As reported by The Business Times on Aug 19, Toe views Singapore’s small and mid-cap segment as a structural growth driver, citing their need for capital, governance support and investor engagement as catalysts for long-term value creation.
Catalist-listed Mooreast provides end-to-end mooring solutions, including design, engineering, fabrication, supply, installation, and commissioning for offshore oil and gas, marine, and renewable energy sectors.
For its H1 FY2025 (ended Jun 30), Mooreast posted a net profit of S$3.5 million, reversing a net loss of S$1.3 million in H1 FY2024, as revenue surged 84 per cent to S$25.2 million on its mooring division performance.
Operating cash flow also saw a positive swing to S$5.3 million, with cash balances rising to S$18.5 million.
The group remains confident in the long-term growth of floating renewable energy and is actively pursuing opportunities in Europe and North Asia.
To accelerate this transformation, it partnered Norway-based GeoProvider in July, leveraging its geotechnical and geophysical data for larger, more complex projects.
In September, Mooreast also signed a strategic cooperation agreement with CCCC Mechanical & Electrical Engineering to jointly develop offshore renewable energy and marine projects, including offshore wind supply-chain solutions.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
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