Tourism and real estate stocks dominate filed transactions
[SINGAPORE] Over the five trading sessions from Nov 14 to 20, institutions were net sellers of Singapore stocks, with net institutional outflow of S$131 million. This partially reversed the previous week’s S$236 million net inflow.
Institutional flows
Stocks that had the highest net institutional outflow included DBS, CapitaLand Investment , Yangzijiang Shipbuilding , Singapore Airlines , Jardine Matheson , Frasers Centrepoint Trust , Sembcorp Industries , Keppel DC Real Estate Investment Trust (Reit), Seatrium and Singapore Exchange (SGX).
Meanwhile, Keppel , OCBC , Hongkong Land , ST Engineering , Wilmar International , Yangzijiang Maritime , UOB , Singtel , Lendlease Global Commercial Reit and CSE Global led the net institutional inflow.
Outside the Straits Times Index, both Sheng Siong Group and CSE Global chalked up the highest net institutional inflows in the month to Nov 20, followed by Lendlease Global Commercial Reit, SIA Engineering and Aims Apac Reit .
On Nov 19, CSE Global reported that its third-quarter revenue climbed 20.5 per cent on the year to S$257.7 million. This was driven by its electrification segment’s strong growth in the Americas.
Share buybacks
Seventeen primary-listed companies conducted buybacks with a total consideration of S$58.2 million. UOB again led the consideration tally, buying back 997,700 of its shares at an average price of S$34.01 each.
On Nov 17, Stoneweg Europe Stapled Trust (Sert) bought back 130,000 units at 1.52 euros apiece. This took the number of units acquired on its current buyback mandate to 2,512,700, representing 0.45 per cent of the issued units as at Apr 29, when the mandate commenced.
On Nov 6, Sert posted a business update for the first nine months of the year. It highlighted that its net property income stood at 102.9 million euros (S$155.3 million), up 3 per cent from the year-ago period.
The improvement was driven by higher occupancy, strong rental growth and proactive capital management. Following a 300 million euro green bond issuance and a new green development loan, Sert has no debt maturing until 2030.
Its cost of debt also fell to 3.9 per cent, with Fitch upgrading its rating to “BBB”.
Hongkong Land also continued to buy back shares, bringing its total of shares acquired since April to 41.8 million, at an average price of US$5.79 apiece.
On Nov 20, Hongkong Land said it was making progress on its Strategic Vision 2035, which focuses on ultra-premium integrated commercial assets in Asia’s gateway cities and targets US$10 billion in capital recycling over 10 years.
On Oct 31, it completed its divestment of MCL Land for S$739 million, bringing total proceeds to S$839 million and achieving 50 per cent of its end-2027 capital recycling goal of US$4 billion.
Director transactions
Over the five trading sessions, 60 director interests and substantial shareholdings were filed. Across 25 primary-listed stocks, directors or chief executive officers reported 10 acquisitions and no disposals, while substantial shareholders recorded five acquisitions and five disposals.
Wing Tai
Wing Tai chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company through his spouse Helen Chow’s acquisition of shares.
From Nov 14 to 20, Cheng increased his total interest in the leading real estate developer and lifestyle retailer from 62.19 per cent to 62.24 per cent. As at end-2024, his stake was 61.64 per cent.
Banyan Tree
On Nov 14, Far East Organization subsidiary Goodview Properties increased its substantial shareholding in Banyan Tree to 6.06 per cent from 5.99 per cent. It acquired 605,400 shares at S$0.62 apiece.
Its interest in Banyan Tree first crossed the 5 per cent threshold in August 2021, when shares of the hospitality company were trading at around S$0.31 – roughly half their current price.
As at June 2025, Banyan Group operates 93 hotels and resorts, more than 140 spas and galleries, and over 20 branded residences across more than 20 countries.
The Mandai Rainforest Resort marks its 100th property. From Nov 27 to Dec 3, the group will celebrate this milestone and its Singapore homecoming with the inaugural Rainforest Festival.
The group’s largest market is China, where its portfolio has grown to 34 hotels across five brands. To mark 20 years of operations there, the group in August announced that it would open five new properties in this year.
They are: Banyan Tree Zhuhai Phoenix Bay, Angsana Zhoushan, Dhawa Beihai Weizhou Island, Homm Wenzhou Nanxijiang and Homm Hengqin.
For its first half ended Jun 30, Banyan Tree reported a 15 per cent year-on-year increase in its revenue, with strategic growth across all business segments.
The stock has been experiencing a resurgence in trading activity this year; its average daily turnover is in the vicinity of S$400,000 compared to S$60,000 in 2024.
CapitaLand China Trust
On Nov 18, CapitaLand China Trust non-executive independent director Chua Keng Kim acquired 150,000 units at S$0.79 apiece. This follows his purchase of 550,000 units at S$0.79 each between Oct 30 and Nov 7, and takes his total interest to 0.04 per cent.
Since 2019, CapitaLand China Trust has been evolving from a retail pure-play into a diversified portfolio which spans business and logistics parks. At the same time, it has been executing strategic asset-enhancement initiatives and divesting non-core assets to optimise performance.
Through this disciplined portfolio reconstitution, the Reit’s manager has unlocked value from mature malls and completed seven divestments since listing.
In 2025, it also participated in CapitaLand Commercial C-Reit by divesting CapitaMall Yuhuating and subscribing to a 5 per cent strategic stake, creating upside potential for unitholders.
Bukit Sembawang Estates
Between Nov 12 and 13, Bukit Sembawang Estates non-executive director Lee Chien Shih acquired 15,500 shares of the property player at an average price of S$4.15 per share. This marginally increased his direct interest from 0.21 per cent to 0.22 per cent.
Bukit Sembawang Estates focuses on property development, investments and related activities. It said on Nov 5 that it is preparing to launch Pollen Collection II, a residential landed development.
It is also continuing to market condominium project 8@BT and the remaining units at Pollen Collection, while planning for residential landed development Luxus Hills Phase 10.
The group added it will monitor construction progress to ensure timely completion and take a prudent approach in timing future launches based on market conditions.
Bukit Sembawang Estates is among the longest-listed companies on SGX. It began developing landed properties in the 1950s, was incorporated in 1967, and listed on the mainboard in 1968.
The counter is one of 33 Singapore-listed stocks that Maybank Securities identified, in an Oct 24 report, as having comparatively more value-unlocking potential.
The research house’s selection is based on the view that companies with high cash reserves have greater flexibility to release value. Bukit Sembawang Estates holds a net cash position equal to 54 per cent of its market capitalisation, and trades at a price-to-book ratio of 0.68 times – below book value.
Duty Free International
Between Nov 13 and 14, Duty Free International independent director Derrick Quek bought 331,000 shares at an average price of S$0.093 apiece. This marginally increased his direct interest from 0.03 per cent to 0.05 per cent.
The retail group posted H1 FY2026 (ended Aug 31) revenue of RM74.8 million (S$23.6 million), down 0.9 per cent on the year. Its profit before tax surged to RM6.4 million from a RM0.2 million loss, due largely to a lower unrealised foreign exchange loss of RM6 million.
As at Aug 31, Duty Free International held RM14.3 million – compared to RM93.5 million the year prior – in foreign currencies. Most of these currencies were converted into Malaysian ringgit during FY2025, reducing the impact of foreign-currency translation differences in the latest financial period.
In response to the challenging retail business environment and the closure of its Bukit Kayu Hitam outlet, the group said it will focus on strengthening operational efficiency through rigorous cost control, optimised resource allocation, and strategic planning. It also intends to stay agile in the changing landscape.
In addition, its acquisition of an automotive components business is anticipated to provide a stable new revenue stream, boosting the group’s overall performance and resilience.
Duty Free International said it remains committed to pursuing synergistic opportunities that complement its existing businesses to drive sustainable growth and long-term shareholder value.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
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