Value investor Silchester lifts ComfortDelGro stake above 6%

[SINGAPORE] For the five trading sessions spanning Jan 30 to Feb 5, institutions were net sellers of Singapore stocks, with net institutional outflow of S$125 million, reducing the net inflow for early 2026 to S$86 million.

Stocks that had the highest net institutional outflow over the five sessions included DBS , OCBC , iFAST Corporation , Mapletree Logistics Trust , Mapletree Industrial Trust , Yangzijiang Financial Holding, Singapore Exchange , Frasers Centrepoint Trust , UOB and Riverstone Holdings .

Meanwhile, Singapore Airlines , Keppel Corporation , ST Engineering , Jardine Matheson Holdings , City Developments Limited , Singtel , Wilmar International , Genting Singapore , Yangzijiang Shipbuilding (Singapore) and Frencken Group led the net institutional inflow.

Share buybacks

Over the five sessions, just three primary-listed companies conducted buybacks with a total consideration of S$2 million. This is a seasonal reduction in buybacks due to the higher number of companies set to reported their FY2025 financials in February.

Keppel bought back 125,000 shares at an average price of S$11.19 each, bringing total repurchases under the current mandate to 13.395 million shares, or 0.74 per cent of its outstanding shares (excluding treasury shares). In the FY2025 results Q&A session this week, Keppel noted its buyback programme has a clear purpose in funding its share-based plans and to provide acquisition currency for potential mergers and acquisitions.

The Hour Glass bought back 252,400 shares at an average price of S$2.23, taking cumulative buybacks under its mandate to 2.742 million shares, or 0.42 per cent of its issued share base. The Hour Glass’ FY2026 ends on Mar 31. Revenue for its H1 FY2026 rose 14 per cent from H1 FY2025 to S$615.4 million. Its gross margin was stable with the group achieving a 23 per cent increase in profit after tax to S$75.7 million in H1 FY2026, up from S$61.6 million in H1 FY2025.

Vibrant Group bought back 137,800 shares at an average price of S$0.164, lifting total buybacks under its ongoing mandate to 22.64 million shares, or 3.33 per cent of its outstanding shares. Vibrant Group’s FY2026 ends on Apr 30.

The group’s H1 FY2026 revenue declined 9.7 per cent from H1 FY2025, to S$71 million due to weaker freight and logistics activity, with softer demand in the chemical logistics segment also contributing to a 6.8 per cent decline in gross profit. However, net profit rose to S$6.1 million in H1 FY2026, up from S$4.5 million in H1 FY2025, supported by a reversal of impairment losses and higher contributions from associates.

Director transactions

More than 50 director interests and substantial shareholdings were filed for around 30 primary-listed stocks. Directors or CEOs reported two acquisitions and four disposals, while substantial shareholders recorded four acquisitions and seven disposals.

SEE ALSO

Institutions turn net sellers as new share placements hit the market

CLAS

On Feb 2, CEO and executive non-independent director Serena Teo purchased 500,000 stapled securities at S$0.980 per unit, increasing her direct interest from 0.03 per cent to 0.04 per cent. Similarly, Teo also acquired 500,000 stapled securities at S$0.895 per unit on the open market a year ago, back on Feb 3, 2025.

CapitaLand Ascott Trust (Clas) is a stapled group consisting of CapitaLand Ascott Real Estate Investment Trust (Reit) and CapitaLand Ascott Business Trust. It debuted as Ascott Residence Trust, which at the time was the world’s first and only pan-Asian serviced residence Reit, on Mar 31, 2006.

With more than 25 years of experience spanning both private and public sectors, Teo has been the CEO of the Clas managers since 2022. She previously served as deputy CEO, and held various leadership roles at Ascendas Funds Management, Ascendas Services and Ascendas Land. Her experience also includes positions at EDB Investments and Chartered Semiconductors Manufacturing.

On Jan 29, Clas reported that income available for distribution rose 11 per cent from FY2024 to S$256.7 million for FY2025 (ended Dec 31). The rise was driven by stronger operating performance, portfolio reconstitution and higher nonperiodic items. After retaining S$23.2 million to fund asset enhancement initiatives (AEIs) and general corporate purposes, total distribution amounted to S$233.5 million.

The distribution per stapled security (DPS) for FY2025 was S$0.061, delivering Clas’ objective of stable distributions and reflecting a 6.4 per cent yield. For H2 2025, DPS rose 1 per cent year on year to S$0.0358. The FY2025 revenue and gross profit grew 3 and 4 per cent, respectively, supported by improved operations, reconstitution efforts and AEIs, which helped offset foreign currency depreciation and property tax adjustments.

On a same-store basis, excluding acquisitions and divestments, revenue and gross profit increased 3 and 1 per cent, respectively. Revenue per available unit (RevPAU) for FY25 rose 3 per cent to S$161, while Q4 FY2025 RevPAU increased 2 per cent to S$180 on stronger occupancy. Clas’ portfolio valuation increased 1.7 per cent, or S$130 million, led by gains in Japan, France and Australia.

With the results, Teo highlighted that the next phase of growth will further enhance the resilience of Clas’ portfolio by strengthening its presence in key markets and recycling capital from divestments. She added that Clas is progressing towards its medium-term portfolio allocation of 25 to 30 per cent in the living sector while maintaining 70 to 75 per cent in hospitality assets, and has also planned AEIs in key gateway cities.

ComfortDelGro

On Feb 2, Silchester International Investors increased its deemed interest in ComfortDelGro from 5.89 to 6.06 per cent, following the acquisition of 3,635,500 shares at an average price of S$1.473 each. This followed a purchase on Jan 21, when Silchester acquired 3,550,000 shares at S$1.4650, raising its stake to 5.05 per cent and re-establishing itself as a substantial shareholder.

Silvester International Investors specialises in international equity investment for institutional clients. Established in 1994, the company seeks long-term returns through investment in quoted international equities and manages a single investment strategy, International Value Equity, delivered through long-only commingled funds.

Last year, Silchester trimmed its position in ComfortDelGro to below the 5 per cent substantial shareholder threshold, after previously crossing above 8 per cent in August 2024. From its initial emergence as a substantial shareholder in November 2023, Silchester gradually increased its stake to more than 8 per cent over 39 weeks. The subsequent period, during which it reduced its holding from 8 per cent to below 5 per cent, spanned roughly 27 weeks, between Apr 29, 2025, and Nov 3, 2025.

Since early November, ComfortDelGro has provided a Q3 FY2025 business update and senior leadership changes. The group’s strategic direction reflects a clear emphasis on strengthening its position as a global, multi-modal mobility operator.

In the Q3 FY2025 business update on Nov 12, 2025, the group highlighted operational and financial developments across its businesses. These included clearer earnings momentum, sustained margin improvement, and expanding overseas scale. Revenue for the quarter rose 12.9 per cent from Q3 FY2024, while profit after tax and minority interests increased 22.4 per cent, driven by stronger UK public transport performance, improved margins from renewed London bus contracts, and the full period contributions from the Addison Lee and A2B acquisitions.

The update also highlighted multi-year strategic milestones, including the smooth commencement of Metroline Manchester, the launch of Stockholm rail operations, and continued expansion under Victoria’s 10 year Zero Emission Bus Franchise, which delivered both disposal gains and a wider operating footprint.

Meanwhile, ComfortDelGro’s point-to-point operations in Singapore showed signs of stabilisation, with fleet contraction easing, trip volumes rising, and enhancements to the Zig platform helping reduce cancellations by 40 per cent. Cashflow generation also remained healthy, supporting a substantial capex programme in electrification and international fleet expansion without compromising liquidity.

On Nov 20, ComfortDelGro also announced senior leadership changes to support its next phase of global mobility growth, with group deputy CEO Derek Koh retiring on Mar 31, 2026, after seven years, and transitioning into an advisory role. From Jan 1 2026, group deputy CFO Christopher White was appointed group CFO, while Liam Griffin, previously head of UK point-to-point mobility and CEO of Addison Lee, assumed the newly created role of group chief point-to-point mobility officer to drive global point-to-point integration and expansion.

ComfortDelGro is scheduled to release its FY2025 financial results on Feb 27.

AcroMeta

AcroMeta Group is issuing new shares to a private investor, Elisabet, who will subscribe to S$1 million of new shares. At S$0.06 the issue price equates to 16,666,667 new shares, representing approximately 4.1 per cent of the enlarged share capital. This is also a premium of about 151 per cent to the S$0.0239 volume weighted average price on Jan 30.

The placement aims to strengthen working capital and support future growth opportunities, with net proceeds of S$980,000 for general working capital. Listed on Catalist, AcroMeta is focused on engineering-driven, sustainability-aligned businesses. Its core business, Acro Harvest Engineering, provides facilities management for controlled environments and commercial heating, ventilation and air-conditioning with over 20 years of expertise.

The group is expanding into nonmetallic mineral products (including sand-related trading) via AcroMeta Minerals; and wholesale trade, including electronics, via AcroMeta Lifestyle. It is positioning itself as a forward-looking platform backing eco-intelligent, profitable and transparent ventures.

The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research