DBS, OCBC, UOB lead weekly buyback consideration tally

Business Times

15 hours ago

[SINGAPORE] Over the five trading sessions from Jun 6 to 12, institutions were net sellers of Singapore stocks with net institutional outflow of S$80 million, following the S$32 million net outflow from the preceding five sessions. This took the net institutional outflow for 2025 to Jun 12 to S$1.84 billion.
Institutional flows
Over the five trading sessions, the stocks with the highest net institutional outflow were DBS , OCBC , UOB , Singapore Technologies Engineering , Singapore Exchange , Keppel DC Reit , Singapore Airlines , Frasers Centrepoint Trust , Mapletree Industrial Trust and Haw Par Corp .
The following companies led the net institutional inflow over those five sessions: Singtel , Keppel , City Developments , Hongkong Land Holdings , CapitaLand Investment , Venture Corp , Sembcorp Industries , Jardine Matheson Holdings , SIA Engineering Co and CapitaLand Integrated Commercial Trust .
From a sector perspective, financial services and real estate investment trusts (Reits) experienced the highest net institutional outflow; telecommunications and real estate (ex-Reits) saw the most net institutional inflow.
Share buybacks
In the five sessions, 17 primary-listed companies undertook buybacks for a total consideration of S$70.7 million. DBS, UOB and OCBC led the consideration tally, collectively buying back S$66.8 million of shares.
On its current buyback mandates, UOB had bought back 0.31 per cent of its outstanding shares as at Jun 12; DBS had done so for 0.21 per cent, and OCBC, 0.03 per cent (as at Jun 12).
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During the week, DBS became the first Singapore-listed stock with a market capitalisation surpassing US$100 billion. First chalked up and quoted on the Stock Exchange of Malaysia and Singapore on Nov 29, 1968, the stock has continued to attract the interest of retail investors, who, amid the volatility in the first half of April, net bought S$810 million of its shares.
Secondary-listed Hongkong Land also conducted share repurchases in four of the five sessions,
Director transactions
In the five trading sessions between Jun 6 and 12, more than 80 director interests and substantial shareholdings were filed for close to 30 primary-listed stocks. Directors or chief executive officers filed 13 acquisitions and no disposals, and substantial shareholders filed 12 acquisitions and one disposal.
This included director or chief executive officer acquisitions in Anchun International Holdings , Asian Pay Television Trust (APTT), CapAllianz Holdings , Chemical Industries (Far East) , CosmoSteel Holdings , Ho Bee Land , KOP , Mewah International and Q & M Dental Group (Singapore) .
Q & M Dental Group (Singapore)
Between Jun 10 and 11, Q & M non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 54.25 to 54.92 per cent. The 6,427,900 shares were acquired by Quan Min Holdings at an average price of S$0.395 apiece. At the end of April, Dr Ng's total interest had stood at 53.02 per cent.
The recent spate of acquisitions coincided with the group commencing a share buyback programme on May 8, under which 1,651,200 shares, or 0.17 per cent of the outstanding shares were repurchased. These were the first share buybacks undertaken since November 2021.
At the company's FY2024 annual general meeting, Dr Ng announced that Q & M was committed to share buybacks of up to 50 million shares. He stressed the importance of performance share plans in the dental services provider's drive to retain employees.
CosmoSteel Holdings
Between Jun 6 and 11, CosmoSteel executive director and CEO Jack Ong acquired a million shares at an average price of S$0.220 apiece, increasing his direct interest from 17 to 17.39 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 is conditional on the offeror having received more than 50 per cent of the total number of issued shares (excluding shares held in treasury) as at the close of the offer under the minimum acceptance condition.
Nine Yards Chambers subsequently sent a letter to 3HA Capital on behalf of the Ong family, raising concerns about the voluntary cash offer for CosmoSteel and requesting clarifications that could influence shareholder decisions, given the Ong family's stake and potential impact on the offer's outcome.
Jack Ong, his brother Andy and their father Ong Chin Sum collectively owned 24.45 per cent of the company as at Dec 11, 2024. Filings show that Jack Ong has since increased his interest by 2.89 per cent.
Asian Pay Television Trust
On Jun 10, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT, acquired 400,000 units of the business trust for a consideration of S$33,600 at S$0.084 per unit. The move increased his total interest in APTT from 1.23 per cent to 1.25 per cent. This followed his acquisitions of 263,600 shares at S$0.081 apiece in May and 319,400 units at S$0.077 apiece in April.
Lu served as corporate executive vice-president at Hon Hai Technology Group/Foxconn, following the acquisition of the intelligent hub and switch product ODM (original design manufacturer) company he co-founded in 2000. He was also chairman of Asia Pacific Telecom group, Taiwan's fourth-largest mobile carrier, from 2014 to 2021.
On May 14, APTT reported revenue of S$59.4 million for Q1 FY2025. Foreign-exchange effects led to a negative variance of 3.8 per cent compared to Q1 FY2024, due to a weaker Taiwan dollar. On a constant Taiwan dollar basis, revenue declined by 2.7 per cent. APTT highlighted that broadband continued its growth momentum, adding approximately 8,000 new subscribers.
With slightly higher average revenue per user, broadband revenue rose by 7.8 per cent in Taiwan dollars and 4 per cent in Singapore dollars, despite adverse exchange rate movements. Revenue from data backhaul also accounted for around 4 per cent of total broadband revenue.
The CEO of the manager, Somnath Adak, noted that APTT is progressing towards its goal of growing broadband cash flows to consistently exceed the decline in basic cable TV. Adak added its strategy remains focused on aggressive subscriber acquisition, and leveraging industry networks to unlock long-term broadband growth opportunities.
Anchun International Holdings
On Jun 9, Ace Sense acquired 77,200 shares of Anchun at an average price of S$0.377 apiece. This increased the deemed interest of Xie Ming, Anchun's non-independent non-executive chairman, from 23.41 to 23.57 per cent. This follows the acquisition of 124,200 shares of Anchun at S$0.318 apiece on Mar 3.
Anchun delivers integrated chemical and environmental engineering solutions, offering energy-efficient, eco-friendly technologies to support China's petrochemical and chemical industries.
In FY2024, the group's revenue grew by 32.7 per cent from the year before, to 177.4 million yuan (S$31.7 million), driven by a 45 per cent surge in demand for its chemical systems and components (CSC). Demand was slower in other segments. Anchun said its CSC segment is benefiting from China's push for large-scale, modern chemical projects, and rising demand for integrated green hydrogen, ammonia and methanol solutions.
Anchun has enhanced its target and budget management, introduced a three- to five-year development road map, and adopted a phased dual-growth strategy for revenue and profit to drive return on equity. Strategic focus areas include large-scale domestic chemical projects, integrated green hydrogen, ammonia and methanol solutions and global partnerships, supporting growth across the CSC, engineering services and catalyst segments.
At the same time, its key challenges of domestic pricing pressure, aggressive competitor tactics and slower industry growth remain. To further prepare for new opportunities, the group is actively developing internal talent across geographies.
TOTM Technologies
On Jun 9, Thomas Clive Khoo increased his substantial shareholding in TOTM Technologies above the 10 per cent threshold, from 9.99 to 10.05 per cent. The 814,300 shares were acquired at S$0.011 apiece. This followed his substantial shareholding crossing above 9 per cent on May 30, and above 8 per cent on Feb 21. He emerged as a substantial shareholder in September 2024.
In April, TOTM Technologies and Teneo Communications signed a memorandum of understanding to set up a joint venture that would accelerate Malaysia's digital transformation using advanced artificial intelligence and digital identity technologies. Following the resignation of its CEO Irawan Mulyadi on May 27, Pierre Prunier is currently leading TOTM Technologies' management team until a new CEO is appointed.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research