Aberdeen extends Clint deemed interest to 6%
Institutional flows
Over the five trading sessions through to Jul 17, the stocks that saw the highest net institutional inflow included Singtel , Keppel , City Developments Ltd , Singapore Airlines , Seatrium , Sembcorp Industries , OCBC , Frasers Hospitality Trust , CapitaLand Ascendas Reit , and Singapore Exchange .
Meanwhile, DBS , UOB , NTT DC Reit, PSC Corporation , CapitaLand Integrated Commercial Trust , Mapletree Industrial Trust , Yangzijiang Shipbuilding , ComfortDelGro , CapitaLand Investment , and Mapletree Logistics Trust led the net institutional outflow over the five sessions.
From a sector perspective, industrials and telecommunications booked the highest net institutional inflow, while financial services and materials & resources saw the most net institutional outflow for the five sessions. Industrials and telecommunications have also led the net institutional inflow for the year to Jul 17, while financial services has led the net outflow.
CapitaLand India Trust
On Jul 15, an acquisition of just over 2.5 million units of CapitaLand India Trust (Clint) at S$1.126 apiece increased the deemed interest of Aberdeen Group from 5.96 per cent to 6.15 per cent. This followed the group emerging as a substantial unitholder of Clint with its deemed interest crossing above the 5 per cent threshold on Jun 30.
Clint is a Singapore-listed business trust that owns and manages income-generating real estate in India, including IT parks, industrial facilities, and logistics assets. Its portfolio spans major Indian cities such as Bangalore, Hyderabad, Chennai, Pune, and Mumbai, with a strong focus on technology and software development sectors. The properties serve a wide range of tenants, including global and Indian companies such as Tata Consultancy Services, Infosys, Amazon, and Applied Materials.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The trust grows its portfolio through acquisitions, forward purchases, and developments, including IT parks and data centres. The manager of Clint also maintains a disciplined capital management strategy, with a significant portion of its debt on fixed rates. It distributes most of its income available for distribution and repatriates income regularly from India to Singapore. Clint's development pipeline includes future projects in Bangalore and Hyderabad. The trust benefits from India's resilient economy and rising demand for commercial real estate, especially in tech-driven sectors.
For its FY2024 (ended Dec 31), Clint reported improved performance, with higher distributions and stronger income. The increase was driven by contributions from newly acquired properties, higher rental income from existing assets, and positive rent reversions. Clint is scheduled to report its H1 FY2025 results after the Jul 30 close.
Share buybacks
The five sessions through to Jul 17 saw eight primary-listed companies make buybacks with a total consideration of S$53.5 million. UOB led the consideration tally, buying back one million of its shares at an average price of S$36.80. On its current buyback mandate, UOB has bought back 0.6 per cent of its outstanding shares as at Jul 17. DBS also bought back 350,000 shares at an average price of S$46.18 per share.
Secondary-listed Hongkong Land Holdings also continued to conduct share repurchases, buying back 950,000 shares at an average price of US$6.27. Since Apr 24, the company has bought back US$121 million of its shares.
Director transactions
Over the five trading sessions leading up to Jul 17, a total of 55 director interests and substantial shareholdings were filed. Across more than 25 primary-listed stocks, directors or CEOs reported five acquisitions and no disposals, while substantial shareholders recorded eight acquisitions and six disposals. This included director or CEO acquisitions in Asian Pay Television Trust (APTT), Stamford Land Corporation , Aims Apac Reit and Singapore Shipping Corporation .
Both share buybacks and director filings were fewer than the usual quota, as the local market nears a busy few weeks of financial reporting.
Singapore Shipping Corporation
On Jul 9, Singapore Shipping executive chairman Ow Chio Kiat acquired 2.5 million shares at an average price of S$0.275 apiece. This increased his total interest from 43.77 per cent to 44.39 per cent. The married deal was a significant step-up in pace compared to the 161,100 shares at the same price between Jul 3 and Jul 8. Ow has been gradually increasing the interest from 42.97 per cent in May 2024.
For its FY2025 (ended Mar 31), Singapore Shipping achieved a net profit of US$11.4 million, which grew 24.6 per cent from FY2024. The group also maintains a net cash position of US$56.1 million and maintains that it ensures cash flow resilience with fixed-rate borrowings below prevailing deposit rates, insulating from rising interest rate risks.
On the current industry outlook, Ow says that the global trade environment is becoming increasingly fragmented and uncertain due to rising tariffs, shifting geopolitical alliances, and new policy threats, such as potential US punitive fees on Chinese-built ships, which risk deeper economic dislocation.
Despite these challenges, he notes that Singapore Shipping has remained steady, with its ship-owning segment delivering resilient earnings through long-term charters and the renewal of a five-year time charter for the mv Boheme with a blue-chip partner. Ow also adds that Singapore Shipping's agency and logistics business has swiftly adapted to the changing trade landscape, helping clients realign their supply chains and respond to new trading routes with greater confidence.
Asian Pay Television Trust
Between Jul 14 and 15, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT, acquired 417,100 units of the business trust for a consideration of S$38,230 at an average price of S$0.092 per unit. This increased his total interest from 1.25 per cent to 1.28 per cent.
This followed his purchases of 400,000 units in June, 263,600 units in May and 319,400 units in April. APTT is Asia's first listed business trust focused on pay-TV and broadband. It invests in mature, cash-generative businesses in Taiwan, Hong Kong, Japan, and Singapore, aiming for operational ownership and control.
Food Empire Holdings
On Jul 15, independent director Adrian Chan exercised 105,000 share options at S$0.802 apiece. He is also head of corporate at the law firm, Lee & Lee, and has been in legal practice for over three decades. He was first appointed to the board of Food Empire Holdings in January 2022. This took his direct interest in the multinational food and beverage manufacturing and distribution group to 0.02 per cent.
Food Empire owns proprietary brands such as MacCoffee, CafePHO, and Kracks, with MacCoffee leading in core markets through localised, innovative brand-building.
In its Q1 FY2025 (ended Mar 31) business update, the group reported a 16.3 per cent increase in topline revenue from Q1 FY2024 to US$136.6 million. Food Empire has long identified Asia as a key growth region, with South-east Asia – led by Vietnam – now its largest revenue contributor, and recent investments including a coffee-mix facility in Kazakhstan set to complete by end-2025.
On Jul 9, Food Empire announced that it will invest US$37 million to expand its coffee facility in India, boosting capacity by 60 per cent. The project, part of its vertical integration strategy, begins in Q4 2025 and completes by end-2027.
The group remain cautiously optimistic about sustaining strong top-line growth, backed by brand building and market leadership. Its Asia-focused strategy and robust expansion pipeline positions it well for emerging market demand.
At the same time, it maintains it continues to monitor macro risks – such as climate-driven coffee price volatility and trade tensions – and will adjust strategies to mitigate potential impacts. The group also remains confident that its strong brand equity will provide resilience against the direct impact of tariffs in the geographical segments where it operates.
With a return on equity of 17.8 per cent, the stock's P/E ratio has increased from 7x to 17x this year, while average daily trading turnover at S$1.21 million in the 2025 year to Jul 17 has almost doubled the S$670,000 in 2024.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
‘I miss the excitement': PS Cafe's Peter Teo returns to F&B scene with new bistro in Holland Village
While retirement ushers in a slower pace in life and well-earned rest for many, Peter Teo, co-founder of Singapore's beloved PS Cafe, found himself grappling with a missing sense of purpose. In 2022, Teo and his longtime partners Philip Chin and Richard Chamberlain, sold their remaining stakes in PSGourmet, the parent company of PS Cafe, to investment firm Sun Venture. 'We'd built what we built over more than 25 years. [We felt it was time] to get new blood into the business, with a new vision to take it to the next stage,' Teo said of the exit. By then, PS Cafe had multiple outlets across Singapore and had even expanded abroad. The group's portfolio had also diversified to include contemporary Japanese restaurant Jypsy and Anglo-Chinese eatery Chopsuey Cafe. With the business at that scale, the trio felt it was no longer the right fit for where they were in their lives. 'It was about doing the right thing by PS Cafe and responsibly passing it on to people with the energy to further grow the business,' said Teo. Retirement saw Teo spending more time in New Zealand, where his sister and family live. 'It was a different pace of life, where people are not on their phones all the time and they talk to you on the street. It was a bit more relaxing, and the weather can be lovely.' But in a true case of 'the grass is always greener,' it wasn't long before the creative entrepreneur and F&B veteran grew restless. 'What I realise is, when I don't have PS Cafe or a business to run, I miss the excitement,' Teo laughed. 'It's always the case, when you're very busy, you want an escape. But when you're not busy, you start looking for some busyness.' A NEW CHAPTER To scratch the itch, Teo ended up investing in a humble pie business he had come across at a farmer's market, which reignited his love for F&B and hospitality. Earlier this year, he partnered with distiller Philibert Gandy and Edward Lee, PSGourmet's former group business director, to open a distillery back in Singapore called Distillius. Teo has always had a passion for exploring new flavours. 'For me, tasting is about discovery. I'll eat airplane food just to see how it was done. I know it's not going to be great, but I'm just curious,' he said, adding with a chuckle that his 'waist is not very happy about it'. This natural curiosity brought him to the process of distillation, which he describes as equal parts art and science. 'There's the art of deciding what botanicals you want to put together, and then the science of how to do it, and then the end product is where both art and science meet.' Distillius specialises in what Teo calls 'equatorial aperitifs', crafted from botanicals from the equatorial belt. One of the products the team came up with is Arveau, a bittersweet amaro made from ginseng root, calamansi and torch ginger. Another product is the Super Pandan, a grass-fresh liqueur that captures the pure aroma of pandan leaves. As the team continued to experiment, they began looking for a space where people could taste their creations. Leaning into Teo's expertise in F&B, they came up with the idea of a bistro. 'We could try to get our products into other bars or restaurants, but there's nothing like coming to a space specially designed to showcase your creations,' Teo reasoned. The tasting experience, Teo felt, should be complemented by food. 'We felt that we needed to create something in a restaurant setting, where you can have a cocktail before dinner. It's what we call tasting in the wild.' RETURNING TO F&B Chip Bee Bistro, located in the heart of Chip Bee Gardens in Holland Village, opened on Jul 24. For the new project, Teo roped in the founding members of PS Cafe, Chin and Chamberlain, along with Lee, as partners. 'We have worked together for so long and we're all strong in our own ways. Philip and I work on the food. Richard is very much into the design of the space. Working with them is like having a comfort blanket. I can't imagine not getting their feedback and input,' he said about bringing the band back together. At a time when Holland Village is facing a wave of closures – including long-standing F&B establishments Crystal Jade La Mian Xiao Long Boa and Wala Wala – some may question Teo's choice of location. But Teo and his co-founders have a special connection to the neighbourhood. 'The first house that Philip, Richard and I shared together was in Taman Warna. So this feels a bit like coming home,' shared Teo. Teo is unfazed by the current headwinds in Holland Village. After all, PS Cafe thrived by opening outlets in offbeat or unconventional locations such as Dempsey in its early days, and later on, Parkland Green in East Coast. 'I am drawn to spaces that require creativity to overcome some of the challenges it may face. But you never know. Fingers crossed, this will work out.' A 'GROWN-UP' TAKE ON CASUAL DINING Chip Bee Bistro occupies a spacious double unit along Jalan Merah Saga. Stepping into the space, guests first enter the bar area and tasting room, which sets a welcoming tone. A short flight of steps leads to the main dining room. Design has always been a cornerstone of PS Cafe's appeal, and Chip Bee Bistro applies the same meticulous attention to detail. The elegant interiors feature a mix of warm woods, dark accents and neutral tones, along with black-and-white checkered tile flooring. Natural light floods in from tall vertical windows. While Teo is reluctant to draw comparisons to PS Cafe, he describes Chip Bee Bistro as a little more 'grown-up'. 'We're consciously trying to start a new chapter, so what about that new chapter is new?' he mused. 'Some things don't change, such as table height and chair comfort. Those are things you don't skimp on because they are important to the dining experience. But we're now experimenting with a new palette of colours and materials to more adequately represent this new chapter. But ultimately, I leave it up to guests to decide for themselves whether it feels fresh.' One key lesson Teo carries from the PS Cafe days is that the basics of running a good restaurant never change. 'We are focused on keeping the fundamentals right, which are consistent food quality and great hospitality,' he asserted. Teo describes the food as 'Australian-inspired, European-leaning'. The menu consists of sharing plates that guests can enjoy with cocktails, alongside a selection of mains suitable for one. 'I wanted the place to feel like a bistro that's got life through the day, and guests won't always feel like having sharing plates. Sometimes you might be by yourself or with a partner, and you just want a burger or pasta.' Some highlights include the Steak & Frites, Duck Leg Confit, Spilt Wings, Triple Cheese & Potato Crochette and more. If there's one dish Teo recommends trying, it's the CB Bistro Burger. Whenever he dines out, Teo is often on the lookout for a good burger. 'Some chefs think it's beneath them to put a burger on the menu. That has always mystified me, because there are good burgers and not-so-good burgers.' The drink menu was developed in collaboration with cocktail maestro Jay Gray, formerly from cocktail bar Sago House. Distillius' aperitifs, liqueurs and syrups are naturally core to the menu. There are four key cocktails – the Arveau Lychee Spritz, Chocolate and Spice Negroni, Arveau Espresso Martini and Old Fashion Pandan – along with non-alcoholic options crafted with Distillius' range of syrups and equatorial botanicals such as roselle, torchflower and black lime. As for Teo's vision for the bistro and distillery, he is content to take things one step a time. 'We will put our very best into it and the way we've worked in the past is to be open to the universe and see what happens.' It's the same guiding principle that underpinned the success of PS Cafe over the decades, which began in 1999 as a spin-off from fashion brand Projectshop. 'We started with souvenir T-shirts, then we did womenswear, menswear, bags and then we had the cafe. We've always got something new and creative on the boil, and one thing always leads to another.' A SENSE OF FAMILY The F&B industry is tough business and Teo is cognisant of the challenges that lie ahead. 'There's never a good time to open a restaurant. There are so many restaurants closing, but at the same time, the statistics show that there are just as many opening,' said Teo, jokingly adding with a chuckle that 'the best business to be in is the kitchen supply business'. Despite what the numbers may show, Teo believes people are always looking for comforting, familiar places they can regularly go back to. 'That's what PS Cafe was for many people, with something for everyone on the menu.' Yet, Teo admits to worrying that 'there are some things people know that I don't'. 'The market has changed. We exited the business three years ago,' he acknowledged. 'But I've done F&B for so long to know there will always be new challenges. So, just hantam lah,' he laughed. What ultimately pulled him out of retirement and back into the F&B scene is the sense of family. 'It's about talking with the chef, with the front of house team. These bonds you form that are so special. I don't have a family of my own so this is my family,' quipped Teo. This collective spirit is encapsulated in a painting that hangs prominently in the bistro's main dining room – a commissioned work by Singaporean artist Jimmy Ong, a long-time friend of Teo's. Titled 'Gathering after the Monsoon', it depicts a team working together in the aftermath of a storm, shrouded amid tropical foliage. 'I wanted to have something [in the bistro] that showcases how it takes a village to build a successful business,' said Teo. DEFINING SUCCESS Having built a legacy with PS Cafe, and now starting a new chapter, how does Teo define success today? 'I feel like I don't have so much to prove anymore. We created a great business that's still a great brand and passed it on for its next iteration. Success, for me, is about enjoying my journey now and most importantly, working with the team of younger people who are passionate about the industry." In fact, what energises him the most is mentoring the next generation of 'wide-eyed and bushy-tailed' F&B talent. When asked for advice he would give to young people in the industry, he takes a moment to pause before answering: 'I've always believed the best advice you can give someone is to be a good example." That's what Teo hopes they did with PS Cafe. 'We showed that you can open a single cafe and it can grow, and at some point, you can pass it on to the next owner,' Teo reflected. While Teo is careful 'not to sound arrogant', he takes pride in the fact that cafes in Singapore have drawn inspiration from the brand. 'I feel happy that we've played a part in creating a very dynamic cafe and casual dining scene in Singapore. Our DNA is almost everywhere you look,' he said. 'I try to do things effortlessly and in a natural way,' he continued. 'I honestly feel like I'm also learning all the time and I'm terrified on whether [this new venture] is going to be successful or not. I can only do my best and if this ends up meaning something to someone, then I think I've done my job.'
Straits Times
7 hours ago
- Straits Times
Trump travels to Scotland for golf and bilateral talks as EU trade deal nears
A police officer watches a golfer tee off on a hole on the Trump Turnberry golf course ahead of the expected arrival of Donald Trump later this week in Turnberry, Scotland, Britain, July 24, 2025. REUTERS/Phil Noble EDINBURGH/LONDON - U.S. President Donald Trump, dogged by questions about his ties to disgraced financier and sex offender Jeffrey Epstein, flew to Scotland on Friday for some golf and talks that could yield a trade deal with the European Union. Trump told reporters that he will visit his golf resort in Turnberry on Scotland's west coast, where he will meet British Prime Minister Keir Starmer on Monday, before the two of them head to his sprawling golf property 200 miles (320 km) away near Aberdeen in the east. As part of the visit, Trump will open a second 18-hole course on the Aberdeen property named in honor of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. As he left the White House, Trump told reporters that he looked forward to meeting both Starmer and Scottish leader John Swinney, who had publicly backed Democratic candidate Kamala Harris in the 2024 U.S. presidential election. "We have a lot of things in Scotland. I have a lot of love - my mother was born in Scotland," he said. "The Scottish leader is a good man, so I look forward to meeting him," Trump said. Trump said he and Starmer would discuss the U.S.-British trade deal and perhaps even "improve" it, but gave no details. He said Washington was also working hard on a possible trade deal with the European Union, which he said was very keen to make a deal; European Commission President Ursula von der Leyen said later she would meet Trump in Scotland over the weekend. Top stories Swipe. Select. Stay informed. Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Singapore S'pore could have nuclear energy 'within a few years', if it decides on it: UN nuclear watchdog chief Life 'Do you kill children?': Even before independence, S'pore has always loved its over-the-top campaigns Singapore Lung damage, poor brain development, addiction: What vaping does to the body Singapore Career setbacks among challenges raised by those seeking fertility help in S'pore: Survey Singapore Fine for couple whose catering companies owed $432,000 in salaries to 103 employees Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly EU diplomats say a deal could result in a broad 15% tariff on EU goods, mirroring a framework agreement with Japan and half of the 30% Trump is threatening to impose by August 1. At home, Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticized his administration's handling of investigative files related to Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. DEEPEN TIES The trip, initially billed as a private visit, gives Trump and Starmer a chance to deepen their already warm relationship, with key issues on the agenda to include ending Russia's war in Ukraine, British and U.S. sources said. British officials have been heartened by what they see as a clear shift in Trump's rhetoric on Ukraine and Russia in recent weeks, a British source said. The deteriorating situation in Gaza is also likely to come up. Starmer on Thursday said he would hold an emergency call with France and Germany over what he called the "unspeakable and indefensible" suffering and starvation being reported there, and called on Israel to allow aid to enter the Palestinian enclave. Gaza health authorities say more than 100 people have died from starvation, most of them in recent weeks. Human rights groups have said mass starvation is spreading even as tonnes of food and other supplies sit untouched just outside the territory. Since being elected last year, Starmer has prioritized good relations with Trump, stressing the importance of Britain's defense and security alliance with the U.S. and being careful to avoid openly criticizing Trump's tariff policies. Britain sealed the first tariff-reduction deal with the U.S. in May, which reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the UK's aerospace sector, but left steel tariffs in place. Starmer is expected to press for lower steel tariffs, but sources close to the matter said it was unclear if any breakthrough was possible during Trump's visit. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70% of Scots have an unfavorable opinion of Trump, while 18% have a favorable opinion, an Ipsos poll in March found. Scottish police are girding for protests on Saturday in both Aberdeen and in Edinburgh, the country's capital. Trump will return to Britain from September 17-19 for a state visit hosted by King Charles. It will make Trump the first world leader in modern times to undertake two state visits to Britain. The late Queen Elizabeth hosted him at Buckingham Palace for a three-day state visit in June 2019. REUTERS
CNA
7 hours ago
- CNA
Income Insurance, NCSS launch new S$10m grant for social service agencies to support caregivers
Social service agencies in Singapore can soon tap a new S$10 million grant to support caregivers' quality of life, such as their mental well-being and financial adequacy. Launched by Income Insurance in partnership with the National Council of Social Service, the grant will support up to 20 selected programmes over five years. Agencies can start applying for the grant in September. This comes amid an increasing demand for caregivers as Singapore's population ages. Charlotte Lim reports.
