IFS Capital Chairman and CEO Up Stakes

Over the five trading sessions from August 8 to 14, institutions were net sellers of Singapore stocks, with net institutional outflow of S$465 million further increasing the net institutional outflow for the 2025 year to S$2.40 billion.

Institutional Flows 

Over the five trading sessions through to August 14, the stocks that saw the highest net institutional outflow included United Overseas Bank, Sembcorp Industries, Singapore Airlines, DBS Group Holdings, Oversea-Chinese Banking Corp, Mapletree Logistics Trust, Singapore Tech Engineering, Singapore Exchange, CapitaLand Ascendas REIT, and ComfortDelGro Corporation.  

Meanwhile City Developments, iFast Corporation, Suntec REIT, Genting Singapore, Mapletree PanAsia Commercial Trust, PropNex, Venture Corporation, Lendlease Global Commercial REIT, CapitaLand Investment and Frasers Hospitality Trust led the net institutional inflow over the five sessions.

Suntec REIT 

Over the five sessions, Suntec REIT booked S$8.5 million in net institutional inflow taking its cumulative net inflows for the year to S$53.7 million. This year, Suntec REIT has booked the most net institutional inflows across the S-REIT Sector, adding to its S$114 million in net institutional inflow in 2024. 

On August 8, HSBC upgraded its rating on Suntec REIT from HOLD to BUY, and target price from S$1.25 to S$1.40. Back on July 24, Suntec REIT reported its 1HFY25 results, with distributable income rising 4.6 per cent from 1HFY24 to $92.8 million and distribution per unit (DPU) increasing 3.7 per cent to 3.155 cents. Despite global macroeconomic uncertainties, Suntec REIT maintained its Singapore Office, Retail, and Convention portfolios continued to deliver strong operating performances. It added that financing costs declined from 1HFY24 due to refinancing efforts and debt reduction from the divestment of Suntec strata office units, reflecting the team’s focus on strengthening property fundamentals.

Mapletree Pan Asia Commercial Trust

Over the five sessions Mapletree Pan Asia Commercial Trust booked S$7.0 million in net institutional inflow, reversing close to 30 per cent of its cumulative net institutional outflows in the year to S$17.6 million. 

On July 30, the Mapletree Pan Asia Commercial Trust provided a 1QFY25/26 Business Update, with net property income (NPI) at S$166.0 million, compared to S$179.4 million 1QFY24/25. This reflected the absence of Mapletree Anson’s contribution post-divestment and softer overseas performance. Core Singapore NPI, excluding Mapletree Anson, grew 2.9 per cent year-on-year, led by VivoCity’s strong 6.0 per cent NPI growth despite ongoing Basement 2 Asset Enhancement Initiatives (AEI) disruptions. Lower operating expenses and a 16.4 per cent decline in finance costs—driven by debt reduction—also helped cushion overseas headwinds, resulting in a DPU of 2.01 cents compared to 2.09 cents in 1QFY24/25. 

In addition to VivoCity’s resilient performance, the Singapore portfolio strength was also underpinned by early renewals at Mapletree Business City. The REIT highlighted that proactive asset management—including AEI progress and proposed Japan divestments—helped optimise the mix and mitigate risks, all amid lower operating and financing costs that cushioned overseas headwinds. 

Share Buybacks

The five sessions through to August 14 saw a dozen primary-listed companies make buybacks with a total consideration of S$55.8 million. 

Keppel led the consideration tally, buying back 2.99 million of its shares at an average price of S$8.41. On Aug 11, Keppel also announced it had entered into a share purchase agreement to divest M1’s telco business to Simba Telecom. Keppel will be retaining M1’s fast-growing ICT business which complements Keppel’s integrated connectivity business, including data centres and subsea cables. If approved, the transaction adds to Keppel’s identified S$14.4 billion non-core portfolio for monetisation, unlocking nearly S$1.0 billion in cash that can be redeployed for growth, debt reduction, or shareholder returns.

Secondary-listed Hongkong Land Holdings also continued to conduct share repurchases. 

Director Transactions

Over the five trading sessions close to 70 director interests and substantial shareholdings were filed. Across 30 primary-listed stocks, Directors or CEOs reported 12 acquisitions and four disposals, while substantial shareholders recorded four acquisitions and two disposals. 

This included director or CEO filings for Credit Bureau Asia, Far East Orchard, IFS Capital, Singapore Telecommunications, Stamford Land Corporation, SunMoon Food Company.

IFS Capital

On August 8, IFS Capital Chairman and Non-Executive Director Lim Hua Min increased his deemed interest from 60.36 per cent to 67.22 per cent. The married deal saw Phillip Assets Pte Ltd acquire 25,773,280 shares at S$0.180 per share. The stockbroking pioneer and Executive Chaiman of the Phillip Group of Companies was first appointed Chairman of IFS Capital in May 2003. 

On August 12, Executive Director and Group CEO Randy Sim Cheng Leong also acquired 900,000 shares at an average price of S$0.148 per share. This increased his direct interest from 1.43 per cent to 1.66 per cent. Mr Sim is responsible for the overall management of the entities within the IFS Group. IFS Capital provides a range of financing, insurance and asset management services to corporations, SMEs, and consumers. Its focus also remains set on Southeast Asia. 

On August 8, IFS Capital reported its 1HFY25 (ended June 30) attributable net profit increased 92.8 per cent from 1HFY24, to S$1.75 million. This was on the back of credit financing total operating income, increasing from S$15.57 million to S$18.87 million. Its credit financing segment provides services to corporate clients, mainly small and medium-sized enterprises, through commercial finance businesses. At the same time, insurance revenue increased from S$5.92 million to S$9.38 million, driven by stronger collaboration with new and existing distribution partners. The increase in revenue from its lending and insurance businesses was partially offset by an increase in impairment provisions due to a borrowing client default. 

The Group highlighted growth in the accounts receivable purchase portfolio, which carries a higher margin, while the decrease in interest expenses was largely due to lower borrowing costs in Singapore and Thailand. Looking forward, IFS Capital remains cautious about financing but sees prudent growth opportunities in its target sectors. It adds that lower funding costs are expected to support its lending portfolio in 2H25 and in insurance, inflation continues to raise claims costs, so it is repositioning its portfolio and diversifying into non-motor segments.

Looking ahead, Mr Lim emphasises that in a protectionist era, building collaborative communities is key to fostering trust and mutual benefit. He maintains that regional frameworks like the Regional Comprehensive Economic Partnership and the Johor-Singapore Special Economic Zone are vital, as the Group continues expanding its Southeast Asia-rooted trade finance network while managing risk.

Singapore Telecommunications

On August 14, Singapore Telecommunications independent non-executive director Yong Ying-I acquired 100,000 shares at an average price of S$4.05 per share. This increased her direct interest to 310,000 shares. Her preceding acquisition was on June 5 with 150,000 shares acquired at S$3.87 apiece. 

On August 13, Singapore Telecommunications posted a 14 per cent rise in 1QFY26 underlying net profit from 1QFY25, S$2.88 billion in net profit boosted by exceptional gains, and resilient operating metrics despite currency headwinds, driven by strong contributions from Optus, NCS, Airtel, and AIS.

Credit Bureau Asia

Between August 8 and 12, Credit Bureau Asia Executive Chairman and CEO Kevin Koo Chiang acquired 172,100 shares at an average price of S$1.33 apiece. This increased his total interest from 63.97 per cent to 64.12 per cent. Mr Koo, the founder of the Group, has been pivotal to its success and expansion. Since launching the credit information business in Singapore in 1993, he has accumulated over 30 years of industry experience and played a key role in shaping its growth. 

On August 7, Credit Bureau Asia reported 1HFY25 revenue of S$30.2 million, up 2 per cent from 1HFY24, while net profit before tax declined 3 per cent to S$15.4 million. Despite ongoing US trade policy uncertainties, the Group highlighted that it maintained a net profit margin above 50 per cent. Mr Koo also noted back in April that having grown organically since the 1990s the Group continues to explore strategic acquisitions across Asia Pacific in areas aligned with its core business. He added that Credit Bureau Asia is actively evaluating several opportunities with a prudent approach, focusing only on deals that offer strong long-term value at the right price.

Stamford Land Corporation 

Between August 7 and 12, Stamford Land Corporation executive chairman Ow Chio Kiat acquired 155,800 shares at an average price of S$0.42 each. This takes his total interest in the independent owner-operator of luxury hotels in Australia and established real estate developer and investor to 46.20 per cent.

Inside Insights is a weekly column on The Business Times, read the original version.

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