Singtel Tops Buybacks; Soon Hock & Engro Chairs Boost Stakes; Sanli Eyes Growth with Placement

Over the five trading sessions from Nov 21 to Nov 27, institutions were net sellers of Singapore stocks, with net institutional outflow of S$552 million extending the $131 million net outflow for the previous week.

Institutional Flows 

Stocks that saw the highest net institutional outflow over the five sessions included Genting Singapore, United Overseas Bank, Keppel, DBS Group Holdings, Singapore Exchange, Oversea-Chinese Banking Corporation, Sembcorp Industries, Singtel, City Developments, and Singapore Technologies Engineering. 

Meanwhile, CapitaLand Integrated Commercial Trust, Jardine Matheson Holdings, Hong Leong Asia, Wilmar International, Bumitama Agri, Mapletree Pan Asia Commercial Trust, Hongkong Land Holdings, Marco Polo Marine, NTT Data Center REIT, and Lendlease Global Commercial REIT led the net institutional inflow over the five sessions. 

Share Buybacks

For the five sessions through to Nov 27, 18 primary-listed companies conducted buybacks with a total consideration of S$92.7 million. Singtel led the consideration tally, buying back 10,870,400 of its shares at an average price of S$4.75. This took the number of shares bought back on current mandate to 16,816,000 shares representing 0.1 per cent of its outstanding shares, excluding treasury shares.

Director Transactions

Over the five trading sessions, the usual quota of 60 director interests and substantial shareholdings were filed. Across close to 30 primary-listed stocks, Directors or CEOs reported eight acquisitions and three disposals, while substantial shareholders recorded five acquisitions and no disposals.

Engro Corporation

On Nov 21, Chairman and CEO Tan Cheng Gay acquired 11,870,000 shares in a married deal at S$0.725 apiece. This increased his total interest from 15.01 per cent to 25.01 per cent. Mr Tan is a founding member of the Group and has served as Executive Director since 1973, shaping the Group’s strategic vision. Substantial shareholder Chua Thian Poh also acquired 1.18 million shares at S$0.725 apiece, increasing his total interest from 38.68 per cent to 39.67 per cent. 

Back on Aug 12, Engro Corporation reported its 1HFY25 (ended Jun 30) revenue rose 25.0 per cent from 1HFY24 to S$104.5 million, driven by stronger Integral Cement and Ready-Mix Concrete sales and new Ready-Mix Concrete plants in Singapore and Malaysia, though partially offset by margin pressures and cement dumping. Net profit surged to S$8.7 million in 1HFY25 from S$20,000 in 1HFY24, supported by fair value gains, absence of one-off losses, and improved ICR profitability despite exchange losses and higher depreciation.

Soon Hock Enterprises

Soon Hock Enterprises debuted on the SGX Mainboard on Oct 16, raising S$48.1 million at S$0.58 per share. The leading industrial property developer and investor in Singapore maintains a project portfolio exceeding S$1.0 billion in Gross Development Value. The Group maintains its user-centric strategy and forward-thinking design drive strong tenant retention, reduced vacancy risk, and long-term capital appreciation.

Between Nov 19 and 21, Executive Chairman Tan Yeow Khoon acquired 2,914,000 shares at S$0.595 apiece. This increased his direct interest from 70.22 per cent to 71.16 per cent. Mr Tan has over 50 years’ experience in logistics and transportation management, including leading Cogent and delivering landmark projects like The Grandstand and Singapore’s largest logistics hub. He has also developed boutique hotels and restored heritage properties through extensive modernisation.

CapitaLand China Trust

On Nov 21, CapitaLand China Trust (CLCT) non-executive independent director Chua Keng Kim acquired 100,000 units at S$0.78 apiece. This followed Mr Chua buying 700,000 units at S$0.79 between Oct 30 and Nov 18 and takes his total interest to 0.05 per cent. CLCT’s overall portfolio is aligned with China’s government priorities, focusing on domestic consumption, innovation, and new-quality productive forces. CLCT is enhancing retail assets through Asset Enhancement Initiatives to unlock higher rental value, while business parks face market pressures with cautious sentiment and potential support from government tech policies. CLCT also maintains its logistics parks remain resilient with full occupancy in most assets, strengthening the segment.

Wing Tai Holdings

Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares. From Nov 21 through to Nov 27, Mr Cheng increased his total interest in the leading real estate developer and lifestyle retailer from 62.24 per cent the company, up to 62.28 per cent. This is up from 61.64 per cent at the end of 2024.  

Centurion Accommodation REIT

On Nov 20, Fidelity International (FIL) increased its deemed substantial shareholding back above the 9.0 per cent threshold. The acquired 900,000 shares took its deemed interest from 8.97 per cent to 9.02 per cent, with an average price of S$1.13. Back on Nov 6, a disposal saw the deemed interest decline from 9.02 per cent to 8.99 per cent. 

FIL’s deemed interests in Centurion Accommodation REIT (CAREIT) stem from units held by funds and/or accounts managed by one or more of FIL’s direct and indirect subsidiaries, which are fund managers.

CAREIT debuted on the SGX Mainboard on Sep 25, raising S$816 million at S$0.88 per unit.

Sanli Environmental 

On Nov 24, Sanli Environmental (Sanli) proposed a placement of up to 38,492,404 new ordinary shares at S$0.260 per placement share, amounting to an aggregate consideration of up to S$10,008,025. 

This follows the completion of the placement of up to 33,333,333 new ordinary shares at S$0.12 per placement share on July 10. 

Listed on Catalist, the leading environmental engineering company specialises in large-scale Engineering, Procurement, and Construction (EPC) and Operations and Maintenance (O&M) projects for water, waste management, and renewable energy solutions across Asia. It maintains its competitive edge in EPC comes from leveraging deep public-sector expertise, integrated project delivery, strong vendor ties, and engineering flexibility, facilitating the delivery of cost-efficient, high-quality projects.

Sanli plans to use the net proceeds from the Proposed Placement mainly for working capital, including ongoing EPC projects. Part of the funds may be allocated to reducing borrowings to strengthen the balance sheet and improve capital structure. The placement is also expected to enhance financial flexibility, expand the shareholder base, and potentially improve share liquidity. The stock has averaged more than S$1.4 million in average daily turnover in 2H25, compared to S$16,500 in 1H25. 

Sanli’s order book reached a record S$781.5 million as of September 2025, providing strong revenue visibility and supporting its growth across core and emerging business segments. This includes its maiden Land Transport Authority project for the supply and installation of electrical services for Cross Island Line Phase 1 and the Cross Island Line Punggol Extension. 

For its 1HFY26 (ended Sep 30), Sanli maintain that despite lower EPC revenue, the segment remained the main contributor, while O&M sustained growth, driving a 16.7 per cent rise in gross profit from 1HFY25, to S$9.3 million on higher-margin EPC projects. Following the results, Maybank Securities maintained its buy rating on the stock while reducing its target price on the stock from S$0.53 to S$0.50 on higher financing costs and slower revenue recognition, despite its margin recovery and strong orderbook. 

Looking forward, Sanli aims to secure new large-scale EPC projects and capitalise on S$100 billion in opportunities for Singapore’s coastal protection and water infrastructure. The Group will continue expanding its stable O&M business by targeting long-term maintenance contracts for water and wastewater facilities. It is actively pursuing regional growth in industrial and gasification solutions, as well as scaling up its chemical manufacturing business, especially in magnesium hydroxide slurry for shipping and industrial clients. Sanli is also growing its renewable energy portfolio in Thailand, focusing on new solar projects and long-term power purchase agreements to drive recurring revenue and long-term growth.

Lincotrade & Associates

On Nov 24, Lincotrade & Associates Holdings announced it had signed a placement agreement with SAC Capital to issue up to 10 million new ordinary shares at S$0.22 each, raising as much as S$2.2 million. Proceeds will strengthen the company’s financial position and fund ongoing projects, supported by a 101.8 per cent surge in its order book to a record high of S$113 million. The placement also seeks to broaden the shareholder base, boost public float, and improve trading liquidity. Founded in 1991 in Singapore Lincotrade is a seasoned interior fitting-out specialist with in-house carpentry capabilities serving commercial, residential, and showflat projects.

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

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