Insider and institutional positioning for the week

[SINGAPORE] For the five trading sessions spanning Mar 13 to 19, institutions were net buyers of Singapore stocks, with net institutional inflow of S$365 million. This took the accumulated net inflow for the first quarter of 2026 to Mar 19 to S$60 million.

The stocks that had the highest net institutional inflow over the five sessions included DBS , Singapore Exchange , Singtel , UOB , Wilmar International , OCBC , Sembcorp Industries , Keppel , Hongkong Land and AEM .

Meanwhile, Singapore Airlines , City Developments Ltd , Seatrium , Mapletree Logistics Trust , Keppel Real Estate Investment Trust (Reit), iFast Corporation , CapitaLand Integrated Commercial Trust , Mapletree Pan Asia Commercial Trust , CSE Global and Yangzijiang Financial led the net institutional outflow.

Share buybacks surge

Over the five sessions, 21 primary-listed companies conducted buybacks with a total consideration of S$86 million. Stoneweg Europe Stapled Trust also bought back units, as did Digital Core Reit .

Director transactions

Around 90 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or chief executive officers reported 21 acquisitions and one disposal, while substantial shareholders recorded 10 acquisitions and four disposals.

These included CEO or director acquisitions filed for Asti , Centurion Corporation , Multi-Chem , Nera Telecommunications , Samudera Shipping Line , SunMoon Food Company , Tai Sin Electric , XMH and Zixin Group .

Centurion CEO and chairmen continue buying

Executive director and joint chairman David Loh and non-executive director and joint chairman Han Seng Juan continued to increase their interests in the accommodation assets group.

Between Mar 13 and 18, Han acquired 588,600 shares at an average price of S$1.45 each, raising his total interest to 56.05 per cent from 55.99 per cent.

On Mar 17, Loh purchased 200,000 shares at an average price of S$1.45 apiece. This lifted his total interest to 60.04 per cent from 60.02 per cent.

Q&M CEO’s deemed stake rises as group advances regional M&A strategy

On Mar 17, Dr Ng Chin Siau, founder and CEO of Q&M Dental Group , saw his deemed interest in the firm rise after investment holding company Quan Min acquired 2,381,800 ordinary shares for a total consideration of S$1.33 million. This lifted his total interest from 56.4 per cent to 56.65 per cent, or 535.1 million shares.

This also followed two related announcements on a regional expansion strategy update, and a transaction-specific Australian memorandum of understanding (MOU).

On Mar 13, the dental group reaffirmed its regional expansion strategy, highlighting an active mergers and acquisitions pipeline across Australia, Thailand, Singapore and China, alongside disciplined organic growth.

It said this push is underpinned by strong operating momentum and capital flexibility, including the S$130 million raised in August 2025 under its multicurrency debt programme to support expansion and acquisitions.

Management noted that deal structures increasingly align long-term interests through service agreements and share-based consideration, supporting sustainable growth and execution across the region.

On Mar 11, Q&M announced it had entered a non-binding MOU for the proposed 100 per cent acquisition of an Australian dental group operating more than 40 clinics with about 120 dentists across multiple states.

The proposed deal values the target at A$144.5 million (S$132.1 million), combining cash, capital injection and share-based consideration, subject to a long-term moratorium. It is supported by a seven-year profit guarantee and 15-year service agreements.

Q&M said the transaction would provide an immediate and scalable platform in Australia, advancing its Asia-Pacific expansion plan, contingent on due diligence and regulatory approvals.

XMH chairman keeps building stake post-H1 operating momentum

Between Mar 16 and 17, XMH chairman and managing director Tan Tin Yeow acquired a total of 31,000 ordinary shares via market transactions, comprising 30,000 shares for S$54,000 on Mar 16 and 1,000 shares for S$1,800 on Mar 17. This increased his direct interest from 65.19 per cent to 65.22 per cent, or 71.5 million shares.

The company, which provides diesel engine, propulsion and power generation solutions for the marine and industrial sectors, reported its financial results for the first half (ended Oct 31, 2025) of its 2026 financial year last December. Since then, Tan has been increasing his direct interest from the level of 64.18 per cent.

For H1 FY2026, XMH posted a 40.5 per cent year-on-year rise in revenue to S$94 million. Its profit after tax climbed 23 per cent to S$15.5 million from the year-ago period.

This was driven by growth across its distribution, project and after-sales segments. The group said its operating momentum was supported by a robust order book, strong project execution and improved operating cash flow, with S$13.2 million generated from operations.

XMH also significantly reduced its borrowings during the period, strengthening its balance sheet and improving financial flexibility heading into H2 FY2026.

Multi-Chem CEO lifts stake as group reports mixed results

Between Mar 17 and 18, Foo Suan Sai, CEO of Multi-Chem, acquired 78,800 shares via a market transaction for S$270,284.

Following the purchase, his direct interest increased from 40.22 per cent to 40.3 per cent, lifting his total stake (direct and deemed) from 68.35 per cent to 68.44 per cent, or 61.7 million shares. His deemed interest arises from shares held by his spouse.

Foo, a founding shareholder of the specialty chemical distributor for the printed circuit board (PCB) industry, has spent more than three decades building the group and now oversees its overall direction and development.

On Feb 23, 2026, Multi-Chem reported mixed results for FY2025 ended Dec 31. Although its H2 revenue rose 3.4 per cent on the year, supported by a rebound in IT distribution, its profits declined for both the half-year period and full year.

They were weighed down by higher inventory obsolescence, a weaker US dollar, lower interest income and higher finance costs.

The company’s PCB business continued to wind down following a factory closure. Its cash flow was the standout, with robust operating cash generation lifting net cash to about S$99 million as at Dec 31, supporting a maintained and higher full-year dividend.

While Multi-Chem remains cautious about near-term conditions, given macro and foreign exchange uncertainty, its continued focus on best-of-breed IT products, regional scale and a cleaner balance sheet leaves it well-positioned for when demand normalises.

Zixin Group chairman adds shares as operations and earnings build up

On Mar 18, Liang Chengwang, executive chairman and CEO of biotechnology company Zixin Group, acquired one million shares via a market transaction for S$32,000.

This lifted his deemed interest from 13.66 per cent to 13.71 per cent, or 275.6 million shares, held through nominees including CGS International Securities and Bank of Singapore.

Liang leads the sweet potato-focused group’s overall strategy, business operations and corporate development. His oversight includes major financing initiatives and senior executive appointments.

He is also a co-founder of Fujian Zixin Biotechnological Sweet Potato Co and has deep operating experience in sweet potato food products, including as general manager of Liancheng Tianhe Food Factory.

On Feb 6, Zixin Group updated its shareholders on operational progress across feedstock, food ingredients, branded products and overseas expansion.

It said it renewed a probiotic-infused fermented sweet potato feedstock order with a local poultry farm. This renewed order, while maintaining the same selling price, resulted in a 50 per cent increase in annual quantity demand – it rose from 1,080 tonnes in 2025 to 1,620 tonnes for 2026.  

The group also commenced commercial production of Zixin CellRootZ+, a single-cell sweet potato powder, in January. This followed trial production in the fourth quarter of 2025, with initial orders coming from noodle manufacturers and bakeries in Fujian.

In parallel, Zixin Group expanded outsourced snack production to support a shift towards higher-margin branded sweet potato products, including crisps and vacuum-packed offerings.

Separately, it entered the US market through a US$400,000 strategic investment for a 40 per cent stake in Zixin Life, a health supplement and consumer products platform.

While the board noted no material impact on FY2026 results, it highlighted these initiatives as drivers of longer-term organic growth.

Last November, it reported that its H1 FY2026 (ended Sep 30, 2025) revenue rose 40.8 per cent year on year to 220.6 million yuan (S$40.9 million). Net profit, meanwhile, more than doubled to 16.1 million yuan.

The group cited support from broad-based growth across cultivation, processed foods, as well as recovery-and-recycling activities.

Processed sweet potato products accounted for over 70 per cent of group revenue, while the recovery-and-recycling segment began generating contributions from probiotic-infused fermented feedstock.

The company’s gross margin eased to 30.2 per cent due to higher raw material costs and capacity expansion overheads, though its balance sheet strengthened, with net cash rising to 187.7 million yuan as at Sep 30.

Lim & Tan Securities maintained its “buy” call on Zixin Group’s stock following a site visit and review of the H1 FY2026 results. While the brokerage’s report noted that margins remained under pressure from higher input costs and underutilisation of a new high-tech facility, it upgraded its FY2026 net profit forecast to 70 million yuan.

It based this projection on stronger utilisation in H2 FY2026, higher-value processed and original equipment manufacturer products, operating efficiency gains, and potential upside from premium sweet potato powder.

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