CEOs of Uni-Asia and The Assembly Place build stakes

[SINGAPORE] For the five trading sessions spanning Apr 10 to 16, institutions were net sellers of Singapore stocks, with net institutional outflow of S$282 million, taking the accumulated net outflow for the first half of 2026 to Apr 16 to S$404 million.

Stocks that had the highest net institutional outflow over the five sessions included DBS , Singtel , Keppel , Thai Beverage , Jardine Matheson Holdings , Yangzijiang Shipbuilding , Sats , City Developments , CapitaLand Integrated Commercial Trust and Wilmar International .

Meanwhile, Sembcorp Industries , Venture Corporation , UMS Integration , iFast Corporation , UOB Kay Hian , Singapore Airlines , Frasers Logistics & Commercial Trust , Haw Par Corporation , Mapletree Pan Asia Commercial Trust and UOB led the net institutional inflow.

Share buybacks

Over the five sessions, 15 primary-listed companies conducted buybacks with a total consideration of S$17.9 million.

Stoneweg Europe Stapled Trust (Sert) bought back 30,000 units on Apr 13 at 1.50 euros (S$2.25) apiece. This takes the number of units bought back on the mandate to 6.4 million or 1.14 per cent of the total units issued as of the mandate approval date.

The manager of Sert said its buybacks remain a tactical capital management lever, used when unit prices diverge materially from intrinsic value while preserving liquidity. It also highlighted that roughly 10 million euros deployed in 2025 lifted distribution per stapled security by 1.1 per cent, illustrating the incremental impact of disciplined, opportunistic execution.

Director transactions

Over the five sessions, over 100 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or CEOs reported 12 acquisitions and two disposals, while substantial shareholders recorded two acquisitions and 17 disposals.

This included CEO or director acquisitions filed for ABR Holdings , Lincotrade & Associates Holdings , Nera Telecommunications , Sasseur Real Estate Investment Trust , Soup Holdings , The Assembly Place Holdings (TAP), Uni-Asia Group and XMH Holdings .

Uni-Asia Group

Between Apr 14 and 15, Uni-Asia Group executive director and CEO Masahiro Iwabuchi acquired 40,000 shares at an average price of S$0.925 per share. This increased Iwabuchi’s direct interest in the company to 1.45 per cent from 1.4 per cent.

His preceding acquisition was in May 2025, with 454,300 shares acquired at S$0.78 per share.

Iwabuchi, with his extensive banking and real estate experience across Asia, leads the property investment department and holds directorships across multiple group subsidiaries. He noted that the group’s strategy remains anchored to its “goal pyramids” for business transformation.

While near-term conditions remain uncertain, the group’s focus is on strengthening recurring income across shipping and Japan property; optimising the asset base following fleet renewal and the return of MV Glengyle; extracting cross-selling opportunities between shipping and property; and investing in people, systems and risk management to support scalable growth.

The Assembly Place

TAP’s executive director and CEO Eugene Lim made on-market purchases of 105,600 shares at S$0.24 per share on Mar 30 and 84,600 shares at S$0.235 per share on Apr 9. Lim has a 25 per cent direct interest rate in the stock.

TAP is Singapore’s largest and most diversified community living operator. Prior to the Mar 30 open, TAP posted strong maiden results, with its FY2025 revenue surging 42.4 per cent from the year before to S$27 million and 24.2 per cent growth in adjusted net profit of S$7.7 million (which excluded non-recurring initial public offering expenses of S$1.1 million).

Revenue growth was driven by an increase in key count from 2,106 as at end-FY2024 to 3,422 as at end-FY2025, with average occupancy rate at 94.4 per cent during the year.

TAP has secured additional properties which are expected to add approximately 1,490 keys to its portfolio over the next two years. New projects and acquisitions include the group’s first migrant workers’ dormitory with 886 beds, and a property at 163 Tras Street to be converted into a 163-room hotel.

Skylink Holdings

Skylink Holdings’ executive director and CEO, Wesley Shen, acquired 100,000 shares at an average price of $0.260 per share on Apr 8. He acquired a further 100,000 shares at an average price of S$0.240 per share on Apr 9.

Non-independent non-executive chairman Teh Wing Kwan also acquired 100,000 shares, at an average price of $0.245 per share on Apr 9. Skylink chief financial officer Leonard Teh acquired 100,000 shares at an average price of $0.245 per share on Apr 9.

Indicative of their confidence in the business, this followed the group providing key business updates for H2 FY2026 on Apr 7.

Skylink, on its operational resilience, highlighted more long-term commercial vehicle leasing contracts, the addition of new hire-purchase financing loan books, and the completion of more repairs and maintenance and bodywork customisation jobs.

Given the structural roles of the group’s core businesses within Singapore’s economy and the recently announced electric vehicle initiatives, Skylink’s business volume increased during H2 FY2026, and remained resilient despite heightened geopolitical risks.

The majority of the group’s leases are under long-term contracts with a diversified base of customers, which serve as a strong safeguard against market concentration and business risks.

InnoTek

InnoTek is a diversified manufacturing group with exposure across TV/display, office automation, automotive and artificial intelligence server platforms.

On Apr 15, the group announced the completion of a placement of 24.6 million new shares at S$0.6506, raising about S$16 million, with Maybank Securities acting as placement agent.

Following completion, the company’s issued share base increased to 257.9 million shares. Lion Global Investors, a subsidiary of OCBC and a principal banker to the group, was disclosed as one of the end placees.

Net proceeds are intended mainly for acquisitions, strategic alliances, South-east Asia expansion and working capital.

In FY2025, InnoTek’s revenue declined 11.8 per cent year on year to S$209.9 million, while net profit attributable to shareholders fell to S$2 million. The group ended the year in a net cash position of S$57.3 million.

Automotive and TV/display demand softened, while office automation sales weakened amid project delays. Offsetting this, AI server contributions increased, with mass production for Nvidia-related and IEIT products commencing in Q4 FY2025.

Management expects Nvidia, alongside associated original design manufacturers, to emerge as one of InnoTek’s top 10 customer clusters. The group’s FY2026 priorities include establishing a US office, higher capex for precision equipment and capacity expansion, and development of liquid-cooling solutions.

InnoTek also flagged ongoing trade and geopolitical risks, particularly in China, as a factor affecting project timing. In September 2025, InnoTek divested its 70 per cent stake in Hua Yuan Sheng Industrial, exiting a non-core, loss-making asset to sharpen focus on higher-value activities.

For the first 16 weeks of 2026, the stock averaged S$1.4 million in daily trading turnover, up from around S$70,000 a year earlier, and ranked among the top 60 stocks by net institutional inflows over the same period.

VCPlus

On Apr 14, VCPlus announced a proposed subscription raising S$1.19 million via the issuance of 350 million new shares at S$0.0034 per share to a private investor. Proceeds are intended to strengthen the group’s financial position, improve cash flow and support working capital, with an equal split between funding its AI digital marketing business and general operating needs.

VCPlus noted that FY2025 marked a year of transition and strategic repositioning, with the group reporting a net loss of approximately S$2.5 million, including S$1.1 million of impairment related to legacy intangible assets and goodwill.

Revenue was affected by the non-renewal of a white-label digital asset wallet contract following its expiry in March 2025, alongside ongoing competitive pressure in digital marketing. While the group recorded net current liabilities as at Dec 31, the financial statements were prepared on a going-concern basis, supported by ongoing cost optimisation initiatives and shareholder support.

Octopus (APAC) Holdings

On Apr 10, Octopus (APAC) Holdings (formerly GS Holdings) entered into a subscription agreement with Grupo Osborne for a proposed placement raising S$5 million through the issuance of 73.5 million new shares at S$0.068 per share, representing approximately 6.8 per cent of existing share capital.

Net proceeds of around S$4.97 million are intended to strengthen liquidity, fund working capital, and support business expansion and strategic initiatives, with the investment complemented by a master distribution agreement between the subscriber and Octopus’ operating subsidiaries.

The company noted that the partnership is intended to move Octopus beyond distribution into brand creation and upstream value capture, leveraging Grupo Osborne’s production capabilities alongside Octopus’ regional market knowledge.

It stated that jointly developed wines and spirits will be tailored for Asian consumer preferences, with economics from co-developed products shared equally between both parties, supporting a higher mix of premium, brand-led offerings.

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