90+ SMIDs Draw Institutional Buying Amid Bank-Led Outflows

Amid close to S$900 million of net institutional outflow from the market last week, 93 small- and mid-capitalisation (SMID) stocks recorded combined net institutional inflow of S$113 million.

Large caps $JMH USD(J36.SI)$ , $ST Engineering(S63.SI)$ , $Sembcorp Ind(U96.SI)$ , $Singtel(Z74.SI)$ , $CapLand IntCom T(C38U.SI)$ $HongkongLand USD(H78.SI)$ and $JMSEA(C07.SI)$ also recorded net institutional inflow.

Among the SMID stocks that booked net institutional inflow last week, $AEM SGD(AWX.SI)$ booked the highest inflow at S$61 million, followed by $Venture(V03.SI)$ $UMS(558.SI)$ $Q&M Dental(QC7.SI)$ $DFIRG USD(D01.SI)$. While technology accounted for close to 70% of the inflow value, AEM Holdings alone represented more than half of the cohort total. By company count, the buying was far broader, spanning industrial, consumer, healthcare and real estate stocks.

Source: SGX, LSEG Workspace, Bloomberg (Data as of 9 October 2026). Note ADT = Average Daily Trading Turnover, NIF = Net Institutional Flow, TR= Total Return.   

The $Straits Times Index(STI.SI)$ 's 4.1% decline last week was led by financials amid higher competing global Treasury yields prompted portfolio rebalancing, while at home, rising shipping, fuel, material and labour costs heightened scrutiny of earnings resilience and margin sustainability. Net institutional outflow totalled close to S$900 million, with the three STI banks accounting for around four-fifths of the net selling. The trio declined an average 7% over the five sessions, reducing their average total return for the first 41 weeks of the year to 36%. 

The contrast was also evident in weekly returns. While the three STI banks declined an average 7% over the week, the 93 SMIDs with net institutional inflow averaged a 0.5% decline. This suggests some selective institutional participation beyond the index heavyweights, rather than broad-based buying or selling across the market. 

Among the 35 NIF+ stocks with both LSEG Workspace consensus earnings forecasts and comparable Return on Equity (ROE) data available, 13 companies combined positive current- and next-FY EPS growth with higher ROE than at 30 June 2025. These 13 stocks recorded median five-session net institutional inflow of 6.1 basis points (bps) of market capitalisation, compared with 1.9 bps for the remaining 22 stocks in the covered group.

For instance, $AEM SGD(AWX.SI)$ recorded five-session net institutional inflow equivalent to 1.71% of its current market capitalisation, or 171 bps. LSEG Workspace consensus estimates project EPS growth of approximately 390% in FY26 and 43% in FY27, while ROE increased from 2.4% as at 30 June 2025 to 8.8%.

$First Resources(EB5.SI)$ recorded five-session net institutional inflow equivalent to 4.3 bps of its market capitalisation. LSEG Workspace consensus estimates project EPS growth of approximately 22% in FY26 and 6% in FY27, while ROE increased from 18.3% as at 30 June 2025 to 29.8%.

$Hong Leong Asia(H22.SI)$ recorded five-session net institutional inflow equivalent to 5.2 bps of its market capitalisation. LSEG Workspace consensus estimates project EPS growth of approximately 32% in FY26 and 17% in FY27, while ROE increased from 9.0% as at 30 June 2025 to 12.7%.

$ISDN(I07.SI)$ booked five-session net institutional inflow equivalent to 11.0 bps of its market capitalisation. LSEG Workspace consensus estimates project EPS growth of approximately 200% in FY26 and 11% in FY27, while ROE increased from 4.2% as at 30 June 2025 to 7.4%.

$Nanofilm(MZH.SI)$ recorded five-session net institutional inflow equivalent to 8.4 bps of its market capitalisation. LSEG Workspace consensus estimates project EPS growth of approximately 56% in FY26 and 50% in FY27, while ROE increased from 2.0% as at 30 June 2025 to 3.5%.

The 13 stocks were evenly distributed across technology, consumer non-cyclicals and industrials, with four names from each sector, alongside one materials and resources stock. The earnings-growth figures are based on LSEG Workspace consensus estimates and are subject to change as analyst forecasts are revised. The 13 stocks provide examples of where forecast earnings growth and improving ROE coincided with stronger net institutional inflow. The relationship was not universal, however, with $Seatrium Ltd(5E2.SI)$ , $YZJ Shipbldg SGD(BS6.SI)$ and $IFAST(AIY.SI)$ among 26 stocks that recorded five-session net institutional outflow despite positive current- and next-FY EPS growth expectations and higher ROE than at 30 June 2025.

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