Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

• In 1H25, retail investors recorded S$2.2 billion in net retail inflows into Singapore stocks, followed by a further S$413 million in 2H25. DBS was the largest recipient of net retail inflows, with nearly half of the full‐year net inflow concentrated in the two weeks following Tariff Liberation Day in April.

• Among STI stocks, Mapletree Industrial Trust recorded the highest net retail inflow as a share of market cap for the year at 6.6%. Across the iEdge Next 50, NTT DC REIT likewise registered net retail inflows amounting to 6.6% of its market cap, with the latter also seeing some instances of range‐bound trading in 2H25.

• From April 10 to end‐2025, retail investors unwound S$350 million of CDL—reversing more than 18 months of earlier net buying that totalled S$354 million, which coincided with a VWAP of S$5.52—while the subsequent VWAP rose to S$6.37; the trend continued into early 2026, with a further S$58 million sold at a VWAP of S$8.60.

Retail investors booked S$2.62 billion of net inflow into Singapore stocks in 2025, bringing net retail inflows for the past 6 years to S$17 billion. DBS Group Holdings (DBS), United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC) led the net retail inflow, chalking up combined net inflow of S$3.88 billion.

This also means that excluding the STI banks, the rest of the Singapore stock market saw S$1.26 billion in net retail outflows over 2025. This comprised net outflow of S$817 million in 1H25 and S$448 million in 2H2,with banks attracting a surge in net retail inflow during April's volatility and steady inflow throughout the year, coinciding with the premium of their dividend yields over falling local interest rates.

STI, REIT, and APAC financial-focused ETFs also accounted for six of the top 10 net purchased ETFs by retail investors, driving a combined net inflow of S$591 million in retail purchases for the month.

10 ETFs With Highest Net Retail Inflow in 2025

The table below details the 10 Singapore-listed ETFs that recorded the largest net retail inflows in 2025. REIT ETFs led the group, with Lion-Phillip S-REIT ETF and Amova-STC Asia Ex Japan REIT ETF capturing the highest flows as investors embraced a buy-and-hold strategy amid a lower interest rate environment.

Note NRF is Net Retail Flow, Data as of Jan 13, 2026

*Accumulating Fund Class

Largest Net Retail Inflow Stocks of 2025

The table below lists the 20 stocks that attracted the largest net retail inflow in 2025. A key distinction between these stocks and the 20 that recorded the highest net retail outflow lies in performance: the former (tabled below) delivered an average total return of 9% in 2025, while the latter gained an average of 70%. Note a key caveat that when comparing flow and returns, investors must be mindful not to interpret net fund flow as stock performance indicators, just as much as past performance has no bearing on future returns of a stock.

Note NRF is Net Retail Flow, Data as of Jan 13, 2026

Retail Buying in DBS Intensified During April Volatility

As tabled above, DBS booked S$1.387 billion in net retail inflow in 1H25. This was concentrated in the two weeks that followed Tariff Liberation day. Between April 1 and 14, retail net bought S$826 million of DBS, while the VWAP declined to S$40.39. Retail investors continued be net buyers of the stock over 2025 albeit at a much reduced pace with net inflow amounting to S$381 million for the remainder of the year. VWAP for the remainder of the year was also higher at S$49.12.

Together the three banks booked S$1.47 billion in net retail buying between April 1 and 14, which accounted for 38% of the net retail inflow to the banks for the full 2025.

DBS has continued to book new all-time highs in early 2026. It also remains committed to its multiyear S$8 billion capital return plan that includes S$3 billion in share buybacks and S$5 billion in capital-return dividends and is scheduled to report its FY25 results on Feb 9. For its 3QFY25 DBS reported a record pre‐tax profit of S$3.48 billion and ROE of 17.1%, supported by total income at a new high of $5.93 billion as deposit growth and wealth momentum remained robust. Wealth management was a standout in 3QFY25, with fee income and treasury customer sales reaching new high on wealth management fees surging 31%, while markets trading income grew 33% on stronger equity derivatives activity. DBS CEO Tan Su Shan maintained that the bank will continue navigating rate pressures through nimble balance‐sheet hedging and capitalising on strong structural flows across wealth and institutional banking.

Portioning Flows to Market Value

Stocks that dominate inflow and outflow tallies are typically those with larger market capitalisation and higher daily turnover. Assessing flows relative to market capitalisation can also provide a gauge of the depth of retail investor commitment.

As tabled above, both Mapletree Industrial Trust and NTT DC REIT booked net retail inflow in 2025 that represented 6.6% of its market cap as of the end of the year. Mapletree Industrial Trust will report 3QFY26 (ended Dec 31) results after trading on January 28, and its most recent investor presentation can be found here.

NTT DC REIT: Retail Inflows, Outflows, and Clear Range‐Trading Pattern in 2H25

NTT DC REIT listed on July 14 at US$1.00, and booked S$88 million in net retail flow for the remainder of 2H25. The pure‐play Data Centre REIT also booked S$8.8 million in average daily trading turnover (ADT) for the duration of 2025 that it was listed.

Between July 18 and September 12, net retail inflows amounted to S$39.5 million, coinciding with a below‐offer‐price VWAP of US$0.948. This was partially reversed with S$5.1 million of net outflow between September 15 and September 22, coinciding with a US$0.993 VWAP, then further reversed with S$9.1 million of net outflow between September 23 and October 21, coinciding with a S$1.026 VWAP. The alternating inflow‐outflow patterns around VWAP levels close to the US$1.00 offer price provided evidence of range‐trading behaviour among retail investors in 2H25.

The net retail flows for the most traded stocks in 2025 are tabled below.

Note NRF is Net Retail Flow, ADT is Average Daily Trading value, Data as of Jan 13, 2026

Note that the data above is for the full year and does not indicate the reversals and rotations of retail investors from years before of within 2025, as seen with City Developments (CDL) and PropNex respectively.

When Retail Rotates: CDL's 18 Months of Accumulation Unwound

From April 10 to year-end 2025, retail investors net sold S$350 million in CDL. For context retail had been net buying to stock for the sometime prior to CDL's April 9 low of S$4.32. From January 1 to April 9, 2025, retail investors net bought S$59 million of CDL, adding to S$295 million net bought in 2024 and S$199 million net bought in 2023.

For the S$354 million net bought from Jan 2, 2024 to April 9, 2025, the overall VWAP was S$5.52. For the remainder of the year, the VWAP was S$6.37. Early January 2026 has seen this trend persist, with another S$58 million net sold by retail between January 2 and January 13 at a VWAP of S$8.60. This means in just nine months, retail investors have unwound more than 18 months of buying.

The stock has also been among the three stocks most net bought by institutions in early 2026, following multiple upwards revisions to its Target Price (TP). CDL has seen its target prices increased by JP Morgan from S$8.20 to S$10.75, by Phillip Capital from S$8.34 to S$9.62, and by RHB Research from S$8.50 to S$9.50. Phillip Capital also upgraded the stock from accumulate to buy. CDL maintain its core property development, investment, and hotel operations remain resilient, supported by a strong project pipeline, high occupancies, stable hospitality performance, and easing interest rate. Capital recycling remains a key strategic focus for the Group, and divestments achieved healthy premiums with Quayside Isle @ Sentosa Cove sold 47% above book and Hotel Osaka Shinsaibashi at a 65% premium to its 2023 acquisition price as detailed in The Edge Singapore.

Multiple catalysts existed for the TP updates. JP Morgan projects CDL to swing back into profitability on stronger residential sales, forecasting FY25 earnings of S$83.9 million and a near doubling to S$200 million in FY26. RHB Research cited the fast pace of asset monetisation, which reached approximately S$2 billion in 2025. Looking ahead, RHB believe a potential catalyst is the spin-off of CDL's living sector portfolio across the UK, Australia, and Japan into a private fund or REIT to unlock capital, enhance recurring income, and boost shareholder returns. Phillip Capital also believe a narrower discount is justified by the improving real estate sector outlook, a declining interest rate environment, and continued progress in asset divestments.

PropNex: Retail Cycled from Accumulation to 3Q25 Unwinding

In 2025, retail investors were net sellers of S$24 million in PropNex shares, alternating between net selling and net buying each quarter. They net sold S$3.5 million in 1Q25, before turning modest net buyers in 2Q25 with S$0.6 million accumulated. This was followed by a sharp shift in 3Q25, when retail investors net sold S$30.3 million, before reversing again to become net buyers of S$9.4 million in 4Q25.

The respective VWAPs for the four quarters were S$1.09, S$1.05, S$1.80, and S$2.21. The significant net selling in 3Q25, coinciding with the higher S$1.80 VWAP, was likely driven by the closing of positions accumulated over the preceding three years (2022–2024). The three‐year VWAP over that period was S$0.904, roughly half the 3Q25 VWAP. Across those three years, retail investors had net bought S$13.9 million of PropNex shares.

Last year PropNex celebrated 25 years of growth and leadership in real estate, marking the occasion with the appointment of Kelvin Fong as CEO while Mohd Ismail Gafoor remains Executive Chairman. Now Singapore's largest listed real estate agency, PropNex has over 13,000 salespersons locally and more than 16,000 across Asia Pacific, with a regional presence spanning Indonesia, Malaysia, Vietnam, Cambodia and Australia. The Group leads key segments including private residential, landed and HDB resale, and is recognised for its integrated services and service excellence. Since its Mainboard listing in 2018, PropNex has grown its market cap from S$240 million to S$1.6 billion, ROE of 33% and P/E of 24x. UOB Kay Hian also recently raised its TP on PropNex from S$2.00 to S$2.51, citing multiple near‐ and medium‐term catalysts, including an expected profit jump in 2025, potential special dividends, and resilient HDB pricing. FSM also initiated coverage on stock, with the report accessible here.

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