SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Jardine Matheson Holdings / Equity Bottom-Up

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<ul>
<li>
In October, 32 primary-listed stocks on SGX bought back their shares, with a total consideration of S$86 million, up from 20 companies conducting buybacks in September, but with a lower consideration than the S$134 million in repurchases in September. 
	 </li>
	<li>
Secondary-listed Hongkong Land and Jardine Matheson Holdings also bought back more than S$100 million in shares in October, with Hongkong Land repurchasing 12,310,950 shares at US$4.79 to US$5.45 per share, while Jardine Matheson Holdings repurchased 687,789 shares, paying between US$51.79 to US$58.00 per share. 
	 </li>
	<li>Wing Tai led the buyback consideration of non-STI stocks, repurchasing close to 2.5 million stocks across three sessions at an average price of S$1.91. The property and lifestyle company also rallied 7.2% during the month, outpacing global real estate stocks which generated a marginal decline. </li>
</ul>
 

During October, 32 primary-listed stocks on SGX bought back their shares, with a total consideration of S$85.7 million. This brings the total consideration filed by the primary-listed stocks to S$695 million for the first 10 months of 2021, which represents 0.1% of the total market value of all primary-listed stocks listed on SGX. Of the total S$914.2 billion in market capitalisation of all stocks listed on SGX at the end of October, S$661.8 billion was represented by primary-listed stocks. October’s primary-listed buyback consideration of S$85.7 million compared to 20 SGX primary-listed stocks buying back their shares in September with a total consideration of S$134 million (click <a href="https://www.sgx.com/research-education/market-updates/20211001-monthly-buybacks-reach-10-month-high-september">here</a> for more). Secondary-listed Hongkong Land and Jardine Matheson Holdings also bought back shares in October. Hongkong Land bought back 12,310,950 shares over the month, paying between US$4.79 per share and US$5.4498 per share, with the latter price an average price of an off-market repurchase. Jardine Matheson Holdings also bought back 687,789 shares, paying between US$51.79 per share and US$58.00 per share. Hongkong Land was the STI’s strongest performer in October, while Jardine Matheson Holdings was the fourth strongest STI stock for the month. The total consideration of the buybacks of the two companies was above S$100 million. The 3.6% STI gain in October brought its total return over the past 10 months to 15.7%. As discussed <a href="https://www.sgx.com/research-education/market-updates/20211101-sti-posts-strongest-monthly-gain-march">here</a>, overarching market drivers in October included global progress in containing COVID-19, the global growth outlook remaining largely intact for 2021 and 2022, while rising commodity prices, supply disruptions and the continued local focus on strategic corporate restructuring also provided market cues. The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended October 2021 at S$2.31 billion, compared to S$2.08 billion at the end of December 2020, with the unit creations and redemptions generating S$29 million of net outflows into the two ETFs over the past 10 months.
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<figure>
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 <div class='content-caption'>Buyback consideration</div>
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United Overseas Bank and Oversea-Chinese Banking Corp led the buyback considerations of primary-listed STI stocks in October, repurchasing shares at an average price of S$26.30 and S$11.66 respectively. Wing Tai Holdings led the buyback consideration of non-STI stocks, repurchasing close to 2.5 million stocks at an average price of S$1.91. The property and lifestyle company also rallied 7.2% during the month, outpacing global real estate stocks which generated a marginal decline. The new buyback mandate was approved on 26 October, and over three sessions Wing Tai Holdings bought back 0.32% of its issued shares (excluding treasury shares).  In the preceding two buyback mandates, Wing Tai Holdings bought back 0.15% of its shares and 1.01% per cent of its shares. 
The table below summarises the buyback transactions of the 32 primary-listed stocks that conducted buybacks in October. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions.

<table class="table table-striped"><tbody>
<tr>
<td>
			Primary Listed Stocks that Conducted Buybacks in Oct 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in Oct 2021
			</td>
			<td>
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid 
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date
			</td>
			<td>
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			83,744,151
			</td>
			<td>
			936,000
			</td>
			<td>
			$24,616,798
			</td>
			<td>
			$26.30
			</td>
			<td>
			2,954,500
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			223,511,333
			</td>
			<td>
			2,000,000
			</td>
			<td>
			$23,325,543
			</td>
			<td>
			$11.66
			</td>
			<td>
			21,280,100
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			CAPITALAND INVESTMENT
			</td>
			<td>
			260,159,789
			</td>
			<td>
			2,789,800
			</td>
			<td>
			$9,404,431
			</td>
			<td>
			$3.37
			</td>
			<td>
			2,789,800
			</td>
			<td>
			0.1
			</td>
		</tr>
<tr>
<td>
			WING TAI HOLDINGS
			</td>
			<td>
			77,054,716
			</td>
			<td>
			2,459,000
			</td>
			<td>
			$4,700,516
			</td>
			<td>
			$1.91
			</td>
			<td>
			2,459,000
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			461,800
			</td>
			<td>
			$4,422,595
			</td>
			<td>
			$9.58
			</td>
			<td>
			1,570,600
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,409,095
			</td>
			<td>
			1,000,000
			</td>
			<td>
			$3,882,529
			</td>
			<td>
			$3.88
			</td>
			<td>
			5,300,000
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			35,714,993
			</td>
			<td>
			2,000,000
			</td>
			<td>
			$3,772,816
			</td>
			<td>
			$1.89
			</td>
			<td>
			2,000,000
			</td>
			<td>
			0.1
			</td>
		</tr>
<tr>
<td>
			THE HOUR GLASS
			</td>
			<td>
			69,664,318
			</td>
			<td>
			1,631,000
			</td>
			<td>
			$2,540,749
			</td>
			<td>
			$1.56
			</td>
			<td>
			9,328,300
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			Q &amp; M DENTAL GROUP (SINGAPORE)
			</td>
			<td>
			78,730,862
			</td>
			<td>
			3,600,000
			</td>
			<td>
			$2,065,938
			</td>
			<td>
			$0.57
			</td>
			<td>
			3,600,000
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			159,744,243
			</td>
			<td>
			8,287,500
			</td>
			<td>
			$1,295,077
			</td>
			<td>
			$0.16
			</td>
			<td>
			41,623,000
			</td>
			<td>
			2.6
			</td>
		</tr>
<tr>
<td>
			NANOFILM TECHNOLOGIES INTERNATIONAL
			</td>
			<td>
			66,162,611
			</td>
			<td>
			300,000
			</td>
			<td>
			$1,114,512
			</td>
			<td>
			$3.72
			</td>
			<td>
			5,218,400
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			BROADWAY INDUSTRIAL GROUP
			</td>
			<td>
			46,822,156
			</td>
			<td>
			5,689,800
			</td>
			<td>
			$999,182
			</td>
			<td>
			$0.18
			</td>
			<td>
			5,689,800
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			28,088,477
			</td>
			<td>
			250,000
			</td>
			<td>
			$990,036
			</td>
			<td>
			$3.96
			</td>
			<td>
			1,093,000
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,110,176
			</td>
			<td>
			653,000
			</td>
			<td>
			$804,083
			</td>
			<td>
			$1.23
			</td>
			<td>
			653,000
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			G. K. GOH HOLDINGS
			</td>
			<td>
			32,481,013
			</td>
			<td>
			329,200
			</td>
			<td>
			$370,867
			</td>
			<td>
			$1.13
			</td>
			<td>
			2,596,400
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			VENTURE CORPORATION
			</td>
			<td>
			14,517,478
			</td>
			<td>
			20,800
			</td>
			<td>
			$368,407
			</td>
			<td>
			$17.71
			</td>
			<td>
			150,000
			</td>
			<td>
			0.1
			</td>
		</tr>
<tr>
<td>
			AZTECH GLOBAL
			</td>
			<td>
			77,382,554
			</td>
			<td>
			200,000
			</td>
			<td>
			$210,652
			</td>
			<td>
			$1.05
			</td>
			<td>
			200,000
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			SIN HENG HEAVY MACHINERY
			</td>
			<td>
			11,401,300
			</td>
			<td>
			400,000
			</td>
			<td>
			$156,368
			</td>
			<td>
			$0.39
			</td>
			<td>
			400,000
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,774,969
			</td>
			<td>
			170,800
			</td>
			<td>
			$136,797
			</td>
			<td>
			$0.80
			</td>
			<td>
			1,857,000
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,403,012
			</td>
			<td>
			116,800
			</td>
			<td>
			$112,246
			</td>
			<td>
			$0.96
			</td>
			<td>
			989,200
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			JEP HOLDINGS
			</td>
			<td>
			41,394,472
			</td>
			<td>
			412,300
			</td>
			<td>
			$93,597
			</td>
			<td>
			$0.23
			</td>
			<td>
			920,700
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			HOTUNG INVESTMENT HLDGS
			</td>
			<td>
			9,595,108
			</td>
			<td>
			40,600
			</td>
			<td>
			$75,666
			</td>
			<td>
			$1.86
			</td>
			<td>
			467,500
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			CNMC GOLDMINE HOLDINGS
			</td>
			<td>
			40,769,300
			</td>
			<td>
			370,000
			</td>
			<td>
			$74,951
			</td>
			<td>
			$0.20
			</td>
			<td>
			1,960,100
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			39,889,089
			</td>
			<td>
			186,200
			</td>
			<td>
			$52,203
			</td>
			<td>
			$0.28
			</td>
			<td>
			1,551,400
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			GOODLAND GROUP
			</td>
			<td>
			36,001,992
			</td>
			<td>
			365,100
			</td>
			<td>
			$50,677
			</td>
			<td>
			$0.14
			</td>
			<td>
			552,900
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			ST GROUP FOOD INDUSTRIES HOLDINGS
			</td>
			<td>
			24,247,700
			</td>
			<td>
			234,600
			</td>
			<td>
			$26,797
			</td>
			<td>
			$0.11
			</td>
			<td>
			245,500
			</td>
			<td>
			0.1
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,736,488
			</td>
			<td>
			40,000
			</td>
			<td>
			$19,656
			</td>
			<td>
			$0.49
			</td>
			<td>
			394,000
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			ZHONGMIN BAIHUI RETAIL GROUP
			</td>
			<td>
			19,176,770
			</td>
			<td>
			20,000
			</td>
			<td>
			$13,044
			</td>
			<td>
			$0.65
			</td>
			<td>
			20,000
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			GLOBAL PALM RESOURCES HOLDINGS
			</td>
			<td>
			25,053,418
			</td>
			<td>
			57,900
			</td>
			<td>
			$9,988
			</td>
			<td>
			$0.17
			</td>
			<td>
			391,100
			</td>
			<td>
			0.2
			</td>
		</tr>
<tr>
<td>
			EUROSPORTS GLOBAL
			</td>
			<td>
			25,944,480
			</td>
			<td>
			50,300
			</td>
			<td>
			$9,589
			</td>
			<td>
			$0.19
			</td>
			<td>
			1,193,000
			</td>
			<td>
			0.5
			</td>
		</tr>
<tr>
<td>
			MDR
			</td>
			<td>
			88,288,167
			</td>
			<td>
			115,500
			</td>
			<td>
			$9,023
			</td>
			<td>
			$0.08
			</td>
			<td>
			3,560,800
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			HG METAL MANUFACTURING
			</td>
			<td>
			3,822,532
			</td>
			<td>
			25,000
			</td>
			<td>
			$8,047
			</td>
			<td>
			$0.32
			</td>
			<td>
			152,000
			</td>
			<td>
			0.1
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			35,213,000
			</td>
			<td>
			$85,733,382
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Bloomberg (Data as of 29 October 2021)

 

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they can be converted into treasury shares, which means they are no longer categorised as shares outstanding. Motivations for share buybacks can include employee compensation plans (such as share option schemes or employee share purchase plans) or long term capital management. Buybacks have been observed to also pick up amidst market declines that are driven by broader moves on international macroeconomic developments. 
Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click <a href="https://www.sgx.com/securities/company-announcements?ANNC=ANNC13">here</a>). As best practice, companies should refrain from buying back their shares during the two weeks immediately before semi-annual financial statements and one month immediately before the full-year financial statements.

 
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In October, 32 primary-listed stocks on SGX bought back their shares, with a total consideration of S$86 million, up from 20 companies conducting buybacks in September, but with a lower consideration than the S$134 million in repurchases in September.  
	 
	
Secondary-listed Hongkong Land and Jardine Matheson Holdings also bought back more than S$100 million in shares in October, with Hongkong Land repurchasing 12,310,950 shares at US$4.79 to US$5.45 per share, while Jardine Matheson Holdings repurchased 687,789 shares, paying between US$51.79 to US$58.00 per share. 
	 
	Wing Tai led the buyback consideration of non-STI stocks, repurchasing close to 2.5 million stocks across three sessions at an average price of S$1.91. The property and lifestyle company also rallied 7.2% during the month, outpacing global real estate stocks which generated a marginal decline. 

 

During October, 32 primary-listed stocks on SGX bought back their shares, with a total consideration of S$85.7 million. This brings the total consideration filed by the primary-listed stocks to S$695 million for the first 10 months of 2021, which represents 0.1% of the total market value of all primary-listed stocks listed on SGX. Of the total S$914.2 billion in market capitalisation of all stocks listed on SGX at the end of October, S$661.8 billion was represented by primary-listed stocks. October’s primary-listed buyback consideration of S$85.7 million compared to 20 SGX primary-listed stocks buying back their shares in September with a total consideration of S$134 million (click here for more).   Secondary-listed Hongkong Land and Jardine Matheson Holdings also bought back shares in October. Hongkong Land bought back 12,310,950 shares over the month, paying between US$4.79 per share and US$5.4498 per share, with the latter price an average price of an off-market repurchase. Jardine Matheson Holdings also bought back 687,789 shares, paying between US$51.79 per share and US$58.00 per share. Hongkong Land was the STI’s strongest performer in October, while Jardine Matheson Holdings was the fourth strongest STI stock for the month. The total consideration of the buybacks of the two companies was above S$100 million.  The 3.6% STI gain in October brought its total return over the past 10 months to 15.7%. As discussed here, overarching market drivers in October included global progress in containing COVID-19, the global growth outlook remaining largely intact for 2021 and 2022, while rising commodity prices, supply disruptions and the continued local focus on strategic corporate restructuring also provided market cues. The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended October 2021 at S$2.31 billion, compared to S$2.08 billion at the end of December 2020, with the unit creations and redemptions generating S$29 million of net outflows into the two ETFs over the past 10 months.



      
    
    Buyback consideration


United Overseas Bank and Oversea-Chinese Banking Corp led the buyback considerations of primary-listed STI stocks in October, repurchasing shares at an average price of S$26.30 and S$11.66 respectively. Wing Tai Holdings led the buyback consideration of non-STI stocks, repurchasing close to 2.5 million stocks at an average price of S$1.91. The property and lifestyle company also rallied 7.2% during the month, outpacing global real estate stocks which generated a marginal decline. The new buyback mandate was approved on 26 October, and over three sessions Wing Tai Holdings bought back 0.32% of its issued shares (excluding treasury shares).  In the preceding two buyback mandates, Wing Tai Holdings bought back 0.15% of its shares and 1.01% per cent of its shares.  
The table below summarises the buyback transactions of the 32 primary-listed stocks that conducted buybacks in October. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions.




			Primary Listed Stocks that Conducted Buybacks in Oct 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in Oct 2021
			
			
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid 
			
			
			Cumulative Number of Shares/units purchased in Mandate to date
			
			
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			
		


			UNITED OVERSEAS BANK
			
			
			83,744,151
			
			
			936,000
			
			
			$24,616,798
			
			
			$26.30
			
			
			2,954,500
			
			
			0.2
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			223,511,333
			
			
			2,000,000
			
			
			$23,325,543
			
			
			$11.66
			
			
			21,280,100
			
			
			0.5
			
		


			CAPITALAND INVESTMENT
			
			
			260,159,789
			
			
			2,789,800
			
			
			$9,404,431
			
			
			$3.37
			
			
			2,789,800
			
			
			0.1
			
		


			WING TAI HOLDINGS
			
			
			77,054,716
			
			
			2,459,000
			
			
			$4,700,516
			
			
			$1.91
			
			
			2,459,000
			
			
			0.3
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			461,800
			
			
			$4,422,595
			
			
			$9.58
			
			
			1,570,600
			
			
			0.2
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,409,095
			
			
			1,000,000
			
			
			$3,882,529
			
			
			$3.88
			
			
			5,300,000
			
			
			0.2
			
		


			SEMBCORP INDUSTRIES
			
			
			35,714,993
			
			
			2,000,000
			
			
			$3,772,816
			
			
			$1.89
			
			
			2,000,000
			
			
			0.1
			
		


			THE HOUR GLASS
			
			
			69,664,318
			
			
			1,631,000
			
			
			$2,540,749
			
			
			$1.56
			
			
			9,328,300
			
			
			1.3
			
		


			Q &amp; M DENTAL GROUP (SINGAPORE)
			
			
			78,730,862
			
			
			3,600,000
			
			
			$2,065,938
			
			
			$0.57
			
			
			3,600,000
			
			
			0.5
			
		


			GLOBAL INVESTMENTS
			
			
			159,744,243
			
			
			8,287,500
			
			
			$1,295,077
			
			
			$0.16
			
			
			41,623,000
			
			
			2.6
			
		


			NANOFILM TECHNOLOGIES INTERNATIONAL
			
			
			66,162,611
			
			
			300,000
			
			
			$1,114,512
			
			
			$3.72
			
			
			5,218,400
			
			
			0.8
			
		


			BROADWAY INDUSTRIAL GROUP
			
			
			46,822,156
			
			
			5,689,800
			
			
			$999,182
			
			
			$0.18
			
			
			5,689,800
			
			
			1.2
			
		


			AEM HOLDINGS
			
			
			28,088,477
			
			
			250,000
			
			
			$990,036
			
			
			$3.96
			
			
			1,093,000
			
			
			0.4
			
		


			STARHUB
			
			
			173,110,176
			
			
			653,000
			
			
			$804,083
			
			
			$1.23
			
			
			653,000
			
			
			0.0
			
		


			G. K. GOH HOLDINGS
			
			
			32,481,013
			
			
			329,200
			
			
			$370,867
			
			
			$1.13
			
			
			2,596,400
			
			
			0.8
			
		


			VENTURE CORPORATION
			
			
			14,517,478
			
			
			20,800
			
			
			$368,407
			
			
			$17.71
			
			
			150,000
			
			
			0.1
			
		


			AZTECH GLOBAL
			
			
			77,382,554
			
			
			200,000
			
			
			$210,652
			
			
			$1.05
			
			
			200,000
			
			
			0.0
			
		


			SIN HENG HEAVY MACHINERY
			
			
			11,401,300
			
			
			400,000
			
			
			$156,368
			
			
			$0.39
			
			
			400,000
			
			
			0.4
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,774,969
			
			
			170,800
			
			
			$136,797
			
			
			$0.80
			
			
			1,857,000
			
			
			0.3
			
		


			BOUSTEAD SINGAPORE
			
			
			48,403,012
			
			
			116,800
			
			
			$112,246
			
			
			$0.96
			
			
			989,200
			
			
			0.2
			
		


			JEP HOLDINGS
			
			
			41,394,472
			
			
			412,300
			
			
			$93,597
			
			
			$0.23
			
			
			920,700
			
			
			0.2
			
		


			HOTUNG INVESTMENT HLDGS
			
			
			9,595,108
			
			
			40,600
			
			
			$75,666
			
			
			$1.86
			
			
			467,500
			
			
			0.5
			
		


			CNMC GOLDMINE HOLDINGS
			
			
			40,769,300
			
			
			370,000
			
			
			$74,951
			
			
			$0.20
			
			
			1,960,100
			
			
			0.5
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			39,889,089
			
			
			186,200
			
			
			$52,203
			
			
			$0.28
			
			
			1,551,400
			
			
			0.4
			
		


			GOODLAND GROUP
			
			
			36,001,992
			
			
			365,100
			
			
			$50,677
			
			
			$0.14
			
			
			552,900
			
			
			0.0
			
		


			ST GROUP FOOD INDUSTRIES HOLDINGS
			
			
			24,247,700
			
			
			234,600
			
			
			$26,797
			
			
			$0.11
			
			
			245,500
			
			
			0.1
			
		


			TUAN SING HOLDINGS
			
			
			118,736,488
			
			
			40,000
			
			
			$19,656
			
			
			$0.49
			
			
			394,000
			
			
			0.0
			
		


			ZHONGMIN BAIHUI RETAIL GROUP
			
			
			19,176,770
			
			
			20,000
			
			
			$13,044
			
			
			$0.65
			
			
			20,000
			
			
			0.0
			
		


			GLOBAL PALM RESOURCES HOLDINGS
			
			
			25,053,418
			
			
			57,900
			
			
			$9,988
			
			
			$0.17
			
			
			391,100
			
			
			0.2
			
		


			EUROSPORTS GLOBAL
			
			
			25,944,480
			
			
			50,300
			
			
			$9,589
			
			
			$0.19
			
			
			1,193,000
			
			
			0.5
			
		


			MDR
			
			
			88,288,167
			
			
			115,500
			
			
			$9,023
			
			
			$0.08
			
			
			3,560,800
			
			
			0.4
			
		


			HG METAL MANUFACTURING
			
			
			3,822,532
			
			
			25,000
			
			
			$8,047
			
			
			$0.32
			
			
			152,000
			
			
			0.1
			
		


			Total
			
			
			 
			
			
			35,213,000
			
			
			$85,733,382
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX, Bloomberg (Data as of 29 October 2021)

 

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they can be converted into treasury shares, which means they are no longer categorised as shares outstanding. Motivations for share buybacks can include employee compensation plans (such as share option schemes or employee share purchase plans) or long term capital management. Buybacks have been observed to also pick up amidst market declines that are driven by broader moves on international macroeconomic developments.  
Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click here). As best practice, companies should refrain from buying back their shares during the two weeks immediately before semi-annual financial statements and one month immediately before the full-year financial statements.

 



Hongkong Land & Jardine Matheson Led Buyback Considerations in October

Singapore

HG Metal Manufacturing Limited offers different types of steel products used in various industrial and engineering applications, including pipes, mild steel lip channels, plates, bars, tubes, and I-beams.  The Company also manufactures customized flat steel bars and mild steel lip channels commonly use as roofing support in commercial and industrial building.

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HG Metal Manufacturing (HGM SP)

Hongkong Land & Jardine Matheson Led Buyback Considerations in October

In October, 32 primary-listed stocks on SGX bought back their shares, with a total consideration of S$86 million, up from 20 companies...

Singapore Exchange Ltd (SGX)

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