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

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<ul>
<li>
In the month of Dec 2020, 24 primary-listed stocks in Singapore bought back 101 million shares for a total consideration of S$114 million. This was down from S$174 million in consideration for Nov 2020, and higher than the S$70 million filed for Dec 2019. 
	 </li>
	<li>
This brought the total buyback consideration for 2020 to S$1.03 billion, with 100 primary-listed stocks conducting buybacks. While the number of companies conducting buybacks was up 20%, the consideration was up 75% from S$590 million in 2019. 
	 </li>
	<li>The 2020 buyback consideration was led by STI stocks DBS Group Holdings, Wilmar International, Oversea-Chinese Banking Corporation, Yangzijiang Shipbuilding (Holdings) and Singapore Technologies Engineering. This was similar to 2019, with Keppel REIT making the top five in 2019 rather than Wilmar International. </li>
</ul>
 

Total share buyback consideration for month of December 2020 totaled S$114.4 million, down from the S$174.2 million in consideration reported for November 2020 (click <a href="https://www.sgx.com/research-education/market-updates/20201207-wilmar-bought-back-s142m-shares-november">here</a> for more details). The December 2020 buyback consideration was up from the S$70.1 million reported for December 2019. 
During the month of December 2020, the Straits Times Index (“STI”) gained 1.3%. This took the decline in total return of the STI in 2020 to 8.1%, following on from a 9.4% gain in 2019, as highlighted in a recent Market Update (click <a href="https://www.sgx.com/research-education/market-updates/20210106-investors-flock-etfs-2020">here</a> for more).
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-01/Capture_7.PNG' alt='Buyback Consideration' />
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 <div class='content-caption'>Buyback Consideration</div>
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Wilmar International (“Wilmar”) bought back 11,276,300 of its shares for a consideration of S$48,105,674 between 1 December and 29 December at an average price of S$4.27 per share. This brought the total number of shares that Wilmar International bought back on the current mandate during the 2020 calendar year to 44,716,400 shares, representing 0.70% of Wilmar’s issued shares (excluding treasury shares). Prior to this, Wilmar had not bought back its shares since 12 August 2016. Yihai Kerry Arawana Holdings Co (“YKA”), the 89.99% subsidiary of Wilmar has been trading on the Shenzhen Stock Exchange ChiNext Board since 15 October. The current valuation gap sees YKA maintaining a Price-to-Earnings (“P/E”) ratio of 115x, compared to Wilmar’s Price-to-Earnings ratio of 17x. In China, Consumer Goods stocks with a market value of at least US$1 billion maintain a median P/E ratio near 45x, compared to their peers across the exchanges of APAC financial centres trading at a median P/E ratio of 20x.

<table class="table table-striped"><tbody>
<tr>
<td>
			Primary Listed Stocks that Conducted Buybacks in Dec 2020
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in Dec 2020
			</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>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			635,459,880
			</td>
			<td>
			11,276,300
			</td>
			<td>
			$48,105,674
			</td>
			<td>
			$4.266
			</td>
			<td>
			44,716,400
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			204,908,472
			</td>
			<td>
			23,000,000
			</td>
			<td>
			$20,149,264
			</td>
			<td>
			$0.876
			</td>
			<td>
			23,000,000
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			</td>
			<td>
			391,876,520
			</td>
			<td>
			21,000,000
			</td>
			<td>
			$19,742,864
			</td>
			<td>
			$0.940
			</td>
			<td>
			66,249,200
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			90,061,166
			</td>
			<td>
			12,595,800
			</td>
			<td>
			$14,835,905
			</td>
			<td>
			$1.178
			</td>
			<td>
			17,849,000
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			35,711,498
			</td>
			<td>
			1,700,000
			</td>
			<td>
			$2,933,692
			</td>
			<td>
			$1.726
			</td>
			<td>
			5,284,100
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,132,642
			</td>
			<td>
			1,492,200
			</td>
			<td>
			$1,916,974
			</td>
			<td>
			$1.285
			</td>
			<td>
			1,492,200
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			161,476,125
			</td>
			<td>
			10,884,800
			</td>
			<td>
			$1,522,094
			</td>
			<td>
			$0.140
			</td>
			<td>
			52,328,800
			</td>
		</tr>
<tr>
<td>
			AVARGA
			</td>
			<td>
			94,704,634
			</td>
			<td>
			5,700,000
			</td>
			<td>
			$1,488,072
			</td>
			<td>
			$0.261
			</td>
			<td>
			6,239,800
			</td>
		</tr>
<tr>
<td>
			HONG FOK CORPORATION
			</td>
			<td>
			84,800,184
			</td>
			<td>
			990,000
			</td>
			<td>
			$720,980
			</td>
			<td>
			$0.728
			</td>
			<td>
			3,327,100
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,597,249
			</td>
			<td>
			1,062,800
			</td>
			<td>
			$665,896
			</td>
			<td>
			$0.627
			</td>
			<td>
			2,312,800
			</td>
		</tr>
<tr>
<td>
			EUROSPORTS GLOBAL
			</td>
			<td>
			26,086,770
			</td>
			<td>
			2,575,000
			</td>
			<td>
			$443,157
			</td>
			<td>
			$0.172
			</td>
			<td>
			4,622,900
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			257,790,683
			</td>
			<td>
			1,303,300
			</td>
			<td>
			$346,031
			</td>
			<td>
			$0.266
			</td>
			<td>
			4,772,500
			</td>
		</tr>
<tr>
<td>
			HOTUNG INVESTMENT HLDGS
			</td>
			<td>
			9,628,608
			</td>
			<td>
			174,000
			</td>
			<td>
			$290,663
			</td>
			<td>
			$1.670
			</td>
			<td>
			174,000
			</td>
		</tr>
<tr>
<td>
			SINGAPORE REINSURANCE CORPORATION
			</td>
			<td>
			59,730,798
			</td>
			<td>
			797,900
			</td>
			<td>
			$235,147
			</td>
			<td>
			$0.295
			</td>
			<td>
			991,800
			</td>
		</tr>
<tr>
<td>
			SUTL ENTERPRISE
			</td>
			<td>
			8,646,060
			</td>
			<td>
			423,100
			</td>
			<td>
			$207,319
			</td>
			<td>
			$0.490
			</td>
			<td>
			900,400
			</td>
		</tr>
<tr>
<td>
			TREK 2000 INTERNATIONAL
			</td>
			<td>
			31,945,342
			</td>
			<td>
			2,234,500
			</td>
			<td>
			$204,077
			</td>
			<td>
			$0.091
			</td>
			<td>
			3,451,200
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,414,021
			</td>
			<td>
			536,800
			</td>
			<td>
			$169,554
			</td>
			<td>
			$0.316
			</td>
			<td>
			1,363,500
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,714,422
			</td>
			<td>
			124,200
			</td>
			<td>
			$97,696
			</td>
			<td>
			$0.787
			</td>
			<td>
			1,745,300
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES
			</td>
			<td>
			29,770,450
			</td>
			<td>
			654,200
			</td>
			<td>
			$88,057
			</td>
			<td>
			$0.135
			</td>
			<td>
			2,463,200
			</td>
		</tr>
<tr>
<td>
			KSH HOLDINGS
			</td>
			<td>
			56,382,624
			</td>
			<td>
			200,000
			</td>
			<td>
			$66,435
			</td>
			<td>
			$0.332
			</td>
			<td>
			200,000
			</td>
		</tr>
<tr>
<td>
			MDR
			</td>
			<td>
			89,039,757
			</td>
			<td>
			800,900
			</td>
			<td>
			$64,103
			</td>
			<td>
			$0.080
			</td>
			<td>
			3,009,300
			</td>
		</tr>
<tr>
<td>
			MIYOSHI
			</td>
			<td>
			60,760,359
			</td>
			<td>
			1,553,200
			</td>
			<td>
			$54,611
			</td>
			<td>
			$0.035
			</td>
			<td>
			7,642,700
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,019,100
			</td>
			<td>
			93,600
			</td>
			<td>
			$22,031
			</td>
			<td>
			$0.235
			</td>
			<td>
			1,291,000
			</td>
		</tr>
<tr>
<td>
			ADVANCER GLOBAL
			</td>
			<td>
			16,942,532
			</td>
			<td>
			84,000
			</td>
			<td>
			$8,927
			</td>
			<td>
			$0.106
			</td>
			<td>
			1,098,900
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			101,256,600
			</td>
			<td>
			$114,379,221
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX (Data as of 31 December 2020) 
 

2020 Buyback Consideration Tally at S$1.03 Billion 
December buybacks took the total buyback consideration for SGX primary-listed stocks for the 2020 calendar year to S$1.03 billion, with 100 primary-listed stocks conducting buybacks. While the number of companies conducting buybacks was up 20%, the consideration was up 75% from S$590 million in 2019. 
The 2020 buyback consideration was led by STI stocks DBS Group Holdings, Wilmar International, Oversea-Chinese Banking Corporation, Yangzijiang Shipbuilding (Holdings) and Singapore Technologies Engineering. This was similar to 2019, with Keppel REIT making the top five in 2019 rather than Wilmar International. 
Together the 20 stocks that filed the highest buyback considerations throughout the 2020 calendar year accounted for 94% of the entire consideration of S$1.03 billion.

<table class="table table-striped"><tbody>
<tr>
<td>
			20 Primary-listed stocks with Highest Buyback Considerations in 2020 Calendar Year
			</td>
			<td>
			Total Number of Shares/units Purchased
			</td>
			<td>
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			                                  21,400,000
			</td>
			<td>
			$431,471,911
			</td>
			<td>
			$20.162
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			                                  44,716,400
			</td>
			<td>
			$190,238,801
			</td>
			<td>
			$4.254
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			                                    6,895,800
			</td>
			<td>
			$62,889,547
			</td>
			<td>
			$9.120
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			</td>
			<td>
			                                  66,249,200
			</td>
			<td>
			$62,807,428
			</td>
			<td>
			$0.948
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			                                    8,550,000
			</td>
			<td>
			$29,191,674
			</td>
			<td>
			$3.414
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			                                  18,753,200
			</td>
			<td>
			$22,013,451
			</td>
			<td>
			$1.174
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			                                  23,587,400
			</td>
			<td>
			$20,415,312
			</td>
			<td>
			$0.866
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			                                  63,917,000
			</td>
			<td>
			$20,164,105
			</td>
			<td>
			$0.315
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			                                       993,300
			</td>
			<td>
			$19,954,908
			</td>
			<td>
			$20.090
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORPORATION
			</td>
			<td>
			                                    3,866,628
			</td>
			<td>
			$19,040,097
			</td>
			<td>
			$4.924
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			                                131,096,600
			</td>
			<td>
			$17,624,442
			</td>
			<td>
			$0.134
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			                                    2,002,000
			</td>
			<td>
			$17,003,996
			</td>
			<td>
			$8.494
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			                                    8,152,100
			</td>
			<td>
			$15,390,940
			</td>
			<td>
			$1.888
			</td>
		</tr>
<tr>
<td>
			HONG FOK CORPORATION
			</td>
			<td>
			                                  14,441,200
			</td>
			<td>
			$9,194,227
			</td>
			<td>
			$0.637
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESOURCES
			</td>
			<td>
			                                  42,683,100
			</td>
			<td>
			$8,063,785
			</td>
			<td>
			$0.189
			</td>
		</tr>
<tr>
<td>
			FIRST RESOURCES
			</td>
			<td>
			                                    5,922,500
			</td>
			<td>
			$7,629,616
			</td>
			<td>
			$1.288
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HOLDINGS
			</td>
			<td>
			                                    4,698,100
			</td>
			<td>
			$7,520,405
			</td>
			<td>
			$1.601
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			                                    3,592,200
			</td>
			<td>
			$5,109,188
			</td>
			<td>
			$1.422
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			                                    8,183,200
			</td>
			<td>
			$3,950,496
			</td>
			<td>
			$0.483
			</td>
		</tr>
<tr>
<td>
			STRACO CORPORATION
			</td>
			<td>
			                                    7,583,900
			</td>
			<td>
			$3,879,624
			</td>
			<td>
			$0.512
			</td>
		</tr>
</tbody></table>
 Source: SGX (Data as of 31 December 2020)

 

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 can 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 its quarterly financial statements and one month immediately before the full-year financial statements.
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In the month of Dec 2020, 24 primary-listed stocks in Singapore bought back 101 million shares for a total consideration of S$114 million. This was down from S$174 million in consideration for Nov 2020, and higher than the S$70 million filed for Dec 2019. 
	 
	
This brought the total buyback consideration for 2020 to S$1.03 billion, with 100 primary-listed stocks conducting buybacks. While the number of companies conducting buybacks was up 20%, the consideration was up 75% from S$590 million in 2019.  
	 
	The 2020 buyback consideration was led by STI stocks DBS Group Holdings, Wilmar International, Oversea-Chinese Banking Corporation, Yangzijiang Shipbuilding (Holdings) and Singapore Technologies Engineering. This was similar to 2019, with Keppel REIT making the top five in 2019 rather than Wilmar International. 

 

Total share buyback consideration for month of December 2020 totaled S$114.4 million, down from the S$174.2 million in consideration reported for November 2020 (click here for more details). The December 2020 buyback consideration was up from the S$70.1 million reported for December 2019.  
During the month of December 2020, the Straits Times Index (“STI”) gained 1.3%. This took the decline in total return of the STI in 2020 to 8.1%, following on from a 9.4% gain in 2019, as highlighted in a recent Market Update (click here for more).



      
    
    Buyback Consideration


Wilmar International (“Wilmar”) bought back 11,276,300 of its shares for a consideration of S$48,105,674 between 1 December and 29 December at an average price of S$4.27 per share. This brought the total number of shares that Wilmar International bought back on the current mandate during the 2020 calendar year to 44,716,400 shares, representing 0.70% of Wilmar’s issued shares (excluding treasury shares). Prior to this, Wilmar had not bought back its shares since 12 August 2016. Yihai Kerry Arawana Holdings Co (“YKA”), the 89.99% subsidiary of Wilmar has been trading on the Shenzhen Stock Exchange ChiNext Board since 15 October. The current valuation gap sees YKA maintaining a Price-to-Earnings (“P/E”) ratio of 115x, compared to Wilmar’s Price-to-Earnings ratio of 17x. In China, Consumer Goods stocks with a market value of at least US$1 billion maintain a median P/E ratio near 45x, compared to their peers across the exchanges of APAC financial centres trading at a median P/E ratio of 20x.




			Primary Listed Stocks that Conducted Buybacks in Dec 2020
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in Dec 2020
			
			
			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
			
		


			WILMAR INTERNATIONAL
			
			
			635,459,880
			
			
			11,276,300
			
			
			$48,105,674
			
			
			$4.266
			
			
			44,716,400
			
		


			JAPFA
			
			
			204,908,472
			
			
			23,000,000
			
			
			$20,149,264
			
			
			$0.876
			
			
			23,000,000
			
		


			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			
			
			391,876,520
			
			
			21,000,000
			
			
			$19,742,864
			
			
			$0.940
			
			
			66,249,200
			
		


			OUE
			
			
			90,061,166
			
			
			12,595,800
			
			
			$14,835,905
			
			
			$1.178
			
			
			17,849,000
			
		


			SEMBCORP INDUSTRIES
			
			
			35,711,498
			
			
			1,700,000
			
			
			$2,933,692
			
			
			$1.726
			
			
			5,284,100
			
		


			STARHUB
			
			
			173,132,642
			
			
			1,492,200
			
			
			$1,916,974
			
			
			$1.285
			
			
			1,492,200
			
		


			GLOBAL INVESTMENTS
			
			
			161,476,125
			
			
			10,884,800
			
			
			$1,522,094
			
			
			$0.140
			
			
			52,328,800
			
		


			AVARGA
			
			
			94,704,634
			
			
			5,700,000
			
			
			$1,488,072
			
			
			$0.261
			
			
			6,239,800
			
		


			HONG FOK CORPORATION
			
			
			84,800,184
			
			
			990,000
			
			
			$720,980
			
			
			$0.728
			
			
			3,327,100
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,597,249
			
			
			1,062,800
			
			
			$665,896
			
			
			$0.627
			
			
			2,312,800
			
		


			EUROSPORTS GLOBAL
			
			
			26,086,770
			
			
			2,575,000
			
			
			$443,157
			
			
			$0.172
			
			
			4,622,900
			
		


			SILVERLAKE AXIS
			
			
			257,790,683
			
			
			1,303,300
			
			
			$346,031
			
			
			$0.266
			
			
			4,772,500
			
		


			HOTUNG INVESTMENT HLDGS
			
			
			9,628,608
			
			
			174,000
			
			
			$290,663
			
			
			$1.670
			
			
			174,000
			
		


			SINGAPORE REINSURANCE CORPORATION
			
			
			59,730,798
			
			
			797,900
			
			
			$235,147
			
			
			$0.295
			
			
			991,800
			
		


			SUTL ENTERPRISE
			
			
			8,646,060
			
			
			423,100
			
			
			$207,319
			
			
			$0.490
			
			
			900,400
			
		


			TREK 2000 INTERNATIONAL
			
			
			31,945,342
			
			
			2,234,500
			
			
			$204,077
			
			
			$0.091
			
			
			3,451,200
			
		


			TUAN SING HOLDINGS
			
			
			118,414,021
			
			
			536,800
			
			
			$169,554
			
			
			$0.316
			
			
			1,363,500
			
		


			BOUSTEAD SINGAPORE
			
			
			48,714,422
			
			
			124,200
			
			
			$97,696
			
			
			$0.787
			
			
			1,745,300
			
		


			CHEUNG WOH TECHNOLOGIES
			
			
			29,770,450
			
			
			654,200
			
			
			$88,057
			
			
			$0.135
			
			
			2,463,200
			
		


			KSH HOLDINGS
			
			
			56,382,624
			
			
			200,000
			
			
			$66,435
			
			
			$0.332
			
			
			200,000
			
		


			MDR
			
			
			89,039,757
			
			
			800,900
			
			
			$64,103
			
			
			$0.080
			
			
			3,009,300
			
		


			MIYOSHI
			
			
			60,760,359
			
			
			1,553,200
			
			
			$54,611
			
			
			$0.035
			
			
			7,642,700
			
		


			NORDIC GROUP
			
			
			39,019,100
			
			
			93,600
			
			
			$22,031
			
			
			$0.235
			
			
			1,291,000
			
		


			ADVANCER GLOBAL
			
			
			16,942,532
			
			
			84,000
			
			
			$8,927
			
			
			$0.106
			
			
			1,098,900
			
		


			Total
			
			
			 
			
			
			101,256,600
			
			
			$114,379,221
			
			
			 
			
			
			 
			
		

 Source: SGX (Data as of 31 December 2020)  
 

2020 Buyback Consideration Tally at S$1.03 Billion  
December buybacks took the total buyback consideration for SGX primary-listed stocks for the 2020 calendar year to S$1.03 billion, with 100 primary-listed stocks conducting buybacks. While the number of companies conducting buybacks was up 20%, the consideration was up 75% from S$590 million in 2019.  
The 2020 buyback consideration was led by STI stocks DBS Group Holdings, Wilmar International, Oversea-Chinese Banking Corporation, Yangzijiang Shipbuilding (Holdings) and Singapore Technologies Engineering. This was similar to 2019, with Keppel REIT making the top five in 2019 rather than Wilmar International.  
Together the 20 stocks that filed the highest buyback considerations throughout the 2020 calendar year accounted for 94% of the entire consideration of S$1.03 billion.




			20 Primary-listed stocks with Highest Buyback Considerations in 2020 Calendar Year
			
			
			Total Number of Shares/units Purchased
			
			
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid
			
		


			DBS GROUP HOLDINGS
			
			
			                                  21,400,000
			
			
			$431,471,911
			
			
			$20.162
			
		


			WILMAR INTERNATIONAL
			
			
			                                  44,716,400
			
			
			$190,238,801
			
			
			$4.254
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			                                    6,895,800
			
			
			$62,889,547
			
			
			$9.120
			
		


			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			
			
			                                  66,249,200
			
			
			$62,807,428
			
			
			$0.948
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			                                    8,550,000
			
			
			$29,191,674
			
			
			$3.414
			
		


			OUE
			
			
			                                  18,753,200
			
			
			$22,013,451
			
			
			$1.174
			
		


			JAPFA
			
			
			                                  23,587,400
			
			
			$20,415,312
			
			
			$0.866
			
		


			SILVERLAKE AXIS
			
			
			                                  63,917,000
			
			
			$20,164,105
			
			
			$0.315
			
		


			UNITED OVERSEAS BANK
			
			
			                                       993,300
			
			
			$19,954,908
			
			
			$20.090
			
		


			KEPPEL CORPORATION
			
			
			                                    3,866,628
			
			
			$19,040,097
			
			
			$4.924
			
		


			GLOBAL INVESTMENTS
			
			
			                                131,096,600
			
			
			$17,624,442
			
			
			$0.134
			
		


			SINGAPORE EXCHANGE
			
			
			                                    2,002,000
			
			
			$17,003,996
			
			
			$8.494
			
		


			SEMBCORP INDUSTRIES
			
			
			                                    8,152,100
			
			
			$15,390,940
			
			
			$1.888
			
		


			HONG FOK CORPORATION
			
			
			                                  14,441,200
			
			
			$9,194,227
			
			
			$0.637
			
		


			GOLDEN AGRI-RESOURCES
			
			
			                                  42,683,100
			
			
			$8,063,785
			
			
			$0.189
			
		


			FIRST RESOURCES
			
			
			                                    5,922,500
			
			
			$7,629,616
			
			
			$1.288
			
		


			SINGAPORE PRESS HOLDINGS
			
			
			                                    4,698,100
			
			
			$7,520,405
			
			
			$1.601
			
		


			STARHUB
			
			
			                                    3,592,200
			
			
			$5,109,188
			
			
			$1.422
			
		


			STAMFORD LAND CORPORATION
			
			
			                                    8,183,200
			
			
			$3,950,496
			
			
			$0.483
			
		


			STRACO CORPORATION
			
			
			                                    7,583,900
			
			
			$3,879,624
			
			
			$0.512
			
		

 Source: SGX (Data as of 31 December 2020)

 

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 can 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 its quarterly financial statements and one month immediately before the full-year financial statements.



100 Primary Listings Bought Back S$1.03 Billion in Shares in 2020 

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Hotung Investment Holdings Limited is an investment holding company. The Group invests in listed and unlisted companies in various industries including optoelectronics, electronic, communication, semiconductors, information, and others.  Hotung Investment also has businesses in funds management, securities trading, and corporate finance advisory services.

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100 Primary Listings Bought Back S$1.03 Billion in Shares in 2020

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