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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In Nov, the STI declined 1%, bringing the STI’s total return for the first 11 months of 2019 to 8%. The buyback consideration of SGX primary-listed stocks over the first 11 months of 2019 was one-third of the consideration recorded over the same period in 2018.  
	 </li>
	<li>
For the month of Nov, 15 primary-listed SGX stocks repurchased more than 40 million shares with a total consideration of S$52 million. This was up from S$15 million in Oct, and down from S$109 million in Nov 2018. 
	 </li>
	<li>Nov buyback consideration was led by Keppel REIT, OCBC and Silverlake Axis.  The latter also commenced a new buyback mandate last month, as did Sembcorp Industries and ST Group Food Industries Holdings. </li>
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Total share buyback consideration for month of Nov 2019 totaled S$52.0 million, up threefold from the $15.2 million in consideration reported for Oct 2019 (click <a href="https://www2.sgx.com/research-education/market-updates/20191104-keppel-reit-led-modest-buyback-consideration-tally">here</a> for more details). The Nov 2019 buyback consideration was down year on year from the S$108.9 million reported for Nov 2018, which had been mainly driven by the three banks.

There were 15 SGX primary-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 43.5 million shares or units. Note the tally does not include buyback filings of secondary-listed stocks such as Jardine Matheson Holdings.

For the first 11 months of 2019, the total buyback consideration of SGX primary-listed stocks amounted to approximately S$522 million, which was approximately one-third of the S$1.45 billion recorded for the first 11 months of 2018. The S$522 million in consideration for the last 11 months was more on-par with the S$383 million recorded for the first 11 months of 2017.
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 <div class='content-caption'>nov buy back</div>
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Last month, the Straits Times Index (“STI”) declined 1% to 3193.9, from 3,229.9 at the end of October. This brought the STI’s total return for the ten months of 2019 to 8%. For the 11 months, the 30 STI stocks have seen a combined net institutional net inflow of S$1.15 billion.

 

Three Stocks Commenced New Mandates Commenced in Nov 2019

The table below summarises the buyback considerations in Nov 2019. 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.

Keppel REIT led the consideration again tally in November. As of Nov 30, Keppel REIT Management had bought back a total of 51,289,400 units of Keppel REIT, representing 1.5066 per cent of its issued units as of the April 23 start date for the current mandate. The previous year’s mandate saw Keppel REIT Management buy back 1.004 per cent of the units of Keppel REIT.

The three stocks that commenced new mandates included Silverlake Axis, Sembcorp Industries and ST Group Food Industries Holdings. Silverlake Axis bought back as much as 0.2 per cent of its issued shares (note based on number of issued excluding treasury shares as of Oct 24, when the current buyback mandate was approved by shareholders). Silverlake Axis’ preceding buyback mandate saw the Fintech company buyback back 0.27 per cent of its issued shares.  
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stocks
			</td>
			<td>
			Max of Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Nov 2019 Total Number of Shares/units Purchased
			</td>
			<td>
			Nov 2019 Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			170,210,715
			</td>
			<td>
			23,551,800
			</td>
			<td>
			$28,630,339
			</td>
			<td>
			51,289,400
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			212,257,935
			</td>
			<td>
			1,350,000
			</td>
			<td>
			$14,882,978
			</td>
			<td>
			7,930,000
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS 
			</td>
			<td>
			264,505,273
			</td>
			<td>
			5,366,400
			</td>
			<td>
			$2,285,087
			</td>
			<td>
			5,366,400
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES 
			</td>
			<td>
			35,739,673
			</td>
			<td>
			865,100
			</td>
			<td>
			$1,951,626
			</td>
			<td>
			865,100
			</td>
		</tr>
<tr>
<td>
			AEI CORPORATION
			</td>
			<td>
			5,673,215
			</td>
			<td>
			1,811,600
			</td>
			<td>
			$1,427,590
			</td>
			<td>
			2,811,600
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			81,973,408
			</td>
			<td>
			1,670,100
			</td>
			<td>
			$834,606
			</td>
			<td>
			26,287,700
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			168,741,864
			</td>
			<td>
			3,520,400
			</td>
			<td>
			$498,165
			</td>
			<td>
			61,178,700
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			42,417,689
			</td>
			<td>
			1,628,400
			</td>
			<td>
			$473,011
			</td>
			<td>
			14,356,700
			</td>
		</tr>
<tr>
<td>
			ST GROUP FOOD INDUSTRIES HOLDINGS 
			</td>
			<td>
			24,600,000
			</td>
			<td>
			1,035,000
			</td>
			<td>
			$275,016
			</td>
			<td>
			1,035,000
			</td>
		</tr>
<tr>
<td>
			TELECHOICE INTERNATIONAL
			</td>
			<td>
			45,438,718
			</td>
			<td>
			1,000,000
			</td>
			<td>
			$209,246
			</td>
			<td>
			3,600,000
			</td>
		</tr>
<tr>
<td>
			ANCHUN INTERNATIONAL HOLDINGS
			</td>
			<td>
			5,008,260
			</td>
			<td>
			790,100
			</td>
			<td>
			$197,963
			</td>
			<td>
			1,014,800
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			27,096,300
			</td>
			<td>
			100,000
			</td>
			<td>
			$174,448
			</td>
			<td>
			1,500,000
			</td>
		</tr>
<tr>
<td>
			INTRACO
			</td>
			<td>
			10,372,588
			</td>
			<td>
			330,100
			</td>
			<td>
			$91,956
			</td>
			<td>
			382,300
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES
			</td>
			<td>
			30,189,290
			</td>
			<td>
			375,000
			</td>
			<td>
			$57,294
			</td>
			<td>
			3,365,900
			</td>
		</tr>
<tr>
<td>
			SHOPPER360
			</td>
			<td>
			11,440,000
			</td>
			<td>
			56,000
			</td>
			<td>
			$6,850
			</td>
			<td>
			2,681,500
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			43,450,000
			</td>
			<td>
			$51,996,174
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: SGX My Gateway (Data as of 30 November 2019) 
 

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 will 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.

The date of the relevant share buyback mandate is also provided in the table above, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate and the percentage of the companies that issued shares that have been repurchased under the mandate are also provided.

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="/securities/company-announcements">here</a>). 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 Nov, the STI declined 1%, bringing the STI’s total return for the first 11 months of 2019 to 8%. The buyback consideration of SGX primary-listed stocks over the first 11 months of 2019 was one-third of the consideration recorded over the same period in 2018.   
	 
	
For the month of Nov, 15 primary-listed SGX stocks repurchased more than 40 million shares with a total consideration of S$52 million. This was up from S$15 million in Oct, and down from S$109 million in Nov 2018. 
	 
	Nov buyback consideration was led by Keppel REIT, OCBC and Silverlake Axis.  The latter also commenced a new buyback mandate last month, as did Sembcorp Industries and ST Group Food Industries Holdings. 

 

Total share buyback consideration for month of Nov 2019 totaled S$52.0 million, up threefold from the $15.2 million in consideration reported for Oct 2019 (click here for more details). The Nov 2019 buyback consideration was down year on year from the S$108.9 million reported for Nov 2018, which had been mainly driven by the three banks.

There were 15 SGX primary-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 43.5 million shares or units. Note the tally does not include buyback filings of secondary-listed stocks such as Jardine Matheson Holdings.

For the first 11 months of 2019, the total buyback consideration of SGX primary-listed stocks amounted to approximately S$522 million, which was approximately one-third of the S$1.45 billion recorded for the first 11 months of 2018. The S$522 million in consideration for the last 11 months was more on-par with the S$383 million recorded for the first 11 months of 2017.



      
    
    nov buy back


Last month, the Straits Times Index (“STI”) declined 1% to 3193.9, from 3,229.9 at the end of October. This brought the STI’s total return for the ten months of 2019 to 8%. For the 11 months, the 30 STI stocks have seen a combined net institutional net inflow of S$1.15 billion.

 

Three Stocks Commenced New Mandates Commenced in Nov 2019

The table below summarises the buyback considerations in Nov 2019. 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.

Keppel REIT led the consideration again tally in November. As of Nov 30, Keppel REIT Management had bought back a total of 51,289,400 units of Keppel REIT, representing 1.5066 per cent of its issued units as of the April 23 start date for the current mandate. The previous year’s mandate saw Keppel REIT Management buy back 1.004 per cent of the units of Keppel REIT.

The three stocks that commenced new mandates included Silverlake Axis, Sembcorp Industries and ST Group Food Industries Holdings. Silverlake Axis bought back as much as 0.2 per cent of its issued shares (note based on number of issued excluding treasury shares as of Oct 24, when the current buyback mandate was approved by shareholders). Silverlake Axis’ preceding buyback mandate saw the Fintech company buyback back 0.27 per cent of its issued shares.  
 




			Stocks
			
			
			Max of Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Nov 2019 Total Number of Shares/units Purchased
			
			
			Nov 2019 Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Cumulative Number of Shares/units purchased in Mandate to date
			
		


			KEPPEL REIT
			
			
			170,210,715
			
			
			23,551,800
			
			
			$28,630,339
			
			
			51,289,400
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			212,257,935
			
			
			1,350,000
			
			
			$14,882,978
			
			
			7,930,000
			
		


			SILVERLAKE AXIS 
			
			
			264,505,273
			
			
			5,366,400
			
			
			$2,285,087
			
			
			5,366,400
			
		


			SEMBCORP INDUSTRIES 
			
			
			35,739,673
			
			
			865,100
			
			
			$1,951,626
			
			
			865,100
			
		


			AEI CORPORATION
			
			
			5,673,215
			
			
			1,811,600
			
			
			$1,427,590
			
			
			2,811,600
			
		


			STAMFORD LAND CORPORATION
			
			
			81,973,408
			
			
			1,670,100
			
			
			$834,606
			
			
			26,287,700
			
		


			GLOBAL INVESTMENTS
			
			
			168,741,864
			
			
			3,520,400
			
			
			$498,165
			
			
			61,178,700
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			42,417,689
			
			
			1,628,400
			
			
			$473,011
			
			
			14,356,700
			
		


			ST GROUP FOOD INDUSTRIES HOLDINGS 
			
			
			24,600,000
			
			
			1,035,000
			
			
			$275,016
			
			
			1,035,000
			
		


			TELECHOICE INTERNATIONAL
			
			
			45,438,718
			
			
			1,000,000
			
			
			$209,246
			
			
			3,600,000
			
		


			ANCHUN INTERNATIONAL HOLDINGS
			
			
			5,008,260
			
			
			790,100
			
			
			$197,963
			
			
			1,014,800
			
		


			AEM HOLDINGS
			
			
			27,096,300
			
			
			100,000
			
			
			$174,448
			
			
			1,500,000
			
		


			INTRACO
			
			
			10,372,588
			
			
			330,100
			
			
			$91,956
			
			
			382,300
			
		


			CHEUNG WOH TECHNOLOGIES
			
			
			30,189,290
			
			
			375,000
			
			
			$57,294
			
			
			3,365,900
			
		


			SHOPPER360
			
			
			11,440,000
			
			
			56,000
			
			
			$6,850
			
			
			2,681,500
			
		


			Total
			
			
			 
			
			
			43,450,000
			
			
			$51,996,174
			
			
			 
			
		

Source: SGX My Gateway (Data as of 30 November 2019) 
 

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 will 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.

The date of the relevant share buyback mandate is also provided in the table above, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate and the percentage of the companies that issued shares that have been repurchased under the mandate are also provided.

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.



Nov Buyback Consideration Reaches S$52M in November  

Singapore

Intraco Limited operates in engineering and projects packaging, industrial marketing and distribution, investments in telecommunications, and storage and warehousing.  The Company's activities include semiconductor distribution, commodities trading, investment trading, trading of food products and food processing, and as systems integrator and specialized distributor.

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Intraco Ltd (INTR SP)

Nov Buyback Consideration Reaches S$52M in November

In Nov, the STI declined 1%, bringing the STI’s total return for the first 11 months of 2019 to 8%. The buyback consideration of SGX...

Singapore Exchange Ltd (SGX)

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