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 February, 17 SGX primary-listed stocks bought back 23 million shares for a total consideration of S$49.7 million. This was up from S$12.4 million in consideration for January 2021, and less than the S$67.9 million filed for February 2020. 
	 </li>
	<li>
The February buyback consideration tally was led by Wilmar International, Keppel Corporation, Singapore Technologies Engineering, which accounted for 85% of the S$49.7 million consideration. Wilmar International bought back approximately 5.5 million shares over the month, at an average price of S$5.31 per share. 
</li>
</ul>
 

Total share buyback consideration for month of February 2021 totaled S$49.7 million, up from the $12.4 million in consideration reported for January 2021 (click <a href="https://www.sgx.com/research-education/market-updates/20210201-yangzijiang-avarga-oue-led-buyback-consideration-tally">here</a> for more details). The February 2021 buyback consideration was lower on a seasonal basis, with S$67.9 million in consideration reported for February 2020 (click <a href="https://www.sgx.com/research-education/market-updates/20200302-share-buyback-consideration-doubled-february">here</a> for more details). During the month of February 2021, the Straits Times Index (“STI”) gained 1.6%, moving to 2,949.04 from 2,902.52 at the end of January. Dividends took the STI’s total return to 1.7% in February, and as discussed <a href="https://www.sgx.com/research-education/market-updates/20210301-sti-books-feb-gain-led-sia-sats-yzj-banks">here</a>, this has brought the 2021 year-to-date total return to 3.9%. The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended February at S$2.19 billion compared to S$2.16 billion at the end of January 2021 and compared to S$1.12 billion at the end of February 2020, with the unit creations and redemptions generating S$16 million of net inflows into the two ETFs, generating S$980 million of net inflows into the two ETFs over the last 12 months.
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 <div class='content-caption'>Buyback Consideration</div>
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There were 17 primary-listed stocks that bought back shares in February. Like in Janaury, the two of the 17 stocks that have bought back the largest percentage of their issued shares on the current mandates are Global Investments and OUE. Global Investments’ current buyback mandate has seen it purchase 3.90% of its issued shares (excluding treasury shares), with the preceding share buyback mandate seeing Global Investments buy back 8.52% of its issued shares (excluding treasury shares). Meanwile, as of 26 February, OUE had bought back of 2.19% its issued shares (excluding treasury shares) on the current mandate. The table below summarises the buyback considerations in February 2021. 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 Feb 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in Feb 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>
			Percent of Outstanding Shares (Excl. Treasury) purchased in Mandate to date
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			635,459,880
			</td>
			<td>
			5,463,000
			</td>
			<td>
			$29,021,163
			</td>
			<td>
			$5.312
			</td>
			<td>
			50,431,400
			</td>
			<td>
			0.79
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORPORATION
			</td>
			<td>
			36,410,340
			</td>
			<td>
			2,100,000
			</td>
			<td>
			$10,703,266
			</td>
			<td>
			$5.097
			</td>
			<td>
			5,161,504
			</td>
			<td>
			0.28
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,429,441
			</td>
			<td>
			655,000
			</td>
			<td>
			$2,486,090
			</td>
			<td>
			$3.796
			</td>
			<td>
			7,405,000
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			816,457,915
			</td>
			<td>
			672,151
			</td>
			<td>
			$1,627,824
			</td>
			<td>
			$2.422
			</td>
			<td>
			672,151
			</td>
			<td>
			0.00
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,132,642
			</td>
			<td>
			1,000,000
			</td>
			<td>
			$1,261,618
			</td>
			<td>
			$1.262
			</td>
			<td>
			2,492,200
			</td>
			<td>
			0.14
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,714,422
			</td>
			<td>
			1,368,800
			</td>
			<td>
			$1,220,613
			</td>
			<td>
			$0.892
			</td>
			<td>
			3,114,100
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			117,400
			</td>
			<td>
			$1,163,779
			</td>
			<td>
			$9.913
			</td>
			<td>
			117,400
			</td>
			<td>
			0.01
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			90,061,166
			</td>
			<td>
			759,100
			</td>
			<td>
			$866,788
			</td>
			<td>
			$1.142
			</td>
			<td>
			19,708,900
			</td>
			<td>
			2.19
			</td>
		</tr>
<tr>
<td>
			SECOND CHANCE PROPERTIES
			</td>
			<td>
			37,763,566
			</td>
			<td>
			2,266,100
			</td>
			<td>
			$586,108
			</td>
			<td>
			$0.259
			</td>
			<td>
			3,364,700
			</td>
			<td>
			0.45
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			161,476,125
			</td>
			<td>
			1,700,000
			</td>
			<td>
			$241,760
			</td>
			<td>
			$0.142
			</td>
			<td>
			62,978,600
			</td>
			<td>
			3.90
			</td>
		</tr>
<tr>
<td>
			ECOWISE HOLDINGS
			</td>
			<td>
			95,648,612
			</td>
			<td>
			4,470,600
			</td>
			<td>
			$148,402
			</td>
			<td>
			$0.033
			</td>
			<td>
			6,140,400
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,597,249
			</td>
			<td>
			150,000
			</td>
			<td>
			$137,653
			</td>
			<td>
			$0.918
			</td>
			<td>
			3,483,600
			</td>
			<td>
			0.65
			</td>
		</tr>
<tr>
<td>
			HC SURGICAL SPECIALISTS
			</td>
			<td>
			15,104,573
			</td>
			<td>
			303,200
			</td>
			<td>
			$129,427
			</td>
			<td>
			$0.427
			</td>
			<td>
			1,833,800
			</td>
			<td>
			1.21
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,019,100
			</td>
			<td>
			268,000
			</td>
			<td>
			$65,342
			</td>
			<td>
			$0.244
			</td>
			<td>
			1,734,000
			</td>
			<td>
			0.44
			</td>
		</tr>
<tr>
<td>
			MIYOSHI
			</td>
			<td>
			59,996,089
			</td>
			<td>
			1,200,000
			</td>
			<td>
			$43,208
			</td>
			<td>
			$0.036
			</td>
			<td>
			2,350,000
			</td>
			<td>
			0.39
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			78,296,238
			</td>
			<td>
			127,700
			</td>
			<td>
			$42,835
			</td>
			<td>
			$0.335
			</td>
			<td>
			127,700
			</td>
			<td>
			0.02
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES
			</td>
			<td>
			29,770,450
			</td>
			<td>
			9,100
			</td>
			<td>
			$1,379
			</td>
			<td>
			$0.152
			</td>
			<td>
			2,740,300
			</td>
			<td>
			0.92
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			22,630,151
			</td>
			<td>
			$49,747,255
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX (Data as of 26 February 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 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 <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 February, 17 SGX primary-listed stocks bought back 23 million shares for a total consideration of S$49.7 million. This was up from S$12.4 million in consideration for January 2021, and less than the S$67.9 million filed for February 2020. 
	 
	
The February buyback consideration tally was led by Wilmar International, Keppel Corporation, Singapore Technologies Engineering, which accounted for 85% of the S$49.7 million consideration. Wilmar International bought back approximately 5.5 million shares over the month, at an average price of S$5.31 per share. 


 

Total share buyback consideration for month of February 2021 totaled S$49.7 million, up from the $12.4 million in consideration reported for January 2021 (click here for more details). The February 2021 buyback consideration was lower on a seasonal basis, with S$67.9 million in consideration reported for February 2020 (click here for more details).  During the month of February 2021, the Straits Times Index (“STI”) gained 1.6%, moving to 2,949.04 from 2,902.52 at the end of January. Dividends took the STI’s total return to 1.7% in February, and as discussed here, this has brought the 2021 year-to-date total return to 3.9%.  The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended February at S$2.19 billion compared to S$2.16 billion at the end of January 2021 and compared to S$1.12 billion at the end of February 2020, with the unit creations and redemptions generating S$16 million of net inflows into the two ETFs, generating S$980 million of net inflows into the two ETFs over the last 12 months.



      
    
    Buyback Consideration


There were 17 primary-listed stocks that bought back shares in February. Like in Janaury, the two of the 17 stocks that have bought back the largest percentage of their issued shares on the current mandates are Global Investments and OUE. Global Investments’ current buyback mandate has seen it purchase 3.90% of its issued shares (excluding treasury shares), with the preceding share buyback mandate seeing Global Investments buy back 8.52% of its issued shares (excluding treasury shares). Meanwile, as of 26 February, OUE had bought back of 2.19% its issued shares (excluding treasury shares) on the current mandate.  The table below summarises the buyback considerations in February 2021. 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 Feb 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in Feb 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
			
			
			Percent of Outstanding Shares (Excl. Treasury) purchased in Mandate to date
			
		


			WILMAR INTERNATIONAL
			
			
			635,459,880
			
			
			5,463,000
			
			
			$29,021,163
			
			
			$5.312
			
			
			50,431,400
			
			
			0.79
			
		


			KEPPEL CORPORATION
			
			
			36,410,340
			
			
			2,100,000
			
			
			$10,703,266
			
			
			$5.097
			
			
			5,161,504
			
			
			0.28
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,429,441
			
			
			655,000
			
			
			$2,486,090
			
			
			$3.796
			
			
			7,405,000
			
			
			0.24
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			816,457,915
			
			
			672,151
			
			
			$1,627,824
			
			
			$2.422
			
			
			672,151
			
			
			0.00
			
		


			STARHUB
			
			
			173,132,642
			
			
			1,000,000
			
			
			$1,261,618
			
			
			$1.262
			
			
			2,492,200
			
			
			0.14
			
		


			BOUSTEAD SINGAPORE
			
			
			48,714,422
			
			
			1,368,800
			
			
			$1,220,613
			
			
			$0.892
			
			
			3,114,100
			
			
			0.64
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			117,400
			
			
			$1,163,779
			
			
			$9.913
			
			
			117,400
			
			
			0.01
			
		


			OUE
			
			
			90,061,166
			
			
			759,100
			
			
			$866,788
			
			
			$1.142
			
			
			19,708,900
			
			
			2.19
			
		


			SECOND CHANCE PROPERTIES
			
			
			37,763,566
			
			
			2,266,100
			
			
			$586,108
			
			
			$0.259
			
			
			3,364,700
			
			
			0.45
			
		


			GLOBAL INVESTMENTS
			
			
			161,476,125
			
			
			1,700,000
			
			
			$241,760
			
			
			$0.142
			
			
			62,978,600
			
			
			3.90
			
		


			ECOWISE HOLDINGS
			
			
			95,648,612
			
			
			4,470,600
			
			
			$148,402
			
			
			$0.033
			
			
			6,140,400
			
			
			0.64
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,597,249
			
			
			150,000
			
			
			$137,653
			
			
			$0.918
			
			
			3,483,600
			
			
			0.65
			
		


			HC SURGICAL SPECIALISTS
			
			
			15,104,573
			
			
			303,200
			
			
			$129,427
			
			
			$0.427
			
			
			1,833,800
			
			
			1.21
			
		


			NORDIC GROUP
			
			
			39,019,100
			
			
			268,000
			
			
			$65,342
			
			
			$0.244
			
			
			1,734,000
			
			
			0.44
			
		


			MIYOSHI
			
			
			59,996,089
			
			
			1,200,000
			
			
			$43,208
			
			
			$0.036
			
			
			2,350,000
			
			
			0.39
			
		


			STAMFORD LAND CORPORATION
			
			
			78,296,238
			
			
			127,700
			
			
			$42,835
			
			
			$0.335
			
			
			127,700
			
			
			0.02
			
		


			CHEUNG WOH TECHNOLOGIES
			
			
			29,770,450
			
			
			9,100
			
			
			$1,379
			
			
			$0.152
			
			
			2,740,300
			
			
			0.92
			
		


			 
			
			
			 
			
			
			22,630,151
			
			
			$49,747,255
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX (Data as of 26 February 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 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 semi-annual financial statements and one month immediately before the full-year financial statements.



Wilmar, Keppel Corp & ST Eng Led Buyback Consideration Tally in February

Yangzijiang Shipbuilding / Equity Bottom-Up

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<ul>
<li>
In January 2021, 20 SGX primary-listed stocks bought back 30 million shares for a total consideration of S$12.45 million. This was down from S$114 million in consideration for December 2020, and down from the S$30 million filed for January 2020. 
	 </li>
	<li>
The January buyback consideration tally was led Yangzijiang Shipbuilding, Avarga, OUE, Global Investments and Wilmar Int. As of 29 January, Global Investments had bought back 3.79% of its issued shares (excl. treasury shares) from the date of its current buyback mandate and OUE had bought back 2.10%. 
	 </li>
	<li>January saw a seasonal decline in buyback consideration, expected to continue into February with many SGX-listed companies scheduled to report FY20 (ended 30 Dec) financials. As best practice, companies should refrain from buying back their shares during the one month immediately before full-year financial statements.</li>
</ul>
 

Total share buyback consideration for month of January 2021 totaled S$12.45 million, down from the $114.4 million in consideration reported for December 2020 (click <a href="https://www.sgx.com/research-education/market-updates/20210106-100-primary-listings-bought-back-s103-billion-shares">here</a> for more details). The January 2021 buyback consideration was also lower than the S$29.9 million reported for January 2020. 
During the month of January 2021, the Straits Times Index (“STI”) gained 2.1% to 2,902.52. As discussed <a href="https://www.sgx.com/research-education/market-updates/20210201-january-sti-gains-take-3-month-return-20">here</a>, the gains of the STI took the three month price gain of the STI to 19.8%. Over the month, STI stocks saw combined net institutional inflows of S$18 million (compared to approximate inflows of S$300 million in January 2020) and combined net retail outflows of S$245 million (compared to approximate outflows of S$130 million in January 2020). Meanwhile, the combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended January at S$2.16 billion compared to S$2.07 billion at the end of 2020, with the unit creations and no redemptions generating S$47 million of net inflows into the two ETFs.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-02/Capture_0.PNG' alt='Buyback Consideration' />
 </figure>
 <div class='content-caption'>Buyback Consideration</div>
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The two of the 20 stocks that have bought back the largest percentage of their issued shares on the current mandates include Global Investments and OUE.  Global Investments’ current buyback mandate has seen it purchase 3.79% of its issued shares (excluding treasury shares), with the preceding share buyback mandate seeing Global Investments buy back 8.52% of its issued shares (excluding treasury shares). Meanwile, as of 29 January, OUE had bought back of 2.10% its issued shares (excluding treasury shares) on the current mandate. For more on the buybacks filed during the last six sessions of Janaury, click <a href="https://www.businesstimes.com.sg/companies-markets/directors-of-q-m-lian-beng-and-fortress-minerals-raise-stakes">here</a>. 
The table below summarises the buyback considerations in January 2021. 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 Jan 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in Jan 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>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			</td>
			<td>
			391,876,520
			</td>
			<td>
			4,000,000
			</td>
			<td>
			$3,904,799
			</td>
			<td>
			$0.98
			</td>
			<td>
			70,249,200
			</td>
		</tr>
<tr>
<td>
			AVARGA
			</td>
			<td>
			94,704,634
			</td>
			<td>
			10,000,000
			</td>
			<td>
			$2,959,551
			</td>
			<td>
			$0.30
			</td>
			<td>
			16,239,800
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			90,061,166
			</td>
			<td>
			1,100,800
			</td>
			<td>
			$1,299,573
			</td>
			<td>
			$1.18
			</td>
			<td>
			18,949,800
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			161,476,125
			</td>
			<td>
			8,949,800
			</td>
			<td>
			$1,283,714
			</td>
			<td>
			$0.14
			</td>
			<td>
			61,278,600
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			635,459,880
			</td>
			<td>
			252,000
			</td>
			<td>
			$1,222,856
			</td>
			<td>
			$4.85
			</td>
			<td>
			44,968,400
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,597,249
			</td>
			<td>
			1,020,800
			</td>
			<td>
			$715,464
			</td>
			<td>
			$0.70
			</td>
			<td>
			3,333,600
			</td>
		</tr>
<tr>
<td>
			HOTUNG INVESTMENT HLDGS
			</td>
			<td>
			9,628,608
			</td>
			<td>
			161,000
			</td>
			<td>
			$273,030
			</td>
			<td>
			$1.70
			</td>
			<td>
			335,000
			</td>
		</tr>
<tr>
<td>
			SECOND CHANCE PROPERTIES
			</td>
			<td>
			37,763,566
			</td>
			<td>
			1,098,600
			</td>
			<td>
			$267,523
			</td>
			<td>
			$0.24
			</td>
			<td>
			1,098,600
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			204,908,472
			</td>
			<td>
			150,000
			</td>
			<td>
			$135,246
			</td>
			<td>
			$0.90
			</td>
			<td>
			23,150,000
			</td>
		</tr>
<tr>
<td>
			KSH HOLDINGS
			</td>
			<td>
			56,382,624
			</td>
			<td>
			230,000
			</td>
			<td>
			$82,245
			</td>
			<td>
			$0.36
			</td>
			<td>
			430,000
			</td>
		</tr>
<tr>
<td>
			HC SURGICAL SPECIALISTS
			</td>
			<td>
			15,104,573
			</td>
			<td>
			162,200
			</td>
			<td>
			$71,829
			</td>
			<td>
			$0.44
			</td>
			<td>
			1,530,600
			</td>
		</tr>
<tr>
<td>
			TREK 2000 INTERNATIONAL
			</td>
			<td>
			31,945,342
			</td>
			<td>
			485,400
			</td>
			<td>
			$52,788
			</td>
			<td>
			$0.11
			</td>
			<td>
			3,936,600
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,019,100
			</td>
			<td>
			175,000
			</td>
			<td>
			$42,849
			</td>
			<td>
			$0.24
			</td>
			<td>
			1,466,000
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES
			</td>
			<td>
			29,770,450
			</td>
			<td>
			268,000
			</td>
			<td>
			$39,201
			</td>
			<td>
			$0.15
			</td>
			<td>
			2,731,200
			</td>
		</tr>
<tr>
<td>
			MIYOSHI
			</td>
			<td>
			59,996,089
			</td>
			<td>
			950,000
			</td>
			<td>
			$34,103
			</td>
			<td>
			$0.04
			</td>
			<td>
			1,150,000
			</td>
		</tr>
<tr>
<td>
			MDR
			</td>
			<td>
			89,039,757
			</td>
			<td>
			367,700
			</td>
			<td>
			$30,370
			</td>
			<td>
			$0.08
			</td>
			<td>
			3,377,000
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,414,021
			</td>
			<td>
			64,900
			</td>
			<td>
			$21,806
			</td>
			<td>
			$0.34
			</td>
			<td>
			1,428,400
			</td>
		</tr>
<tr>
<td>
			ADVANCER GLOBAL
			</td>
			<td>
			16,942,532
			</td>
			<td>
			79,000
			</td>
			<td>
			$8,396
			</td>
			<td>
			$0.11
			</td>
			<td>
			1,177,900
			</td>
		</tr>
<tr>
<td>
			GLOBAL PALM RESOURCES HOLDINGS
			</td>
			<td>
			19,589,830
			</td>
			<td>
			39,300
			</td>
			<td>
			$5,456
			</td>
			<td>
			$0.14
			</td>
			<td>
			39,300
			</td>
		</tr>
<tr>
<td>
			CHOO CHIANG HOLDINGS
			</td>
			<td>
			20,800,000
			</td>
			<td>
			500
			</td>
			<td>
			$142
			</td>
			<td>
			$0.28
			</td>
			<td>
			127,600
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			29,555,000
			</td>
			<td>
			$12,450,941
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX (Data as of 29 January 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 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 <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.
</body></html>





In January 2021, 20 SGX primary-listed stocks bought back 30 million shares for a total consideration of S$12.45 million. This was down from S$114 million in consideration for December 2020, and down from the S$30 million filed for January 2020. 
	 
	
The January buyback consideration tally was led Yangzijiang Shipbuilding, Avarga, OUE, Global Investments and Wilmar Int. As of 29 January, Global Investments had bought back 3.79% of its issued shares (excl. treasury shares) from the date of its current buyback mandate and OUE had bought back 2.10%. 
	 
	January saw a seasonal decline in buyback consideration, expected to continue into February with many SGX-listed companies scheduled to report FY20 (ended 30 Dec) financials. As best practice, companies should refrain from buying back their shares during the one month immediately before full-year financial statements.

 

Total share buyback consideration for month of January 2021 totaled S$12.45 million, down from the $114.4 million in consideration reported for December 2020 (click here for more details). The January 2021 buyback consideration was also lower than the S$29.9 million reported for January 2020.  
During the month of January 2021, the Straits Times Index (“STI”) gained 2.1% to 2,902.52. As discussed here, the gains of the STI took the three month price gain of the STI to 19.8%. Over the month, STI stocks saw combined net institutional inflows of S$18 million (compared to approximate inflows of S$300 million in January 2020) and combined net retail outflows of S$245 million (compared to approximate outflows of S$130 million in January 2020). Meanwhile, the combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended January at S$2.16 billion compared to S$2.07 billion at the end of 2020, with the unit creations and no redemptions generating S$47 million of net inflows into the two ETFs.



      
    
    Buyback Consideration


The two of the 20 stocks that have bought back the largest percentage of their issued shares on the current mandates include Global Investments and OUE.  Global Investments’ current buyback mandate has seen it purchase 3.79% of its issued shares (excluding treasury shares), with the preceding share buyback mandate seeing Global Investments buy back 8.52% of its issued shares (excluding treasury shares). Meanwile, as of 29 January, OUE had bought back of 2.10% its issued shares (excluding treasury shares) on the current mandate. For more on the buybacks filed during the last six sessions of Janaury, click here.  
The table below summarises the buyback considerations in January 2021. 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 Jan 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in Jan 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
			
		


			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			
			
			391,876,520
			
			
			4,000,000
			
			
			$3,904,799
			
			
			$0.98
			
			
			70,249,200
			
		


			AVARGA
			
			
			94,704,634
			
			
			10,000,000
			
			
			$2,959,551
			
			
			$0.30
			
			
			16,239,800
			
		


			OUE
			
			
			90,061,166
			
			
			1,100,800
			
			
			$1,299,573
			
			
			$1.18
			
			
			18,949,800
			
		


			GLOBAL INVESTMENTS
			
			
			161,476,125
			
			
			8,949,800
			
			
			$1,283,714
			
			
			$0.14
			
			
			61,278,600
			
		


			WILMAR INTERNATIONAL
			
			
			635,459,880
			
			
			252,000
			
			
			$1,222,856
			
			
			$4.85
			
			
			44,968,400
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,597,249
			
			
			1,020,800
			
			
			$715,464
			
			
			$0.70
			
			
			3,333,600
			
		


			HOTUNG INVESTMENT HLDGS
			
			
			9,628,608
			
			
			161,000
			
			
			$273,030
			
			
			$1.70
			
			
			335,000
			
		


			SECOND CHANCE PROPERTIES
			
			
			37,763,566
			
			
			1,098,600
			
			
			$267,523
			
			
			$0.24
			
			
			1,098,600
			
		


			JAPFA
			
			
			204,908,472
			
			
			150,000
			
			
			$135,246
			
			
			$0.90
			
			
			23,150,000
			
		


			KSH HOLDINGS
			
			
			56,382,624
			
			
			230,000
			
			
			$82,245
			
			
			$0.36
			
			
			430,000
			
		


			HC SURGICAL SPECIALISTS
			
			
			15,104,573
			
			
			162,200
			
			
			$71,829
			
			
			$0.44
			
			
			1,530,600
			
		


			TREK 2000 INTERNATIONAL
			
			
			31,945,342
			
			
			485,400
			
			
			$52,788
			
			
			$0.11
			
			
			3,936,600
			
		


			NORDIC GROUP
			
			
			39,019,100
			
			
			175,000
			
			
			$42,849
			
			
			$0.24
			
			
			1,466,000
			
		


			CHEUNG WOH TECHNOLOGIES
			
			
			29,770,450
			
			
			268,000
			
			
			$39,201
			
			
			$0.15
			
			
			2,731,200
			
		


			MIYOSHI
			
			
			59,996,089
			
			
			950,000
			
			
			$34,103
			
			
			$0.04
			
			
			1,150,000
			
		


			MDR
			
			
			89,039,757
			
			
			367,700
			
			
			$30,370
			
			
			$0.08
			
			
			3,377,000
			
		


			TUAN SING HOLDINGS
			
			
			118,414,021
			
			
			64,900
			
			
			$21,806
			
			
			$0.34
			
			
			1,428,400
			
		


			ADVANCER GLOBAL
			
			
			16,942,532
			
			
			79,000
			
			
			$8,396
			
			
			$0.11
			
			
			1,177,900
			
		


			GLOBAL PALM RESOURCES HOLDINGS
			
			
			19,589,830
			
			
			39,300
			
			
			$5,456
			
			
			$0.14
			
			
			39,300
			
		


			CHOO CHIANG HOLDINGS
			
			
			20,800,000
			
			
			500
			
			
			$142
			
			
			$0.28
			
			
			127,600
			
		


			Total
			
			
			 
			
			
			29,555,000
			
			
			$12,450,941
			
			
			 
			
			
			 
			
		

 Source: SGX (Data as of 29 January 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 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 semi-annual financial statements and one month immediately before the full-year financial statements.



Yangzijiang, Avarga & OUE Led Buyback Consideration Tally in January

Singapore

Second Chance Properties Limited is a wholesaler and retailer of ready-made garments. The Group also retails gold, jewelry and tidbits, and invests in properties.

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Second Chance Properties (SCE SP)

Wilmar, Keppel Corp & ST Eng Led Buyback Consideration Tally in February

In February, 17 SGX primary-listed stocks bought back 23 million shares for a total consideration of S$49.7 million. This was up from S$12.4...

Singapore Exchange Ltd (SGX)

Yangzijiang, Avarga & OUE Led Buyback Consideration Tally in January

In January 2021, 20 SGX primary-listed stocks bought back 30 million shares for a total consideration of S$12.45 million. This was down from...

Singapore Exchange Ltd (SGX)

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