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.





Real Estate, Manufacturing and Food &amp; Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months of 2019. The stocks representing tech–laden Manufacturing were the best performers in 2019 YTD and preceding two years, with F&amp;B the best performer in 2016. 
	 
	
Distinct drivers of the three sectors included interest rate outlooks and property prices for Real Estate, technological advancements, value chain integration and global trade for Manufacturing while incomes, tastes, preferences and tourism drove Food &amp; Beverage sales.  
	 
	
Real estate stocks showed the most consistency in returns, with the least standard deviation amongst the individual stock performances, followed by food &amp; beverage stocks, with the individual manufacturing stocks showing the most performance deviation in past years.  
	 
	Returns amongst the relevant 23 manufacturing stocks have been more constant in the 2019 YTD, with the 18% average total return generated by  19 gainers and four decliners, and a median total return of 19%. Hi-P Int, Frencken &amp; Sunpower led the manufacturers over the 23 weeks. 

As 2019 rapidly approaches the halftime mark of 30 June, clear drivers of investor sentiment in the year thus far have included concerns of global growth deceleration at home and abroad, resumption of trade frictions amongst the world’s two largest economies in early May, and a more dovish outlook for US interest rates.

In Singapore, the Straits Times index (“STI”) has generated  a total return of 6.8% in the 2019 year-to-date, in-line with the FTSE ASEAN All Share Index which has gained 7.4%. 

Looking beyond the STI, the 200 most actively traded stocks have generated an average total return of 8.0%. This does not include the average total returns of RHT Health Trust, Memtech International and Indofood Agri Resources which averaged 89.2% gains on premium cash offers for these businesses.

60 Real Estate Stocks Amongst Top 200 Stocks by Turnover 

Singapore’s strong property and infrastructure fundamentals have provided beachheads for Singapore’s listed Real Estate Sector. For the first five months of 2019, the 60 Real Estate stocks amongst the 200 most active traded stocks by turnover accounted for the most day-to-day market turnover, which was followed by Financial Services. As discussed recently (click here) this year Singapore REITs have attracted investment flows from global funds which has included private equity funds.

The 23 manufacturing stocks that were amongst the 200 stocks by turnover accounted for the most day-to-day turnover after the 11 financial services stocks. After Real Estate’s 60 stocks, the 23 manufacturing stocks led by the likes of Yangzijiang Shipbuilding, Venture Corporation and Singapore Tech Engineering, contributed the next most number of stocks in the top 200 by turnover. Note these manufacturing stocks do not include Food Manufacturers or Processors, and span diverse business from advanced electronics to healthcare products.

With Food and Beverage (“F&amp;B”) contributing 14 stocks to the top 200 by turnover, and the next highest number of stocks after Manufacturing, the three sectors of Real Estate, Manufacturing and F&amp;B together made up 97 stocks. This was close to half the top 200 stocks by turnover. The average total returns of the three genres of stocks over recent years are illustrated in the chart below. 

      
    
    Total Returns of Three Genres
The average total returns illustrated above were built on various levels of consistency across the performances of each of the Sector’s stocks. For instance, the 60 real estate stocks showed the most consistency, with the least standard deviation amongst the individual stock performances in all four time periods.

This was followed by F&amp;B, which saw more consistency in the performances across its relevant 14 stocks than Manufacturing over the past three years ending 2018. As noted above, Singapore manufacturing stocks span a wide range of industries, with the diversification exponentiated by the geographical reach of these businesses. This was a contributing factor to the individual manufacturing stocks showing the most performance deviation over the preceding three years.  However, in the 2019 year to date, performances across manufacturing stocks have seen marginally less deviation than the F&amp;B stocks. 

The comparative performances of the relevant stocks are tabled below, with each table sorted by stocks with the most turnover over the first five months of 2019.  The 60 real estate stocks maintain a combined market capitalisation of S$175 billion, the 23 manufacturing stocks maintain a total market capitalisation of S$35 billion and the 14 F&amp;B stocks maintain a total market capitalisation of S$60 billion. Note the designated F&amp;B stocks do not include Palm Oil producers.




			Real Estate
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			4.6
			
			
			27.4
			
			
			0.3
			
			
			18.7
			
		


			CAPITALAND
			
			
			C31
			
			
			-7.2
			
			
			20.1
			
			
			-9.0
			
			
			13.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			16.6
			
			
			42.1
			
			
			-5.0
			
			
			19.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			16.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			24.9
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			10.8
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10.3
			
			
			53.1
			
			
			-33.8
			
			
			12.9
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			9.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			25.5
			
		


			UOL GROUP
			
			
			U14
			
			
			-1.5
			
			
			51.2
			
			
			-28.8
			
			
			18.7
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			22.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			11.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			15.5
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			0.0
			
			
			34.0
			
			
			-4.2
			
			
			19.1
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			24.6
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			9.1
			
			
			24.8
			
			
			2.2
			
			
			20.3
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.4
			
			
			20.2
			
			
			-6.1
			
			
			22.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			17.7
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			7.9
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			12.7
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			0.0
			
			
			0.0
			
			
			-13.3
			
			
			16.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			13.7
			
		


			YING LI INTERNATIONAL REAL E
			
			
			5DM
			
			
			-10.2
			
			
			1.3
			
			
			-23.2
			
			
			20.7
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			-3.5
			
			
			19.0
			
			
			-12.2
			
			
			12.4
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.8
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			0.0
			
			
			18.3
			
			
			-7.2
			
			
			18.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			27.7
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			6.6
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			31.7
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			8.0
			
		


			SPH REIT
			
			
			SK6U
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			7.8
			
		


			APAC REALTY
			
			
			CLN
			
			
			0.0
			
			
			0.0
			
			
			-46.4
			
			
			27.8
			
		


			HONG FOK CORP
			
			
			H30
			
			
			-2.4
			
			
			38.2
			
			
			-19.9
			
			
			23.9
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			2.9
			
			
			30.8
			
			
			-3.6
			
			
			25.8
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			27.3
			
			
			17.5
			
			
			-50.6
			
			
			28.6
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			5.2
			
		


			KEPPEL-KBS US REIT
			
			
			CMOU
			
			
			0.0
			
			
			0.0
			
			
			-23.9
			
			
			28.3
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.6
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			3.4
			
			
			13.5
			
			
			3.9
			
			
			10.1
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			31.0
			
			
			17.0
			
			
			-21.1
			
			
			11.1
			
		


			OUE COMMERCIAL REAL ESTATE I
			
			
			TS0U
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			9.3
			
		


			SOILBUILD BUSINESS SPACE REI
			
			
			SV3U
			
			
			-8.7
			
			
			14.2
			
			
			-6.2
			
			
			8.9
			
		


			OUE
			
			
			LJ3
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			12.2
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			-1.2
			
			
			39.0
			
			
			-17.4
			
			
			15.1
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			-33.5
			
			
			12.2
			
			
			6.8
			
			
			18.2
			
		


			TUAN SING HOLDINGS
			
			
			T24
			
			
			-10.6
			
			
			60.8
			
			
			-18.9
			
			
			2.3
			
		


			GUOCOLAND
			
			
			F17
			
			
			4.4
			
			
			28.1
			
			
			-16.3
			
			
			10.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			0.0
			
			
			8.0
			
			
			-1.2
			
			
			16.1
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			0.0
			
			
			0.0
			
			
			7.3
			
			
			5.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-1.4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			12.9
			
			
			17.3
			
			
			0.8
			
			
			8.1
			
		


			HO BEE LAND
			
			
			H13
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			4.5
			
		


			PROPNEX
			
			
			OYY
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			18.2
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			-2.8
			
			
			20.6
			
			
			-16.8
			
			
			8.9
			
		


			FORTUNE REIT
			
			
			F25U
			
			
			17.5
			
			
			8.0
			
			
			-0.4
			
			
			23.6
			
		


			BOUSTEAD SINGAPORE
			
			
			F9D
			
			
			-0.6
			
			
			9.8
			
			
			-3.4
			
			
			-2.5
			
		


			SINGHAIYI GROUP
			
			
			5H0
			
			
			-13.4
			
			
			30.7
			
			
			-22.5
			
			
			11.8
			
		


			CENTURION CORP
			
			
			OU8
			
			
			-10.7
			
			
			65.9
			
			
			-16.5
			
			
			1.1
			
		


			Average:
			
			
			 
			
			
			4.1
			
			
			24.7
			
			
			-10.0
			
			
			14.7
			
		

 




			Manufacturing
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			19.2
			
		


			VENTURE CORP
			
			
			V03
			
			
			28.0
			
			
			115.4
			
			
			-29.1
			
			
			19.1
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.3
			
			
			5.0
			
			
			11.8
			
			
			20.3
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			195.3
			
			
			498.6
			
			
			1.5
			
			
			22.4
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			-19.3
			
			
			34.9
			
			
			-15.9
			
			
			-1.9
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			57.1
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			34.3
			
			
			103.5
			
			
			-22.8
			
			
			-2.3
			
		


			SUNPOWER GROUP
			
			
			5GD
			
			
			57.4
			
			
			-11.6
			
			
			-27.6
			
			
			53.0
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			0.5
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			30.3
			
			
			132.4
			
			
			-18.9
			
			
			53.9
			
		


			HAW PAR CORP
			
			
			H02
			
			
			14.9
			
			
			27.2
			
			
			7.9
			
			
			18.8
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			22.4
			
			
			83.6
			
			
			-21.9
			
			
			-2.8
			
		


			FU YU CORP
			
			
			F13
			
			
			27.2
			
			
			6.6
			
			
			10.1
			
			
			13.2
			
		


			SARINE TECHNOLOGIES
			
			
			U77
			
			
			20.9
			
			
			-42.4
			
			
			-52.0
			
			
			-29.2
			
		


			RIVERSTONE HOLDINGS
			
			
			AP4
			
			
			-25.0
			
			
			25.6
			
			
			7.9
			
			
			-17.9
			
		


			INNOTEK
			
			
			M14
			
			
			48.6
			
			
			32.7
			
			
			18.3
			
			
			30.0
			
		


			MANUFACTURING INTEGRATION TE
			
			
			M11
			
			
			-25.7
			
			
			48.3
			
			
			18.1
			
			
			22.0
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			-15.7
			
			
			37.5
			
			
			-3.7
			
			
			32.1
			
		


			JEP HOLDINGS
			
			
			1J4
			
			
			-31.0
			
			
			86.2
			
			
			-3.6
			
			
			12.6
			
		


			HANWELL HOLDINGS
			
			
			DM0
			
			
			-9.4
			
			
			31.3
			
			
			-43.6
			
			
			41.5
			
		


			MIYOSHI
			
			
			M03
			
			
			19.0
			
			
			62.8
			
			
			-39.6
			
			
			4.9
			
		


			AVARGA
			
			
			U09
			
			
			64.7
			
			
			1.8
			
			
			-23.4
			
			
			20.7
			
		


			HALCYON AGRI CORP
			
			
			5VJ
			
			
			-8.3
			
			
			-5.7
			
			
			-29.8
			
			
			24.4
			
		


			Average:
			
			
			 
			
			
			17.9
			
			
			73.8
			
			
			-2.8
			
			
			17.9
			
		

 




			F&amp;B
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			27.2
			
			
			11.3
			
			
			-31.7
			
			
			40.8
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			10.8
			
		


			SATS
			
			
			S58
			
			
			30.9
			
			
			10.9
			
			
			-7.2
			
			
			8.2
			
		


			JAPFA
			
			
			UD2
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-19.6
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			12.2
			
			
			6.5
			
			
			-15.9
			
			
			15.7
			
		


			KOUFU GROUP
			
			
			VL6
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			14.8
			
		


			SINO GRANDNESS FOOD INDUSTRY
			
			
			T4B
			
			
			-33.8
			
			
			-8.9
			
			
			-38.2
			
			
			-61.0
			
		


			DELFI
			
			
			P34
			
			
			12.0
			
			
			-35.1
			
			
			-5.3
			
			
			-6.8
			
		


			QAF
			
			
			Q01
			
			
			37.8
			
			
			-16.4
			
			
			-45.0
			
			
			36.5
			
		


			JUMBO GROUP
			
			
			42R
			
			
			49.4
			
			
			-9.6
			
			
			-31.4
			
			
			1.7
			
		


			FRASER AND NEAVE
			
			
			F99
			
			
			2.8
			
			
			26.0
			
			
			-32.1
			
			
			4.4
			
		


			BREADTALK GROUP
			
			
			CTN
			
			
			5.4
			
			
			52.1
			
			
			-1.6
			
			
			-2.5
			
		


			JB FOODS
			
			
			BEW
			
			
			32.0
			
			
			69.2
			
			
			38.7
			
			
			11.3
			
		


			KIMLY
			
			
			1D0
			
			
			0.0
			
			
			0.0
			
			
			-30.6
			
			
			2.8
			
		


			Average:
			
			
			 
			
			
			21.1
			
			
			3.7
			
			
			-10.8
			
			
			4.1
			
		

Source: SGX StockFacts, Bloomberg (Data as of 11 June 2019). Note TR = Total Return which assumes dividends are reinvested.

Distinct drivers of the three sectors included interest rate outlooks and property prices for real estate, technological advancements, value chain integration and global trade for manufacturing while incomes, tastes, preferences and tourism drive F&amp;B sales.



Real Estate, Manufacturing and F&B Shares on the Move in 1H19    

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
In May 2019, 24 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$123 million. This was up from S$36 million in April 2019 and down from S$135 million in May 2018. 
	 </li>
	<li>
13 stocks commenced new buyback mandates in the month of May 2019: DBS, OCBC, Sing Tech Engineering, China Sunsine Chemical Holdings, AEM Holdings, Japfa, Olam Int, Raffles Medical, Koufu, Jumbo, Cheung Woh Tech, Aspen (Group) Holdings &amp; Trek 2000 Int. 
	 </li>
	<li>The May 2019 buyback consideration was led by DBS &amp; OCBC, which contributed more than three-quarters of the total consideration. The previous year’s mandate saw DBS buy back 0.478% of its shares and OCBC buy back 0.378% of its shares.</li>
</ul>
Total share buyback consideration for the month of May 2019 totaled S$123.1 million. There were 24 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 39.1 million shares or units.

The S$123.1 million in buyback consideration was more than triple the buyback consideration of S$35.5 million filed in April 2019 (click <a href="https://www2.sgx.com/research-education/market-updates/20190503-april-buyback-consideration-led-ocbc-keppel-reit-hong">here</a> for more). The S$123.1 million in consideration was also the highest monthly tally since a total consideration of S$245.4 million was recorded in August 2018, when DBS Group Holdings (“DBS”) contributed S$150.8 million to that month’s tally.

Last month, the Straits Times Index (“STI”) declined 8.3%, with dividend distributions trimming the decline to a 7.0% decline in total return. The preceding month of April had seen the STI generate a total return of 6.1%. 

The three banks, DBS, Oversea-Chinese Banking Corporation (“OCBC”) and United Overseas Bank led the declines, whilst Real Estate Investment Trusts generated more defensive returns with the sector generating a total return of 0.4%. Telecommunication stocks also generated defensive returns with Singapore Telecommunications, NetLink NBN Trust and StarHub all gaining, averaging 1.3% total returns. Both these two sectors, which were comparatively defensive in May, were subject the highest net institutional inflows for the month.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-06/share%20buyback_1.JPG" alt="Share Buyback">
 </figure>
 <div class="content-caption">Share Buyback</div>
More than a Dozen New Mandates Commenced in May 2019 

The table below summarises the buyback considerations in May 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. The 13 stocks that commenced new mandates are highlighted in Bold.

<table class="table table-striped"><tbody>
<tr>
<td>
			Company /Trust
			</td>
			<td>
			Max of Number of Shares/units Authorised for Purchase in Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in May 2019
			</td>
			<td>
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares in May 2019
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date*
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS 
			</td>
			<td>
			51,165,438
			</td>
			<td>
			2,600,000
			</td>
			<td>
			$65,680,143
			</td>
			<td>
			2,600,000
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION 
			</td>
			<td>
			212,257,935
			</td>
			<td>
			2,780,000
			</td>
			<td>
			$30,643,985
			</td>
			<td>
			2,780,000
			</td>
		</tr>
<tr>
<td>
			BEST WORLD INTERNATIONAL
			</td>
			<td>
			55,032,011
			</td>
			<td>
			4,875,000
			</td>
			<td>
			$7,777,699
			</td>
			<td>
			6,220,000
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			170,210,715
			</td>
			<td>
			4,200,000
			</td>
			<td>
			$5,142,030
			</td>
			<td>
			6,390,700
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING 
			</td>
			<td>
			62,432,801
			</td>
			<td>
			1,100,000
			</td>
			<td>
			$4,323,524
			</td>
			<td>
			1,100,000
			</td>
		</tr>
<tr>
<td>
			CHINA SUNSINE CHEMICAL HOLDINGS 
			</td>
			<td>
			49,131,170
			</td>
			<td>
			2,579,000
			</td>
			<td>
			$2,974,024
			</td>
			<td>
			2,579,000
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			168,741,864
			</td>
			<td>
			10,748,700
			</td>
			<td>
			$1,415,269
			</td>
			<td>
			12,278,700
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			816,457,915
			</td>
			<td>
			437,333
			</td>
			<td>
			$1,362,963
			</td>
			<td>
			808,005
			</td>
		</tr>
<tr>
<td>
			KIMLY
			</td>
			<td>
			115,489,763
			</td>
			<td>
			3,600,000
			</td>
			<td>
			$867,056
			</td>
			<td>
			5,650,700
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS 
			</td>
			<td>
			27,096,300
			</td>
			<td>
			900,000
			</td>
			<td>
			$837,144
			</td>
			<td>
			900,000
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,620,496
			</td>
			<td>
			2,015,000
			</td>
			<td>
			$747,254
			</td>
			<td>
			2,315,000
			</td>
		</tr>
<tr>
<td>
			JAPFA 
			</td>
			<td>
			186,466,879
			</td>
			<td>
			855,500
			</td>
			<td>
			$459,859
			</td>
			<td>
			855,500
			</td>
		</tr>
<tr>
<td>
			OLAM INTERNATIONAL 
			</td>
			<td>
			159,528,594
			</td>
			<td>
			110,600
			</td>
			<td>
			$195,946
			</td>
			<td>
			110,600
			</td>
		</tr>
<tr>
<td>
			THE STRAITS TRADING COMPANY
			</td>
			<td>
			40,767,817
			</td>
			<td>
			60,600
			</td>
			<td>
			$132,388
			</td>
			<td>
			75,600
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,251,910
			</td>
			<td>
			477,100
			</td>
			<td>
			$129,556
			</td>
			<td>
			605,800
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP 
			</td>
			<td>
			179,835,340
			</td>
			<td>
			100,000
			</td>
			<td>
			$101,151
			</td>
			<td>
			100,000
			</td>
		</tr>
<tr>
<td>
			GRP
			</td>
			<td>
			19,370,161
			</td>
			<td>
			633,500
			</td>
			<td>
			$99,814
			</td>
			<td>
			944,200
			</td>
		</tr>
<tr>
<td>
			DUTY FREE INTERNATIONAL
			</td>
			<td>
			121,345,399
			</td>
			<td>
			420,000
			</td>
			<td>
			$80,430
			</td>
			<td>
			7,953,600
			</td>
		</tr>
<tr>
<td>
			KOUFU GROUP 
			</td>
			<td>
			55,516,300
			</td>
			<td>
			100,000
			</td>
			<td>
			$69,604
			</td>
			<td>
			100,000
			</td>
		</tr>
<tr>
<td>
			JUMBO GROUP 
			</td>
			<td>
			64,109,130
			</td>
			<td>
			92,300
			</td>
			<td>
			$34,702
			</td>
			<td>
			92,300
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES 
			</td>
			<td>
			30,221,180
			</td>
			<td>
			278,900
			</td>
			<td>
			$34,341
			</td>
			<td>
			278,900
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			43,701,979
			</td>
			<td>
			69,400
			</td>
			<td>
			$19,549
			</td>
			<td>
			11,821,800
			</td>
		</tr>
<tr>
<td>
			ASPEN (GROUP) HOLDINGS 
			</td>
			<td>
			96,353,530
			</td>
			<td>
			50,000
			</td>
			<td>
			$7,614
			</td>
			<td>
			50,000
			</td>
		</tr>
<tr>
<td>
			TREK 2000 INTERNATIONAL 
			</td>
			<td>
			32,002,002
			</td>
			<td>
			5,000
			</td>
			<td>
			$548
			</td>
			<td>
			5,000
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td> </td>
			<td>
			39,087,933
			</td>
			<td>
			$123,136,594
			</td>
			<td> </td>
		</tr>
</tbody></table>
*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.   
Source: SGX May Gateway (Data as of 31 May 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. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

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="http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/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.
</body></html>





In May 2019, 24 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$123 million. This was up from S$36 million in April 2019 and down from S$135 million in May 2018. 
	 
	
13 stocks commenced new buyback mandates in the month of May 2019: DBS, OCBC, Sing Tech Engineering, China Sunsine Chemical Holdings, AEM Holdings, Japfa, Olam Int, Raffles Medical, Koufu, Jumbo, Cheung Woh Tech, Aspen (Group) Holdings &amp; Trek 2000 Int. 
	 
	The May 2019 buyback consideration was led by DBS &amp; OCBC, which contributed more than three-quarters of the total consideration. The previous year’s mandate saw DBS buy back 0.478% of its shares and OCBC buy back 0.378% of its shares.

Total share buyback consideration for the month of May 2019 totaled S$123.1 million. There were 24 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 39.1 million shares or units.

The S$123.1 million in buyback consideration was more than triple the buyback consideration of S$35.5 million filed in April 2019 (click here for more). The S$123.1 million in consideration was also the highest monthly tally since a total consideration of S$245.4 million was recorded in August 2018, when DBS Group Holdings (“DBS”) contributed S$150.8 million to that month’s tally.

Last month, the Straits Times Index (“STI”) declined 8.3%, with dividend distributions trimming the decline to a 7.0% decline in total return. The preceding month of April had seen the STI generate a total return of 6.1%. 

The three banks, DBS, Oversea-Chinese Banking Corporation (“OCBC”) and United Overseas Bank led the declines, whilst Real Estate Investment Trusts generated more defensive returns with the sector generating a total return of 0.4%. Telecommunication stocks also generated defensive returns with Singapore Telecommunications, NetLink NBN Trust and StarHub all gaining, averaging 1.3% total returns. Both these two sectors, which were comparatively defensive in May, were subject the highest net institutional inflows for the month.

      
    
    Share Buyback
More than a Dozen New Mandates Commenced in May 2019 

The table below summarises the buyback considerations in May 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. The 13 stocks that commenced new mandates are highlighted in Bold.




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


			DBS GROUP HOLDINGS 
			
			
			51,165,438
			
			
			2,600,000
			
			
			$65,680,143
			
			
			2,600,000
			
		


			OVERSEA-CHINESE BANKING CORPORATION 
			
			
			212,257,935
			
			
			2,780,000
			
			
			$30,643,985
			
			
			2,780,000
			
		


			BEST WORLD INTERNATIONAL
			
			
			55,032,011
			
			
			4,875,000
			
			
			$7,777,699
			
			
			6,220,000
			
		


			KEPPEL REIT
			
			
			170,210,715
			
			
			4,200,000
			
			
			$5,142,030
			
			
			6,390,700
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING 
			
			
			62,432,801
			
			
			1,100,000
			
			
			$4,323,524
			
			
			1,100,000
			
		


			CHINA SUNSINE CHEMICAL HOLDINGS 
			
			
			49,131,170
			
			
			2,579,000
			
			
			$2,974,024
			
			
			2,579,000
			
		


			GLOBAL INVESTMENTS
			
			
			168,741,864
			
			
			10,748,700
			
			
			$1,415,269
			
			
			12,278,700
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			816,457,915
			
			
			437,333
			
			
			$1,362,963
			
			
			808,005
			
		


			KIMLY
			
			
			115,489,763
			
			
			3,600,000
			
			
			$867,056
			
			
			5,650,700
			
		


			AEM HOLDINGS 
			
			
			27,096,300
			
			
			900,000
			
			
			$837,144
			
			
			900,000
			
		


			TUAN SING HOLDINGS
			
			
			118,620,496
			
			
			2,015,000
			
			
			$747,254
			
			
			2,315,000
			
		


			JAPFA 
			
			
			186,466,879
			
			
			855,500
			
			
			$459,859
			
			
			855,500
			
		


			OLAM INTERNATIONAL 
			
			
			159,528,594
			
			
			110,600
			
			
			$195,946
			
			
			110,600
			
		


			THE STRAITS TRADING COMPANY
			
			
			40,767,817
			
			
			60,600
			
			
			$132,388
			
			
			75,600
			
		


			NORDIC GROUP
			
			
			39,251,910
			
			
			477,100
			
			
			$129,556
			
			
			605,800
			
		


			RAFFLES MEDICAL GROUP 
			
			
			179,835,340
			
			
			100,000
			
			
			$101,151
			
			
			100,000
			
		


			GRP
			
			
			19,370,161
			
			
			633,500
			
			
			$99,814
			
			
			944,200
			
		


			DUTY FREE INTERNATIONAL
			
			
			121,345,399
			
			
			420,000
			
			
			$80,430
			
			
			7,953,600
			
		


			KOUFU GROUP 
			
			
			55,516,300
			
			
			100,000
			
			
			$69,604
			
			
			100,000
			
		


			JUMBO GROUP 
			
			
			64,109,130
			
			
			92,300
			
			
			$34,702
			
			
			92,300
			
		


			CHEUNG WOH TECHNOLOGIES 
			
			
			30,221,180
			
			
			278,900
			
			
			$34,341
			
			
			278,900
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			43,701,979
			
			
			69,400
			
			
			$19,549
			
			
			11,821,800
			
		


			ASPEN (GROUP) HOLDINGS 
			
			
			96,353,530
			
			
			50,000
			
			
			$7,614
			
			
			50,000
			
		


			TREK 2000 INTERNATIONAL 
			
			
			32,002,002
			
			
			5,000
			
			
			$548
			
			
			5,000
			
		


			Total
			
			 
			
			39,087,933
			
			
			$123,136,594
			
			 
		

*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.   
Source: SGX May Gateway (Data as of 31 May 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. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

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.



May Share Buyback Consideration at S$123M, a 9 Month High

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have a combined market cap of more than S$560 billion. 
	 </li>
	<li>
In the 2019 YTD, the STI's five best-performing constituents were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of 20.4% over the period. 
	 </li>
	<li>With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018, while ComfortDelGro and ST Engineering have built on their positive performances from last year.</li>
</ul>
The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of more than S$560 billion.

In the 2019 year-to-date, the five best-performing constituents of the STI were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of +20.4% over the period.

With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018 – ThaiBev was the fourth least-performing stock last year with a total return of -31.7%, while UOL and Yangzijiang registered 2018 total returns of -28.8% and -11.4% respectively. On the other hand, extending their positive performances into the 2019 YTD were ComfortDelGro and ST Engineering, which posted 2018 total returns of +13.7% and +11.8% respectively.

In the YTD, the five least-performing STI constituents were: Dairy Farm International (-12.9%), Jardine Matheson (-8.0%), Genting Singapore (-5.8%), Jardine Cycle &amp; Carriage (-3.4%) and Hutchison Port Holdings Trust (-1.3%). They have averaged a total return of -6.3% over the period.

In contrast to their 2019 YTD performances, Dairy Farm and Jardine Matheson were the two best performers in calendar 2018, with total returns of +20.4% and +19.8%. Hutchison Port Holdings Trust, meanwhile, was the least-performing constituent in the STI last year, with a total return of -34.7%.

The table below details the calendar year 2018 and 2019 YTD performances of the 30 STI constituents, sorted by YTD total returns.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 2018 (%)
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE
			</td>
			<td>
			Y92
			</td>
			<td>
			19,337
			</td>
			<td>
			27.2
			</td>
			<td>
			-31.7
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			5,457
			</td>
			<td>
			21.0
			</td>
			<td>
			13.7
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			5,761
			</td>
			<td>
			19.2
			</td>
			<td>
			-11.4
			</td>
		</tr>
<tr>
<td>
			ST ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			12,175
			</td>
			<td>
			17.7
			</td>
			<td>
			11.8
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			6,003
			</td>
			<td>
			17.2
			</td>
			<td>
			-28.8
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,021
			</td>
			<td>
			17.1
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			4,550
			</td>
			<td>
			16.5
			</td>
			<td>
			-29.1
			</td>
		</tr>
<tr>
<td>
			WILMAR INTL
			</td>
			<td>
			F34
			</td>
			<td>
			22,151
			</td>
			<td>
			16.0
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HLDGS
			</td>
			<td>
			D05
			</td>
			<td>
			67,244
			</td>
			<td>
			14.6
			</td>
			<td>
			1.2
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			7,162
			</td>
			<td>
			12.9
			</td>
			<td>
			-5.0
			</td>
		</tr>
<tr>
<td>
			GOLDEN AGRI-RESO
			</td>
			<td>
			E5H
			</td>
			<td>
			3,502
			</td>
			<td>
			12.4
			</td>
			<td>
			-33.6
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			5,806
			</td>
			<td>
			12.0
			</td>
			<td>
			-7.2
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			11,630
			</td>
			<td>
			11.2
			</td>
			<td>
			-16.4
			</td>
		</tr>
<tr>
<td>
			HONGKONG LAND*
			</td>
			<td>
			H78
			</td>
			<td>
			21,896
			</td>
			<td>
			11.1
			</td>
			<td>
			-6.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND LTD
			</td>
			<td>
			C31
			</td>
			<td>
			13,945
			</td>
			<td>
			10.7
			</td>
			<td>
			-9.0
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			9,000
			</td>
			<td>
			9.5
			</td>
			<td>
			12.7
			</td>
		</tr>
<tr>
<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			7,745
			</td>
			<td>
			7.9
			</td>
			<td>
			-33.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMS
			</td>
			<td>
			Z74
			</td>
			<td>
			51,109
			</td>
			<td>
			7.2
			</td>
			<td>
			-13.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			7,874
			</td>
			<td>
			5.6
			</td>
			<td>
			0.4
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			41,872
			</td>
			<td>
			5.2
			</td>
			<td>
			-3.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HLDGS
			</td>
			<td>
			T39
			</td>
			<td>
			3,803
			</td>
			<td>
			3.5
			</td>
			<td>
			-6.9
			</td>
		</tr>
<tr>
<td>
			OCBC BANK
			</td>
			<td>
			O39
			</td>
			<td>
			47,588
			</td>
			<td>
			1.6
			</td>
			<td>
			-6.2
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			4,539
			</td>
			<td>
			1.1
			</td>
			<td>
			-15.0
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC*
			</td>
			<td>
			J37
			</td>
			<td>
			55,741
			</td>
			<td>
			0.3
			</td>
			<td>
			-4.6
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			11,174
			</td>
			<td>
			-0.2
			</td>
			<td>
			-8.2
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HLDGS TRUST*
			</td>
			<td>
			NS8U
			</td>
			<td>
			2,742
			</td>
			<td>
			-1.3
			</td>
			<td>
			-34.7
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			13,098
			</td>
			<td>
			-3.4
			</td>
			<td>
			-10.0
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			10,791
			</td>
			<td>
			-5.8
			</td>
			<td>
			-23.2
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON*
			</td>
			<td>
			J36
			</td>
			<td>
			63,572
			</td>
			<td>
			-8.0
			</td>
			<td>
			19.8
			</td>
		</tr>
<tr>
<td>
			DAIRY FARM INTL*
			</td>
			<td>
			D01
			</td>
			<td>
			13,885
			</td>
			<td>
			-12.9
			</td>
			<td>
			20.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			8.2
			</td>
			<td>
			-8.4
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 16 May 2019) 
*These stocks are traded in USD, with their SGD equivalents shown in table.
</body></html>





The STI is the most globally recognised benchmark index and market barometer for Singapore. The diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have a combined market cap of more than S$560 billion. 
	 
	
In the 2019 YTD, the STI's five best-performing constituents were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of 20.4% over the period. 
	 
	With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018, while ComfortDelGro and ST Engineering have built on their positive performances from last year.

The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of more than S$560 billion.

In the 2019 year-to-date, the five best-performing constituents of the STI were: Thai Beverage (+27.2%), ComfortDelGro (+21.0%), Yangzijiang Shipbuilding (+19.2%), ST Engineering (+17.7%) and UOL Group (+17.2%). They have averaged a total return of +20.4% over the period.

With these YTD gains, ThaiBev, Yangzijiang and UOL have reversed their negative performances in 2018 – ThaiBev was the fourth least-performing stock last year with a total return of -31.7%, while UOL and Yangzijiang registered 2018 total returns of -28.8% and -11.4% respectively. On the other hand, extending their positive performances into the 2019 YTD were ComfortDelGro and ST Engineering, which posted 2018 total returns of +13.7% and +11.8% respectively.

In the YTD, the five least-performing STI constituents were: Dairy Farm International (-12.9%), Jardine Matheson (-8.0%), Genting Singapore (-5.8%), Jardine Cycle &amp; Carriage (-3.4%) and Hutchison Port Holdings Trust (-1.3%). They have averaged a total return of -6.3% over the period.

In contrast to their 2019 YTD performances, Dairy Farm and Jardine Matheson were the two best performers in calendar 2018, with total returns of +20.4% and +19.8%. Hutchison Port Holdings Trust, meanwhile, was the least-performing constituent in the STI last year, with a total return of -34.7%.

The table below details the calendar year 2018 and 2019 YTD performances of the 30 STI constituents, sorted by YTD total returns.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 2018 (%)
			
		


			THAI BEVERAGE
			
			
			Y92
			
			
			19,337
			
			
			27.2
			
			
			-31.7
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			5,457
			
			
			21.0
			
			
			13.7
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			5,761
			
			
			19.2
			
			
			-11.4
			
		


			ST ENGINEERING
			
			
			S63
			
			
			12,175
			
			
			17.7
			
			
			11.8
			
		


			UOL GROUP
			
			
			U14
			
			
			6,003
			
			
			17.2
			
			
			-28.8
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,021
			
			
			17.1
			
			
			0.3
			
		


			VENTURE CORP
			
			
			V03
			
			
			4,550
			
			
			16.5
			
			
			-29.1
			
		


			WILMAR INTL
			
			
			F34
			
			
			22,151
			
			
			16.0
			
			
			4.3
			
		


			DBS GROUP HLDGS
			
			
			D05
			
			
			67,244
			
			
			14.6
			
			
			1.2
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			7,162
			
			
			12.9
			
			
			-5.0
			
		


			GOLDEN AGRI-RESO
			
			
			E5H
			
			
			3,502
			
			
			12.4
			
			
			-33.6
			
		


			SATS LTD
			
			
			S58
			
			
			5,806
			
			
			12.0
			
			
			-7.2
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			11,630
			
			
			11.2
			
			
			-16.4
			
		


			HONGKONG LAND*
			
			
			H78
			
			
			21,896
			
			
			11.1
			
			
			-6.1
			
		


			CAPITALAND LTD
			
			
			C31
			
			
			13,945
			
			
			10.7
			
			
			-9.0
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,000
			
			
			9.5
			
			
			12.7
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			7,745
			
			
			7.9
			
			
			-33.8
			
		


			SINGAPORE TELECOMS
			
			
			Z74
			
			
			51,109
			
			
			7.2
			
			
			-13.2
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			7,874
			
			
			5.6
			
			
			0.4
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			41,872
			
			
			5.2
			
			
			-3.3
			
		


			SINGAPORE PRESS HLDGS
			
			
			T39
			
			
			3,803
			
			
			3.5
			
			
			-6.9
			
		


			OCBC BANK
			
			
			O39
			
			
			47,588
			
			
			1.6
			
			
			-6.2
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			4,539
			
			
			1.1
			
			
			-15.0
			
		


			JARDINE STRATEGIC*
			
			
			J37
			
			
			55,741
			
			
			0.3
			
			
			-4.6
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			11,174
			
			
			-0.2
			
			
			-8.2
			
		


			HUTCHISON PORT HLDGS TRUST*
			
			
			NS8U
			
			
			2,742
			
			
			-1.3
			
			
			-34.7
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			13,098
			
			
			-3.4
			
			
			-10.0
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			10,791
			
			
			-5.8
			
			
			-23.2
			
		


			JARDINE MATHESON*
			
			
			J36
			
			
			63,572
			
			
			-8.0
			
			
			19.8
			
		


			DAIRY FARM INTL*
			
			
			D01
			
			
			13,885
			
			
			-12.9
			
			
			20.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			8.2
			
			
			-8.4
			
		

Source: Bloomberg &amp; StockFacts (data as of 16 May 2019) 
*These stocks are traded in USD, with their SGD equivalents shown in table.



Five Best-Performing STI Constituents Returned 20% in YTD

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
In March 2019, 27 SGX primary-listed stocks repurchased as many as 50 million shares with a total consideration of S$54 million. This was up from S$32 million in Feb 2019 and down year-on-year from S$222 million in March 2018. 
	 </li>
	<li>
Five stocks commenced new buyback mandates in the month of March 2019: Hong Fok Corporation, Kimly, Aspen (Group) Holdings, MDR &amp; GRP. Relative to outstanding shares, Hong Fok Corporation bought back 0.77% of its shares during the month. 
	 </li>
	<li>The March 2019 buyback consideration was led by OCBC, Hong Fok Corporation and Singapore Technologies Engineering. OCBC made up a quarter of the total consideration, and as of 1 April, had bought back 0.33% of its shares on the current mandate. </li>
</ul>
Total share buyback consideration for the month of March 2019 totaled S$53.5 million. There were 27 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 49.8 million in shares or units. The S$53.5 million in buyback consideration was two-thirds higher than the buyback consideration of S$31.9 million filed in February 2019 (click <a href="https://www2.sgx.com/research-education/market-updates/20190305-feb-share-buybacks-s32-million-modest-sti-gain">here</a> for more).

Last month, the Straits Times Index (“STI”) generated the thinnest of marginal gains, moving from 3,212.69 at the end of February, to 3,212.88 at the end of March. Dividends however, boost the total return of the STI to 0.3% for March, bringing the total return for the last quarter to 5.1%.

As detailed in the FTSE Asia Monthly Report (click <a href="https://www.ftse.com/Analytics/Factsheets/Home/DownloadSingleIssue?issueName=ASIAMR&amp;IsManual=True">here</a>) Singapore’s Mid Cap stocks continued to be amongst the best performers in March within the FTSE ST Index Series, gaining 2.2% over the month. The FTSE ST Mid Cap Index generated a total return of 11.8% over the first quarter of 2019.   
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-04/buybacks.PNG" alt="Monthly Share Buyback Consideration (S$ Million) &amp; STI Month-End Levels">
 </figure>
 <div class="content-caption">Monthly Share Buyback Consideration (S$ Million) &amp; STI Month-End Levels</div>
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.

Five New Mandates Commenced in March 2019 

<ul>
<li>
Hong Fok Corporation bought back 6,698,500 shares for a consideration of close to S$5,957,080 during March. The buyback mandate was approved back on 30 April 2018 and these are the only buybacks filed on the corporate announcement page which dates back to 2014. 
	 </li>
	<li>
Kimly bought back 430,100 shares between 27 March and 29 March, on the mandate approved on 30 January 2019.  On the previous mandate, Kimly bought back a total of 2,889,100 shares. 
	 </li>
	<li>
Aspen (Group) Holdings bought back 22,600 shares between 21 March and 27 March on the mandate approved on 29 January 2019. 
	 </li>
	<li>
MDR bought back 2,480,800 shares between 11 March and 13 March on the mandate which approved on 28 September 2018. 
	 </li>
	<li>
GRP bought back 2,000 shares on 26 March on a mandate approved on 26 October 2018. 
</li>
</ul>
The table below summarises the buyback considerations in March 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.

<table class="table table-striped"><tbody>
<tr>
<td>
			Company /Trust
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in Mar 2019
			</td>
			<td>
			Total Buyback Consideration in Mar 2019 (including stamp duties, clearing changes etc.) paid or payable for the shares S$
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date*
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			209,128,622
			</td>
			<td>
			2,800,000
			</td>
			<td>
			31,121,023
			</td>
			<td>
			13,625,000
			</td>
		</tr>
<tr>
<td>
			HONG FOK CORPORATION 
			</td>
			<td>
			87,061,214
			</td>
			<td>
			6,698,500
			</td>
			<td>
			5,957,080
			</td>
			<td>
			6,698,500
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,407,292
			</td>
			<td>
			700,000
			</td>
			<td>
			2,605,311
			</td>
			<td>
			6,122,300
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			346,748
			</td>
			<td>
			2,535,720
			</td>
			<td>
			878,848
			</td>
		</tr>
<tr>
<td>
			CSE GLOBAL
			</td>
			<td>
			25,803,392
			</td>
			<td>
			4,000,000
			</td>
			<td>
			2,130,550
			</td>
			<td>
			11,177,500
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			169,629,503
			</td>
			<td>
			16,452,700
			</td>
			<td>
			2,118,726
			</td>
			<td>
			23,265,500
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			176,952,559
			</td>
			<td>
			2,349,000
			</td>
			<td>
			1,627,932
			</td>
			<td>
			3,574,000
			</td>
		</tr>
<tr>
<td>
			SINGAPORE POST
			</td>
			<td>
			226,352,024
			</td>
			<td>
			1,580,000
			</td>
			<td>
			1,569,752
			</td>
			<td>
			14,300,000
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			35,744,450
			</td>
			<td>
			300,000
			</td>
			<td>
			786,291
			</td>
			<td>
			3,300,000
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			43,701,979
			</td>
			<td>
			2,398,800
			</td>
			<td>
			696,874
			</td>
			<td>
			11,387,600
			</td>
		</tr>
<tr>
<td>
			BUMITAMA AGRI
			</td>
			<td>
			173,982,394
			</td>
			<td>
			759,700
			</td>
			<td>
			513,311
			</td>
			<td>
			2,326,900
			</td>
		</tr>
<tr>
<td>
			DUTY FREE INTERNATIONAL
			</td>
			<td>
			121,345,399
			</td>
			<td>
			2,075,300
			</td>
			<td>
			407,478
			</td>
			<td>
			7,083,600
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			86,408,798
			</td>
			<td>
			624,200
			</td>
			<td>
			308,330
			</td>
			<td>
			35,739,400
			</td>
		</tr>
<tr>
<td>
			EUROSPORTS GLOBAL
			</td>
			<td>
			26,500,000
			</td>
			<td>
			1,476,400
			</td>
			<td>
			287,287
			</td>
			<td>
			2,191,400
			</td>
		</tr>
<tr>
<td>
			ISOTEAM
			</td>
			<td>
			28,483,056
			</td>
			<td>
			1,000,000
			</td>
			<td>
			199,526
			</td>
			<td>
			1,206,900
			</td>
		</tr>
<tr>
<td>
			SINGHAIYI GROUP
			</td>
			<td>
			428,511,187
			</td>
			<td>
			1,691,800
			</td>
			<td>
			156,536
			</td>
			<td>
			66,059,700
			</td>
		</tr>
<tr>
<td>
			SOUP RESTAURANT GROUP
			</td>
			<td>
			28,011,290
			</td>
			<td>
			620,000
			</td>
			<td>
			117,071
			</td>
			<td>
			1,303,200
			</td>
		</tr>
<tr>
<td>
			KIMLY 
			</td>
			<td>
			115,489,763
			</td>
			<td>
			430,100
			</td>
			<td>
			101,603
			</td>
			<td>
			430,100
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,689,278
			</td>
			<td>
			200,000
			</td>
			<td>
			81,972
			</td>
			<td>
			5,033,400
			</td>
		</tr>
<tr>
<td>
			STAR PHARMACEUTICAL
			</td>
			<td>
			4,649,169
			</td>
			<td>
			460,500
			</td>
			<td>
			73,590
			</td>
			<td>
			616,500
			</td>
		</tr>
<tr>
<td>
			STARBURST HOLDINGS
			</td>
			<td>
			12,126,061
			</td>
			<td>
			159,700
			</td>
			<td>
			61,478
			</td>
			<td>
			230,300
			</td>
		</tr>
<tr>
<td>
			THE STRAITS TRADING COMPANY
			</td>
			<td>
			40,809,577
			</td>
			<td>
			17,000
			</td>
			<td>
			37,859
			</td>
			<td>
			343,500
			</td>
		</tr>
<tr>
<td>
			TREK 2000 INTERNATIONAL
			</td>
			<td>
			32,288,792
			</td>
			<td>
			179,000
			</td>
			<td>
			17,123
			</td>
			<td>
			1,656,200
			</td>
		</tr>
<tr>
<td>
			GLOBAL PALM RESOURCES HOLDINGS
			</td>
			<td>
			19,628,200
			</td>
			<td>
			20,000
			</td>
			<td>
			4,096
			</td>
			<td>
			30,000
			</td>
		</tr>
<tr>
<td>
			ASPEN (GROUP) HOLDINGS 
			</td>
			<td>
			96,361,790
			</td>
			<td>
			22,600
			</td>
			<td>
			3,267
			</td>
			<td>
			22,600
			</td>
		</tr>
<tr>
<td>
			MDR 
			</td>
			<td>
			2,933,717,424
			</td>
			<td>
			2,480,800
			</td>
			<td>
			2,485
			</td>
			<td>
			2,480,800
			</td>
		</tr>
<tr>
<td>
			GRP 
			</td>
			<td>
			19,370,161
			</td>
			<td>
			2,000
			</td>
			<td>
			257
			</td>
			<td>
			2,000
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			49,844,848
			</td>
			<td>
			53,522,528
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.  

Source: SGX (Data as of 29 March 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. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

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="http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/company_announcements">here</a>).
</body></html>





In March 2019, 27 SGX primary-listed stocks repurchased as many as 50 million shares with a total consideration of S$54 million. This was up from S$32 million in Feb 2019 and down year-on-year from S$222 million in March 2018. 
	 
	
Five stocks commenced new buyback mandates in the month of March 2019: Hong Fok Corporation, Kimly, Aspen (Group) Holdings, MDR &amp; GRP. Relative to outstanding shares, Hong Fok Corporation bought back 0.77% of its shares during the month.  
	 
	The March 2019 buyback consideration was led by OCBC, Hong Fok Corporation and Singapore Technologies Engineering. OCBC made up a quarter of the total consideration, and as of 1 April, had bought back 0.33% of its shares on the current mandate. 

Total share buyback consideration for the month of March 2019 totaled S$53.5 million. There were 27 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 49.8 million in shares or units. The S$53.5 million in buyback consideration was two-thirds higher than the buyback consideration of S$31.9 million filed in February 2019 (click here for more).

Last month, the Straits Times Index (“STI”) generated the thinnest of marginal gains, moving from 3,212.69 at the end of February, to 3,212.88 at the end of March. Dividends however, boost the total return of the STI to 0.3% for March, bringing the total return for the last quarter to 5.1%.

As detailed in the FTSE Asia Monthly Report (click here) Singapore’s Mid Cap stocks continued to be amongst the best performers in March within the FTSE ST Index Series, gaining 2.2% over the month. The FTSE ST Mid Cap Index generated a total return of 11.8% over the first quarter of 2019.   

      
    
    Monthly Share Buyback Consideration (S$ Million) &amp; STI Month-End Levels
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.

Five New Mandates Commenced in March 2019 



Hong Fok Corporation bought back 6,698,500 shares for a consideration of close to S$5,957,080 during March. The buyback mandate was approved back on 30 April 2018 and these are the only buybacks filed on the corporate announcement page which dates back to 2014.  
	 
	
Kimly bought back 430,100 shares between 27 March and 29 March, on the mandate approved on 30 January 2019.  On the previous mandate, Kimly bought back a total of 2,889,100 shares. 
	 
	
Aspen (Group) Holdings bought back 22,600 shares between 21 March and 27 March on the mandate approved on 29 January 2019. 
	 
	
MDR bought back 2,480,800 shares between 11 March and 13 March on the mandate which approved on 28 September 2018. 
	 
	
GRP bought back 2,000 shares on 26 March on a mandate approved on 26 October 2018. 


The table below summarises the buyback considerations in March 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.




			Company /Trust
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in Mar 2019
			
			
			Total Buyback Consideration in Mar 2019 (including stamp duties, clearing changes etc.) paid or payable for the shares S$
			
			
			Cumulative Number of Shares/units purchased in Mandate to date*
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			209,128,622
			
			
			2,800,000
			
			
			31,121,023
			
			
			13,625,000
			
		


			HONG FOK CORPORATION 
			
			
			87,061,214
			
			
			6,698,500
			
			
			5,957,080
			
			
			6,698,500
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,407,292
			
			
			700,000
			
			
			2,605,311
			
			
			6,122,300
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			346,748
			
			
			2,535,720
			
			
			878,848
			
		


			CSE GLOBAL
			
			
			25,803,392
			
			
			4,000,000
			
			
			2,130,550
			
			
			11,177,500
			
		


			GLOBAL INVESTMENTS
			
			
			169,629,503
			
			
			16,452,700
			
			
			2,118,726
			
			
			23,265,500
			
		


			JAPFA
			
			
			176,952,559
			
			
			2,349,000
			
			
			1,627,932
			
			
			3,574,000
			
		


			SINGAPORE POST
			
			
			226,352,024
			
			
			1,580,000
			
			
			1,569,752
			
			
			14,300,000
			
		


			SEMBCORP INDUSTRIES
			
			
			35,744,450
			
			
			300,000
			
			
			786,291
			
			
			3,300,000
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			43,701,979
			
			
			2,398,800
			
			
			696,874
			
			
			11,387,600
			
		


			BUMITAMA AGRI
			
			
			173,982,394
			
			
			759,700
			
			
			513,311
			
			
			2,326,900
			
		


			DUTY FREE INTERNATIONAL
			
			
			121,345,399
			
			
			2,075,300
			
			
			407,478
			
			
			7,083,600
			
		


			STAMFORD LAND CORPORATION
			
			
			86,408,798
			
			
			624,200
			
			
			308,330
			
			
			35,739,400
			
		


			EUROSPORTS GLOBAL
			
			
			26,500,000
			
			
			1,476,400
			
			
			287,287
			
			
			2,191,400
			
		


			ISOTEAM
			
			
			28,483,056
			
			
			1,000,000
			
			
			199,526
			
			
			1,206,900
			
		


			SINGHAIYI GROUP
			
			
			428,511,187
			
			
			1,691,800
			
			
			156,536
			
			
			66,059,700
			
		


			SOUP RESTAURANT GROUP
			
			
			28,011,290
			
			
			620,000
			
			
			117,071
			
			
			1,303,200
			
		


			KIMLY 
			
			
			115,489,763
			
			
			430,100
			
			
			101,603
			
			
			430,100
			
		


			TUAN SING HOLDINGS
			
			
			118,689,278
			
			
			200,000
			
			
			81,972
			
			
			5,033,400
			
		


			STAR PHARMACEUTICAL
			
			
			4,649,169
			
			
			460,500
			
			
			73,590
			
			
			616,500
			
		


			STARBURST HOLDINGS
			
			
			12,126,061
			
			
			159,700
			
			
			61,478
			
			
			230,300
			
		


			THE STRAITS TRADING COMPANY
			
			
			40,809,577
			
			
			17,000
			
			
			37,859
			
			
			343,500
			
		


			TREK 2000 INTERNATIONAL
			
			
			32,288,792
			
			
			179,000
			
			
			17,123
			
			
			1,656,200
			
		


			GLOBAL PALM RESOURCES HOLDINGS
			
			
			19,628,200
			
			
			20,000
			
			
			4,096
			
			
			30,000
			
		


			ASPEN (GROUP) HOLDINGS 
			
			
			96,361,790
			
			
			22,600
			
			
			3,267
			
			
			22,600
			
		


			MDR 
			
			
			2,933,717,424
			
			
			2,480,800
			
			
			2,485
			
			
			2,480,800
			
		


			GRP 
			
			
			19,370,161
			
			
			2,000
			
			
			257
			
			
			2,000
			
		


			Total
			
			
			 
			
			
			49,844,848
			
			
			53,522,528
			
			
			 
			
		

*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.  

Source: SGX (Data as of 29 March 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. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

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).



March Buy Back Consideration Led by OCBC, Hong Fok & ST Engg

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
In Feb 2019, the STI gained 0.7% and 15 SGX primary-listed stocks repurchased 20 million shares with total consideration of S$32 million. This was up from S$26 million in Jan 2019 and down year-on-year from S$134 million in Feb 2018. 
	 </li>
	<li>
Four stocks commenced new buyback mandates in the month of Feb 2019: Singtel, EuroSports Global, Starburst Holdings &amp; Ecowise Holdings. Relative to outstanding shares, EuroSports Global bought back 0.27% of its shares during the month. 
	 </li>
	<li>The Feb 2019 buyback consideration was led by ST Engineering, OCBC and Keppel REIT Management. ST Engineering accounted for almost half the S$32 million consideration, buying back approx. 4 million shares in a price range of S$3.66 to S$3.75. </li>
</ul>
Total share buyback consideration for the month of February 2019 totaled S$31.9 million. There were 15 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 20.1 million in shares or units. The S$31.9 million in buyback consideration was one-fifth higher than the buyback consideration of S$26.4 million filed in January 2019 (click <a href="https://www2.sgx.com/research-education/market-updates/20190207-monthly-share-buybacks-decelerated-4-sti-rebound">here</a> for more).

Last month, the Straits Times Index (“STI”) gained 0.7%, from 3,190.17 at the end of January to 3,212.69 at the end of February. As detailed in the FTSE Asia Monthly Report (click <a href="https://www.ftse.com/Analytics/Factsheets/Home/DownloadSingleIssue?issueName=ASIAMR&amp;IsManual=True">here</a>) Singapore’s Mid Cap stocks continued to be amongst the best performers in February within the FTSE ST Index Series, gaining 1.8% over the month. The FTSE ST Mid Cap Index generated a total return of 9.3% over the first two months of 2019.  
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-03/Capture_1.PNG" alt="Monthly Share Buyback Consideration (S$ Million) &amp; STI Month-End Levels">
 </figure>
 <div class="content-caption">Monthly Share Buyback Consideration (S$ Million) &amp; STI Month-End Levels</div>
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.

Four New Mandates Commenced in February 2019 

<ul>
<li>
Singapore Telecommunications (“Singtel”) commenced its share buyback mandate on 15 February buying back 370,672 shares for a consideration of S$1.11 million. Its previous buyback was conducted on the preceding year’s mandate on 25 May 2018.  
	 </li>
	<li>
EuroSports Global commenced its share buyback mandate which had been approved on 27 July 2018. Over a series of six transactions in February, EuroSports Global  bought back 0.27% of its issued shares (the number of issued excluding treasury shares as of 27 July 2018). EuroSports Global also continued to conduct buybacks during the first two sessions of March. 
	 </li>
	<li>
ecoWise Holdings commenced its buyback mandate approved back on 28 February 2018, with the repurchasing of 500,000 shares on 19 February.  ecoWise Holdings held its FY18 Annual General Meeting on 28 February 2019 with the resolution proposing the renewal of the share buyback mandate approved. 
	 </li>
	<li>
Starburst Holdings commenced a new buyback mandate on 27 February, buying back 70,600 shares. The mandate had been approved back on 26 April 2018. The preceding buyback mandate had seen Starburst Holdings buy back 3.3 per cent of its outstanding shares over 28 transactions.    </li>
</ul>
The table below summarises the buyback considerations in February 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.

<table class="table table-striped"><tbody>
<tr>
<td>
			Company /Trust
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in Feb 2019
			</td>
			<td>
			Total Buyback Consideration in Feb 2019 (including stamp duties, clearing changes etc.) paid or payable for the shares S$
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date*
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,407,292
			</td>
			<td>
			4,100,900
			</td>
			<td>
			15,216,175
			</td>
			<td>
			5,422,300
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			209,128,622
			</td>
			<td>
			600,000
			</td>
			<td>
			6,719,213
			</td>
			<td>
			10,825,000
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT MANAGEMENT
			</td>
			<td>
			169,473,366
			</td>
			<td>
			3,250,000
			</td>
			<td>
			3,932,123
			</td>
			<td>
			34,027,800
			</td>
		</tr>
<tr>
<td>
			SINGAPORE POST
			</td>
			<td>
			226,352,024
			</td>
			<td>
			1,590,000
			</td>
			<td>
			1,559,791
			</td>
			<td>
			12,720,000
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,039,085
			</td>
			<td>
			940,000
			</td>
			<td>
			1,509,335
			</td>
			<td>
			1,431,353
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS 
			</td>
			<td>
			816,457,915
			</td>
			<td>
			370,672
			</td>
			<td>
			1,113,888
			</td>
			<td>
			370,672
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			86,408,798
			</td>
			<td>
			1,299,700
			</td>
			<td>
			637,840
			</td>
			<td>
			35,115,200
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			169,629,503
			</td>
			<td>
			4,301,500
			</td>
			<td>
			542,284
			</td>
			<td>
			6,812,800
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			43,701,979
			</td>
			<td>
			992,000
			</td>
			<td>
			286,211
			</td>
			<td>
			8,988,800
			</td>
		</tr>
<tr>
<td>
			EUROSPORTS GLOBAL 
			</td>
			<td>
			26,500,000
			</td>
			<td>
			715,000
			</td>
			<td>
			134,324
			</td>
			<td>
			715,000
			</td>
		</tr>
<tr>
<td>
			BUMITAMA AGRI
			</td>
			<td>
			173,982,394
			</td>
			<td>
			200,000
			</td>
			<td>
			134,132
			</td>
			<td>
			1,567,200
			</td>
		</tr>
<tr>
<td>
			SINGHAIYI GROUP
			</td>
			<td>
			428,511,187
			</td>
			<td>
			1,193,000
			</td>
			<td>
			111,577
			</td>
			<td>
			64,367,900
			</td>
		</tr>
<tr>
<td>
			STARBURST HOLDINGS 
			</td>
			<td>
			12,344,611
			</td>
			<td>
			70,600
			</td>
			<td>
			27,073
			</td>
			<td>
			70,600
			</td>
		</tr>
<tr>
<td>
			ECOWISE HOLDINGS 
			</td>
			<td>
			95,748,302
			</td>
			<td>
			500,000
			</td>
			<td>
			15,035
			</td>
			<td>
			500,000
			</td>
		</tr>
<tr>
<td>
			JAPAN FOODS HOLDING
			</td>
			<td>
			17,408,790
			</td>
			<td>
			12,500
			</td>
			<td>
			5,045
			</td>
			<td>
			485,000
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			20,135,872
			</td>
			<td>
			31,944,046
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: SGX (Data as of 28 February 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. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

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="http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/company_announcements">here</a>).
</body></html>





In Feb 2019, the STI gained 0.7% and 15 SGX primary-listed stocks repurchased 20 million shares with total consideration of S$32 million. This was up from S$26 million in Jan 2019 and down year-on-year from S$134 million in Feb 2018. 
	 
	
Four stocks commenced new buyback mandates in the month of Feb 2019: Singtel, EuroSports Global, Starburst Holdings &amp; Ecowise Holdings. Relative to outstanding shares, EuroSports Global bought back 0.27% of its shares during the month.  
	 
	The Feb 2019 buyback consideration was led by ST Engineering, OCBC and Keppel REIT Management. ST Engineering accounted for almost half the S$32 million consideration, buying back approx. 4 million shares in a price range of S$3.66 to S$3.75. 

Total share buyback consideration for the month of February 2019 totaled S$31.9 million. There were 15 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 20.1 million in shares or units. The S$31.9 million in buyback consideration was one-fifth higher than the buyback consideration of S$26.4 million filed in January 2019 (click here for more).

Last month, the Straits Times Index (“STI”) gained 0.7%, from 3,190.17 at the end of January to 3,212.69 at the end of February. As detailed in the FTSE Asia Monthly Report (click here) Singapore’s Mid Cap stocks continued to be amongst the best performers in February within the FTSE ST Index Series, gaining 1.8% over the month. The FTSE ST Mid Cap Index generated a total return of 9.3% over the first two months of 2019.  

      
    
    Monthly Share Buyback Consideration (S$ Million) &amp; STI Month-End Levels
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.

Four New Mandates Commenced in February 2019 



Singapore Telecommunications (“Singtel”) commenced its share buyback mandate on 15 February buying back 370,672 shares for a consideration of S$1.11 million. Its previous buyback was conducted on the preceding year’s mandate on 25 May 2018.  
	 
	
EuroSports Global commenced its share buyback mandate which had been approved on 27 July 2018. Over a series of six transactions in February, EuroSports Global  bought back 0.27% of its issued shares (the number of issued excluding treasury shares as of 27 July 2018). EuroSports Global also continued to conduct buybacks during the first two sessions of March.  
	 
	
ecoWise Holdings commenced its buyback mandate approved back on 28 February 2018, with the repurchasing of 500,000 shares on 19 February.  ecoWise Holdings held its FY18 Annual General Meeting on 28 February 2019 with the resolution proposing the renewal of the share buyback mandate approved. 
	 
	
Starburst Holdings commenced a new buyback mandate on 27 February, buying back 70,600 shares. The mandate had been approved back on 26 April 2018. The preceding buyback mandate had seen Starburst Holdings buy back 3.3 per cent of its outstanding shares over 28 transactions.    

The table below summarises the buyback considerations in February 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.




			Company /Trust
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in Feb 2019
			
			
			Total Buyback Consideration in Feb 2019 (including stamp duties, clearing changes etc.) paid or payable for the shares S$
			
			
			Cumulative Number of Shares/units purchased in Mandate to date*
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,407,292
			
			
			4,100,900
			
			
			15,216,175
			
			
			5,422,300
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			209,128,622
			
			
			600,000
			
			
			6,719,213
			
			
			10,825,000
			
		


			KEPPEL REIT MANAGEMENT
			
			
			169,473,366
			
			
			3,250,000
			
			
			3,932,123
			
			
			34,027,800
			
		


			SINGAPORE POST
			
			
			226,352,024
			
			
			1,590,000
			
			
			1,559,791
			
			
			12,720,000
			
		


			STARHUB
			
			
			173,039,085
			
			
			940,000
			
			
			1,509,335
			
			
			1,431,353
			
		


			SINGAPORE TELECOMMUNICATIONS 
			
			
			816,457,915
			
			
			370,672
			
			
			1,113,888
			
			
			370,672
			
		


			STAMFORD LAND CORPORATION
			
			
			86,408,798
			
			
			1,299,700
			
			
			637,840
			
			
			35,115,200
			
		


			GLOBAL INVESTMENTS
			
			
			169,629,503
			
			
			4,301,500
			
			
			542,284
			
			
			6,812,800
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			43,701,979
			
			
			992,000
			
			
			286,211
			
			
			8,988,800
			
		


			EUROSPORTS GLOBAL 
			
			
			26,500,000
			
			
			715,000
			
			
			134,324
			
			
			715,000
			
		


			BUMITAMA AGRI
			
			
			173,982,394
			
			
			200,000
			
			
			134,132
			
			
			1,567,200
			
		


			SINGHAIYI GROUP
			
			
			428,511,187
			
			
			1,193,000
			
			
			111,577
			
			
			64,367,900
			
		


			STARBURST HOLDINGS 
			
			
			12,344,611
			
			
			70,600
			
			
			27,073
			
			
			70,600
			
		


			ECOWISE HOLDINGS 
			
			
			95,748,302
			
			
			500,000
			
			
			15,035
			
			
			500,000
			
		


			JAPAN FOODS HOLDING
			
			
			17,408,790
			
			
			12,500
			
			
			5,045
			
			
			485,000
			
		


			Total
			
			
			 
			
			
			20,135,872
			
			
			31,944,046
			
			
			 
			
		

Source: SGX (Data as of 28 February 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. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

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).



Feb Share Buybacks at S$32 million with Modest STI Gain

Singapore

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

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