SGX Market Updates

S$51 Million Worth of Share Buybacks in June – Highest in Nine Months


04 July 2017

  • More than 13 million shares were repurchased by 18 companies in June, with total buyback consideration at S$51.5 million. This was up 5.9% from S$48.6 million in consideration for May 2017.

  • The five stocks with the largest buyback consideration value in May included two STI stocks. The five stocks were Oversea-Chinese Banking Corp (OCBC), SIA Engineering Company, Singapore Post, Hi-P International and Telechoice International.

  • For a fourth consecutive month, OCBC had the highest buyback consideration for the month, taking the total number of shares purchased under the 12 month mandate (effective 28 April) to 7.2 million shares.

In the month of June 2017 there were a total of 13,440,900 shares repurchased by 18 companies, with a total consideration of S$51.5 million. Buyback consideration was up 5.9% from the S$48.6 million reported for May 2017.

Buybacks in June 2017 have taken the total share buyback consideration for the 2017 YTD to S$200.8 million. This compares with S$544 million for the first six months of 2016.

June’s share buyback consideration was down 76.6% YOY from S$218 million in June 2016. Over the past 12 months, the STI rallied 13.6% in price, generating a total return of 17.8%.

The five stocks with the largest buyback consideration value last month were Oversea-Chinese Banking Corp (OCBC), SIA Engineering Company, Singapore Post, Hi-P International and Telechoice International. For a fourth consecutive month, OCBC had the highest buyback consideration in the month, taking the total number of shares purchased on to the 12 month mandate effective 28 April to 7.2 million.

As illustrated below, monthly total buyback consideration in June 2017 was at the highest level since September 2016.

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

Source: SGX (data as of 30 June 2017)

Buybacks in June 

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 table below summarises the buyback considerations in June 2017. The table is sorted by the value of the total consideration amount, which is the product of the number of shares purchased and the purchase price of the shares.

Name Start Date Mandate Total No. of shares bought in June Total Consideration: June S$ Cum No. of Shares Purchased to End of June Pct* %
Oversea-Chinese Banking Corp 28/04/2017 209,124,917 4,200,000 44,797,945 7,200,000 0.172
SIA Engineering Company 22/07/2016 22,478,084 462,100 1,907,574 5,129,900 0.4564
Singapore Post 14/07/2016 216,298,901 1,116,600 1,455,433 2,233,200 0.1032
Hi-P Intl 26/04/2017 80,740,651 759,300 671,601 2,305,300 0.286
Telechoice Intl 27/04/2017 45,440,617 2,370,000 615,465 2,370,000 0.522
Tiong Seng Hldgs 26/04/2017 45,962,384 1,602,500 439,942 1,892,900 0.417
Hotung Investment Hldgs 13/04/2017 9,720,378 200,300 368,770 484,200 0.498
Global Palm Resources Hldgs 25/04/2017 19,911,640 859,600 337,989 859,600 0.4317
Q & M Dental Grp 27/04/2017 79,703,066 459,700 301,499 459,700 0.058
Sin Heng Heavy Machinery 26/10/2016 11,461,880 605,800 213,760 605,800 0.529
HUPSteel 22/10/2016 12,282,801 127,800 92,233 341,900 0.278
Starburst Hldgs 27/04/2017 12,445,470 240,000 86,356 240,000 0.0964
Zhongmin Baihui Retail Grp 26/04/2017 19,216,020 50,000 54,071 92,600 0.05
BBR Hldgs 21/04/2017 30,799,941 170,000 35,792 170,000 0.055
PACC Offshore Services Hldgs 27/04/2017 181,382,010 119,200 35,105 119,200 0.007
AEM Hldgs 27/04/2017 6,501,336 10,000 21,161 10,000 0.015
Hwa Hong Corp 27/04/2017 65,317,400 56,000 17,133 216,000 0.033
Nordic Grp 26/04/2017 39,317,540 32,000 12,584 62,500 0.016
Total 13,440,900 51,464,413

Source: SGX (data as of 30 June 2017)
*percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolution

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).

This article is provided by SGX My Gateway.

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