SGX Market Updates

23 SGX Stocks Bought Back Shares in July as STI Defended 10% YTD Total Return


02 August 2019

  • In the month of July the STI declined 0.6%, with dividends marginally improving the total return to a decline of 0.2%. This brought the STI’s total return for the first seven months of 2019 to 10.3%.

  • For the month of July, 23 stocks primary-listed on SGX repurchased more than 30 million shares with a total consideration of S$42 million. This was down from S$55 million in June 2019 and down from S$109 million in July 2018.

  • Buyback consideration was led by OCBC, Keppel REIT and SPH. The current mandate has seen OCBC buy back 0.155% of its shares as of 31 July. The previous year mandate saw OCBC buy back 0.378% of its shares.

Total share buyback consideration for the month of July 2019 totalled S$41.6 million. There were 23 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 32.8 million shares or units.

The S$41.6 million in buyback consideration was less than the buyback consideration of S$55.1 million filed in June 2019 and also less than the average total monthly consideration of S$54 million over the preceding six months.

Last month, the Straits Times Index (“STI”) declined 0.6%, with dividends marginally improving the total return to a decline of 0.2%. This took the STI’s total return for the first seven months of 2019 to 10.3%. This was in-line with the region with the FTSE All-Share ASEAN Index which gained 10.8% and the FTSE Asia Pacific Index which gained 9.9%.

Singapore stocks began July on a note of optimism for trade talks following the G20 Summit, however, the continued USD strength capped regional gains, with the STI generating a marginal decline for the month, in-line with the FTSE All-Share ASEAN Index

Monthly Share Buyback (August)

The month of July also saw institutions book some profit in the REIT Sector, which saw Ascendas REIT, CapitaLand Commercial Trust and CapitaLand Mall Trust, which are top 30 stocks by market capitalisation, rank top 10 stocks by turnover throughout July.

Multiple Stocks Commenced New Mandates Commenced in July 2019

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

Stocks Number of
Authorised for Purchase
in Current Mandate
Total Number of
Shares/units Purchased
in June 2019
Total Buyback
in June 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 212,257,935 1,550,000 $17,792,147 6,580,000
KEPPEL REIT 170,210,715 7,850,700 $9,775,293 17,591,400
SINGAPORE PRESS HOLDINGS 159,698,243 2,000,000 $4,481,355 2,000,000
OLAM INTERNATIONAL 159,528,593 1,707,200 $3,397,666 4,255,100
BOUSTEAD SINGAPORE 48,968,653 1,687,100 $1,313,355 1,687,100
GLOBAL INVESTMENTS 168,741,864 8,352,500 $1,148,964 32,667,800
THE STRAITS TRADING COMPANY 40,767,817 420,000 $976,932 512,400
DUTY FREE INTERNATIONAL 120,550,039 3,342,100 $604,366 3,342,100
VENTURE CORPORATION 14,401,278 40,000 $596,890 40,000
STAMFORD LAND CORPORATION 86,408,798 1,007,200 $489,592 44,353,900
CDW HOLDING 22,724,200 1,583,100 $303,125 2,224,900
KSH HOLDINGS 56,973,564 500,000 $216,627 1,600,000
SINGAPORE SHIPPING CORPORATION 43,701,979 646,200 $187,781 12,842,900
TUAN SING HOLDINGS 118,620,496 180,000 $64,509 2,975,000
TREK 2000 INTERNATIONAL 32,002,002 550,200 $51,059 555,200
JAPFA 186,466,879 100,000 $50,788 1,012,700
STRACO CORPORATION 86,411,428 62,500 $48,118 62,500
BROADWAY INDUSTRIAL GROUP 46,900,606 992,000 $42,411 992,000
EUROSPORTS GLOBAL 26,500,000 107,000 $18,726 2,798,400
KIMLY 115,489,763 64,000 $15,449 5,714,700
GOODLAND GROUP 36,059,491 55,000 $10,715 385,000
GLOBAL PALM RESOURCES HOLDINGS 19,600,350 15,000 $3,188 105,200
CHEUNG WOH TECHNOLOGIES 30,189,290 10,000 $1,293 10,000
Total   32,821,800 $41,590,347  

* Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.
Source: SGX My Gateway (Data as of 31 July 2019).
Please note June total buyback consideration was S$55,082,808, not $55,135,597 as originally reported. The discrepancy was due to the inclusion of buybacks for Straco Corporation and Global Investments on 1 July included within the June report.

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. 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.

This article is provided by SGX My Gateway.

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