SGX Market Updates

Share Buyback Consideration Of SGX Primary Listings Total S$586m In 3Q22


06 October 2022

  • In 3Q22, 46 SGX primary-listed companies bought back shares with a total consideration of S$586 million, bringing the total buyback consideration for the first 9 months of 2022 to S$1.54 billion, up ~150% from S$609 million for the same period in 2021.

  • Non-STI stocks with the highest 3Q22 buyback consideration included Yangzijiang Financial, The Hour Glass, OUE, First Resources and Hong Fok Corporation.

  • As of 30 Sep, Yangzijiang Financial had bought back 5.22% of its issued shares (excluding treasury shares). The 3Q22 buybacks were conduced at an average price of S$0.382 per share.

  • The Hour Glass commenced a new buyback mandate in 3Q22, with 2.05% of its shares bought back between 3 Aug and 30 Sep. The previous mandate saw 3.49% of its shares bough back through to 26 July. This saw the leading specialist watch retailer buy back 13.95 million shares in 3Q22, at an average price of S$2.23 per share.

During 3Q22, the STI generated a 0.9% price gain, with dividend distributions boosting the total return to 2.4%. This compared a 3.2% decline in total return for the FTSE Developed Index, with global bank stocks printing approximately half the declines of global technology stocks. During the quarter, 41% of the trading sessions saw STI annualised 30 day volatility above 10%, which was down from 89% in 2Q22. Both STI ETFs also attracted moderate net inflows, totalling S$19 million, while the broader Singapore stock market attracted over S$800 million of net institutional fund inflows.

Total buyback consideration was comparatively more consistent, with 46 SGX primary-listed companies buying back shares with a total consideration of S$586 million, which was down from the S$657 million in consideration filed for 2Q22, but up from the S$241 million in consideration filed for 3Q21.

The month of July 2022 saw the least monthly buyback consideration filed for Singapore’s primary-listed stocks since July 2021, which was a seasonal effect leading into seasonal semi-annual reporting. The following month of August 2022 saw the highest buyback consideration filed since the comparatively more volatile conditions of March 2020.

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SGX Monthly Share Buyback Consideration vs STI

The table below details the SGX primary-listed stocks that conducted share buybacks in 3Q22.

Of the 10 stocks that led the buyback consideration tally in 3Q22, 9 have also led the buyback consideration tally for the first 9 months of 2022. These stocks were Keppel Corp (SGX:BN4), Wilmar International (SGX:F34), OCBC Bank (SGX:O39), CapitaLand Investment (SGX:9CI), Yangzijiang Financial (SGX:YF8), The Hour Glass (SGX:AGS), SingTel (SGX:Z74), ST Engineering (SGX:S63) and OUE (SGX:LJ3).

SGX Primary Listed Stocks
Conducted Buybacks In 3Q22
Number of Shares
(or Units)
Buyback Consideration
(Including stamp duties,
clearing changes etc.)
Paid or Payable
Average Price Paid
Per Share
Percentage of
Shares Bought Back
Vs Total Issued Shares
As At Date Of
Buy Back Resolution
Wilmar International F34 34,575,300 $140,544,901 $4.065 1.07
Keppel Corporation BN4 19,024,500 $136,187,343 $7.159 2.70
OCBC Bank O39 8,000,000 $97,180,549 $12.148 0.37
Yangzijiang Financial YF8 192,065,600 $73,305,167 $0.382 5.22
The Hour Glass AGS 13,953,000 $31,129,043 $2.231 2.05
CapitaLand Investment 9CI 6,903,600 $26,729,210 $3.872 0.68
OUE LJ3 11,743,800 $15,785,929 $1.344 1.52
SingTel Z74 3,662,791 $9,752,800 $2.663 0.02
First Resources EB5 5,327,200 $7,742,285 $1.453 0.34
ST Engineering S63 2,000,000 $7,712,640 $3.856 0.13
Hong Fok H30 5,264,800 $5,304,566 $1.008 1.75
Sembcorp Industries U96 1,300,000 $4,216,139 $3.243 0.07
Valuetronics BN2 7,799,600 $4,128,026 $0.529 1.57
G K Goh G41 3,620,700 $3,331,833 $0.920 1.72
Nanofilm Technologies MZH 1,521,800 $3,262,500 $2.144 0.21
HRnetGroup CHZ 3,247,700 $2,548,182 $0.785 0.43
StarHub CC3 1,610,000 $1,855,938 $1.153 0.93
Japfa UD2 2,864,100 $1,729,835 $0.604 0.14
Food Empire F03 3,254,200 $1,720,277 $0.529 0.61
Global Investments B73 10,800,000 $1,510,670 $0.140 1.86
Cosmosteel B9S 8,000,900 $1,193,635 $0.149 10.00
Geo Energy Resources RE4 3,000,000 $1,077,521 $0.359 0.21
Straits Trading Co. S20 410,800 $1,072,395 $2.611 0.09
SIA Engineering S59 443,900 $1,059,025 $2.386 0.04
China Sunsine Chemical QES 1,831,100 $872,640 $0.477 0.24
Oxley 5UX 4,516,600 $744,544 $0.165 0.17
Pan-United P52 1,641,600 $708,530 $0.432 0.42
ComfortDelGro C52 495,000 $675,718 $1.365 0.04
AEM AWX 140,000 $592,318 $4.231 0.09
Sarine Technologies U77 1,180,300 $464,453 $0.394 0.50
iFAST AIY 106,900 $400,977 $3.751 0.17
Spackman Entertainment 40E 65,266,000 $327,356 $0.005 3.43
Tiong Woon BQM 400,000 $191,741 $0.479 0.17
GHY Culture & Media XJB 408,300 $191,682 $0.469 0.12
Alliance Healthcare MIJ 1,000,000 $174,314 $0.174 1.03
Boustead Singapore F9D 175,000 $159,945 $0.914 0.04
Maxi-Cash Financial Services* 5UF 884,000 $144,664 $0.164 0.04
Ban Leong Technologies B26 269,100 $121,508 $0.452 0.64
PEC IX2 150,000 $94,232 $0.628 0.06
Telechoice T41 448,000 $53,698 $0.120 0.22
Intraco I06 151,700 $48,208 $0.318 0.30
Jumbo Group 42R 126,200 $33,577 $0.266 0.02
Tuan Sing T24 51,300 $19,444 $0.379 0.02
Tiong Seng BFI 160,000 $15,731 $0.098 0.04
CSC Holdings C06 1,000,000 $13,049 $0.013 0.03
Eurosports Global 5G1 10,100 $1,921 $0.190 1.71
Total 430,805,491 $586,130,658

Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)
* Company name now Aspial Lifestyle.

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they can be converted into treasury shares, which means they are no longer categorised as shares outstanding. Motivations for share buybacks can include employee compensation plans (such as share option schemes or employee share purchase plans) or long term capital management. Buybacks have also been observed to broadly pick up amidst market declines that are driven by international macroeconomic developments.

Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market. As best practice, companies should refrain from buying back their shares during the two weeks immediately before semi-annual financial statements and one month immediately before the full-year financial statements.

See also the summary of SGX Listed Companies Share Buy-back Transactions .

This article is provided by SGX My Gateway.

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