In 1Q24, 50 SGX primary-listed companies bought back shares by way of market acquisitions, with a consideration totaling S$232 million. This represented 0.04% of the total market capitalisation of all primary-listed stocks on Singapore Exchange as of the end of March. Share buybacks by way of market acquisitions are ‘on-market’, that is the company buys the shares from any willing seller at prevailing market value.
Over the quarter, the STI generated a flat total return. While the broad Singapore stock market booked S$1.15 billion of net institutional outflow, for every stock that booked net institutional outflow, close to one stock booked net institutional inflow. Together, the Bank Sector and the S-REIT Sector contributed S$0.76 billion of the net institutional outflow. The flat STI total return also saw S$97 million in net inflows to both STI tracking ETFs, the SPDR STI ETF (ES3) and NikkoAM STI ETF (G3B). March also marked the seventh consecutive month of the STI ETFs booking combined net inflows.
STI stocks, CapitaLand Investment and City Developments both led the primary-listed buyback consideration tally in 1Q24. Other STI stocks that conducted buybacks in 1Q24 included Oversea-Chinese Banking Corporation, Venture Corporation, Singapore Exchange,
Singapore Technologies Engineering and Singapore Airlines.
The 1Q24 buyback activity compared to 41 primary-listed companies conducting S$111 million in buyback consideration in 1Q23. For the full 2023, 69 SGX primary-listed companies bought back shares by way of market acquisitions with a consideration totaling S$743 million. Motivations for share buybacks can include employee compensation plans (such as share option schemes or employee share purchase plans) or long-term capital management.
The 15 stocks with the highest buyback consideration by way of market acquisition in 1Q24 are tabled below.
Share Buybacks by Primary-listed Companies |
Number of Shares Purchased (1Q24) |
Buyback Consideration (incl. stamp duties & clearing charges) S$ (1Q24) |
Avg. price paid per share S$ |
% of outstanding shares acquired on CURRENT mandate (as of date of mandate) |
CAPITALAND INVESTMENT |
31,235,000 |
92,387,466 |
$2.958 |
1.03 |
CITY DEVELOPMENTS |
6,722,400 |
39,723,204 |
$5.909 |
0.74 |
YANGZIJIANG FINANCIAL HOLDING |
84,462,700 |
27,034,452 |
$0.320 |
4.37 |
OVERSEA-CHINESE BANKING CORPORATION |
900,000 |
11,775,769 |
$13.084 |
0.29 |
SINGAPORE TECHNOLOGIES ENGINEERING |
2,380,700 |
9,249,261 |
$3.885 |
0.33 |
FIRST RESOURCES |
5,863,500 |
7,952,329 |
$1.356 |
0.57 |
OLAM GROUP |
6,673,900 |
6,975,563 |
$1.045 |
0.72 |
VENTURE CORPORATION |
317,100 |
4,360,932 |
$13.753 |
0.31 |
SINGAPORE EXCHANGE |
391,200 |
3,668,443 |
$9.377 |
0.04 |
STAMFORD LAND CORPORATION |
9,143,100 |
3,610,794 |
$0.395 |
0.61 |
THE HOUR GLASS |
2,220,400 |
3,442,145 |
$1.550 |
1.24 |
SINGAPORE AIRLINES |
500,000 |
3,206,327 |
$6.413 |
0.02 |
OUE |
2,312,200 |
2,587,189 |
$1.119 |
0.70 |
FOOD EMPIRE HOLDINGS |
2,009,600 |
2,523,009 |
$1.255 |
1.71 |
SIA ENGINEERING COMPANY |
814,200 |
1,877,098 |
$2.305 |
0.15 |
Source: SGX, Bloomberg, Refinitiv (Data as of 31 March 2024).
Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click here).
Yangzijiang Financial Holding bought back 84.5 million shares in 1Q24. This brought its buybacks on the current mandate to 4.37 per cent of its issued shares (excluding treasury shares), as the 21 April 2023 share buyback mandate date. These buybacks were conducted between 11 May 2023 and 28 March 2024. The preceding mandate saw Yangzijiang Financial Holding buy back 7.00 per cent of its issued shares (excluding treasury shares). The asset manager and investment arm of Yangzijiang Shipbuilding (Holdings) considers its share buybacks an effective method of returning value to shareholders and will continue doing so when circumstances permit. The Group added that factors it takes into consideration when engaging in share buybacks, include the amount of surplus cash available, its share price level, and prevailing market conditions. The FY23 Annual Report can be read here.
The table below, details another 15 stocks with current share buyback mandates that that had bought back the highest percentage of their issued shares (excluding treasury shares) as of their respective mandate date.
Share Buybacks by Primary-listed Companies in 1Q24 with highest % of outstanding shares acquired on CURRENT mandate |
Number of Shares Purchased in 1Q24 |
Buyback Consideration in 1Q24 (incl. stamp duties & clearing charges) S$ |
Avg. price paid per share S$ |
% of outstanding shares acquired on CURRENT mandate (as of date of mandate) |
YANGZIJIANG FINANCIAL HOLDING |
84,462,700 |
27,034,452 |
$0.320 |
4.37 |
5E RESOURCES |
5,096,300 |
1,513,026 |
$0.297 |
4.10 |
GLOBAL INVESTMENTS |
11,300,000 |
1,286,822 |
$0.114 |
3.28 |
BAN LEONG TECHNOLOGIES |
798,000 |
272,031 |
$0.341 |
2.42 |
OUHUA ENERGY HOLDINGS |
1,150,300 |
98,459 |
$0.086 |
1.79 |
FOOD EMPIRE HOLDINGS |
2,009,600 |
2,523,009 |
$1.255 |
1.71 |
ACESIAN PARTNERS |
3,130,100 |
143,075 |
$0.046 |
1.56 |
VIBRANT GROUP |
656,600 |
28,302 |
$0.043 |
1.46 |
THE HOUR GLASS |
2,220,400 |
3,442,145 |
$1.550 |
1.24 |
VALUETRONICS HOLDINGS |
935,700 |
557,521 |
$0.596 |
1.06 |
CAPITALAND INVESTMENT |
31,235,000 |
92,387,466 |
$2.958 |
1.03 |
EUROSPORTS GLOBAL |
987,600 |
162,481 |
$0.165 |
1.03 |
KSH HOLDINGS |
5,680,000 |
1,395,243 |
$0.246 |
1.01 |
STARHUB |
300,000 |
326,294 |
$1.088 |
0.98 |
PEC |
1,559,600 |
908,843 |
$0.583 |
0.79 |
Source: SGX, Bloomberg, Refinitiv (Data as of 31 March 2024).
Secondary-listed Jardine Matheson Holdings also acquired 940,300 shares over 1Q24. The Group maintains it seeks to balance the investments in with capital allocations on M&A for new businesses, and with its Refinitiv consensus estimates target price at US$45.95 as of 9 April. Jumbo Group also acquired 37,522,422 shares or 5.85% of its issued shares (excluding treasury shares) on 11 March by way of a market acquisition on an equal access scheme, as opposed to the aforementioned method of on-market acquisitions.
On the REIT front, Digital Core REIT Management bought back 7,908,700 units of Digital Core REIT, bringing the cumulative number of units purchased on the current mandate to 14,394,400 units or 1.28% of its issued units as of the start of the current buyback mandate. ESR-LOGOS Funds Management also bought back 11,420,600 units of ESR-LOGOS REIT, bringing the cumulative number of units purchased on the current mandate to 21,118,100 units or 0.29% of its issued units as of the start of the current buyback mandate.
The full tally of buyback considerations for the primary-listed companies in Singapore for 1Q24 is tabled below.
Share Buybacks by Primary-listed Companies |
Number of Shares Purchased (1Q24) |
Buyback Consideration (incl. stamp duties & clearing charges) S$ (1Q24) |
Avg. price paid per share S$ |
% of outstanding shares acquired on CURRENT mandate (as of date of mandate) |
CAPITALAND INVESTMENT |
31,235,000 |
92,387,466 |
$2.958 |
1.03 |
CITY DEVELOPMENTS |
6,722,400 |
39,723,204 |
$5.909 |
0.74 |
YANGZIJIANG FINANCIAL HOLDING |
84,462,700 |
27,034,452 |
$0.320 |
4.37 |
OVERSEA-CHINESE BANKING CORPORATION |
900,000 |
11,775,769 |
$13.084 |
0.29 |
SINGAPORE TECHNOLOGIES ENGINEERING |
2,380,700 |
9,249,261 |
$3.885 |
0.33 |
FIRST RESOURCES |
5,863,500 |
7,952,329 |
$1.356 |
0.57 |
OLAM GROUP |
6,673,900 |
6,975,563 |
$1.045 |
0.72 |
VENTURE CORPORATION |
317,100 |
4,360,932 |
$13.753 |
0.31 |
SINGAPORE EXCHANGE |
391,200 |
3,668,443 |
$9.377 |
0.04 |
STAMFORD LAND CORPORATION |
9,143,100 |
3,610,794 |
$0.395 |
0.61 |
THE HOUR GLASS |
2,220,400 |
3,442,145 |
$1.550 |
1.24 |
SINGAPORE AIRLINES |
500,000 |
3,206,327 |
$6.413 |
0.02 |
OUE |
2,312,200 |
2,587,189 |
$1.119 |
0.70 |
FOOD EMPIRE HOLDINGS |
2,009,600 |
2,523,009 |
$1.255 |
1.71 |
SIA ENGINEERING COMPANY |
814,200 |
1,877,098 |
$2.305 |
0.15 |
5E RESOURCES |
5,096,300 |
1,513,026 |
$0.297 |
4.10 |
KSH HOLDINGS |
5,680,000 |
1,395,243 |
$0.246 |
1.01 |
GLOBAL INVESTMENTS |
11,300,000 |
1,286,822 |
$0.114 |
3.28 |
PEC |
1,559,600 |
908,843 |
$0.583 |
0.79 |
OXLEY HOLDINGS |
9,181,700 |
840,221 |
$0.092 |
0.31 |
CHUAN HUP HOLDINGS |
4,080,000 |
713,485 |
$0.175 |
0.46 |
HRNETGROUP |
985,200 |
709,385 |
$0.720 |
0.46 |
THE STRAITS TRADING COMPANY |
365,100 |
648,103 |
$1.775 |
0.43 |
VALUETRONICS HOLDINGS |
935,700 |
557,521 |
$0.596 |
1.06 |
SINGAPORE SHIPPING CORPORATION |
2,110,300 |
504,035 |
$0.239 |
0.52 |
CHINA SUNSINE CHEMICAL HOLDINGS |
1,198,700 |
476,071 |
$0.397 |
0.75 |
STARHUB |
300,000 |
326,294 |
$1.088 |
0.98 |
BAN LEONG TECHNOLOGIES |
798,000 |
272,031 |
$0.341 |
2.42 |
ASPIAL CORPORATION |
2,628,300 |
181,617 |
$0.069 |
0.12 |
KIMLY |
544,800 |
171,990 |
$0.316 |
0.04 |
EUROSPORTS GLOBAL |
987,600 |
162,481 |
$0.165 |
1.03 |
ACESIAN PARTNERS |
3,130,100 |
143,075 |
$0.046 |
1.56 |
TELECHOICE INTERNATIONAL |
1,608,700 |
118,322 |
$0.074 |
0.56 |
OUHUA ENERGY HOLDINGS |
1,150,300 |
98,459 |
$0.086 |
1.79 |
SARINE TECHNOLOGIES |
235,100 |
65,340 |
$0.278 |
0.51 |
HOTUNG INVESTMENT HLDGS |
40,900 |
65,041 |
$1.590 |
0.04 |
TUAN SING HOLDINGS |
244,000 |
64,742 |
$0.265 |
0.04 |
GLOBAL TESTING CORPORATION |
55,100 |
47,890 |
$0.869 |
0.24 |
KIM HENG |
509,700 |
40,446 |
$0.079 |
0.07 |
JAPAN FOODS HOLDING |
139,600 |
39,729 |
$0.285 |
0.28 |
IWOW TECHNOLOGY |
177,100 |
35,459 |
$0.200 |
0.07 |
GHY CULTURE & MEDIA HOLDING CO |
101,600 |
35,106 |
$0.346 |
0.11 |
PACIFIC CENTURY REGIONAL DEVELOPMENTS |
114,800 |
32,295 |
$0.281 |
0.04 |
VIBRANT GROUP |
656,600 |
28,302 |
$0.043 |
1.46 |
CSC HOLDINGS |
3,700,000 |
27,788 |
$0.008 |
0.15 |
ST GROUP FOOD INDUSTRIES HOLDINGS |
110,400 |
18,541 |
$0.168 |
0.05 |
MDR |
251,000 |
16,066 |
$0.064 |
0.47 |
NORDIC GROUP |
31,500 |
11,452 |
$0.364 |
0.07 |
EVER GLORY UNITED HOLDINGS |
20,000 |
7,825 |
$0.391 |
0.31 |
TREK 2000 INTERNATIONAL |
50,000 |
3,356 |
$0.067 |
0.02 |
Total |
216,023,800 |
231,940,383 |
|
|
Source: SGX, Bloomberg, Refinitiv (Data as of 31 March 2024).
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