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.

Equity Bottom-Up

<ul><li>CapitaLand Investment again led the buyback consideration tally, buying back 5 million shares at an average price of S$2.92 per share on Jan 26.</li><li>It also led the share buyback consideration tally in January, followed by Yangzijiang Financial Holding, Singapore Technologies Engineering, Venture Corporation and OUE.</li><li>Aside from Jardine Matheson Holdings, ComfortDelGro also ranked among the 10 stocks that booked the highest net institutional inflow in January.</li></ul>

CapitaLand Investment again led the buyback consideration tally, buying back 5 million shares at an average price of S$2.92 per share on Jan 26.It also led the share buyback consideration tally in January, followed by Yangzijiang Financial Holding, Singapore Technologies Engineering, Venture Corporation and OUE.Aside from Jardine Matheson Holdings, ComfortDelGro also ranked among the 10 stocks that booked the highest net institutional inflow in January.

Silchester takes ComfortDelGro stake above 7%

<ul><li>Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.</li><li>Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.</li></ul>

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.

Accrelist chairman Terence Tea increases stake in firm

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912:1" rel="noopener">OUE Commercial REIT (OUECT SP)</a> is one of Singapore's best-quality commercial REITs, with a well-diversified and high-quality portfolio of assets across office, hospitality, and retail.</li>
<li>A recent Smartkarma webinar (<a href="https://smartkarma.zoom.us/rec/share/eYn5W7LR8kLF2VionpSTS6bzfEHOL83S-xfoAb_3LAKGbh8t8MCU1bZowWgASr3_.Gy94YGk0jGQlwFBP?startTime=1701169228000" target="_blank" data-smartkarma-citation="insights:117061" rel="noopener">Smartkarma Corporate Webinar | OUE C-REIT: Strength in Portfolio Diversity</a>) with the management revealed a positive outlook for the company's portfolio across the office, retail, and especially hospitality with some well-times asset enhancement initiatives bearing fruit.</li>
<li>
<a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912:1" rel="noopener">OUE Commercial REIT</a> has strong sustainability credentials, both through its green-certified buildings, and an increasing portion of sustainable finance, with some well-timed recent financing. </li>
</ul>



OUE Commercial REIT (OUECT SP) is one of Singapore's best-quality commercial REITs, with a well-diversified and high-quality portfolio of assets across office, hospitality, and retail.
A recent Smartkarma webinar (Smartkarma Corporate Webinar | OUE C-REIT: Strength in Portfolio Diversity) with the management revealed a positive outlook for the company's portfolio across the office, retail, and especially hospitality with some well-times asset enhancement initiatives bearing fruit.

OUE Commercial REIT has strong sustainability credentials, both through its green-certified buildings, and an increasing portion of sustainable finance, with some well-timed recent financing. 


OUE Commercial REIT (OUECT SP) - Well-Heeled Exposure to Singapore's Commercial Property

Bukit Sembawang Estates / Equity Bottom-Up

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<ul>
<li>
January ’22 private home sales +3.5% MoM and was highest level of Jan month sales since 2014 (with exception of 2021). This built on the record 2021 sales, which was the highest in 8 years. 
	 </li>
	<li>
While the sector has posted c. 3% YTD and rallied c. 29% off the lows seen in March ’20 (start of COVID-19 pandemic), it is still c . 23% below the last peak seen in 2018. Sector’s P/B are currently -1 S.D. below the historical mean. 
	 </li>
	<li>The most actively traded real estate stocks with Singapore property exposure average YTD total return is relatively flattish, as compared to the STI’s +10%. City Developments (+7.8%), UOL (+3.0%), and Ho Bee Land (+2.2%) posted the highest YTD total returns amongst this group. 7 of the 10 stocks with are currently trading below their 5-year historical average P/B ratios.</li>
</ul>
 

Jan ’22 Private Home Sales +3.5%and Above Historical Jan Month Sales in 2014-2020 
According to data from Urban Redevelopment Authority (URA), Singapore saw sale of 673 new private homes excl. executive condominiums (ECs) (+3.5% MoM, -58.8% YoY) in Jan ’22 and represented the highest level of Jan sales in 2014-2020. Private homes sales in the month was largely in the Rest of Central Region (RCR) and Outside Central Region (OCR). New private home sales in 2021 was at over 13,000 units and represented the highest number since 2013. Prices in 2021 posted a 10.6% YoY gain, which was the highest since 2010. 
To recap, on 15 December, the Government announced a package of measures to cool the private homes and HDB resale markets where additional buyer’s stamp duty (ABSD) rates were raised and total debt servicing ratio (TDSR) threshold and HDB LTV limit for loans were tightened. 
In the recently announced Budget 2022, residential properties marginal property tax rates will be raised in two steps starting with the tax payable in 2023. The rates from 2024 are:

<ul>
<li>
Non-owner-occupied residential properties (inc. investment properties) will see property tax rates increased to 12-36% (vs. current 10-20%).</li>
	<li>Concurrently, property tax rates for owner-occupied homes for portion of annual value in excess of S$30,000 will also be raised to a range of 6-32% (vs. 4-16% currently).</li>
</ul>
 Real Estate Developers &amp; Operators Sector +3% YTD but still 23% Below 2018 Peak 
Looking at the sector performance, the iEdge SG Real Estate Developers &amp; Operators Index has posted c. 3% price gains in the YTD, and c. +29% off the lows in March ’20 (at the start of the COVID-19 pandemic). The index is still c. 23% below the last peak seen in 2018. 
The iEdge SG Real Estate Developers &amp; Operators Index is a free-float, market capitalization-weighted index that measures the performance of listed real estate developers and operators in Singapore.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-02/Capture%201_2.PNG' alt='iEdge SG Real Estate Developers' />
 </figure>
 <div class='content-caption'>iEdge SG Real Estate Developers</div>
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<html><body>Sector P/B Trading -1 S.D. Below Mean 
The sector’s P/B ratio is at 0.44x (vs. historical mean of 0.59x) and also -1 S.D. below the historical mean. This is close to the level last seen during the start of the pandemic in March ’20, where there was a broad-based market correction and well below the levels see in 2017.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-02/Capture_14.PNG' alt='iEdge SG Real Estate Developers' />
 </figure>
 <div class='content-caption'>iEdge SG Real Estate Developers</div>
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Most Actively-Traded SGX Stocks with Singapore Real Estate Exposure 
The top actively traded SGX listed stocks with Singapore real estate exposure posted a YTD total returns of -0.4%, which compares with the STI’s +10%. City Developments (+7.8%), UOL (+3.0%), and Ho Bee Land (+2.2%) posted the highest YTD total returns amongst this group. City Developments will report its FY21 results before the open on 25 Feb, UOL will report its CY21 results on 28 Feb, and Ho Bee Land will report after the 28 Feb close.  
These names have an average dividend yield of 2.7% with an average 0.6x P/B ratio. Of the 10 names with 5-year trading history, 7 of them currently have P/B ratios that are below 5-year P/B averages.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock Name 
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			5Y Avg. P/B
			</td>
			<td>
			P/B
			</td>
			<td>
			Div Yield (%)
			</td>
			<td>
			2022 YTD Total Return 

			%
			</td>
		</tr>
<tr>
<td>
			City Developments
			</td>
			<td>
			C09
			</td>
			<td>
			6,657
			</td>
			<td>
			0.9
			</td>
			<td>
			0.8
			</td>
			<td>
			1.1
			</td>
			<td>
			7.8
			</td>
		</tr>
<tr>
<td>
			UOL Group
			</td>
			<td>
			U14
			</td>
			<td>
			6,164
			</td>
			<td>
			0.7
			</td>
			<td>
			0.6
			</td>
			<td>
			2.1
			</td>
			<td>
			3.0
			</td>
		</tr>
<tr>
<td>
			Frasers Property
			</td>
			<td>
			TQ5
			</td>
			<td>
			4,358
			</td>
			<td>
			0.6
			</td>
			<td>
			0.5
			</td>
			<td>
			1.8
			</td>
			<td>
			-0.9
			</td>
		</tr>
<tr>
<td>
			Ho Bee Land
			</td>
			<td>
			H13
			</td>
			<td>
			1,892
			</td>
			<td>
			0.5
			</td>
			<td>
			0.5
			</td>
			<td>
			3.5
			</td>
			<td>
			2.2
			</td>
		</tr>
<tr>
<td>
			GuocoLand
			</td>
			<td>
			F17
			</td>
			<td>
			1,810
			</td>
			<td>
			0.5
			</td>
			<td>
			0.4
			</td>
			<td>
			4.0
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			Wing Tai Holdings
			</td>
			<td>
			W05
			</td>
			<td>
			1,367
			</td>
			<td>
			0.4
			</td>
			<td>
			0.4
			</td>
			<td>
			1.7
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			Bukit Sembawang
			</td>
			<td>
			B61
			</td>
			<td>
			1,292
			</td>
			<td>
			1.0
			</td>
			<td>
			0.9
			</td>
			<td>
			0.8
			</td>
			<td>
			-0.4
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			LJ3
			</td>
			<td>
			1,150
			</td>
			<td>
			0.4
			</td>
			<td>
			0.3
			</td>
			<td>
			1.5
			</td>
			<td>
			-2.9
			</td>
		</tr>
<tr>
<td>
			Oxley Holdings
			</td>
			<td>
			5UX
			</td>
			<td>
			759
			</td>
			<td>
			1.1
			</td>
			<td>
			0.8
			</td>
			<td>
			1.4
			</td>
			<td>
			-4.8
			</td>
		</tr>
<tr>
<td>
			PropNex
			</td>
			<td>
			OYY
			</td>
			<td>
			629
			</td>
			<td>
			N.A.
			</td>
			<td>
			6.6
			</td>
			<td>
			5.6
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			Tuan Sing Holdings
			</td>
			<td>
			T24
			</td>
			<td>
			547
			</td>
			<td>
			0.4
			</td>
			<td>
			0.4
			</td>
			<td>
			1.3
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			APAC Realty
			</td>
			<td>
			CLN
			</td>
			<td>
			229
			</td>
			<td>
			N.A.
			</td>
			<td>
			1.4
			</td>
			<td>
			8.1
			</td>
			<td>
			-10.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			                          2.7
			</td>
			<td>
			-0.4
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 18 February 2022).
</body></html>





January ’22 private home sales +3.5% MoM and was highest level of Jan month sales since 2014 (with exception of 2021). This built on the record 2021 sales, which was the highest in 8 years. 
	 
	
While the sector has posted c. 3% YTD and rallied c. 29% off the lows seen in March ’20 (start of COVID-19 pandemic), it is still c . 23% below the last peak seen in 2018. Sector’s P/B are currently -1 S.D. below the historical mean. 
	 
	The most actively traded real estate stocks with Singapore property exposure average YTD total return is relatively flattish, as compared to the STI’s +10%. City Developments (+7.8%), UOL (+3.0%), and Ho Bee Land (+2.2%) posted the highest YTD total returns amongst this group. 7 of the 10 stocks with are currently trading below their 5-year historical average P/B ratios.

 

Jan ’22 Private Home Sales +3.5%and Above Historical Jan Month Sales in 2014-2020  
According to data from Urban Redevelopment Authority (URA), Singapore saw sale of 673 new private homes excl. executive condominiums (ECs) (+3.5% MoM, -58.8% YoY) in Jan ’22 and represented the highest level of Jan sales in 2014-2020. Private homes sales in the month was largely in the Rest of Central Region (RCR) and Outside Central Region (OCR). New private home sales in 2021 was at over 13,000 units and represented the highest number since 2013. Prices in 2021 posted a 10.6% YoY gain, which was the highest since 2010.  
To recap, on 15 December, the Government announced a package of measures to cool the private homes and HDB resale markets where additional buyer’s stamp duty (ABSD) rates were raised and total debt servicing ratio (TDSR) threshold and HDB LTV limit for loans were tightened.  
In the recently announced Budget 2022, residential properties marginal property tax rates will be raised in two steps starting with the tax payable in 2023. The rates from 2024 are:



Non-owner-occupied residential properties (inc. investment properties) will see property tax rates increased to 12-36% (vs. current 10-20%).
	Concurrently, property tax rates for owner-occupied homes for portion of annual value in excess of S$30,000 will also be raised to a range of 6-32% (vs. 4-16% currently).

  Real Estate Developers &amp; Operators Sector +3% YTD but still 23% Below 2018 Peak  
Looking at the sector performance, the iEdge SG Real Estate Developers &amp; Operators Index has posted c. 3% price gains in the YTD, and c. +29% off the lows in March ’20 (at the start of the COVID-19 pandemic). The index is still c. 23% below the last peak seen in 2018.  
The iEdge SG Real Estate Developers &amp; Operators Index is a free-float, market capitalization-weighted index that measures the performance of listed real estate developers and operators in Singapore.



      
    
    iEdge SG Real Estate Developers

Sector P/B Trading -1 S.D. Below Mean  
The sector’s P/B ratio is at 0.44x (vs. historical mean of 0.59x) and also -1 S.D. below the historical mean. This is close to the level last seen during the start of the pandemic in March ’20, where there was a broad-based market correction and well below the levels see in 2017.


      
    
    iEdge SG Real Estate Developers


Most Actively-Traded SGX Stocks with Singapore Real Estate Exposure  
The top actively traded SGX listed stocks with Singapore real estate exposure posted a YTD total returns of -0.4%, which compares with the STI’s +10%. City Developments (+7.8%), UOL (+3.0%), and Ho Bee Land (+2.2%) posted the highest YTD total returns amongst this group. City Developments will report its FY21 results before the open on 25 Feb, UOL will report its CY21 results on 28 Feb, and Ho Bee Land will report after the 28 Feb close.   
These names have an average dividend yield of 2.7% with an average 0.6x P/B ratio. Of the 10 names with 5-year trading history, 7 of them currently have P/B ratios that are below 5-year P/B averages.




			Stock Name 
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			5Y Avg. P/B
			
			
			P/B
			
			
			Div Yield (%)
			
			
			2022 YTD Total Return 

			%
			
		


			City Developments
			
			
			C09
			
			
			6,657
			
			
			0.9
			
			
			0.8
			
			
			1.1
			
			
			7.8
			
		


			UOL Group
			
			
			U14
			
			
			6,164
			
			
			0.7
			
			
			0.6
			
			
			2.1
			
			
			3.0
			
		


			Frasers Property
			
			
			TQ5
			
			
			4,358
			
			
			0.6
			
			
			0.5
			
			
			1.8
			
			
			-0.9
			
		


			Ho Bee Land
			
			
			H13
			
			
			1,892
			
			
			0.5
			
			
			0.5
			
			
			3.5
			
			
			2.2
			
		


			GuocoLand
			
			
			F17
			
			
			1,810
			
			
			0.5
			
			
			0.4
			
			
			4.0
			
			
			1.3
			
		


			Wing Tai Holdings
			
			
			W05
			
			
			1,367
			
			
			0.4
			
			
			0.4
			
			
			1.7
			
			
			0.0
			
		


			Bukit Sembawang
			
			
			B61
			
			
			1,292
			
			
			1.0
			
			
			0.9
			
			
			0.8
			
			
			-0.4
			
		


			OUE
			
			
			LJ3
			
			
			1,150
			
			
			0.4
			
			
			0.3
			
			
			1.5
			
			
			-2.9
			
		


			Oxley Holdings
			
			
			5UX
			
			
			759
			
			
			1.1
			
			
			0.8
			
			
			1.4
			
			
			-4.8
			
		


			PropNex
			
			
			OYY
			
			
			629
			
			
			N.A.
			
			
			6.6
			
			
			5.6
			
			
			0.6
			
		


			Tuan Sing Holdings
			
			
			T24
			
			
			547
			
			
			0.4
			
			
			0.4
			
			
			1.3
			
			
			0.0
			
		


			APAC Realty
			
			
			CLN
			
			
			229
			
			
			N.A.
			
			
			1.4
			
			
			8.1
			
			
			-10.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			                          2.7
			
			
			-0.4
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 18 February 2022).



SG Real Estate Sector Valuation Below Historical Mean Amidst Resilient Private Home Sales

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<table class="table table-striped"><tbody>
<tr>
<td>
			Primary-listed Stocks that Conducted Buybacks in Dec 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/Units Purchased in Dec 2021
			</td>
			<td>
			Total Buyback Consideration (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date
			</td>
			<td>
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			</td>
		</tr>
<tr>
<td>
			CAPITALAND INVESTMENT
			</td>
			<td>
			260,159,789
			</td>
			<td>
			33,596,500
			</td>
			<td>
			$112,710,385
			</td>
			<td>
			$3.35
			</td>
			<td>
			61,995,700
			</td>
			<td>
			1.21
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			223,511,333
			</td>
			<td>
			2,600,000
			</td>
			<td>
			$29,525,209
			</td>
			<td>
			$11.36
			</td>
			<td>
			27,680,100
			</td>
			<td>
			0.62
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			83,744,151
			</td>
			<td>
			577,500
			</td>
			<td>
			$15,334,868
			</td>
			<td>
			$26.55
			</td>
			<td>
			4,900,000
			</td>
			<td>
			0.29
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			631,140,890
			</td>
			<td>
			3,380,900
			</td>
			<td>
			$13,859,911
			</td>
			<td>
			$4.10
			</td>
			<td>
			19,905,300
			</td>
			<td>
			0.32
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			</td>
			<td>
			394,851,600
			</td>
			<td>
			8,339,500
			</td>
			<td>
			$10,801,230
			</td>
			<td>
			$1.30
			</td>
			<td>
			25,101,500
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			35,714,993
			</td>
			<td>
			2,915,000
			</td>
			<td>
			$5,775,593
			</td>
			<td>
			$1.98
			</td>
			<td>
			6,780,700
			</td>
			<td>
			0.38
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,409,095
			</td>
			<td>
			1,000,000
			</td>
			<td>
			$3,728,481
			</td>
			<td>
			$3.73
			</td>
			<td>
			7,300,000
			</td>
			<td>
			0.23
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			399,200
			</td>
			<td>
			$3,680,309
			</td>
			<td>
			$9.22
			</td>
			<td>
			2,145,400
			</td>
			<td>
			0.20
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP
			</td>
			<td>
			186,740,892
			</td>
			<td>
			2,436,900
			</td>
			<td>
			$3,229,944
			</td>
			<td>
			$1.33
			</td>
			<td>
			2,436,900
			</td>
			<td>
			0.13
			</td>
		</tr>
<tr>
<td>
			THE HOUR GLASS
			</td>
			<td>
			69,664,318
			</td>
			<td>
			1,482,200
			</td>
			<td>
			$2,966,836
			</td>
			<td>
			$2.00
			</td>
			<td>
			10,810,500
			</td>
			<td>
			1.55
			</td>
		</tr>
<tr>
<td>
			GEO ENERGY RESOURCES
			</td>
			<td>
			139,927,311
			</td>
			<td>
			8,900,000
			</td>
			<td>
			$2,938,896
			</td>
			<td>
			$0.33
			</td>
			<td>
			8,900,000
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			WING TAI HOLDINGS
			</td>
			<td>
			77,054,716
			</td>
			<td>
			1,230,900
			</td>
			<td>
			$2,285,592
			</td>
			<td>
			$1.86
			</td>
			<td>
			6,700,100
			</td>
			<td>
			0.87
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			204,707,032
			</td>
			<td>
			2,089,200
			</td>
			<td>
			$1,302,595
			</td>
			<td>
			$0.62
			</td>
			<td>
			6,269,800
			</td>
			<td>
			0.31
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			87,879,966
			</td>
			<td>
			886,300
			</td>
			<td>
			$1,181,616
			</td>
			<td>
			$1.33
			</td>
			<td>
			6,768,900
			</td>
			<td>
			0.77
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			39,889,089
			</td>
			<td>
			3,416,700
			</td>
			<td>
			$973,138
			</td>
			<td>
			$0.28
			</td>
			<td>
			5,506,800
			</td>
			<td>
			1.38
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,110,176
			</td>
			<td>
			600,000
			</td>
			<td>
			$816,553
			</td>
			<td>
			$1.36
			</td>
			<td>
			1,253,000
			</td>
			<td>
			0.07
			</td>
		</tr>
<tr>
<td>
			PAN-UNITED CORPORATION
			</td>
			<td>
			69,857,582
			</td>
			<td>
			2,188,100
			</td>
			<td>
			$704,590
			</td>
			<td>
			$0.32
			</td>
			<td>
			2,188,100
			</td>
			<td>
			0.31
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORPORATION
			</td>
			<td>
			216,731,916
			</td>
			<td>
			462,500
			</td>
			<td>
			$645,277
			</td>
			<td>
			$1.40
			</td>
			<td>
			462,500
			</td>
			<td>
			0.02
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			28,088,477
			</td>
			<td>
			115,000
			</td>
			<td>
			$582,242
			</td>
			<td>
			$5.06
			</td>
			<td>
			1,208,000
			</td>
			<td>
			0.39
			</td>
		</tr>
<tr>
<td>
			AZTECH GLOBAL
			</td>
			<td>
			77,382,554
			</td>
			<td>
			552,600
			</td>
			<td>
			$488,472
			</td>
			<td>
			$0.88
			</td>
			<td>
			1,872,600
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			SHS HOLDINGS
			</td>
			<td>
			68,509,831
			</td>
			<td>
			2,461,000
			</td>
			<td>
			$383,129
			</td>
			<td>
			$0.16
			</td>
			<td>
			2,461,000
			</td>
			<td>
			0.36
			</td>
		</tr>
<tr>
<td>
			G.H.Y CULTURE &amp; MEDIA HOLDING CO
			</td>
			<td>
			107,379,200
			</td>
			<td>
			672,100
			</td>
			<td>
			$366,822
			</td>
			<td>
			$0.55
			</td>
			<td>
			672,100
			</td>
			<td>
			0.06
			</td>
		</tr>
<tr>
<td>
			HG METAL MANUFACTURING
			</td>
			<td>
			3,822,532
			</td>
			<td>
			885,400
			</td>
			<td>
			$339,500
			</td>
			<td>
			$0.38
			</td>
			<td>
			1,123,400
			</td>
			<td>
			0.88
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			159,744,243
			</td>
			<td>
			2,002,600
			</td>
			<td>
			$312,126
			</td>
			<td>
			$0.16
			</td>
			<td>
			54,125,500
			</td>
			<td>
			3.39
			</td>
		</tr>
<tr>
<td>
			HOTUNG INVESTMENT HLDGS
			</td>
			<td>
			9,595,108
			</td>
			<td>
			124,100
			</td>
			<td>
			$267,678
			</td>
			<td>
			$2.16
			</td>
			<td>
			777,600
			</td>
			<td>
			0.81
			</td>
		</tr>
<tr>
<td>
			CSC HOLDINGS
			</td>
			<td>
			356,782,817
			</td>
			<td>
			17,400,000
			</td>
			<td>
			$244,377
			</td>
			<td>
			$0.01
			</td>
			<td>
			24,400,000
			</td>
			<td>
			0.68
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,774,969
			</td>
			<td>
			277,600
			</td>
			<td>
			$217,572
			</td>
			<td>
			$0.78
			</td>
			<td>
			2,781,100
			</td>
			<td>
			0.52
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,403,012
			</td>
			<td>
			155,000
			</td>
			<td>
			$150,656
			</td>
			<td>
			$0.97
			</td>
			<td>
			1,179,200
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			BROADWAY INDUSTRIAL GROUP
			</td>
			<td>
			46,822,156
			</td>
			<td>
			551,600
			</td>
			<td>
			$121,729
			</td>
			<td>
			$0.22
			</td>
			<td>
			10,000,000
			</td>
			<td>
			2.14
			</td>
		</tr>
<tr>
<td>
			ANCHUN INTERNATIONAL HOLDINGS
			</td>
			<td>
			4,819,090
			</td>
			<td>
			450,000
			</td>
			<td>
			$120,030
			</td>
			<td>
			$0.27
			</td>
			<td>
			500,000
			</td>
			<td>
			1.04
			</td>
		</tr>
<tr>
<td>
			SARINE TECHNOLOGIES
			</td>
			<td>
			17,491,596
			</td>
			<td>
			200,000
			</td>
			<td>
			$117,999
			</td>
			<td>
			$0.59
			</td>
			<td>
			550,000
			</td>
			<td>
			0.15
			</td>
		</tr>
<tr>
<td>
			G. K. GOH HOLDINGS
			</td>
			<td>
			32,481,013
			</td>
			<td>
			98,400
			</td>
			<td>
			$110,626
			</td>
			<td>
			$1.12
			</td>
			<td>
			2,765,800
			</td>
			<td>
			0.85
			</td>
		</tr>
<tr>
<td>
			SOUTHERN ALLIANCE MINING 
			</td>
			<td>
			48,900,000
			</td>
			<td>
			47,000
			</td>
			<td>
			$34,637
			</td>
			<td>
			$0.74
			</td>
			<td>
			211,000
			</td>
			<td>
			0.04
			</td>
		</tr>
<tr>
<td>
			ST GROUP FOOD INDUSTRIES HOLDINGS
			</td>
			<td>
			24,290,050
			</td>
			<td>
			120,000
			</td>
			<td>
			$17,459
			</td>
			<td>
			$0.15
			</td>
			<td>
			120,000
			</td>
			<td>
			0.05
			</td>
		</tr>
<tr>
<td>
			CNMC GOLDMINE HOLDINGS
			</td>
			<td>
			40,769,300
			</td>
			<td>
			80,000
			</td>
			<td>
			$16,350
			</td>
			<td>
			$0.20
			</td>
			<td>
			2,403,900
			</td>
			<td>
			0.59
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,736,488
			</td>
			<td>
			34,000
			</td>
			<td>
			$15,744
			</td>
			<td>
			$0.46
			</td>
			<td>
			480,000
			</td>
			<td>
			0.04
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			102,727,800
			</td>
			<td>
			$216,368,172
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)
</body></html>






			Primary-listed Stocks that Conducted Buybacks in Dec 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/Units Purchased in Dec 2021
			
			
			Total Buyback Consideration (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid
			
			
			Cumulative Number of Shares/units purchased in Mandate to date
			
			
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			
		


			CAPITALAND INVESTMENT
			
			
			260,159,789
			
			
			33,596,500
			
			
			$112,710,385
			
			
			$3.35
			
			
			61,995,700
			
			
			1.21
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			223,511,333
			
			
			2,600,000
			
			
			$29,525,209
			
			
			$11.36
			
			
			27,680,100
			
			
			0.62
			
		


			UNITED OVERSEAS BANK
			
			
			83,744,151
			
			
			577,500
			
			
			$15,334,868
			
			
			$26.55
			
			
			4,900,000
			
			
			0.29
			
		


			WILMAR INTERNATIONAL
			
			
			631,140,890
			
			
			3,380,900
			
			
			$13,859,911
			
			
			$4.10
			
			
			19,905,300
			
			
			0.32
			
		


			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			
			
			394,851,600
			
			
			8,339,500
			
			
			$10,801,230
			
			
			$1.30
			
			
			25,101,500
			
			
			0.64
			
		


			SEMBCORP INDUSTRIES
			
			
			35,714,993
			
			
			2,915,000
			
			
			$5,775,593
			
			
			$1.98
			
			
			6,780,700
			
			
			0.38
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,409,095
			
			
			1,000,000
			
			
			$3,728,481
			
			
			$3.73
			
			
			7,300,000
			
			
			0.23
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			399,200
			
			
			$3,680,309
			
			
			$9.22
			
			
			2,145,400
			
			
			0.20
			
		


			RAFFLES MEDICAL GROUP
			
			
			186,740,892
			
			
			2,436,900
			
			
			$3,229,944
			
			
			$1.33
			
			
			2,436,900
			
			
			0.13
			
		


			THE HOUR GLASS
			
			
			69,664,318
			
			
			1,482,200
			
			
			$2,966,836
			
			
			$2.00
			
			
			10,810,500
			
			
			1.55
			
		


			GEO ENERGY RESOURCES
			
			
			139,927,311
			
			
			8,900,000
			
			
			$2,938,896
			
			
			$0.33
			
			
			8,900,000
			
			
			0.64
			
		


			WING TAI HOLDINGS
			
			
			77,054,716
			
			
			1,230,900
			
			
			$2,285,592
			
			
			$1.86
			
			
			6,700,100
			
			
			0.87
			
		


			JAPFA
			
			
			204,707,032
			
			
			2,089,200
			
			
			$1,302,595
			
			
			$0.62
			
			
			6,269,800
			
			
			0.31
			
		


			OUE
			
			
			87,879,966
			
			
			886,300
			
			
			$1,181,616
			
			
			$1.33
			
			
			6,768,900
			
			
			0.77
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			39,889,089
			
			
			3,416,700
			
			
			$973,138
			
			
			$0.28
			
			
			5,506,800
			
			
			1.38
			
		


			STARHUB
			
			
			173,110,176
			
			
			600,000
			
			
			$816,553
			
			
			$1.36
			
			
			1,253,000
			
			
			0.07
			
		


			PAN-UNITED CORPORATION
			
			
			69,857,582
			
			
			2,188,100
			
			
			$704,590
			
			
			$0.32
			
			
			2,188,100
			
			
			0.31
			
		


			COMFORTDELGRO CORPORATION
			
			
			216,731,916
			
			
			462,500
			
			
			$645,277
			
			
			$1.40
			
			
			462,500
			
			
			0.02
			
		


			AEM HOLDINGS
			
			
			28,088,477
			
			
			115,000
			
			
			$582,242
			
			
			$5.06
			
			
			1,208,000
			
			
			0.39
			
		


			AZTECH GLOBAL
			
			
			77,382,554
			
			
			552,600
			
			
			$488,472
			
			
			$0.88
			
			
			1,872,600
			
			
			0.24
			
		


			SHS HOLDINGS
			
			
			68,509,831
			
			
			2,461,000
			
			
			$383,129
			
			
			$0.16
			
			
			2,461,000
			
			
			0.36
			
		


			G.H.Y CULTURE &amp; MEDIA HOLDING CO
			
			
			107,379,200
			
			
			672,100
			
			
			$366,822
			
			
			$0.55
			
			
			672,100
			
			
			0.06
			
		


			HG METAL MANUFACTURING
			
			
			3,822,532
			
			
			885,400
			
			
			$339,500
			
			
			$0.38
			
			
			1,123,400
			
			
			0.88
			
		


			GLOBAL INVESTMENTS
			
			
			159,744,243
			
			
			2,002,600
			
			
			$312,126
			
			
			$0.16
			
			
			54,125,500
			
			
			3.39
			
		


			HOTUNG INVESTMENT HLDGS
			
			
			9,595,108
			
			
			124,100
			
			
			$267,678
			
			
			$2.16
			
			
			777,600
			
			
			0.81
			
		


			CSC HOLDINGS
			
			
			356,782,817
			
			
			17,400,000
			
			
			$244,377
			
			
			$0.01
			
			
			24,400,000
			
			
			0.68
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,774,969
			
			
			277,600
			
			
			$217,572
			
			
			$0.78
			
			
			2,781,100
			
			
			0.52
			
		


			BOUSTEAD SINGAPORE
			
			
			48,403,012
			
			
			155,000
			
			
			$150,656
			
			
			$0.97
			
			
			1,179,200
			
			
			0.24
			
		


			BROADWAY INDUSTRIAL GROUP
			
			
			46,822,156
			
			
			551,600
			
			
			$121,729
			
			
			$0.22
			
			
			10,000,000
			
			
			2.14
			
		


			ANCHUN INTERNATIONAL HOLDINGS
			
			
			4,819,090
			
			
			450,000
			
			
			$120,030
			
			
			$0.27
			
			
			500,000
			
			
			1.04
			
		


			SARINE TECHNOLOGIES
			
			
			17,491,596
			
			
			200,000
			
			
			$117,999
			
			
			$0.59
			
			
			550,000
			
			
			0.15
			
		


			G. K. GOH HOLDINGS
			
			
			32,481,013
			
			
			98,400
			
			
			$110,626
			
			
			$1.12
			
			
			2,765,800
			
			
			0.85
			
		


			SOUTHERN ALLIANCE MINING 
			
			
			48,900,000
			
			
			47,000
			
			
			$34,637
			
			
			$0.74
			
			
			211,000
			
			
			0.04
			
		


			ST GROUP FOOD INDUSTRIES HOLDINGS
			
			
			24,290,050
			
			
			120,000
			
			
			$17,459
			
			
			$0.15
			
			
			120,000
			
			
			0.05
			
		


			CNMC GOLDMINE HOLDINGS
			
			
			40,769,300
			
			
			80,000
			
			
			$16,350
			
			
			$0.20
			
			
			2,403,900
			
			
			0.59
			
		


			TUAN SING HOLDINGS
			
			
			118,736,488
			
			
			34,000
			
			
			$15,744
			
			
			$0.46
			
			
			480,000
			
			
			0.04
			
		


			Total
			
			
			 
			
			
			102,727,800
			
			
			$216,368,172
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)



Primary-Listed Buyback Consideration Tops S$1bn in 2021

Singapore

OUE Limited operates as a diversified real estate owner, developer, and operator with a portfolio of assets in prime locations in Singapore. The company focuses its business in the commercial, hospitality, retail, residential and healthcare sectors.

OUE Ltd (OUE SP)

Silchester takes ComfortDelGro stake above 7%

CapitaLand Investment again led the buyback consideration tally, buying back 5 million shares at an average price of S$2.92 per share on Jan...

Singapore Exchange Ltd (SGX)

Accrelist chairman Terence Tea increases stake in firm

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an...

Singapore Exchange Ltd (SGX)

OUE Commercial REIT (OUECT SP) - Well-Heeled Exposure to Singapore's Commercial Property

OUE Commercial REIT (OUECT SP) is one of Singapore's best-quality commercial REITs, with a well-diversified and high-quality portfolio of assets...

Angus Mackintosh

SG Real Estate Sector Valuation Below Historical Mean Amidst Resilient Private Home Sales

January ’22 private home sales +3.5% MoM and was highest level of Jan month sales since 2014 (with exception of 2021). This built on the record...

Singapore Exchange Ltd (SGX)

Primary-Listed Buyback Consideration Tops S$1bn in 2021

Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)

Singapore Exchange Ltd (SGX)