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.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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In Feb 2020, 17 SGX primary-listed stocks bought back shares for a total consideration of S$68 million. This was up from S$30 million in consideration for Jan 2020 and S$32 million in Feb 2019, and above the average monthly buyback consideration of S$49 million in 2019. 
	 </li>
	<li>
DBS, Keppel Corp and Silverlake Axis led the share buyback consideration tally, with the average buyback prices at S$24.623, S$6.720 and S$0.338 respectively. Buybacks for DBS made up S$43 million of the S$68 million total consideration. 
	 </li>
	<li>Three stocks commenced new mandates in Feb - Singtel, The Hour Glass and Goodland Group. Singtel bought back S$1.6 million in shares at an average price of S$3.296, which compared to its preceding buyback of S$1.4 million in shares at an average price of S$3.117 on 16 May 2019.  </li>
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Total share buyback consideration for month of February 2020 totaled S$67.9 million, more than double the S$29.9 million in consideration reported for January 2020 (click <a href="https://www.sgx.com/research-education/market-updates/20200205-16-companies-stocks-bought-back-s30-million-shares">here</a> for more details) in addition to more than double the S$32 million in February 2019. 

During the month of February 2020, the Straits Times Index (“STI”) declined 4.5%, as the concerns of the potential economic impact of COVID-19 in the US Economy and other more US-centric factors, saw the Dow Jones Industrial Average decline 14% from its 12 February all-time through to the end of February. Both the United States and China represent two-fifths of global GDP, hence volatility of most equity benchmarks across the world notched higher in February.
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 <div class='content-caption'>Monthly Buybacks and STI Moves </div>
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A total of 17 primary-listed stocks conducted buybacks in Singapore in February, up from 16 in January. 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.

February 2020 Buybacks at S$68 Million

The table below summarises the buyback considerations in February 2020. 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. Singapore Telecommunications, The Hour Glass and Goodland Group  commenced new mandates. 
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stocks that Conducted buybacks in February 2020
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased
			</td>
			<td>
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid Per Share/Unit
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date*
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			51,165,438
			</td>
			<td>
			1,750,000
			</td>
			<td>
			$43,089,446
			</td>
			<td>
			$24.623
			</td>
			<td>
			5,900,000
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORPORATION
			</td>
			<td>
			36,340,188
			</td>
			<td>
			740,100
			</td>
			<td>
			$4,973,189
			</td>
			<td>
			$6.720
			</td>
			<td>
			1,510,100
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			264,505,273
			</td>
			<td>
			13,716,400
			</td>
			<td>
			$4,632,822
			</td>
			<td>
			$0.338
			</td>
			<td>
			34,829,300
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			212,257,935
			</td>
			<td>
			300,000
			</td>
			<td>
			$3,279,395
			</td>
			<td>
			$10.931
			</td>
			<td>
			11,380,000
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,022,009
			</td>
			<td>
			1,900,000
			</td>
			<td>
			$2,905,847
			</td>
			<td>
			$1.529
			</td>
			<td>
			1,936,553
			</td>
		</tr>
<tr>
<td>
			MDR
			</td>
			<td>
			6,496,063,939
			</td>
			<td>
			1,653,488,200
			</td>
			<td>
			$1,655,965
			</td>
			<td>
			$0.001
			</td>
			<td>
			1,665,517,500
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS 
			</td>
			<td>
			816,457,915
			</td>
			<td>
			481,169
			</td>
			<td>
			$1,586,062
			</td>
			<td>
			$3.296
			</td>
			<td>
			481,169
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			175,100
			</td>
			<td>
			$1,532,315
			</td>
			<td>
			$8.751
			</td>
			<td>
			385,500
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HOLDINGS
			</td>
			<td>
			159,456,338
			</td>
			<td>
			750,000
			</td>
			<td>
			$1,493,119
			</td>
			<td>
			$1.991
			</td>
			<td>
			1,050,000
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			81,973,408
			</td>
			<td>
			2,450,700
			</td>
			<td>
			$1,221,132
			</td>
			<td>
			$0.498
			</td>
			<td>
			35,267,800
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			168,741,864
			</td>
			<td>
			4,721,700
			</td>
			<td>
			$664,497
			</td>
			<td>
			$0.141
			</td>
			<td>
			76,079,200
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			42,417,689
			</td>
			<td>
			1,648,500
			</td>
			<td>
			$477,497
			</td>
			<td>
			$0.290
			</td>
			<td>
			17,494,200
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,620,496
			</td>
			<td>
			649,000
			</td>
			<td>
			$200,735
			</td>
			<td>
			$0.309
			</td>
			<td>
			4,454,000
			</td>
		</tr>
<tr>
<td>
			ST GROUP FOOD INDUSTRIES HOLDINGS
			</td>
			<td>
			24,600,000
			</td>
			<td>
			410,800
			</td>
			<td>
			$100,742
			</td>
			<td>
			$0.245
			</td>
			<td>
			1,445,800
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,968,653
			</td>
			<td>
			56,500
			</td>
			<td>
			$41,005
			</td>
			<td>
			$0.726
			</td>
			<td>
			3,623,900
			</td>
		</tr>
<tr>
<td>
			THE HOUR GLASS 
			</td>
			<td>
			70,501,188
			</td>
			<td>
			30,000
			</td>
			<td>
			$23,260
			</td>
			<td>
			$0.775
			</td>
			<td>
			30,000
			</td>
		</tr>
<tr>
<td>
			GOODLAND GROUP 
			</td>
			<td>
			36,020,991
			</td>
			<td>
			100,000
			</td>
			<td>
			$16,837
			</td>
			<td>
			$0.168
			</td>
			<td>
			100,000
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			1,683,368,169
			</td>
			<td>
			$67,893,867
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: Bloomberg, SGX (Data as of 28 February 2020)*note as of the end of February

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 <a href="http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/company_announcements">here</a>). 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.
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In Feb 2020, 17 SGX primary-listed stocks bought back shares for a total consideration of S$68 million. This was up from S$30 million in consideration for Jan 2020 and S$32 million in Feb 2019, and above the average monthly buyback consideration of S$49 million in 2019.  
	 
	
DBS, Keppel Corp and Silverlake Axis led the share buyback consideration tally, with the average buyback prices at S$24.623, S$6.720 and S$0.338 respectively. Buybacks for DBS made up S$43 million of the S$68 million total consideration.  
	 
	Three stocks commenced new mandates in Feb - Singtel, The Hour Glass and Goodland Group. Singtel bought back S$1.6 million in shares at an average price of S$3.296, which compared to its preceding buyback of S$1.4 million in shares at an average price of S$3.117 on 16 May 2019.  

 

Total share buyback consideration for month of February 2020 totaled S$67.9 million, more than double the S$29.9 million in consideration reported for January 2020 (click here for more details) in addition to more than double the S$32 million in February 2019. 

During the month of February 2020, the Straits Times Index (“STI”) declined 4.5%, as the concerns of the potential economic impact of COVID-19 in the US Economy and other more US-centric factors, saw the Dow Jones Industrial Average decline 14% from its 12 February all-time through to the end of February. Both the United States and China represent two-fifths of global GDP, hence volatility of most equity benchmarks across the world notched higher in February.



      
    
    Monthly Buybacks and STI Moves 


A total of 17 primary-listed stocks conducted buybacks in Singapore in February, up from 16 in January. 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.

February 2020 Buybacks at S$68 Million

The table below summarises the buyback considerations in February 2020. 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. Singapore Telecommunications, The Hour Glass and Goodland Group  commenced new mandates.  
 




			Stocks that Conducted buybacks in February 2020
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased
			
			
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid Per Share/Unit
			
			
			Cumulative Number of Shares/units purchased in Mandate to date*
			
		


			DBS GROUP HOLDINGS
			
			
			51,165,438
			
			
			1,750,000
			
			
			$43,089,446
			
			
			$24.623
			
			
			5,900,000
			
		


			KEPPEL CORPORATION
			
			
			36,340,188
			
			
			740,100
			
			
			$4,973,189
			
			
			$6.720
			
			
			1,510,100
			
		


			SILVERLAKE AXIS
			
			
			264,505,273
			
			
			13,716,400
			
			
			$4,632,822
			
			
			$0.338
			
			
			34,829,300
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			212,257,935
			
			
			300,000
			
			
			$3,279,395
			
			
			$10.931
			
			
			11,380,000
			
		


			STARHUB
			
			
			173,022,009
			
			
			1,900,000
			
			
			$2,905,847
			
			
			$1.529
			
			
			1,936,553
			
		


			MDR
			
			
			6,496,063,939
			
			
			1,653,488,200
			
			
			$1,655,965
			
			
			$0.001
			
			
			1,665,517,500
			
		


			SINGAPORE TELECOMMUNICATIONS 
			
			
			816,457,915
			
			
			481,169
			
			
			$1,586,062
			
			
			$3.296
			
			
			481,169
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			175,100
			
			
			$1,532,315
			
			
			$8.751
			
			
			385,500
			
		


			SINGAPORE PRESS HOLDINGS
			
			
			159,456,338
			
			
			750,000
			
			
			$1,493,119
			
			
			$1.991
			
			
			1,050,000
			
		


			STAMFORD LAND CORPORATION
			
			
			81,973,408
			
			
			2,450,700
			
			
			$1,221,132
			
			
			$0.498
			
			
			35,267,800
			
		


			GLOBAL INVESTMENTS
			
			
			168,741,864
			
			
			4,721,700
			
			
			$664,497
			
			
			$0.141
			
			
			76,079,200
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			42,417,689
			
			
			1,648,500
			
			
			$477,497
			
			
			$0.290
			
			
			17,494,200
			
		


			TUAN SING HOLDINGS
			
			
			118,620,496
			
			
			649,000
			
			
			$200,735
			
			
			$0.309
			
			
			4,454,000
			
		


			ST GROUP FOOD INDUSTRIES HOLDINGS
			
			
			24,600,000
			
			
			410,800
			
			
			$100,742
			
			
			$0.245
			
			
			1,445,800
			
		


			BOUSTEAD SINGAPORE
			
			
			48,968,653
			
			
			56,500
			
			
			$41,005
			
			
			$0.726
			
			
			3,623,900
			
		


			THE HOUR GLASS 
			
			
			70,501,188
			
			
			30,000
			
			
			$23,260
			
			
			$0.775
			
			
			30,000
			
		


			GOODLAND GROUP 
			
			
			36,020,991
			
			
			100,000
			
			
			$16,837
			
			
			$0.168
			
			
			100,000
			
		


			Total
			
			
			 
			
			
			1,683,368,169
			
			
			$67,893,867
			
			
			 
			
			
			 
			
		

Source: Bloomberg, SGX (Data as of 28 February 2020)*note as of the end of February

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). 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.



Singtel (Singapore Telecommunications) (ST SP)

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