• In 2023, 69 SGX primary-listed companies bought back shares by way of market acquisition with a combined consideration of S$743 million. This followed 86 primary-listed companies buying back shares with a consideration totalling S$1.692 billion in 2022.
• OCBC, UOB, Capitaland Investment, Sembcorp Industries and Yangzijiang Financial led the buyback consideration tally in 2023, with the five stocks contributing more than two-thirds of the combined S$743 in consideration. Outside the primary-listed companies, the Managers of Digital Core REIT and Keppel REIT also conducted share buybacks, and Comba Telecom Systems also conducted buybacks on its primary exchange.
• Keppel did not buy back any shares in 2023, following on from its S$500 million of buybacks in 2022. The buybacks back in 2022 coincided with Keppel’s mandate to create currency for potential M&A transactions. Five weeks ago, Keppel announced an agreement with Aermont Capital Group to acquire an initial 50% stake in leading European real estate manager for a consideration of up to S$517 million (for the initial 50% stake in Aermont). Keppel relayed it could fund this transaction through a combination of cash, and treasury shares acquired through its share buybacks in 2022.

In 2023, the STI generated a 4.7% total return, in-line with the 3.7% total return for the FTSE ASEAN Extended 60 Index in SGD terms. Performances across the ASEAN market were mixed last year, with Indonesia and Vietnam benchmarks generating 7.0% total returns in SGD terms, while also on track to lodge GDP growth rates in the vicinity of 5.0%. Meanwhile, the FTSE Thailand Index declined 11% in SGD terms, with PTTEP bucking the trend and generating a 12.5% gain.  

Since the end of 2019, the STI has booked an 18.5%, which has doubled the total return of the FTSE Asia Pacific Ex-Japan Index to 9.1%. Driving the STI gains, the trio of DBS Group Holdings, Oversea-Chinese Banking Corp, United Overseas Bank averaged 43.6% total returns over the four years. The combined quarterly Net Interest Income of the trio gradually increased from S$5.7 billion in 4Q19 to S$8.4 billion in 3Q23.

Stock

# Shares Bought in 2023 Calendar Year

Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares

Avg Ind Price Paid

OVERSEA-CHINESE BANKING CORPORATION

16,410,000

205,493,510

$12.522

UNITED OVERSEAS BANK

5,100,000

143,849,291

$28.206

CAPITALAND INVESTMENT

21,394,100

64,447,635

$3.012

SEMBCORP INDUSTRIES

13,318,500

60,993,203

$4.580

YANGZIJIANG FINANCIAL HOLDING

93,095,800

32,237,142

$0.346

SINGAPORE TELECOMMUNICATIONS

10,810,017

25,872,349

$2.393

OLAM GROUP

20,810,000

24,871,743

$1.195

SINGAPORE TECHNOLOGIES ENGINEERING

5,700,000

20,848,455

$3.658

STARHUB

16,729,700

17,605,746

$1.052

NANOFILM TECHNOLOGIES INTERNATIONAL

11,081,900

16,701,115

$1.507

THE HOUR GLASS

6,377,500

11,268,357

$1.767

UOB-KAY HIAN HOLDINGS

7,549,000

10,507,341

$1.392

FOOD EMPIRE HOLDINGS

10,101,300

10,197,961

$1.010

BEST WORLD INTERNATIONAL

5,674,800

10,007,919

$1.764

VENTURE CORPORATION

620,000

7,920,544

$12.775

SINGAPORE EXCHANGE

705,000

6,210,894

$8.810

FIRST RESOURCES

4,206,700

5,888,610

$1.400

RAFFLES MEDICAL GROUP

5,400,000

5,698,809

$1.055

HRNETGROUP

7,035,100

5,432,688

$0.772

GLOBAL INVESTMENTS

42,660,800

4,937,710

$0.116

OUE

3,577,200

3,935,947

$1.100

OXLEY HOLDINGS

32,138,300

3,827,671

$0.119

VALUETRONICS HOLDINGS

6,533,600

3,533,419

$0.541

SIA ENGINEERING COMPANY

1,472,100

3,516,329

$2.389

THE STRAITS TRADING COMPANY

1,584,900

3,085,293

$1.947

SEATRIUM

21,200,000

2,832,237

$0.134

PSC CORPORATION

8,118,800

2,797,080

$0.345

ESR-LOGOS FUNDS MANAGEMENT (S)

9,697,500

2,725,888

$0.281

GEO ENERGY RESOURCES

10,300,200

2,710,486

$0.263

CHINA SUNSINE CHEMICAL HOLDINGS

6,391,100

2,596,778

$0.406

SIN HENG HEAVY MACHINERY

3,689,500

1,747,193

$0.474

KIMLY

4,491,300

1,475,801

$0.329

PEC

2,378,600

1,397,868

$0.588

PAN-UNITED CORPORATION

3,488,900

1,379,416

$0.395

COMFORTDELGRO CORPORATION

1,248,200

1,373,593

$1.100

EUROSPORTS GLOBAL

6,512,000

1,230,287

$0.189

THAKRAL CORPORATION

1,958,200

1,205,911

$0.616

AEM HOLDINGS

360,000

996,176

$2.767

BAN LEONG TECHNOLOGIES

2,746,500

964,783

$0.351

JAPFA

4,116,300

944,922

$0.230

IFAST CORPORATION

177,600

844,809

$4.757

ACESIAN PARTNERS

16,525,200

802,730

$0.049

ASPIAL CORPORATION

7,599,100

598,642

$0.079

CHUAN HUP HOLDINGS

2,587,700

497,926

$0.192

OUHUA ENERGY HOLDINGS

5,707,900

482,336

$0.085

SARINE TECHNOLOGIES

1,558,200

479,430

$0.308

G.H.Y CULTURE & MEDIA HOLDING CO

1,192,000

460,754

$0.387

JAPAN FOODS HOLDING

938,400

375,605

$0.400

SILVERLAKE AXIS

1,075,500

361,393

$0.336

VIBRANT GROUP

3,916,800

314,001

$0.080

DIGILIFE TECHNOLOGIES

132,300

304,595

$2.302

PACIFIC CENTURY REGIONAL DEVELOPMENTS

1,075,100

302,433

$0.281

MDR

3,832,800

250,357

$0.065

5E RESOURCES

956,400

245,505

$0.257

JUMBO GROUP

615,000

182,445

$0.297

BOUSTEAD SINGAPORE

200,000

160,588

$0.803

ANCHUN INTERNATIONAL HOLDINGS

500,000

150,352

$0.301

TELECHOICE INTERNATIONAL

1,523,000

123,753

$0.081

ELLIPSIZ

454,400

107,422

$0.236

TUAN SING HOLDINGS

349,000

104,137

$0.298

HONG FOK CORPORATION

95,200

97,409

$1.023

EVER GLORY UNITED HOLDINGS

242,100

86,469

$0.357

HEETON HOLDINGS

250,000

62,676

$0.251

ZHONGMIN BAIHUI RETAIL GROUP

84,000

56,694

$0.675

GOODLAND GROUP

397,900

46,967

$0.118

RE&S HOLDINGS

162,300

42,439

$0.261

CSC HOLDINGS

4,132,000

34,708

$0.008

MUN SIONG ENGINEERING

800,000

28,032

$0.035

GLOBAL TESTING CORPORATION

27,200

24,303

$0.893

Total

493,890,517

742,897,006