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Share Buybacks by Singapore Companies in March 2019

27 companies repurchased 49.8 million shares for a total amount of S$53.5 million in March 2019. The latest buyback is up from February 2019’s figure of S$32 million, but down drastically from March 2018’s amount of S$222 million. The figures were revealed by Singapore Exchange Limited (SGX: S68) in a report recently.

The top five companies with the most significant share buyback amount in March 2019 were (total amount spent given in brackets):

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1) Oversea-Chinese Banking Corporation Limited (SGX: O39) (S$31.12 million);

2) Hong Fok Corporation Limited (SGX: H30) (S$5.96 million);

3) Singapore Technologies Engineering Ltd (SGX: S63) (S$2.61 million);

4) Singapore Exchange (S$2.54 million); and

5) CSE Global Ltd (SGX: 544) (S$2.13 million).

Property company Hong Fok commenced its first share buyback in March, buying back around 6.7 million of its shares.

For its financial year ended 31 December 2018, it reported an 87% year-on-year surge in revenue to S$131.1 million while net profit grew 6% to S$188.9 million. The higher top-line was mostly due to a higher number of residential units sold and contributions from YOTEL Singapore located at Orchard Road.

For 2018, Hong Fok declared a first and final dividend of S$0.01 per share, and a special dividend of S$0.003 per share. For its previous financial year, it paid out a first and final dividend of S$0.01 per share without any special dividend.

As for its outlook, the property outfit said the following in its earnings report:

“The Group is expected to recognise profit from the sales of the residential units of Concourse Skyline in 2019. The existing series of cooling measures on the property market will nevertheless have an impact on the pace of our sales. However, the Group will continue to actively market the sales and leases of its properties.

The contribution from YOTEL in 2018 has been positive and the Group expects stable contribution from YOTEL in 2019.”

Last month, other companies which conducted their first share repurchases for 2019 include Kimly Ltd (SGX: 1D0), Aspen (Group) Holdings Ltd (SGX: 1F3), and mDR Ltd (SGX: A27).

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. The Motley Fool Singapore has recommended shares of Singapore Exchange Limited and Oversea-Chinese Banking Corporation Limited. Motley Fool Singapore contributor Sudhan P owns shares in Singapore Exchange Limited.