OVER the five trading sessions through Jul 23, 13 primary-listed companies repurchased a combined S$22.5 million of their shares through market acquisitions.

Activity was led by UOB , which bought back 313,500 shares for S$13.4 million, followed by Singtel with S$5.6 million of repurchases.

The Hour Glass was also active, acquiring 229,000 shares for S$630,000. On Jul 16, KGI Securities initiated coverage of The Hour Glass with an “outperform” rating and a target price of S$3.94.

The report highlighted the group’s access to allocation-constrained brands such as Rolex, Patek Philippe and Audemars Piguet, its debt-free balance sheet and strong cash generation as key pillars of the investment case.

KGI also drew attention to capital management.

The report noted that The Hour Glass had permanently cancelled 59.4 million treasury shares previously repurchased for S$112.3 million, while ending FY26 (ended Mar 31) with S$157.5 million in cash and no bank borrowings.

The slowdown in buyback and director filings coincide with the busy earnings season, which recently commenced in Singapore. As investors increasingly look beyond capital management to the operational drivers of value creation, one area attracting growing attention is companies’ use of artificial intelligence and digital solutions to enhance productivity, strengthen competitiveness and support long-term growth.

The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.