The Covid 19 Crisis has caused valuation of companies to plummet. For companies, it is an opportunity to back their own shares at low valuation to increase shareholders value.
However one downside of a share buyback is that it depletes your cash reserves, cash reserves act as buffer to protect you during a downturn. During this crisis, we have seen airlines and cruise operators suspend buybacks and dividends in order to preserve cash to survive. Many corporations such as HSBC and DBS has not done share buy backs consistently despite the low prices, in order to conserve their cash. 

To me, the fact that these 2 companies have consistently done share buybacks daily shows they have excess cash reserve to protect their operations and at the same time, is using this opportunity to increase shareholder value.
The 2 Companies
Both are listed on the SGX- Silverlake Axis and China Sunsine Chemical
I have covered Silverlake...