SGX share buybacks hit $2b in eight months of 2026

Buyback activity in 2026 remained concentrated amongst the largest issuers.

More than 70 primary-listed companies in Singapore repurchased $2.09b worth of shares in the first eight months of 2026, up 33% from $1.57b in the same period last year and more than double the $855m recorded in the first eight months of 2024, according to SGX data.

Companies conduct buybacks to deploy surplus capital, support employee remuneration plans, enhance earnings per share and return on equity, and capitalise on perceived undervaluation, according to the Accounting and Corporate Regulatory Authority (ACRA).

Activity in 2026 remained concentrated amongst the largest issuers. Singapore Telecommunications accounted for $948.6m, or roughly 45% of the aggregate eight-month total, under its Value Realisation Share Buyback programme, which targets returning up to $2b to shareholders over three years.

Upon full execution and cancellation of repurchased shares, the programme is expected to deliver a permanent 3% uplift in earnings per share, supporting a higher earnings and dividends per share trajectory.

Seatrium repurchased 3.67 million shares for approximately $8m in August under its $100m Share Buyback Programme, launched in April 2024. Year to date through August, the company had repurchased 17.78 million shares for $39.7m, bringing cumulative buybacks under the programme to approximately $97.7m since launch.

A further 920,000 shares were repurchased on 1 September for $2m, taking the cumulative total to approximately $99.7m, effectively fully deploying the programme.

SHS Holdings returned approximately $4.6m to shareholders through an off-market equal access buyback offer, with shareholders tendering 27.04 million shares. All shares acquired will be cancelled, reducing issued share capital. The results were announced on 21 August following the close of the offer on 14 August.

Secondary-listed Jardine Matheson also repurchased 368,300 shares in August for an aggregate consideration of US$22.67m at an average price of US$61.56 per share.

The buyback activity comes as DBS Group Research raised its STI year-end target to 5,850 and introduced a 12-month target of 6,110, citing stronger corporate earnings and higher bank valuations.

The research house said further gains are expected to depend on earnings delivery rather than additional valuation expansion, with the index already trading at 16.7 times forward earnings, two standard deviations above its 10-year average.