1Q26 Buybacks Top S$500M Led by Singtel, OCBC & Keppel

Companies often repurchase shares to support employee compensation plans or to deploy surplus capital more effectively. ACRA maintain that buybacks can enhance key financial metrics such as Earnings per Share (EPS) and Return on Equity (ROE), take advantage of perceived undervaluation, and reduce the overall cost of capital.

In 1Q26 close to 50 primary-listed companies in Singapore have collectively repurchased close to S$560 million worth of shares on the open market, from around S$330 million during 1Q25 and S$232 million in 1Q24.

The table details the stocks that booked more than S$100,000 in share buybacks in 1Q26, with the average prices including clearing charges. Almost three-fifths of the total consideration was contributed by three companies alone, Singtel, Oversea-Chinese Banking Corporation (OCBC) and Keppel.

1. $Singtel(Z74.SI)$

Singtel led the local market’s 1Q26 buyback consideration with 24.9 million shares acquired at an average price of S$4.95 and total consideration of S$123 million.

Of note, the 21.2 million shares bought back in March were conducted under Singtel’s value realisation share buyback programme. This is the first time Singtel’s Board authorised a share buyback programme of up to S$2 billion as part of active capital management. Funding for the programme is underpinned by excess capital generated from asset recycling proceeds.

The buyback programme also complements Singtel’s revised dividend policy introduced in May 2024, which added value realisation dividends to core dividends. Execution of the programme is subject to shareholder approval at each annual general meeting with shares purchased in the open market and subsequently cancelled. The programme will be delivered over three years, running through FY28 (ending March 31).

Note that the value realisation buybacks are in addition to share purchases undertaken for employee share schemes. On February 12, Singtel ‘s CEO highlighted the Group's underlying net profit for 3QFY26 reflected the good performance from its regional associates Airtel and AIS and focused execution of its Singtel28 plan.

2. $OCBC Bank(O39.SI)$

OCBC saw the second highest buyback consideration with 5.4 million shares acquired at an average price of S$21.43 and total consideration of S$116 million. OCBC’s share buybacks are undertaken to return excess capital to shareholders and to supply treasury shares for employee share schemes, as part of its broader capital management framework.

In February 2025, OCBC announced a S$2.5 billion capital return programme, to be delivered over FY25 through FY26 via a combination of special dividends and share buybacks. The programme allocates special dividends equal to 10% of core net profit for FY24 and FY25, with the remaining balance returned through share buybacks, subject to market conditions.

During FY25, OCBC purchased 26.7 million shares for S$445 million under its buyback programme. Of these, 13.6 million treasury shares were cancelled, while 17.1 million treasury shares were used to meet employee share scheme obligations. Shares repurchased under the programme are held as treasury shares and may be cancelled, sold, or applied to employee share plans, with the capital return programme targeted for completion by the end of FY26.

3. $Keppel(BN4.SI)$

Keppel saw the third highest buyback consideration with 7.7 million shares acquired at an average price of S$12.28 and total consideration of S$94 million.

In February the Keppel CEO reaffirmed that its share buybacks serve a purpose to fund its share plans as well as to use as currency should the Group conduct mergers and acquisitions.

In FY25, Keppel bought back 13.22 million shares, which were held as treasury shares. During the year, 8.78 million treasury shares were transferred to employees upon vesting under the Keppel Share Plans, with the balance retained as treasury shares.

The buybacks and dividends were funded by operating cash inflows, divestment proceeds and dividends received and formed part of Keppel’s broader approach to optimising its capital structure while progressing its asset-light transformation.

In line with this framework, Keppel distributed total dividends of approximately 47 cents per share for FY25, comprising ordinary dividends and a special dividend linked to completed asset monetisation. This compared with total dividends of approximately 34 cents per share in FY24, when distributions comprised ordinary dividends only, with no special dividend declared.

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