Singapore Buybacks Surge Past S$900M in 4M26, Led by Singtel, OCBC and 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. Over the first four months of 2026 (4M26), more than 50 primary-listed companies in Singapore have collectively repurchased S$911 million worth of shares on the open market, from around S$750 million during 4M25 and S$343 million in 4M24.
Secondary stocks were also active on buybacks in 4M26, with Hongkong Land Holdings repurchasing about 11.0 million shares for US$88.5 million at an average price of US$8.08 and Jardine Matheson Holdings repurchasing about 2.85 million shares for US$211.6 million, at an average price of US$74.15 per share.
The table below details the share buybacks by primary-listed companies by way of on-market acquisitions in 4M26. Note the table does not include buybacks for listing conducted on other exchanges as well as buybacks conducted for REITs, Business Trusts and Stapled Trusts.
1. $Singtel(Z74.SI)$
$Singtel(Z74.SI)$ led the local market’s 4M26 buyback consideration with 61.2 million shares acquired at an average price of S$4.898 and total consideration of S$300 million.
Its share repurchases were for both employment compensation plans and its value realisation share buyback programme. Singtel’s Board has authorised a share buyback programme of up to S$2 billion as part of active capital management. This is the first time such a programme has been implemented and funding for the programme is underpinned by excess capital generated from asset recycling proceeds.
2. $Hong Lai Huat(CTO.SI)$
Under its FY25 share buyback mandate, Hong Lai Huat Group repurchased 35.3 million shares, representing around 6.81% of its issued share capital at the time.
The Company states that the buyback programme is intended to return cash not required for working capital, reduce short‑term share price volatility, and manage speculative trading. It also notes that shares bought back may be held as treasury shares, providing flexibility in capital management, including supporting future fund‑raising without issuing new shares.
At the AGM on 30 April 2026, shareholders approved the renewal of the Share Purchase Mandate, with the Ong family and related parties abstaining from voting in line with Take‑over Code requirements.
The approval confirms that independent shareholders have accepted that any increase in the controlling shareholders’ stake arising solely from share buybacks under the FY26 mandate will not trigger a mandatory takeover offer.
The bought back shares for FY25 were acquired at an average price of S$0.086 per share, while the share price ended April at S$0.092. The stock’s average daily turnover (ADT) in the first four months of 2026 rose to S$0.57 million, from S$0.003 million in the same period in 2025. As at end‑April, the five‑day average bid‑offer spread had narrowed to about 129 basis points, a significant compression from year‑earlier levels.
Hong Lai Huat Group’s FY25 (ended 31 December) marked a turnaround from losses in the prior year, driven by property reclassification gains and an operational ramp‑up in the marble mining business, even as operating cash flow remained negative due to ongoing operating and development costs. The Group’s marble mining operations are in Aoral District, Kampong Speu Province, Cambodia and focus on the extraction and supply of raw natural stone primarily for export markets.
The stock’s ROE rose to about 13% on the FY25 results, while the stock trades at around 0.4 times book value.
Looking into FY26, Hong Lai Huat Group maintains a cautious but disciplined outlook. Management continues to prioritise cost control, asset utilisation, and balance sheet resilience, while gradually scaling the marble mining division following the operational ramp‑up in FY25. In property, the focus remains on stabilisation and recurring rental income from investment properties as residential market conditions in Cambodia remain soft.
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