Singapore companies have never spent this much buying back their own shares.
Between January and September 2026 (9M2026), 80 primary-listed companies spent S$2.38 billion repurchasing their stock on the open market.
That already beats the S$2.23 billion spent in all of 2025, which was itself a record across the 10 years Singapore Exchange (SGX) has tracked.
Look closer and four names stand out.
These four Temasek-linked companies account for S$1.56 billion of this year’s total, or roughly two of every three buyback dollars.
| Company | Temasek stake(as at) | Shares repurchased (9M2026) | Total buyback value (9M2026) | Average price |
| Singapore Telecommunications Limited (SGX: Z74) | 52% (31 March 2026) | 231,725,305 | S$1,051,693,482 | S$4.54 |
| Keppel Ltd (SGX: BN4) | 21% (31 March 2026) | 32,043,400 | S$364,889,398 | S$11.39 |
| Singapore Technologies Engineering Ltd (SGX: S63) | 51% (31 March 2026) | 9,250,000 | S$96,580,062 | S$10.44 |
| Singapore Exchange Limited (SGX: S68) | 23.35% via SEL Holdings (1 September 2026) | 2,458,000 | S$50,983,405 | S$20.74 |
| Total | 275,476,705 | S$1,564,146,347 |
These four buybacks do different jobs for shareholders.
How much has Singtel spent, and what does it get shareholders?
Singapore Telecommunications Limited (SGX: Z74), or Singtel, spent S$1.05 billion on buybacks in 9M2026, or 44.1% of the market total on its own.
SGX says Singtel’s buyback aims to lift earnings per share.
Singtel has used 41% of its S$2 billion programme.
It has cancelled roughly S$819 million worth of shares, lifting earnings per share by 1.1%.
Alongside the buyback, Singtel has raised around S$6.8 billion towards its S$9 billion asset-recycling target.
For the first quarter of the fiscal year ending 31 March 2027 (1QFY2027), underlying net profit rose 21% year on year (YoY) to S$831 million.
The FY2026 dividend also rose to S$0.185 per share from S$0.170.
The soft spot is at home.
Singtel Singapore’s operating profit slipped 2% YoY amid intense price competition, and group revenue was flat on a constant-currency basis.
Why would Keppel buy back shares it plans to reuse?
Keppel Ltd (SGX: BN4) bought back S$364.9 million of shares in 9M2026.
According to SGX, Keppel wants the shares for employee share plans and future acquisitions, so it need not issue new ones.
That avoids diluting existing shareholders, though it does not shrink the overall share count.
The profit picture is messier.
For the first half of 2026 (1H2026), net profit attributable to shareholders fell 59% YoY to S$154.7 million following a S$375 million loss in the non-core portfolio.
Strip that portfolio out, and net profit grew 25% to S$530 million.
Look closely at cash flow here.
Operating cash flow fell to S$96.8 million from S$219.4 million a year ago.
Keppel reported a free cash inflow of S$570 million, but only because of S$1.1 billion of divestment proceeds and dividends received.
As at 30 June 2026, the group held S$2.2 billion of cash against S$11.3 billion of borrowings.
The interim dividend held steady at S$0.150 per share.
Can ST Engineering afford buybacks and a rising dividend?
Singapore Technologies Engineering Ltd (SGX: S63), or ST Engineering, bought back a more modest S$96.6 million in 9M2026.
For the first half of 2026 (1H2026), net profit attributable to shareholders climbed 27.1% YoY to S$512.1 million.
Free cash flow grew to S$591.6 million from S$484.6 million.
Dividends for the half came to S$0.09 per share, up from S$0.08, with plans for another S$0.05 for 3Q2026.
Its order book reached a record S$35.7 billion.
Keep an eye on the cash balance, though.
Cash and cash equivalents dropped to S$255.3 million as at 30 June 2026, down from S$576.4 million at the end of 2025.
Total borrowings, including lease liabilities, stood at S$4.7 billion.
How does SGX’s buyback sit alongside its dividend?
Singapore Exchange Limited (SGX: S68), or SGX, is the smallest buyer of the four, at S$51.0 million in 9M2026.
Its Temasek link also works differently.
The 23.35% stake sits with SEL Holdings.
In a 2011 statement, Temasek said SEL holds the stake for the Financial Sector Development Fund and cannot vote those shares.
For the fiscal year ended 30 June 2026 (FY2026), adjusted net profit rose 24.6% YoY to S$759.5 million, and free cash flow grew 2.0% to S$788.8 million.
SGX’s FY2026 ordinary dividend came to S$0.445 per share.
On top of that, SGX has proposed a one-off additional dividend of S$0.125 per share.
Together, that brings the payout to S$0.570, compared to S$0.375 a year ago.
Management plans to raise the dividend by 0.25 cents every quarter until FY2028 and to repay its debt in full in FY2027.
Get Smart: What should you check before you cheer a buyback?
Start with what happens to the shares.
When Singtel cancels the shares it buys, each remaining share owns a slightly bigger slice of profit.
When Keppel holds shares for staff plans and deals, your slice stays the same size.
Then follow the cash.
Free cash flow is the lifeblood of dividends, and it pays for buybacks too.
ST Engineering grew free cash flow while it bought back shares.
Keppel leaned on divestments.
A buyback funded by asset sales can slow once the asset sales do.
If you own any of these four, ask one question every results season.
Can free cash flow cover both the dividend and the buyback?
If it can, the buyback is working for you.
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Disclosure: The Smart Investor owns shares of SGX.
