Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Companies often repurchase shares to support employee compensation plans or to deploy surplus capital more effectively. ACRA maintains 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 five months of 2026 (5M26), 57 primary-listed companies in Singapore have collectively repurchased S$1.26 billion worth of shares on the open market, up from around S$930 million during 5M25 and S$505 million in 5M24.

MU 03062026 Pic 1

Secondary stocks were also active on buybacks over the past 5 months. $JMH USD(J36.SI)$ repurchased more than 2.9 million shares for ~US$217 million at an average price of US$74.93 per share. This aligns with management’s broader capital allocation framework, where buybacks form part of value creation alongside accelerated capital recycling and a strengthened net cash position.

$HongkongLand USD(H78.SI)$ also repurchased more than 12 million shares for ~US$98 million at an average price of US$8.05 per share.

$Stoneweg EUTrust EUR(SET.SI)$ also maintained in May it had executed €3.2 million of buybacks YTD 2026, with management positioning repurchases as a targeted tool within capital recycling to enhance NAV and distributions when units trade at a discount.

The table below details the share buybacks by primary-listed companies by way of on-market acquisitions over the first five months of 2026. Note the table does not include buybacks for conducted by secondary listings, listings conducted on other exchanges as well as buybacks conducted for REITs, Business Trusts and Stapled Trusts.

May Buyback Consideration led by Singtel

In May, $Singtel(Z74.SI)$ bought back 42.5 million shares at an average price of S$4.63 per share. With its FY26 results, Singtel highlighted that as of 20 April, as part of its active capital management, it executed S$226 million of share buybacks in FY26 under its value realisation programme, prior to the FY26 results trading blackout.

This was accompanied by S$3.9 billion of asset recycling proceeds and a record FY ordinary dividend of S$0.185 per share, up 9% from FY25. The FY26 dividend comprises S$0.134 per share core dividend and a S$0.051 per share value realisation dividend (VRD).

Combined with the lift in FY26 business performance, the Group’s sustained value realisation outcomes in FY26 included underlying NPAT and regional associates’ PAT growth of 21% and 25% respectively, both excluding Intouch’s prior-year contributions, while OpCo EBIT grew 10%, with these growth rates presented on a constant currency basis.

CSE Global, Hong Fok Corporation and Food Empire Holdings led non-STI buyback activity in May

In May, $CSE Global(544.SI)$ repurchased 2.0 million shares for S$3.16 million at an average price of S$1.58, $Hong Fok(H30.SI)$ acquired 2.73 million shares for S$2.76 million at an average price of S$1.01, and $Food Empire(F03.SI)$ bought back 0.75 million shares for S$2.28 million at an average price of S$3.04.

Food Empire maintains that its share buybacks provide flexibility to optimise capital structure, enhance EPS and NAV per share, and help mitigate short-term share price volatility while supporting shareholder confidence when market conditions permit.

CSE Global’s buybacks have been less frequent, with repurchases used to hold treasury shares for transfer under the CSE Performance Share Plan. Prior to 21 May 2026, its previous buyback was conducted on 27 February 2025, and prior to that, 16 March 2021.

The seven non-STI stocks that chalked up the next highest buyback considerations for the month of May included ComfortDelGro Corporation, Ho Tung Investment, Pan-United Corporation, Aspial Corporation, A-Sonic Aerospace, Fraser & Neave, and Micro-Mechanics.

Hong Fok: Buyback Deployment, Stable Income Base and Conservative Positioning

Hong Fok Corporation began utilising its FY26 share purchase mandate on 30 April 2026 with 280,000 shares acquired. Cumulative buybacks have since reached 3.0 million shares (0.37% of issued capital) as at end-May 2026. Under the preceding FY25 mandate, the Group repurchased 15.6 million shares (1.90% of issued capital). Management has stated that buyback activity is executed selectively based on share price relative to net asset value, available liquidity, and prevailing market conditions, while ensuring purchases do not cause market illiquidity or affect listing status.

The Group reported a stronger profit outcome for FY25 (financial year ended 31 December 2025), with net profit rising to S$30.6 million from S$14.2 million in FY24, supported by higher rental income and S$16 million in investment property revaluation gains. Revenue declined to S$98.3 million due to lower contributions from residential sales at Concourse Skyline, while recurring rental income remained stable.

As of the end of 2025, the Group’s portfolio comprised approximately S$3.52 billion of investment properties, supporting recurring rental income, with net asset value at S$3.65 per share. The balance sheet remained conservative, with S$86 million in net current assets, including S$31 million in cash and cash equivalents, and low leverage at the same reporting date.

Looking ahead, management expects rental income to remain stable through FY26, supported by improving office occupancy trends, while YOTEL Singapore is focused on driving higher-quality revenue through pricing discipline and cost control, and noted that a lower interest rate environment could support residential sales at Concourse Skyline; separately, the Board has also indicated it will provide clearer disclosure on how performance is reflected in remuneration in the next reporting cycle.

😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance.

🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learning, now with a lower redemption threshold!

Hot Merch Returns · Up to 43% Off