Singapore-listed companies have never allocated this much capital to repurchasing their own shares.

From January through September 2026, 80 primary-listed companies deployed S$2.38 billion buying back stock on the open market.

That figure already surpasses the S$2.23 billion spent across the entirety of 2025, which itself stood as a record over the ten years that Singapore Exchange (SGX) has been monitoring.

A closer examination reveals four standouts.

These four Temasek-linked companies represent S$1.56 billion of this year's total, meaning roughly two out 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 shares — S$1,051,693,482 — S$4.54

Keppel Ltd (SGX: BN4) — 21% (31 March 2026) — 32,043,400 shares — S$364,889,398 — S$11.39

Singapore Technologies Engineering Ltd (SGX: S63) — 51% (31 March 2026) — 9,250,000 shares — S$96,580,062 — S$10.44

Singapore Exchange Limited (SGX: S68) — 23.35% via SEL Holdings (1 September 2026) — 2,458,000 shares — S$50,983,405 — S$20.74

Total — 275,476,705 shares — S$1,564,146,347

Source: SGX, data as at 30 September 2026. Buyback value includes stamp duties and clearing charges.

These four buyback programs serve different purposes 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, accounting for 44.1% of the market total by itself.

SGX notes that Singtel's buyback is aimed at lifting earnings per share.

Singtel has drawn down 41% of its S$2 billion program.

It has cancelled approximately S$819 million worth of shares, raising earnings per share by 1.1%.

Alongside the buyback, Singtel has raised around S$6.8 billion toward its S$9 billion asset-recycling target.

For the first quarter of the fiscal year ending 31 March 2027, underlying net profit climbed 21% year on year to S$831 million.

The FY2026 dividend also increased to S$0.185 per share from S$0.170.

The soft spot is at home.

Singtel Singapore's operating profit declined 2% year on year 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) repurchased 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, net profit attributable to shareholders fell 59% year on year 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, net profit attributable to shareholders climbed 27.1% year on year 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, adjusted net profit rose 24.6% year on year 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.