Instead, DeltaBlock’s data reveals a market where short-term reactions are muted, long-term payoffs are highly volatile, and the sheer size of a buyback programme is statistically irrelevant to its success.
Across Singapore’s corporate boardrooms, share buybacks have long been seen as a standard lever of capital allocation. It is a strategy used by everyone from blue-chip banks to mid-cap industrials. But does it actually work for market participants?
A comprehensive new study by the research team at DeltaBlock, analysing over 1,000 share buyback operations on the Singapore Exchange (SGX) between 2020 and 2025, suggests the answer is complex. The findings challenge the simplistic narrative that repurchases are an immediate signal of undervaluation that inevitably lifts share prices.
