Dividends and Buybacks: Shareholder Returns Watch — 2026-09-15
This week, major European banks like ING continued executing their multi-billion euro buyback programs, while Japanese firms like Takara Standard advanced share repurchases under new management plans. In South Korea, Daishin Securities announced a significant share cancellation to accelerate its "Value-up" governance reforms, reflecting the broader trend of Korean conglomerates boosting shareholder returns.
Dividends and Buybacks: Shareholder Returns Watch — 2026-09-15
Top developments
ING Executed €1.0 Billion Buyback Programme in Early September
As part of its €1.0 billion share buyback programme announced on April 30, 2026, ING reported the repurchase of 1,380,000 shares during the week of September 7 to September 11, 2026. This execution is a key component of the bank's strategy to return capital to shareholders and manage its capital structure efficiently.
Daishin Securities Cancels ₩62.7 Billion in Treasury Shares
Daishin Securities announced on September 14, 2026, that it would cancel 62.7 billion won worth of its own treasury shares. This move is designed to accelerate the company's "Value-up" program, a governance reform initiative in South Korea aimed at improving corporate value and shareholder returns through measures like share cancellations and dividend increases.
Takara Standard Advances Shareholder Returns with Ongoing Buyback
Takara Standard Co., Ltd. executed a share buyback on September 14, 2026, as part of its Medium Term Management Plan 2026. This ongoing repurchase program underscores the company's commitment to returning excess capital to shareholders and enhancing its financial efficiency.
Local view
In Japan, Nomura Securities strategists noted that companies announcing share buybacks or dividend hikes in September-November tend to see upward revisions in shareholder return forecasts. The 2026 total return ratio is expected to rise to 68.5% from 65.7% in 2025, with the dividend payout ratio also increasing to 38.9%.
In South Korea, media reports highlighted that despite the Value-up index outperforming the KOSPI, investors are urged to look for companies with genuine shareholder return policies, such as SK Hynix’s share cancellation announcements and expanded cash dividends, rather than just following the index.
Context & numbers
The S&P 500 Buyback Aristocrats Index continues to track companies that have reduced common shares outstanding for at least 10 consecutive years, highlighting the long-term trend of share count reduction as a primary driver of shareholder returns in the US.
In Korea, the number of companies disclosing corporate value enhancement plans (Value-up) reached 756 by August 2026, accounting for 83% of the market capitalization. This broad participation signals a structural shift towards more disciplined capital allocation among listed firms.
On the radar
- JPX Adjustments: The Japan Exchange Group (JPX) has scheduled adjustments for securities options on September 30, 2026, related to Resonac Holdings' planned stock spin-off, which may impact trading and derivative pricing for affected stocks.
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