Shareholders can gain from DBS buying back shares, even at record prices

CALL me agnostic. I am happy to receive extra cash, be it from my employer, the government or a company whose shares I hold. 

Like many retail shareholders, I welcome listed groups rewarding shareholders with higher dividends on the back of business growth. Cash received can be used to fund new investments, or to treat oneself.

Is it a no-brainer then that a listed group with excess capital should choose dividends over share buybacks, especially as many retail investors in the local market are dividend-fixated?