Combine chicken and half the teriyaki baste in a small bowl. Refrigerate, covered, 30 minutes.
Preheat grill or barbecue to medium-hot. Thread chicken, zucchini, capsicum, spring onion and water chestnuts on eight 30 cm metal skewers, finishing with a water chestnut. Brush with a little of the remaining teriyaki baste.
Grill or barbecue kebabs 10 cm from heat, turning often and brushing with baste, until vegetables are crisp-tender and chicken is cooked through, 12 to 14 minutes.