STI’s 10 best performing stocks for Q3

[SINGAPORE] The Straits Times Index (STI) kept steady in the third quarter of 2025, particularly with new equity stimulus measures by the Singapore government.

The benchmark index has jumped about 14 per cent this year, and analysts are still positive on it looking ahead.

The recent equity stimulus measures include a “value unlock” package, the Equity Market Development Programme, and the new iEdge Singapore Next 50 Index launched on Sep 22, which tracks the performance of the 50 biggest stocks after the 30 counters on the STI.

Some companies on the STI continued to see higher-than-average returns, including property developer City Developments Ltd (CDL) , technology solutions provider Venture Corporation , and telecommunications giant Singtel .

For Q3, these STI constituents took the top 10 spots in terms of total returns:

1. Yangzijiang Shipbuilding

The shipbuilding company recorded the highest total returns for Q3 among STI counters, at 47.7 per cent, according to Bloomberg data.

Founded in 1956, the large enterprise group has a market capitalisation of about S$13.3 billion. Its main business comprises its shipbuilding and marine engineering manufacturing arms, supplemented by its shipping leasing, trade logistics and real estate segments.

Yangzijiang Shipbuilding posted record earnings of 4.2 billion yuan (S$758.9 million) for the first half ended Jun 30 – a 36.7 per cent rise from 3.1 billion yuan for the same period a year prior. It also recorded a 1.3 per cent year-on-year fall in revenue for H1 FY2025, to 12.9 billion yuan.

The group’s dividend yield stands at 3.7 per cent.

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On Sep 27, it said that three of its subsidiaries had cancelled contracts valued at about US$180 million with an unnamed party. This was due to allegations that the buyer’s sole shareholder was involved in a scheme to circumvent US sanctions laws and regulations.

2. City Developments Limited

Real estate conglomerate CDL is next in line, with its total returns for Q3 at 33.5 per cent. Its market capitalisation stands at S$6.3 billion, with a dividend yield of 1.2 per cent.

The property developer’s net profit increased by 3.9 per cent year on year to S$91.2 million for H1 ended Jun 30, on the back of stronger contributions from its property development segment. Earnings per share rose to S$0.097, from S$0.092 a year prior.

The group came into the limelight earlier this year, after executive chairman Kwek Leng Beng moved to dismiss his son, Sherman Kwek, as group CEO. The elder Kwek also filed a lawsuit against his son and six other members of the board over an alleged attempted “coup”, though he later dropped the suit on Mar 12.

3. DFI Retail Group

The pan-Asian retailer recorded 33.3 per cent total returns for Q3. It has a market capitalisation of about S$5.5 billion and offers a dividend yield of 3.3 per cent.

The group’s underlying profit rose 38.9 per cent to US$105 million for H1 ended Jun 30, from US$75.6 million in the same period a year earlier.

The Business Times reported previously that the group attributed its profit growth to lower financing costs and an improved showing in its associates, as well as its health and beauty, and food segments.

DFI Retail Group has seen various divestments in 2025, such as the sale of its 22.2 per cent stake in Robinsons Retail for an undisclosed sum on May 30.

The group was the fourth top-performing STI counter for H1 2025, with 31.7 per cent total returns for the period.

4. Jardine Matheson Holdings

The Hong Kong-based conglomerate has risen to fourth place among STI companies with a total return rate of 31 per cent for Q3, from sixth position for H1. The group has a market capitalisation of US$18.3 billion and a dividend yield of 3.57 per cent.

Jardine Matheson Holdings on Jul 31 reported a 45 per cent rise in H1 underlying profit to US$798 million, from US$550 million for the same period a year before.

This growth was driven by most of the group’s companies, but partially offset by a lower contribution from its unit Astra International.

5. UOL Group

The real estate player posted a total returns rate of 28.6 per cent for Q3. Its market capitalisation is S$6.6 billion, with a dividend yield of 2.3 per cent.

For H1, the group recorded a 58 per cent jump in net profit to S$205.5 million, on the back of strong performance from its property development and property investments. The property player benefited from other gains from the disposal of Parkroyal Yangon as well.

UOL Group also entered into an agreement on Sep 10 to divest retail mall Kinex for S$375 million to Kinex Times Square and Xiaohong Property Management. The freehold property in Tanjong Katong Road has a total net lettable area of 204,223 square feet. The sale will be completed on Oct 31.

6. Venture Corporation

The technology solutions provider had the sixth-highest total returns rate for Q3 among STI counters, at 23.1 per cent. Its market capitalisation stands at nearly S$4.1 billion, and it offers a dividend yield of 5.4 per cent.

For Q2 ended Jun 30, the group’s net profit rose by 2.3 per cent to S$57.1 million, from S$55.9 million a quarter earlier. Revenue rose 4.7 per cent quarter on quarter to S$645.3 million, from S$616.6 million, amid growth across most of its technology domains.

However, for H1, Venture Corporation posted an 8.6 per cent drop in net profit, to around S$113 million, from S$123.7 million for the same period in FY2024.

7. Keppel

The asset manager had a total returns rate of 20.8 per cent for Q3. Its market capitalisation is S$16.2 billion, with a dividend yield of 3.9 per cent.

On Aug 11, Keppel proposed to divest the telco business of M1 to mobile network operator Simba Telecom for an enterprise value of S$1.43 billion, in an all-cash deal.

Its net profit increased by 24.2 per cent year on year to S$377.7 million for H1 ended Jun 30, due to growth in its real estate segment.

8. Seatrium

The company had a total returns rate of 17.2 per cent for Q3. The group has a market capitalisation of about S$8.3 billion.

The shipbuilding and repairing group has been embroiled in a long-running case related to Brazil’s corruption crackdown, Operation Car Wash.

The group announced in July that it would have to pay 728.9 million reals (S$168.4 million) to the Brazilian authorities, as part of leniency agreements related to the probe. On Aug 26, Keppel commenced arbitration proceedings against Seatrium for S$68.4 million, also in relation to Operation Car Wash.

Seatrium’s H1 net profit surged 301.3 per cent year on year to S$144.4 million, from S$36 million. No dividend was proposed for the period.

9. Singtel

The telecommunications player recorded total returns of 13.8 per cent for Q3. Its market capitalisation is about S$68.4 billion, and it has a dividend yield of 4.1 per cent.

On Sep 19, Optus – an Australian subsidiary of Singtel – announced that it was investigating a series of emergey call failures after carrying out a network upgrade during that period.

The failure led to three deaths, after the number dialled in the event of life-threatening situations or emergencies was blocked with the network outage.

Optus was hit by another outage on Sep 28.

10. DBS

The local bank has a total returns rate of 13.8 per cent for Q3. Its market capitalisation is S$146.5 billion, and its dividend yield is 5.2 per cent.

DBS reached a new all-time high of S$52.87 on Sep 10; the STI hit a record 4,355.84 points the same day.

The bank’s Q2 net profit rose by 1 per cent year on year to S$2.82 billion, beating the S$2.79 billion consensus forecast in a Bloomberg survey of six analysts.