[SINGAPORE] The Straits Times Index (STI) has kept steady in the third quarter of this year – particularly with new equity stimulus measures by the Singapore government.
The benchmark index has jumped about 14 percent this year, and analysts are still positive on it ahead.
Some of these take shape in the “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 next 50 stocks outside the flagship 30-stock mainboard.
A range of companies within the STI, meanwhile, continued to see higher-than-average returns – such as property developer City Developments Limited (CDL) and technology solutions provider Venture Corporation, to telecommunications giant Singtel.
For Q3 of this year, these STI constituents took the top 10 spots in terms of total returns:
1. Yangzijiang Shipbuilding
The shipbuilding company recorded the highest number of total returns for the third quarter of this year among STI counters – at 47.7 per cent, according to Bloomberg data.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Founded in 1956, the large enterprise group has a market capitalisation of about S$13.3 billion. Its shipbuilding and marine engineering manufacturing arms are its main business, while its shipping leasing, trade logistics and real estate segments are its supplement.
The group had posted record earnings of 4.2 billion yuan – 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.
Dividend yield of the company stands at 3.7 per cent.
SEE ALSO
Earlier on Sep 27, the marine engineering company 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 (CDL)
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 witnessed its net profit increase by 3.9 per cent on the year to S$91.2 million for the first half ended Jun 30, on the back of stronger contributions from its property development segment. Earnings per share also rose to S$0.097, from S$0.092 a year prior.
The group came into the limelight in the earlier part of 2025 due to the “father-versus-son” court battle. The saga – between CDL’s executive chairman Kwek Leng Beng and group chief executive Sherman Kwek – saw the elder Kwek moving to sack the younger Kwek from his position, due to his attempted “coup” with a group of directors. He later dropped the lawsuit against his son on Mar 12 and majority directors of CDL.
3. DFI Retail Group Holdings
The pan-Asian retailer recorded 33.3 per cent of total returns for the third quarter of this year. It has a market capitalisation of approximately S$5.5 billion, and offers a dividend yield of 3.3 per cent.
The company’s underlying profit rose 38.9 per cent to US$105 million for its first half ended Jun 30, from US$75.6 million in the same period a year prior.
It attributed its profit growth to lower financing costs and an improved showing in its associates, as well as its healthy and beauty, and food segments, reported The Business Times previously.
The supermarket and retail store operator 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.
DFI Retail Group was previously the fourth top performing STI counter for H1 2025, with 31.7 per cent total returns for the period.
4. Jardine Matheson Holdings (JMH)
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 its sixth position in H1. The group has a market capitalisation of US$18.3 billion, and a dividend yield of 3.57 per cent.
The group on Jul 31 reported a 45 per cent rise in underlying profit for the first half of FY2025 to US$798 million from US$550 million in the same period a year before.
This growth was driven by most of JMH’s companies, but also partially offset by Astra International’s lower contribution.
5. UOL Group
The real estate player retains its fifth position among the top performing STI companies from H1 2025, with a 28.6 per cent total returns rate for Q3. Its market capitalisation is at S$6.6 billion, with a dividend yield of 2.3 per cent.
The group said in a bourse filing on Aug 13 that it recorded a 58 per cent jump in net profit to S$205.5 million for the first half of 2025, on the back of strong performance from 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 Kinex, a retail mall, for S$375 million to Kinex Times Square and Xiaohong Property Management. A freehold property located at Tanjong Katong Road, it 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 of 23.1 per cent for Q3 among STI counters. Its market capitalisation stands at nearly S$4.1 billion, and offers a dividend yield of 5.4 per cent.
For its second quarter ended June, it saw a 2.3 per increase in net profit to S$57.1 million, up from S$55.9 million in Q1.
The group, however, saw an 8.6 per cent drop in net profit for H1 2025 to around S$113 million, from S$123.7 million the year prior.
Revenue rose 4.7 per cent to S$645.3 million in Q2, from S$616.6 million in Q1, on the back of growth across most of its technology domains.
7. Keppel
The asset manager inched up three places from H1, with a total returns rate of 20.8 per cent for Q3. Its market capitalisation is at S$16.2 billion, with a dividend yield of 3.9 per cent.
Earlier on Aug 11, Keppel had 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 on the year to S$377.7 million for the first half ended Jun 30, due to growth in its real estate segment.
8. Seatrium
The Singapore state-owned company had a total returns rate of 17.2 per cent in 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. Subsequently, arbitration proceedings against Seatrium for S$68.4 million by Keppel began on Aug 26.
Its H1 net profit surged to S$144.4 million, up 301.3 per cent from S$36 million in the same period the year prior. No dividend was proposed for the period.
9. Singtel
The national telecommunications player recorded total returns of 13.8 per cent for Q3. Its market capitalisation is at about S$68.4 billion, and a dividend yield of 4.1 per cent.
On Sep 19, Singtel’s Australian subsidiary Optus announced that it was investigating a series of emergency call failures after carrying out a network upgrade during that period.
This had led to three deaths, after the number dialed in the event of life-threatening situations or emergencies was blocked with the network outage.
10. DBS Group Holdings
Local bank DBS Group Holdings also has a total returns rate of 13.8 per cent for the third quarter of this year.
The market capitalisation of the financial services corporation is S$146.5 billion, and its dividend yield is at 5.2 per cent.
The counter reached a new all-time high earlier on Sep 10 of S$52.87, when the STI hit 4,355.84.
Net profit of the bank for Q2 rose by 1 per cent year-on year to S$2.82 billion, and beat the S$2.79 billion consensus forecast in a Bloomberg survey of six analysts.
As at September, the lender has noted that its assets under management under the DBS Multi Family Office Foundry VCC would hit S$2 billion by next year.
