April 2026 proved challenging for most Singapore investors.
Three STI index components demonstrated remarkable resilience. Yangzijiang Shipbuilding achieved the strongest performance with a 14% total return, followed by Singapore Exchange at 11.2% and UOL Group at 9.3%.
These blue-chip companies outperformed the benchmark index by more than 10 percentage points, highlighting their ability to thrive even during market contractions. The common factor among these outperformers was their release of earnings reports that translated operational success into enhanced shareholder returns.
Singapore Exchange
Singapore's exclusive market operator delivered consistent results that income investors value. For the first half of FY2026 ending June 30, the company reported net revenue of S$695.4 million, representing 7.6% year-on-year growth.
The Equities-Cash division led this expansion with a 16.2% increase to S$223.9 million, driven by a 19.5% rise in daily average traded value. The Fixed Income, Currencies and Commodities segment also contributed significantly, growing 12.5% to S$178.9 million due to increased OTC FX and derivatives volumes.
While reported net profit appeared stagnant at S$342.7 million, this was primarily due to a S$15 million goodwill impairment. Excluding this one-time item, adjusted net profit increased 11.6% to S$357.1 million. Operating cash flow remained strong at S$363.7 million for the half-year period.
The company declared an interim quarterly dividend of S$0.110, bringing total first-half dividends to S$0.2175, up from S$0.180 previously. Management reaffirmed its commitment to maintaining quarterly dividend increases through FY2028.
UOL Group
UOL Group delivered one of the season's strongest operational performances, with shareholders receiving substantial rewards. FY2025 revenue increased 16% to S$3.2 billion, driven by a 26% surge in property development revenue from projects including Pinetree Hill and Watten House.
Property investment income grew 13% to S$629.3 million, supported by recent acquisitions and improved performance at Singapore Land Tower. Operating profit after tax and minority interests jumped 49% to S$468.7 million, while free cash flow nearly doubled to S$1.2 billion.
The company strengthened its balance sheet with total borrowings declining 11% to S$4.5 billion and net gearing improving to 0.20 times. The board proposed a total dividend of S$0.25 per share, representing a 39% increase from the previous year.
Future growth prospects appear solid with three new landbank sites and upcoming hotel openings scheduled between late 2026 and 2028.
Yangzijiang Shipbuilding
Yangzijiang Shipbuilding led April's performance despite delivering fewer vessels than the previous year. FY2025 revenue increased 7% to RMB 28.5 billion, with gross margins expanding from 29% to 34%.
Gross profit surged 28% to RMB 9.8 billion, while profit attributable to equity holders rose 30% to RMB 8.6 billion. These record results were supported by improved pricing, lower steel costs, and increased contributions from joint ventures.
The company proposed a final dividend of S$0.20 per share, representing a 67% increase from the previous year. The balance sheet remains robust with RMB 20.1 billion in cash against borrowings of RMB 5.5 billion.
While the company maintains a strong order book of US$22.4 billion extending to 2030, investors should note the significant decline in free cash flow and reduced new order wins as the industry shifts away from large containerships.
Substance Over Speculation
These three companies outperformed not due to market speculation but through tangible results. Each provided investors with solid profit growth complemented by meaningful dividend increases, demonstrating the value of fundamental strength over temporary market trends.
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