Top 3 Temasek-Backed SGX Blue-Chip Stocks

The Smart Investor07-15

Temasek’s portfolio spans continents, but three of its largest listed positions sit close to home on the Singapore Exchange. As at 31 March 2026, the investment company held stakes in DBS Group ...

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Asian Low Volatility Equity Fund ASDM SGD-H","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","SG9999001135.SGD":"United ASEAN Fund SGD","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU0048573645.USD":"富达东盟基金","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","SGXZ58947870.SGD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (SGDHDG) INC"},"translate_title":"淡马锡支持的新交所三大蓝筹股","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"D05.SI":1.94,"Z74.SI":1.93,"S63.SI":1.92},"content_text":"Temasek’s portfolio spans continents, but three of its largest listed positions sit close to home on the Singapore Exchange. \n\nAs at 31 March 2026, the investment company held stakes in DBS Group Holdings Ltd (SGX: D05), Singapore Telecommunications Limited (SGX: Z74), and Singapore Technologies Engineering Ltd (SGX: S63) worth roughly S$104.7 billion combined.\n\nAll three have reported since. \n\nEach tells a different story about where earnings are coming from.\n\nA note on timing before we begin. DBS and ST Engineering reported first-quarter numbers for 2026. \n\nSingtel’s results cover its full financial year ended 31 March 2026. \n\nThe periods do not line up, and readers should not compare growth rates across the three as though they do.\n\nWhere is DBS finding growth when rates fall?\nTemasek holds 28% of DBS. \n\nAgainst the bank’s market capitalisation of S$161.8 billion, that stake is worth around S$45.3 billion — the largest of the three.\n\nDBS delivered record total income of S$5.95 billion in the first quarter of 2026 (1Q2026), up 1% year on year (YoY). \n\nThat headline masks a split beneath it.\n\nNet interest income (NII) fell 5% YoY to S$3.49 billion. \n\nThe bank’s net interest margin (NIM) narrowed 23 basis points to 1.89% as SORA and SOFR rates declined. \n\nCustomer loans grew 4% YoY to S$453.2 billion, or 6% in constant-currency terms, led by corporate lending. \n\nThe non-performing loan (NPL) ratio improved to 1.0% from 1.1%.\n\nNon-interest income did the heavy lifting; it rose 10% YoY to S$2.45 billion. \n\nWealth management fees hit a record S$907 million, while treasury customer sales reached a record S$592 million. \n\nNet fee and commission income jumped 16% to S$1.48 billion.\n\nCosts rose too. \n\nExpenses climbed 4% on higher staff costs, pushing profit before allowances down 1% to S$3.65 billion. \n\nNet profit attributable to shareholders edged up 1% YoY to S$2.93 billion.\n\nThe board declared a first-quarter dividend of S$0.81 per share, which comprises an ordinary dividend of S$0.66 and a Capital Return dividend of S$0.15. \n\nTogether they are up 8% from the S$0.75 paid for the first quarter of 2025 (1Q2025). \n\nInvestors should treat the two components separately: the Capital Return dividend is a distinct payment, not part of the ordinary distribution.\n\nShares trade ex-dividend on 11 May 2026, with payment on or about 20 May 2026.\n\nCan Singtel’s overseas units keep carrying the group?\nTemasek’s 52% stake in Singtel is worth roughly S$42.2 billion against a market capitalisation of S$81.3 billion.\n\nGroup revenue for FY2026 held stable YoY at S$14.3 billion. \n\nA 2% depreciation in the Australian dollar obscured underlying growth. \n\nOperating profit rose 8.9% to S$1.5 billion, while underlying net profit climbed 12% to S$2.8 billion.\n\nTwo divisions drove the result. \n\nNCS lifted operating profit 34% YoY to S$340 million on demand for IT services, digital resilience and AI work, securing a record S$3.8 billion in bookings. \n\nOptus lifted operating profit 23% YoY to A$550 million on mobile price increases and network sharing revenue.\n\nThe home market went the other way. \n\nSingtel Singapore’s operating profit fell 4.6% to S$795 million as mobile competition intensified and travel eSIMs pressured roaming revenue. \n\n\nMeanwhile, associates’ post-tax contributions grew 10% YoY, led by Airtel and AIS.\n\nManagement declared a total ordinary dividend of S$0.185 per share for FY2026, up 9% YoY. \n\nThis splits into a core dividend of S$0.134 and a value realisation dividend of S$0.051, of which the value realisation component is funded by asset sales rather than operating earnings. \n\nSingtel sold a 0.8% stake in Airtel for S$1.5 billion during the year and repurchased S$106 million of shares under its S$2.0 billion buyback programme. \n\nNet debt gearing improved to 23.3%.\n\nWhat does ST Engineering’s order book tell us?\nTemasek’s 51% stake in ST Engineering is worth around S$17.2 billion against a market capitalisation of S$33.8 billion.\n\nGroup revenue climbed 11% YoY to S$3.3 billion in 1Q2026. \n\nExcluding LeeBoy, divested in September 2025, rebased revenue grew 15% YoY.\n\nAll three segments grew. \n\nDefence & Public Security revenue rose 13% on a rebased basis to S$1.4 billion, helped by international defence contract wins. \n\nCommercial Aerospace revenue jumped 15% YoY to S$1.3 billion on engine MRO work and nacelle deliveries. \n\nUrban Solutions & Satcom revenue surged 18% to S$525 million, with Satcom growing more than 30%.\n\nHere, the disclosure thins. \n\nST Engineering said net profit growth outpaced rebased revenue growth. \n\nIt did not publish profit or cash flow figures, as first-quarter business updates do not require them. \n\nInvestors assessing dividend coverage will need to wait for the interim report.\n\nThe group declared a first-quarter interim dividend of S$0.04 per share. \n\nFor FY2025 it paid S$0.23 per share in total, which included a special dividend of S$0.05. \n\nThe special component should not be read as a permanent feature of the payout.\n\nNew contracts worth S$4.8 billion were secured in the quarter. \n\nThe order book stood at S$34.5 billion as at 31 March 2026, with S$8.0 billion expected to be delivered over the remainder of the year. \n\nAs at 31 December 2025, ST Engineering held S$576 million in cash and cash equivalents.\n\nGet Smart: Read the dividend, not just the total\nEach of these three companies pays a dividend built from more than one part.\n\nDBS separates an ordinary dividend from a Capital Return dividend. \n\nSingtel separates a core dividend from a value realisation dividend funded by asset sales. \n\nST Engineering’s FY2025 total included a special dividend that may not repeat.\n\nFree cash flow is the lifeblood of dividends. \n\nAn investor who counts only the headline figure risks mistaking a one-off for a commitment. \n\nThe ordinary component is what the business generates. \n\nThe rest depends on decisions management may or may not make again.\n\nImagine owning businesses that continued paying shareholders even when markets were falling. That’s the appeal of dividend investing done well. Our FREE report reveals 6 SGX companies that paid dividends every single year for two decades, through the Global Financial Crisis, COVID-19, and 2022’s rate shock. Start building the kind of income stream that could fund a more comfortable retirement. Get your free report here.\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses!\n\nDisclosure: Calvina L. owns shares of DBS.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2651363124","isCrawlerRequest":true}