April 2026 was a month most Singapore investors would probably prefer to forget.
The Straits Times Index (SGX: ^STI) turned in a 2% negative return, weighed down by softer sentiment across the broader market.
Yet three of the index’s 30 constituents bucked the trend in style.
Yangzijiang Shipbuilding (SGX: BS6) led the pack with a 13.1% total return, followed by Singapore Exchange (SGX: S68) at 10.1% and UOL Group (SGX: U14) at 8.2%.
Each of these blue chips outpaced the STI by more than 10 percentage points, proving that even in a sluggish month, there are always pockets of resilience.
What did these three have in common?
Each one released an earnings report that translated operating strength directly into higher shareholder payouts.
For dividend investors, that combination is almost impossible to ignore.
Singapore Exchange (SGX: S68) – The Reliable Toll Collector
Singapore’s sole stock market operator delivered the kind of steady, broad-based result that income investors tend to appreciate.
For the first half of its fiscal year ending 30 June 2026 (1HFY2026), SGX reported net revenue of S$695.4 million, up 7.6% year on year (YoY).
The Equities – Cash division led the charge, climbing 16.2% to S$223.9 million as the daily average traded value for securities rose 19.5%.
The Fixed Income, Currencies and Commodities (FICC) segment chipped in too, rising 12.5% to S$178.9 million, thanks to stronger OTC FX, commodity and currency derivatives volumes.
While the headline net profit looked broadly flat at S$342.7 million – up just 0.8% YoY – it was mostly dragged by a S$15 million goodwill impairment related to Scientific Beta.
If we strip that one-off item out, the adjusted net profit actually rose by a much healthier 11.6% to S$357.1 million.
More importantly, operating cash flow remained robust at S$363.7 million for the half.
For dividend investors, the bigger signal was forward visibility.
SGX declared an interim quarterly dividend of S$0.110, bringing 1HFY2026 total dividends to S$0.2175, up from S$0.180 a year ago.
Management reiterated confidence in maintaining its 0.25-cent quarterly dividend step-up all the way through to the end of FY2028.
In today’s choppy market, that kind of long-term commitment to shareholders is a rare find.
UOL Group (SGX: U14) – Building a Stronger Foundation
UOL Group quietly produced one of the strongest operational results of the season, and the best part is that shareholders were rewarded handsomely for it.
For the financial year ended 31 December 2025 (FY2025), revenue rose 16% to S$3.2 billion.
This was largely driven by a 26% jump in property development revenue as the group recognised progress on projects like Pinetree Hill, Watten House, MEYER BLUE, and the newly launched UPPERHOUSE at Orchard Boulevard.
Property investment income also climbed 13% to S$629.3 million, helped by contributions from the newly acquired 388 George Street in Sydney and a better performance at Singapore Land Tower following its recent face-lift.
All of this filtered down to the bottom line, with operating PATMI jumping 49% to S$468.7 million.
Free cash flow nearly doubled to S$1.2 billion, although it is worth noting that about S$573 million of that came from one-off cash releases as projects were completed.
The balance sheet did the rest.
Total borrowings declined 11% YoY to S$4.5 billion, while net gearing improved from 0.23 times to 0.20 times.
The board proposed a total dividend of S$0.25 per share – comprising a S$0.18 final and S$0.07 special – a 39% increase from FY2024, representing a comfortable 44% payout ratio.
Looking ahead, the group has replenished its landbank with three sites – Thomson View, Dorset Road and Hougang Central – staggered for launches between late 2026 and 2027.
There is also the NoMad Hilton Singapore opening in late 2026, followed by The Clifford at Raffles Place targeted for 2028 – all providing a clear runway for future growth.
Yangzijiang Shipbuilding (SGX: BS6) – Navigating a Record Year
Yangzijiang Shipbuilding (YZJ) topped the April leaderboard, but its story carries a bit more nuance than the headline suggests.
For FY2025, revenue rose 7% to RMB 28.5 billion, and what is particularly impressive is that it achieved this while delivering fewer vessels – 56 compared to 61 the year before.
Gross margins expanded from 29% to 34%, lifting gross profit 28% YoY to RMB 9.8 billion, while profit attributable to equity holders rose 30% YoY to RMB 8.6 billion.
These record results were supported by a combination of better pricing for newbuilds, lower steel costs, and a significant 54% jump in contributions from associates and joint ventures.
The dividend hike was the standout feature.
The group proposed a final dividend of S$0.20 per share – a striking 67% increase over the S$0.12 paid last year.
The balance sheet remains fortress-like, with RMB 20.1 billion in cash (plus RMB 6.1 billion restricted) sitting against total borrowings of just RMB 5.5 billion.
With an outstanding order book of US$22.4 billion stretching all the way to 2030, the revenue visibility here is incredibly strong.
However, there are two cautionary signals to keep on the radar.
Free cash flow fell sharply to RMB 2.5 billion from RMB 11.9 billion a year ago, mainly due to higher working capital and spending on the Hongyuan Yard and LNG terminal project.
Additionally, order wins for 2025 came in at US$2.5 billion, which is a step down from the US$14.6 billion seen in 2024 as the industry shifts away from large containerships.
Management has set a US$4.5 billion order-win target for 2026, which will be a useful yardstick for us to watch as the year progresses.
Get Smart: Earnings Delivery, Not Hype
April’s three standouts didn’t outperform simply because the market was chasing a theme.
They thrived because each one gave investors something concrete to bank on – a solid profit result backed by a meaningful dividend hike.
SGX offered us long-term visibility, UOL showcased balance sheet strength, and YZJ delivered impressive headline growth.
For those who are into dividend investing, the lesson is a familiar one.
Share price strength usually follows when a company can successfully translate operating performance into payout growth.
However, it is always worth looking beneath those headline numbers.
Trends in free cash flow and forward order momentum often tell the next chapter of the story long before the share price does.
Keep an eye on the fundamentals, and the dividends will usually take care of themselves.
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Disclosure: Calvina L. owns shares of SGX.
