November 2025 proved to be a lucrative month for Singapore’s blue-chip stocks.
While the benchmark Straits Times Index (SGX: ^STI) rose a respectable 2.2%, three heavyweights demonstrated exceptional operational strength and capital efficiency to leave the benchmark in the dust.
From the telco titan leveraging regional growth to the diversified conglomerate executing a major pivot, these blue-chip performers show where genuine value creation is happening today.
Here are the three stocks that delivered top-tier returns for the month.
Singapore Telecommunications (SGX: Z74): Total Returns 12.4%
The telecommunications titan topped the list, delivering a stellar 12.4% total return in November.
This surge was firmly rooted in a strong set of half-year results (1HFY2026) which highlighted the success of Singtel’s regional strategy and value realisation efforts.
Underlying net profit grew 14% year on year (YoY) to S$1.35 billion, despite operating revenue declining slightly due to the weak Australian Dollar.
In constant currency terms, revenue actually grew 1.9%.
The profit growth was driven by two key engines: NCS and Regional Associates.
NCS saw its operating profit jump 41%, benefiting from margin expansion, while regional associates contributed S$915 million in post-tax profit, led by Airtel’s soaring 80% contribution.
Crucially for shareholders, the group’s capital recycling strategy is paying off.
Singtel raised S$2.0 billion from divesting a 1.2% stake in Airtel in May, helping to reduce net debt to S$8.7 billion.
The telco giant doubled down on this strategy just days before its results announcement, raising a further S$1.5 billion from the sale of an additional 0.8% Airtel stake to institutional investors on 7 November.
This brings total proceeds from Singtel’s active capital management programme to S$5.6 billion – more than half of its newly raised S$9 billion mid-term asset recycling target.
This capital management translated directly into a higher payout, with the board declaring an interim dividend of S$0.082 per share, up 17% from the previous year, underscoring management’s confidence in the group’s diversified growth engines.
Jardine Matheson (SGX: J36): Total Returns 9.5%
The diversified conglomerate, Jardine Matheson Holdings, delivered a strong 9.5% total return, fuelled by a remarkable turnaround in its first-half 2025 results (1H2025).
The company’s underlying profit surged 45% to US$798 million, a dramatic recovery from the prior year.
This impressive result was driven by strong performances across its key portfolio companies, including Hongkong Land (contribution up 11%) and DFI Retail (underlying profit jumped 39% due to portfolio simplification).
These gains were achieved despite weaker contributions from Astra in Indonesia’s challenging automotive market.
The rally reflects investor confidence in management’s continued transition to an “engaged investor” model, which involves actively streamlining the sprawling portfolio.
Recent progress includes Hongkong Land’s capital recycling initiatives and DFI Retail’s portfolio simplification efforts, such as the disposal of its Singapore Food business.
Furthermore, the robust balance sheet was strengthened, with gearing reduced to 11% and parent free cash flow rising 6% to US$585 million.
Although the interim dividend was held steady at US$0.60 per share, the strong underlying profit growth and active strategic management provided the necessary catalyst for the stock’s outperformance in November.
Oversea-Chinese Banking Corporation (SGX: O39): Total Returns 8.1%
OCBC, one of Singapore’s financial giants, delivered a strong 8.1% total return, confirming its status as a resilient blue-chip anchor in a challenging interest rate environment.
For the third quarter of 2025 (3Q2025), the bank reported net profit attributable to shareholders of S$1.98 billion, unchanged YoY – the highest in five quarters.
This stable result masks a key operational shift: non-interest income surged 15% to a record S$1.57 billion, compensating entirely for a 9% fall in net interest income.
The reason for the fall in net interest income was the net interest margin (NIM) compression, which dropped 34 basis points to 1.84% as benchmark rates softened.
However, the strength of OCBC’s diversified franchise shone through.
Wealth management fees jumped 35% for the nine-month period, driven by robust customer activity, while trading income surged 38% quarter-on-quarter to S$518 million on higher customer flow treasury activity.
Overall, group wealth management income hit a record S$1.62 billion for the quarter, accounting for 43% of total income.
Meanwhile, core metrics remain rock-solid: customer loans expanded 7% and the non-performing loan ratio was steady at 0.9% for the sixth consecutive quarter, underscoring the quality of its asset book.
This diversification and operational resilience convinced investors to bid the stock higher in November.
Get Smart: Execution is Everything
November was a win for investors focused on fundamentals and capital efficiency.
The results from Singtel, Jardine Matheson, and OCBC demonstrate that true blue-chip outperformance is achieved through diversification and strategic execution.
Whether it was Singtel’s successful value realisation, Jardine Matheson’s portfolio clean-up, or OCBC’s wealth management engine compensating for NIM pressure, the common thread is active management mitigating macroeconomic headwinds.
These giants are not just riding the market; they are strategically repositioning for sustained, long-term value creation.
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Disclosure: The Smart Investor owns shares of OCBC.
