Three companies in Temasek’s portfolio report earnings within four days of each other this week.
Seatrium (SGX: 5E2), Keppel (SGX: BN4), and Singapore Airlines (SGX: C6L) each sit among the global investment firm’s Singapore holdings.
As at 31 March 2026, Temasek held a 36% stake in Seatrium, 21% in Keppel and 50% in Singapore Airlines.
Here is what dividend investors should watch in each release.
Singapore Airlines (SGX: C6L)
Singapore Airlines, or SIA, reports on 28 July, the first of the three.
The airline operator’s most recent full-year result carried a headline decline that deserves unpacking.
For the fiscal year ended 31 March 2026, net profit fell 57.4% year on year (YoY) to S$1.2 billion.
The drop was largely mechanical.
A S$1.1 billion one-off gain from the Vistara disposal, recognised a year earlier, did not repeat.
Share of losses from Air India added S$828.5 million to the drag.
Underlying operations told a different story.
Revenue reached a record S$20.5 billion, up 5.0% YoY as SIA and Scoot carried a record 42.4 million passengers.
Group passenger load factor climbed 1.1 percentage points to 87.7%.
Operating profit rose 39.0% YoY to S$2.4 billion, aided by lower net fuel costs and higher hedging gains.
Free cash flow came in at S$2.5 billion.
The carrier held S$7.9 billion in cash against S$7.7 billion in borrowings.
SIA declared a final ordinary dividend of S$0.22 per share and a separate final special dividend of S$0.07 per share.
Total dividends for the year came to S$0.37 per share, down from S$0.40 a year earlier.
Management flagged jet fuel as the key headwind.
Prices have more than doubled since the Middle East conflict began, and the carrier’s lagged fuel pricing means the full impact is expected to land in FY2026/2027.
Fare increases have not fully offset the rise.
The release to watch: the first quarterly read on the fuel headwind, the trajectory of Air India’s share of losses, and whether the ordinary and special dividend structure holds.
Keppel (SGX: BN4)
Next, Keppel reports on 30 July.
This half-year release carries the group’s first dividend-relevant read of the year, as Keppel declares dividends only at the half-year and full-year.
The first quarter offered a preview.
Keppel’s 1Q2026 update was voluntary, so the group withheld specific revenue, profit and free cash flow figures.
New Keppel’s net profit dipped slightly YoY.
Higher Infrastructure and Connectivity earnings were offset by weaker Real Estate contributions, which had benefited from valuation and divestment gains a year earlier.
Recurring income inched up.
The group turned to a free cash inflow in 1Q2026, reversing an outflow a year ago.
Asset management fees rose 13% YoY to S$108 million, with growth across all three segments.
Keppel added S$0.4 billion of new funds under management in the quarter, with a further S$2 billion of commitments from limited partners to be finalised in the coming months.
Asset monetisation announced year to date reached S$385 million, including i12 Katong in Singapore.
Management is targeting S$2 billion to S$3 billion of non-core asset monetisation in 2026.
The release to watch: the half-year dividend, progress against that monetisation target, and whether the S$2 billion in limited-partner commitments has closed.
Seatrium (SGX: 5E2)
Seatrium reports on 31 July.
The engineering group enters the release with momentum behind it.
For 2025, full-year revenue rose 24.3% YoY to S$11.5 billion.
Strong project execution and production milestones drove the gain.
Profit attributable to owners more than doubled to S$323.6 million, up from S$156.8 million a year earlier.
Higher revenue recognition, overhead savings, a larger share of profit from associates and lower net finance costs underpinned the jump.
Free cash flow is the lifeblood of dividends.
Seatrium’s turned positive at S$19.7 million, against negative S$4.3 million a year ago.
The group closed the year with S$1.8 billion in cash and total borrowings of S$2.5 billion, leaving net debt of S$680 million.
Seatrium proposed a final dividend of S$0.03 per share, double the S$0.015 declared a year earlier; no special dividend was declared.
Management is pursuing more than S$32 billion in pipeline deals over the next 24 months, spanning oil and gas, offshore wind and conversion projects.
The order book stands at S$17.8 billion.
The release to watch: whether pipeline deals convert into fresh order-book wins, and whether the doubled dividend marks a new baseline rather than a one-off.
Get Smart: Three blue-chip stocks, one common thread
Each release turns on cash rather than headline profit.
Seatrium and Keppel both swung to positive free cash flow, and the durability of that shift will shape what they can return to shareholders.
Singapore Airlines generated strong operating cash even as reported profit fell, and the fuel headwind now tests whether that holds.
Watch the cash flows, not just the profit lines.
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Disclosure: The Smart Investor does not own any of the stocks mentioned.
