The blue-chip space is seeing a shot of optimism as the Straits Times Index (SGX: ^STI) powers to a new all-time high above 4,000.
The bellwether index is seeing healthy momentum, led by a crop of blue-chip stocks whose share prices are surging higher.
Despite the rise, investors must examine the fundamentals of these businesses more closely to ensure that this increase is sustainable.
While share price gains can be exciting, they must be supported by corresponding increases in profits, free cash flow, and dividends.
Here are four Singapore blue-chip stocks that reported double-digit year-to-date (YTD) share price increases. We dig deeper to determine if they deserve to be on your buy watchlist.
Singapore Exchange Limited (SGX: S68)
Singapore Exchange Limited, or SGX, is Singapore’s sole stock exchange operator.
The group’s share price has surged nearly 27% YTD and recently touched its 52-week high of S$16.03.
SGX’s latest results were for the half year ending 31 December 2025 (note: the group has a 30 June fiscal year-end).
It was an impressive set of earnings with net revenue rising 15.6% year on year to S$646.4 million.
Net profit, excluding one-off items, shot up 27.3% year on year to S$320.1 million.
The group upped its interim dividend from S$0.085 to S$0.09, taking its annualised dividend per share to S$0.36.
SGX’s recent release on its June 2025 trading volumes was also encouraging.
For fiscal 2025 (FY2025) ending 30 June 2025, total derivatives traded volume climbed 17% year on year to 315.8 million contracts, with daily average volume up 17% year on year at 1.3 million contracts.
The securities market also saw healthy traction with securities market turnover increasing 28% year on year to S$336.4 million.
SGX is confident of achieving its long-term revenue growth target of 6% to 8% per annum in the medium term, with dividend per share growing by mid-single-digits per year over the same period.
SGX will release its FY2025 financial results in the morning of 8 August 2025.
Sembcorp Industries Limited (SGX: U96)
Sembcorp Industries, or SCI, is an energy and urban solutions provider with a balanced energy portfolio of 25.1 GW and urban development projects that span 14,400 hectares across Asia.
Shares of SCI have surged 41.4% YTD, hitting their 52-week high of S$7.86 recently.
The group reported a mixed set of earnings for 2024 as revenue fell 9% year on year to S$6.4 billion.
The decline was because of lower wholesale electricity prices along with the planned maintenance of a cogeneration plant in Singapore.
Net profit before exceptional items, however, stayed flat year on year at S$1 billion.
SCI more than doubled its final dividend from S$0.08 to S$0.17, taking its 2024 total dividend to S$0.23, significantly higher than 2023’s dividend of S$0.13.
The utility group is maintaining its 2028 gross renewables capacity target of 25 GW, as communicated during its 2023 Investor Day.
The group also announced a strategic reorganisation earlier this year and appointed managers for its different business lines to achieve better overall growth.
Keppel Ltd (SGX: BN4)
Keppel is a global asset manager and operator with solutions covering the infrastructure, real estate, and connectivity sectors.
Keppel’s share price has climbed nearly 19% YTD and hit its 52-week high of S$8.21 recently.
For the first quarter of 2025 (1Q 2025), Keppel reported an encouraging business update.
Its net profit excluding legacy offshore and marine (O&M) assets grew over 25% year on year.
Of this net profit, more than 80% is recurring, showcasing the group’s successful efforts in going asset-light.
Asset management fees continued to climb, rising 9% year on year to S$96 million for 1Q 2025.
Meanwhile, Keppel also reported asset monetisation of S$347 million to date, in line with its Vision 2030 long-term plan.
Another S$550 million of potential real estate divestments are waiting on the sidelines and are in advanced stages of negotiation.
Management also articulated Keppel’s long-term goal of achieving funds under management (FUM) of S$200 billion by 2030 during its recent Investor Day 2025 event.
Singtel (SGX: Z74)
Singtel is Singapore’s largest telecommunication company (telco) offering a comprehensive range of services such as mobile, pay TV, broadband, cybersecurity, and data centres.
Singtel’s share price soared 33.3% YTD and the telco hit its 52-week high of S$4.20 a while ago.
The telco reported a commendable set of earnings for its fiscal 2025 (FY2025) ending 31 March 2025.
Underlying net profit rose 9% year on year to S$2.5 billion even though operating revenue remained stable at S$14.1 billion.
The better result was because of stronger performance from Optus, NCS, and Singtel’s associates.
A final dividend of S$0.10 was declared comprising a core dividend of S$0.067 and a value realisation dividend of S$0.033 from capital recycling.
FY2025 saw Singtel’s total dividend rise to S$0.17 from S$0.15 last fiscal year, a 13% year-on-year increase.
The telco has identified around S$9 billion for asset recycling in the mid-term.
It also established a new S$2 billion value realisation share buyback programme.
This programme involves purchasing shares from the open market and then cancelling them.
As the STI hits record highs, long-term investors are asking: can dividends keep up?
In this special National Day webinar, we dive into the earnings outlook for Singapore’s top dividend stocks and what to expect in the months ahead. Secure your free seat here and stay ahead of the curve.
What are the stock secrets to Singapore’s “quiet millionaires?” Chances are, you’ll find at least one of their favourites in this free report. Download it now and see how these stocks could power your portfolio!
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Disclosure: Royston Yang does not own shares in any of the companies mentioned.
