The Straits Times Index (SGX: ^STI) has delivered an impressive performance year-to-date by breaking through multiple record highs.
The bellwether blue-chip index surpassed the 4,000 level and quickly claimed a new record above 4,100.
However, not all the 30 blue-chip stocks enjoyed a solid share price run.
We showcase five that posted negative year-to-date performance and try to determine if this is a good time to scoop them up.
Genting Singapore (SGX: G13)
Genting Singapore owns and operates the integrated resort (IR) at Resorts World Sentosa (RWS).
The IR consists of a casino, the Singapore Oceanarium, a Universal Studios theme park, and numerous retail, entertainment and dining options.
Year-to-date (YTD), Genting Singapore’s shares have declined by 5.2% to S$0.73.
The group reported a lacklustre set of earnings for its first quarter of 2025 (1Q 2025).
Total revenue fell by 20% year on year to S$626.2 million as gaming revenue tumbled 24% year on year to S$437.5 million.
The IR operator saw its net profit for 1Q 2025 plunge 41% year on year to S$145 million.
The weaker results were due to a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works.
The business could see an improvement in the quarters ahead with the launch of WEAVE, a vibrant lifestyle enclave with more than 40 exciting stores and food and beverage outlets.
3Q 2025 will also see the grand opening of the Singapore Oceanarium and the debut of The Laurus, an all-suite luxury hotel with 183 keys.
Yangzijiang Shipbuilding (SGX: BS6)
Yangzijiang Shipbuilding, or YZJ, is one of the largest privately owned shipbuilding companies in China.
The group owns four shipyards in Jiangsu province capable of producing a broad range of commercial vessels such as large containerships and bulk carriers.
YZJ’s share price slid 21.3% YTD to S$2.33 as the Trump administration announced fees on Chinese ships docking at US ports.
This announcement is part of the US President’s wide-ranging reciprocal tariffs imposed on more than 180 countries.
These fees are part of his plan to bring more ship manufacturing back to the US and will be charged once per voyage.
As a result, YZJ reported slow order wins during its 1Q 2025 business update.
Order wins totalled just US$290 million, far short of the group’s target of US$6 billion for 2025.
CEO Ren Letian said that customers are adopting a wait-and-see approach and holding back on their orders for now.
Once more clarity emerges, the shipbuilder could see more orders flowing in during subsequent quarters.
Mapletree Logistics Trust (SGX: M44U)
Mapletree Logistics Trust, or MLT, is a logistics REIT with a portfolio of 180 properties across eight countries with total assets under management (AUM) of S$13.3 billion as of 31 March 2025.
MLT’s unit price has fallen close to 9.3% YTD but has bounced off its 52-week low of S$1.03.
The logistics REIT reported a downbeat set of earnings as it faced multiple headwinds.
For fiscal 2025 (FY2025) ending 31 March 2025, MLT’s gross revenue dipped 0.9% year on year to S$727 million.
The lower revenue was attributed to lower contributions from China, the absence of contributions from divested properties, and currency weakness.
Net property income (NPI) dipped by 1.5% year on year to S$625.3 million while distribution per unit (DPU) declined by 10.6% year on year to S$0.08053.
There could be better days to come for the REIT.
It announced the divestment of 14 properties in FY2025, helping to free up capital to be redeployed into assets with higher yields and better growth potential.
A redevelopment project at 5A Joo Koon Circle was also completed in May 2025, with partial contribution expected for 1Q FY2026.
Wilmar International (SGX: F34)
Wilmar International is a vertically integrated agri-business that owns over 1,000 manufacturing plants.
The group has an extensive distribution network covering China, India, Indonesia and 50 other countries and regions.
YTD, Wilmar’s share price has fallen by 4.2% and is now close to its 52-week low of S$2.87.
Wilmar announced an upbeat set of earnings for its 1Q 2025 business update.
Revenue rose 3.3% year on year to US$16.2 billion while core net profit improved by 4.4% year on year to US$343 million.
Operating cash flow also jumped 16.4% year on year to US$2.1 billion.
Wilmar’s outlook is expected to remain uncertain with increased volatility arising from trade tensions.
Last month, the group acquired PZ Cussons’ 50% stake in the PZ Wilmar joint venture for US$70 million.
PZ Wilmar’s edible cooking oils are sold under brand names Mamador and Devon King and are market leaders in Nigeria.
Frasers Logistics & Commercial Trust (SGX: BUOU)
Frasers Logistics & Commercial Trust, or FLCT, is an industrial and commercial REIT with a portfolio of 114 properties located in Singapore, the UK, Germany, Australia, and the Netherlands.
FLCT’s portfolio AUM stood at S$6.8 billion as of 31 March 2025.
The REIT’s share price fell by 5.6% YTD to S$0.84, but is higher than its 52-week low of S$0.76.
FLCT reported a mixed set of earnings for its first half of fiscal 2025 (1H FY2025) ending 31 March 2025.
Revenue rose 7.5% year on year to S$232.3 million while adjusted NPI crept up 1.6% year on year to S$161.3 million.
However, a surge in finance costs caused DPU to slide 13.8% year on year to S$0.03 from S$0.0348.
FLCT, however, does boast a high portfolio occupancy rate of 93.9% while recording a strong positive rental reversion of 33% for its logistics & industrial portfolio.
Its aggregate leverage stayed moderate at 36.1% and the cost of debt was manageable at 3%.
Population growth in Australia will support logistic property demand, but foreign exchange will remain a possible headwind for the REIT going forward.
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Disclosure: Royston Yang owns shares of Frasers Logistics & Commercial Trust.
