Three of Singapore’s best-known companies have two things in common: they share the same major shareholder, and this year, they also share the same headwind.
The conflict in the Middle East has reached all three businesses.
It just hits each one differently.
All three report results in the first half of November, so it helps to know what to look for.
Temasek, a global investment company headquartered in Singapore, holds sizeable stakes in each company.
| Company | Temasek stake | As at | Reporting date |
|---|---|---|---|
| CapitaLand Investment (SGX: 9CI) | 54.2% (deemed interest) | 13 March 2026 | 4 November 2026 |
| Singapore Airlines (SGX: C6L) | 50.6% | 2 June 2026 | 11 November 2026 |
| SATS (SGX: S58) | 40.3% (deemed interest) | 19 May 2026 | 11 November 2026 |
Can CapitaLand Investment keep its fee engine running?
CapitaLand Investment Limited (SGX: 9CI), or CLI, is a global real asset manager that earns fees from managing funds and properties.
Those fees are growing.
For the first half of 2026 (1H2026), fee-related revenue rose 20% year on year (YoY) to S$687 million.
Higher fees and lower finance costs helped operating PATMI grow 13% to S$293 million.
Group revenue actually slipped 2% to S$1.0 billion after CLI deconsolidated Synergy and divested a China business park.
Here’s the thing: event-driven fees supplied much of that growth.
Listed Funds Management revenue climbed 45% to S$224 million, largely from these fees.
Fees like these come and go.
On 4 November, watch whether recurring fees can carry growth on their own.
Lodging is the softer spot.
The segment’s EBITDA margin narrowed to 20% from 27% a year ago.
Revenue per available unit (RevPAU) in the Middle East, Africa, Türkiye and India declined 3% as geopolitical tensions weighed on these markets.
Don’t expect a dividend on 4 November: CLI pays only a first and final dividend.
It paid S$0.120 per share for FY2025 in May 2026.
Will fuel costs weigh on SIA’s next dividend?
Singapore Airlines Limited (SGX: C6L), or SIA, runs Singapore Airlines and low-cost carrier Scoot.
It also owns 25.1% of the Air India Group.
SIA isn’t short of customers.
In the first quarter of the fiscal year ending 31 March 2027 (1QFY2027), revenue rose 19.3% YoY to a record S$5.7 billion.
Passenger yields improved 12%, and cargo revenue rose 33.3% as cargo yields climbed 28.1%.
SIA swung to a net loss of S$75.8 million from a profit of S$186.1 million a year ago.
So why the loss?
One word: fuel.
Jet fuel prices spiked after the Middle East conflict broke out on 28 February 2026, and SIA’s net fuel expenses rose 78.5%, or S$991 million.
A wider share of losses from Air India added to the strain.
On the flip side, cash is still coming in.
Free cash flow was about S$810 million.
As at 30 June 2026, SIA held S$9.1 billion in cash and bank balances against S$10.7 billion of debt.
Its debt-to-equity rose to 0.65 times from 0.62 times three months earlier.
SIA declares dividends only alongside its half-year and full-year results.
If the 11 November release covers the half year, we’ll find out whether SIA pays one.
Any payout will tell you how SIA weighs a loss-making quarter against positive free cash flow.
Management has already warned that fare adjustments cannot fully offset elevated fuel prices.
Can SATS turn volume growth into cash?
SATS Ltd (SGX: S58) handles air cargo and ground services through Gateway Services and runs catering through Food Solutions.
Volumes are growing.
In 1QFY2027, which ended on 30 June 2026, revenue rose 11.3% YoY to S$1.7 billion.
Cargo processed grew 8.6% to 2.6 million tonnes.
However, profit lagged.
Operating profit climbed 6.8% to S$133.8 million, but the operating margin narrowed to 8.0% from 8.3%.
SATS pointed to Middle East disruption to cargo flows and inflationary pressure.
Net profit rose just 6% to S$75.1 million as earnings from associates and joint ventures fell 18.9%.
Free cash flow is the lifeblood of dividends, so this is the number to watch.
It came in at negative S$22.6 million.
SATS put weaker operating cash flow down to working capital timing.
The next release will test that explanation.
SATS carried S$4.2 billion of debt as at 30 June 2026, with gross debt-to-equity at 1.41 times.
It did not disclose its cash balance.
SATS also did not declare a dividend for the quarter, the same as a year ago.
Management has warned that higher oil prices and Middle East tensions could bite harder in coming quarters.
Get Smart: Pick your number before the results arrive
It’s easy to get swept along by the headline profit on earnings day.
A better habit is to pick, in advance, the one number that matters most for each company.
At CLI, recurring fee growth tells you whether the asset-light shift can stand without one-off fees.
SIA’s dividend decision, if one comes, will reveal how the airline reads its cash position against a quarterly loss.
For SATS, free cash flow will show whether the working capital explanation holds.
Write your number down now.
When the results land, judge each company against it, not against the headline.
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Disclosure: The Smart Investor does not own shares in any of the companies mentioned.
