October belonged to the transformers.
We’re not talking about the Autobots or the Decepticons but rather three Singapore blue-chips reinventing themselves — and the market may be starting to notice.
For context, Singapore’s Straits Times Index (SGX: ^STI) or STI rose by 3% in October 2025.
But the trio below comfortably outran the STI.
Keppel Corporation (SGX: BN4): Total Returns 12.7% for October 2025
Forget the traditional conglomerate structure — Keppel (dubbed “New Keppel”) is gradually converting heavy assets into fee-generating assets under management (AUM).
Case in point: the conglomerate has monetised S$14 billion in assets since 2020.
This isn’t just decluttering — it’s a complete rewiring of how Keppel creates value.
During 9M2025 alone, the company announced S$2.4 billion in asset monetisations while simultaneously raising S$6.7 billion in third-party funds.
Every dollar of assets sold can potentially turn into AUM generating recurring fees.
Here’s what you want to watch: Keppel’s pipeline.
Another S$1.4 billion in FUM is coming from recent acquisitions, over S$500 million in asset sales are targeted in the near-term, and management has identified S$35 billion in deployment opportunities.
What about shareholders?
A new dividend policy will link distributions to both the New Keppel’s annual net profit and asset monetisation proceeds.
For dividend investors, this framework creates a clear pathway to shareholder returns.
Wilmar (SGX: F34): Total Returns 9.5% for October 2025
Wilmar was among the worst-performing blue chips in September 2025.
The culprit?
On 25 September 2025, the commodities conglomerate was fined close to US$710 million after the Indonesian Supreme Court overturned an earlier decision to acquit three of its subsidiaries.
But the stock’s outperformance in October suggests that the tide may be shifting.
It’s not entirely clear at first.
For 2025’s third quarter, Wilmar reported a US$347.7 million loss which grabs all the attention.
That said, if you strip out the Indonesian fine and you find a company with strong financial figures: core profits up about 72% year on year with cash flow up 70%, and debt down US$2.1 billion over the same period.
Market perception often lags business reality, especially for complex conglomerates.
Wilmar spans the entire agribusiness value chain across 50 countries through 1,000 manufacturing plants – try fitting that into a simple narrative.
Yet, October’s performance suggests investors are beginning to appreciate what this scale means: sourcing flexibility, processing efficiency, and distribution reach.
The improving business conditions across diverse segments suggests broad-based growth.
There were better results in China’s oil, flour, and rice businesses.
Soybean crushing margins improved, supported by abundant South American harvests.
Tropical oils sales volume climbed while palm oil prices remained steady, benefiting the plantation business.
Let’s see if Wilmar can move past its troubles in Indonesia.
Mapletree Logistics Trust (SGX: M44U): Total Returns 8% for October 2025
Mapletree Logistics Trust or MLT experienced a 10.5% year on year decline in distribution per unit (DPU).
Part of the decline was due to a tough comparable.
However, even if you strip out the divestment gains from last year, the REIT’s DPU still fell by 4.8% year on year — so, where’s the positive news?
It may be less about what has happened.
All eyes are on the management’s willingness to perform major surgery on its portfolio.
The REIT has set a further S$100 million to 150 million divestment target for the fiscal year ending 31 March 2026 (FY2026).
Here’s the difference: this isn’t about raising cash – it’s about portfolio transformation.
Every older, lower-spec property sold frees capital for modern, higher-yielding logistics assets.
The execution has been gaining traction: S$24.7 million divested in 2QFY2026 across Singapore, Malaysia, and South Korea, plus S$51 million in Australia post-quarter.
This geographic diversity of sales shows management looking across markets.
The fact they can find buyers and sell at a premium validates the portfolio’s underlying quality.
The redeveloped Mapletree Joo Koon Logistics Hub, now fully contributing, shows what’s possible when capital is recycled effectively.
Meanwhile, MLT recorded a solid 96.1% occupancy despite the challenging conditions.
October’s performance suggests the market believes management will deploy divestment proceeds into assets that justify today’s unit price.
Get Smart: The Transformation Gain
October’s winners earned their outperformance the hard way – by fundamentally changing their businesses.
But transformation isn’t free.
MLT’s DPU declined as it works to reposition its portfolio.
Keppel’s aggressive asset sales create execution risk.
Wilmar’s Indonesian payment reminds us that operating across 50 countries brings regulatory complexity.
These aren’t risk-free investments – they’re calculated bets on management’s ability to execute complex strategies.
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Disclosure: The Smart Investor owns shares of Mapletree Logistics Trust.
