Three of Temasek’s largest listed holdings will report their earnings in August.
DBS Group (SGX: D05) is expected to release its latest results within the first or second week of the month.
Sembcorp Industries (SGX: U96) and Singapore Technologies Engineering (SGX: S63) both report on 13 August 2026.
Each release carries a different focus for income investors.
Temasek’s stakes make these reports matter beyond the individual shareholder.
As at 31 March 2026, the global investment company owned 28% of DBS.
That holding was worth around S$45.3 billion against the bank’s market capitalisation of S$161.8 billion.
Temasek held 51% of ST Engineering, worth roughly S$17.2 billion, and 50% of Sembcorp, worth about S$5.9 billion.
Combined, that exposure runs to nearly S$68 billion.
The direction of these dividends feeds directly into Temasek’s income base.
Can DBS keep growing income as rates fall?
DBS enters its next report from a position of strength.
In 2026’s first quarter (1Q2026), the bank delivered a record total income of S$5.95 billion, up 1% year on year (YoY).
Our country’s largest bank achieved this result despite rate headwinds and a stronger Singapore dollar.
Net interest income eased 5% to S$3.49 billion as the net interest margin narrowed by 0.23 percentage points to 1.89%.
Thankfully, fee income offset the squeeze.
Non-interest income rose 10% to S$2.45 billion, powered by record wealth management fees and record treasury customer sales.
Net profit edged up 1% to S$2.93 billion.
The dividend told the clearer story.
DBS declared S$0.81 per share for the quarter.
This comprised an ordinary dividend of S$0.66 and a separate Capital Return dividend of S$0.15.
That total sits 8% above the payout a year earlier.
Two questions follow into August.
Investors will be expecting the Capital Return dividend component to continue.
They will also watch whether wealth and fee momentum can keep filling the gap as interest margins compress further.
Will ST Engineering’s growth reach the bottom line?
ST Engineering opened the year with broad-based expansion.
Group revenue climbed 11% YoY to S$3.3 billion in its 1Q2026 update.
On a rebased basis, stripping out the divested LeeBoy business, revenue grew 15%.
Under the hood, every segment grew.
Defence & Public Security rose 13% on a rebased basis to S$1.4 billion, helped by strong international contract wins.
Commercial Aerospace jumped 15% to S$1.3 billion, led by engine maintenance and nacelle deliveries.
Urban Solutions & Satcom surged 18% to S$525 million, with Satcom growing more than 30%.
The group highlighted that its net profit growth outpaced rebased revenue growth.
But it did not disclose profit or cash flow figures in its first-quarter update.
The August report will offer the first full look at margins this year.
Still, the group did disclose that its order book stood at S$34.5 billion at end-March.
The group won S$4.8 billion in new contracts during 1Q2026, with S$8 billion due for delivery over the rest of the year.
On dividends, ST Engineering paid S$0.23 per share for the prior full year.
That figure needs unpacking.
The total dividend comprised an ordinary dividend of S$0.18 and a special dividend of S$0.05.
Investors will be looking at margins and profits as a signal of whether the group will increase its dividends for the full year.
Is Sembcorp’s dividend secure through the energy transition?
Sembcorp presents the most nuanced case.
Revenue fell 10% YoY to S$5.8 billion in its last full-year result.
The decline came from lower electricity offtake, softer pool and gas prices in Singapore, reduced UK plant availability, and the absence of its divested waste business.
Higher renewables contributions offset part of the drop.
Headline net profit dipped 3% to S$984 million.
The headline number hides a swing factor.
Excluding exceptional items and foreign exchange movements on a deferred payment note, profit came to S$1 billion, roughly flat YoY.
Cash generation improved sharply.
Free cash flow swung to positive S$208 million from negative S$196 million a year earlier as capital expenditure moderated.
That turnaround supports the group’s decision to lift its ordinary dividend by 9% to S$0.25.
The balance sheet still warrants attention.
At end-2025, Sembcorp held S$1.1 billion in cash against total borrowings of S$9 billion.
This business carries meaningful debt as it funds its renewables build-out.
Management expects gas margins to face pressure from recontracting in Singapore.
New renewables capacity will come online progressively through 2030.
Sembcorp completed its A$6.5 billion acquisition of Alinta Energy on 11 June 2026, adding an Australian platform that broadens its earnings base.
The completion also will bring roughly A$208 million of one-off costs, which the group expects to recognise as exceptional items.
Expect a gap between headline and underlying profit in the coming result.
Get Smart: Watch the Dividend Signal, Not Just the Headline
Each August report answers a different question.
DBS investors will watch whether its total income holds as margins compress.
ST Engineering holders will look for margin disclosure and any hints of its future dividends.
Sembcorp shareholders will weigh a growing ordinary payout against a leveraged balance sheet and an earnings base in transition.
For a portfolio as large as Temasek’s, the sum of those three answers will shape the income it draws from Singapore’s corporate champions in the year ahead.
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Disclosure: The Smart Investor owns shares of DBS Group.
