You can think of the Straits Times Index (SGX: STI) as Singapore’s all-star team – the top 30 companies that set the tone for the local stock market.
But here’s the twist, the lineup isn’t fixed.
Every quarter, the STI gets reviewed, and if a company loses its edge, it can be swapped out for one of the strong contenders waiting on the sidelines.
The last change occurred on 23 June 2025, when Jardine Cycle & Carriage (SGX: J36) was dropped in favour of Keppel DC REIT (SGX: AJBU).
A year earlier, in March 2024, Frasers Centrepoint Trust (SGX: J69U) took the place of Emperador (SGX: E5H).
So, who’s warming the bench right now?
Let’s take a look at those eagerly waiting for a spot on the team.
The STI blue-chip candidates
The quarterly review names five companies that form a reserve list of stocks – these are the ones most likely to step in when a spot opens up.
As it turns out, all five of these potential blue-chip stocks of the future also pay dividends, which should delight income-seeking investors.
In September 2025, there were two new reserve list stocks, namely Olam Group (SGX: VC2) and YangZijiang Financial (SGX: YF8), replacing CapitaLand Ascott Trust (SGX: HMN) and ComfortDelGro Corporation (SGX: C52).
Without further ado, here are all five companies vying for a spot in Singapore’s STI.
Keppel REIT (SGX: K71U)
Starting with a familiar name in the property space is Keppel REIT, which owns a S$9.4 billion portfolio of 13 prime commercial properties across Singapore, Australia, South Korea, and Japan.
For the first half of 2025 (1H2025), property income rose 9.1% year on year (YoY) to S$136.5 million, while net property income surged 11.8% to S$108.3 million.
But don’t get too excited, because distribution per unit (DPU) fell 2.9% to S$0.0272. This is due to a change in the way management received its fees, which is now 25% in cash instead of 100% in units.
Still, at its current price of S$1.00, the REIT offers a decent 5.5% dividend yield.
Operationally, things are looking solid.
In 1H2025, its portfolio occupancy remained healthy at 95.9% with robust rental reversion of 12.3%, which means that the REIT has been able to lock in higher rents.
On top of that, its Pinnacle Office Park redevelopment wrapped up earlier this year and is now being marketed for tenants, potentially boosting income for the REIT!
So, if you’re hunting for stable property income, Keppel REIT remains a candidate to consider, even with that small distribution dip.
NetLink NBN Trust (SGX: CJLU)
NetLink NBN Trust owns and operates Singapore’s nationwide passive fibre network infrastructure, generating stable revenue through regulated services (84% of revenue) including residential and non-residential fibre connections, and non-regulated services like installation and ancillary projects.
For the first quarter of the fiscal year ending 31 March 2026 (Q1FY2026), revenue grew 1.9% YoY to S$102.8 million, supported by contributions from non-regulated services.
While top-line growth was achieved, profit after tax declined 9.2% YoY to S$23.3 million, as higher operating expenses and increased depreciation from network expansion offset revenue gains.
Here’s the upside for income-focused investors: the trust declared distributions of S$0.0536 per unit for FY2025.
At a unit price of S$0.96, this translates to a 5.6% yield, which is a decent payout.
Gross debt rose slightly to S$874 million at the end of June 2025 (from S$856 million a quarter ago), but with a net gearing ratio of 20%, the trust remains comfortably positioned.
NetLink proves that even in tech-heavy infrastructure, you can find predictable dividends.
Suntec REIT (SGX: T82U)
You’ve probably visited Suntec City Mall or the convention centre – both part of Suntec REIT, which owns 10 properties across Singapore and manages a S$12.2 billion portfolio, including assets in Australia and the UK.
For the first half of 2025, the REIT reported gross revenue of S$234.5 million, up 3.3% YoY, while net property income rose 5.6% to S$159.5 million.
Additionally, DPU increased 3.7% from the year before to S$0.03155, giving the REIT a 4.8% dividend yield.
Suntec REIT’s portfolio occupancy rates are impressive, with its Singapore office at 99.0% and retail at 98.0%, while Australia stood at 88.6%.
Performance got an extra boost from one-off compensation from 177 Pacific Highway in Sydney and lower financing costs, which dropped from 4.06% per annum six months ago to 3.82% at the end of June 2025.
Here’s another good news: Suntec City Mall is due for an update, with planned asset enhancements planned in the second half of 2025.
YangZiJiang Financial (SGX: YF8)
Switching gears to finance and maritime, Yangzijiang Financial (YZJ) operates in fund management, investment management, and maritime ventures.
The company manages debt investments, direct investments in public and private equity, and fund investments, while its maritime business covers ship leasing, vessel investments, loan services, and import-export operations.
For 1H2025, YZJ reported total income of S$123.6 million, down 23% YoY, attributed to lower debt investments in China.
Interest income fell 33% to S$71.7 million, and non-interest income dipped 5% to S$51.9 million compared to a year ago.
Despite this, profit attributable to equity holders rose 28% to S$137.7 million, thanks to reversals of unutilised allowances and stronger performance in its maritime joint ventures.
As at 30 June 2025, total assets under management stood at S$4.06 billion with NAV per share at S$1.11.
While no dividend was declared for 1H2025, based on its 2024 payout of S$0.346, the stock offers a 3.0% yield which isn’t too bad for those seeking reliable payouts.
The company is actively reallocating its portfolio, focusing on Southeast Asian fund management and maritime ventures while reducing China real estate exposure.
And here’s the kicker: YZJ has a proposed spin-off of its maritime business that could unlock even more shareholder value down the road.
Olam Group (SGX: VC2)
Finally, let’s look at Olam Group Limited, a global agricultural products company engaged in sourcing, processing and merchandising.
For the first half of 2025, continuing operations revenue surged 49.8% YoY to S$15.3 billion, driven primarily by strong performance in the Olam Food Ingredients (ofi) segment.
What’s even more impressive is that its profit attributable to owners skyrocketed 574% to S$323.8 million compared to a year ago, reflecting a turnaround in continuing operations from a loss to a S$177.3 million profit.
While free cash flow improved significantly to negative S$974.8 million from negative S$5.4 billion a year earlier, it remained impacted by seasonal working capital requirements.
As at 30 June 2025, the company held S$1.6 billion in cash against S$15.3 billion in debt.
The group declared an interim dividend of S$0.02 per share, providing a 5.1% yield at a share price of S$0.99.
Not too shabby if you’re chasing some income while keeping an eye on growth.
Looking ahead, management expects 2025 to be a challenging year to navigate as it stays clouded by ongoing trade tensions from US tariffs and volatile geopolitical conditions.
Nonetheless, the group’s ofi segment is expected to maintain low-to mid-single digit volume growth and high single-digit adjusted EBIT growth despite near-term commodity
Get Smart: Spot Quality Before the Crowd Does
Blue-chip status isn’t handed out – it’s earned through resilience, consistency, and investor trust.
While these five companies may not be part of the STI’s “starting lineup” yet, they’re demonstrating the kind of fundamentals, dividends, and staying power that could one day get them there.
From REITs with prime assets to infrastructure plays and defensive conglomerates, each brings income stability to the table.
The better play is to track distribution sustainability, monitor operational improvements from occupancy rates to refinancing wins, and stay patient while quality does its slow work.
The best blue-chips of tomorrow aren’t found by waiting for an index reshuffle – they are spotted by investors who recognize quality, value it properly, and hold on while the market catches up.
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5 SG dividend-paying blue chips that have quietly powered through past downturns, and could reward you handsomely in the next.
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Disclosure: Renee Wee does not own any of the shares mentioned.
