Has the stock market gotten it wrong?
The Straits Times Index (SGX: ^STI) has been on a bull run in 2025, rising by over 21% year-to-date (YTD) as of 15 December 2025.
Yet, three blue-chip stocks have seen their stock price languish, trailing the broader market.
But it can also spell opportunity.
Let’s examine what’s really happening beneath the surface.
Thai Beverage (SGX: Y92): Total Returns -11.1% YTD
Thai Beverage, or ThaiBev, is one of Southeast Asia’s largest beverage companies, with a portfolio spanning spirits, beer, non-alcoholic beverages, and food.
The group reported a mixed set of earnings for the fiscal year ended 30 September 2025 (FY2025).
Revenue slipped 2.1% year-on-year (YoY) to THB333.3 billion, while profit attributable to owners fell 6.8% YoY to THB25.4 billion.
The revenue decline was broad-based.
Spirits dipped 1.8% YoY to THB118.6 billion, while beer tumbled 2.5% to THB123.2 billion.
Vietnam proved particularly challenging, with beer revenue there plunging 14% YoY.
Non-alcoholic beverages and food segments also recorded modest declines.
The sharper drop in net profit stemmed from a significant reduction in the share of profit from associates and joint ventures, which fell from THB5.5 billion in FY2024 to THB2.8 billion in FY2025, following the disposal of Frasers Property Limited (SGX: TQ5) through a share swap transaction.
Despite weaker earnings, strong working capital management lifted operating cash flow by 20.5% YoY to THB46 billion, boosting free cash flow generation by 12.5% YoY to THB32.4 billion.
ThaiBev declared a total dividend of THB0.62 per share for FY2025, up from THB 0.6 a year ago.
Mapletree Industrial Trust (SGX: ME8U): Total Returns -3.4% YTD
Mapletree Industrial Trust, or MIT, is an industrial REIT with a portfolio spanning data centres (58.2%), hi-tech buildings and business space (18.1%), and general industrial buildings (23.6%).
For the first half of the fiscal year ending 31 March 2026 (1HFY2026), MIT reported gross revenue of S$346.1 million, down 3% YoY.
Net property income (NPI) declined 3.5% to S$257.7 million, while distribution per unit (DPU) fell 5.1% YoY to S$0.0645.
Excluding a one-off divestment gain from the prior year, DPU decreased 1.8% YoY.
Portfolio occupancy remained resilient at 91.3% as of 30 September 2025, with the Singapore portfolio maintaining 92.6% occupancy.
Japan remained fully occupied at 100%, though North America stood at 85.8%.
The decline in financial performance was primarily driven by lower contributions from the North American portfolio due to non-renewals and foreign exchange headwinds from a weaker US dollar.
On a positive note, the REIT completed strategic divestments totalling S$535.3 million in Singapore and US$11.8 million for a Georgia data centre, unlocking value at premiums of 22.1% and 18.6% above market valuation respectively.
Aggregate leverage improved to 37.3% post-divestment, providing financial flexibility for future growth.
SATS Ltd (SGX: S58): Total Returns -2.8% YTD
SATS is one of the world’s largest air cargo handlers and Asia’s leading airline caterer, headquartered in Singapore.
Following the acquisition of Worldwide Flight Services (WFS) in 2023, the combined network operates over 225 stations in 27 countries.
For the first half of the fiscal year ending 31 March 2026 (1HFY2026), SATS delivered a robust set of results.
Revenue rose 9% YoY to S$3.1 billion, driven by higher cargo volumes and flight handling activities.
Gateway services, which encompasses ground and cargo handling, contributed close to 78% of revenue, with food solutions making up most of the remainder.
Net profit attributable to shareholders climbed 11.2% YoY to S$149.8 million while free cash flow soared 79.4% YoY to S$232.7 million.
Management expects the global air cargo market to continue growing in 2025.
Get Smart: Follow the cash
When share prices wobble, look at the cash.
ThaiBev’s free cash flow rose 12.5% year on year. SATS saw cash generation surge nearly 80%. MIT divested assets at premiums exceeding 20%.
For income investors, cash is what pays dividends.
And that’s what you want to focus on.
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Disclosure: The Smart Investor owns shares of Mapletree Industrial Trust.
