A year when “boring” got exciting again. The STI was up ~22% YTD by late December, helped by a stronger risk mood and renewed attention on Singapore equities.
What did Tigers watch the most? In 2025, it largely came down to three themes: bank dividends + rate path, big corporate actions, and steady cashflow names.
1) $DBS(D05.SI)$ +36.42% YTD
DBS stayed in the spotlight because it combined record-scale profitability with a visible leadership transition. The bank’s 3Q25 profit before tax hit a record SGD 3.48b, and it kept dividends attractive (including a 75-cent quarterly dividend in late 2025).
The market also priced in the next chapter: Tan Su Shan took over as CEO on March 28, 2025, and DBS’ aggressive AI push became a headline story.
2) $OCBC Bank(O39.SI)$ +25.5% YTD
OCBC drew attention as investors tracked how banks would perform as rate tailwinds cooled. In 1H25, OCBC reported S$3.70b net profit and declared an interim dividend of 41 cents.
OCBC also stayed topical because quarterly updates showed it could keep earnings resilient even as net interest income eased from peak levels.
3) $UOB(U11.SI)$ +2.16% YTD
UOB was one of the most discussed names because the story wasn’t just earnings—it was provisions, buffers, and what management sees ahead. In 1H25, UOB’s operating profit rose to S$4.0b, while net profit moderated to S$2.8b as it set aside pre-emptive allowances.
That debate intensified later: Reuters highlighted margin pressure and a sharp Q3 net profit drop tied to a large credit allowance build.
4) $Singtel(Z74.SI)$ +54.47% YTD
Singtel was a community favourite in 2025 because it turned into a clean “capital returns + restructuring” story. For FY25, Singtel posted S$4.02b net profit (including exceptional gains) and grew underlying net profit 9% to S$2.47b.
The headline catalyst: Singtel announced a S$2b share buyback and lifted its asset recycling ambition—exactly the kind of shareholder-return narrative the market likes.
5) $SIA(C6L.SI)$ +5.9% YTD
SIA never really left the watchlist. It delivered a record annual net profit of S$2.78b for FY ended March 2025, boosted by a one-off gain linked to the Vistara–Air India merger—but operating conditions got more competitive as yields softened.
Through 2025, investors also watched the Air India association impact and cargo demand uncertainty, which showed up in quarterly profit swings.
6) $ST Engineering(S63.SI)$ +83.81% YTD
If there was a “surprise rocket” in many Singapore portfolios, it was ST Engineering. The company posted strong contract wins (S$4.9b in 3Q2025) and pushed backlog to record levels—fuel for multi-year visibility.
It wasn’t a perfect story: investors also digested a large non-cash impairment (iDirect), partially offset by divestment gains.
7) $SGX(S68.SI)$ +37.58% YTD
SGX was watched as both a business and a macro signal: more trading activity, more listings, more capital markets buzz. SGX highlighted record FY2025 revenue and net profit since listing.
It also benefited from the broader “revive equities” narrative—like the Nasdaq–SGX initiative aimed at smoother dual listings and cross-market access.
8) $Sheng Siong(OV8.SI)$ +65.2% YTD
Sheng Siong stayed heavily followed because it offered something rare: defensive business + visible growth via store openings. In 1H FY2025, revenue rose 7.1% to S$764.7m, and net profit increased 3.4% to S$72.3m, helped by new stores.
9) $CapLand IntCom T(C38U.SI)$ $CapLand IntCom T(C38U.SI)$ +29.35% YTD
CICT drew attention as rates stopped rising and Singapore office/retail assets looked investable again. The biggest 2025 headline: CICT agreed to acquire the remaining stake in CapitaSpring (property value S$1.05b), a move framed as modestly DPU-accretive.
10) $YZJ Shipbldg SGD(BS6.SI)$ +21.5% YTD
Yangzijiang stayed on radars because it’s one of the cleaner ways to play shipbuilding demand—plus it kept printing strong numbers. In 1H2025, it reported record net profit and pointed to a US$23.2b orderbook extending through 2029 and beyond.
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