Singapore Consumer Stocks Are Quietly Outperforming

While AI continues to dominate global headlines, Singapore’s non-cyclical consumer sector has quietly delivered robust performance. Amid macroeconomic uncertainty, the top 10 consumer staple stocks have averaged a 26.7% total return for the year-to-date, fueled by firm crude palm oil (CPO) prices and strong defensive retail demand.

The 10 most actively traded non-cyclical consumer stocks in Singapore have also received combined net institutional inflows of S$327.4 million for the year to Aug 26, compared to net institutional outflows for the broader Singapore market. 

The outperformers include iEdge Singapore Next50 constituents such as $First Resources(EB5.SI)$ , $Sheng Siong(OV8.SI)$ , $Food Empire(F03.SI)$ , $Olam Group(VC2.SI)$ and $Golden Agri-Res(E5H.SI)$ , which rank among the top 15 performers in the index for the year-to-date. 

1. $First Resources(EB5.SI)$

Palm oil producers First Resources and Bumitama Agri ranked as top performers among the most traded consumer staples stocks, amid a biodiesel push in Indonesia which would raise the palm-based biodiesel content in diesel from 40% to 50%.

First Resources more than doubled its share price, with a YTD total return of 116.7% as of Aug 26. Net profit for the Group rose 57.4% year-on-year for 1H2026, supported by higher production volumes and improved processing margins. DBS Group Research maintained its Buy recommendation, noting scope for further re-rating, supported by CPO prices and First Resources’ track record of improving PT Austindo Nusantara Jaya Tbk’s performance following the acquisition.

2. $Bumitama Agri(P8Z.SI)$

Bumitama Agri similarly delivered a robust YTD total return of 59.5%. For 1H2026, its revenue and net profit rose 24.0% and 44.3% year-on-year respectively, driven by higher sales volumes and average selling prices for palm products. 

The Group expects palm oil prices in the second half of 2026 to be supported by Indonesia’s B50 biodiesel mandate and global energy dynamics amid ongoing geopolitical tensions in the Middle East. Against this backdrop, Bumitama announced in April 2026 that it would increase its targeted dividend payout range to 60–75% of distributable income.

3. $Wilmar Intl(F34.SI)$

Other players with palm oil exposure, such as $Wilmar Intl(F34.SI)$ and Golden Agri-Resources, have also reported stronger profits in their first half results.

Wilmar International has seen strong net institutional buying year-to-date, with S$276.7 million in net inflows, ranking it third across the broader Singapore market for the YTD.

The Group reported a 12.8% increase in pre-tax profit for 1H2026, driven by stronger contributions from its Feed & Industrial Products (Tropical oils, Oilseeds & Grains, and Sugar) and Food Products businesses. The Group also cited higher selling prices for most products during the period. 

In August, DBS Group Research maintained its Hold recommendation for Wilmar, with a target price of S$3.60, noting that the company performed relatively well in the first half despite heightened global uncertainty. However, it noted that the Group would need to deliver a stronger second-half performance to support share price performance.

4. $Sheng Siong(OV8.SI)$

Beyond agriculture-related stocks, Sheng Siong also delivered a robust performance, with a total return of 24% YTD, supported by an expanded store network and better sales mix.  Revenue and net profit grew 11.9% year-on-year in the first half, while gross profit margin also improved to 31.8% from 30.8% previously.

Sheng Siong noted that the upcoming Johor Bahru–Singapore Rapid Transit System Link may intensify price competition, but added it stands ready to adapt its pricing, promotions, and product mix to remain competitive. In the long term, it expects greater optimisation of operating systems and costs from its Sungei Kadut distribution centre due to be completed by 2029. 

5. $Food Empire(F03.SI)$

Elsewhere, Food Empire Holdings has also posted record results in the first half of 2026, with revenue and net profit reaching all-time highs, following revenue growth across all segments.

Revenue rose 15%, led by growth in its Russia and Central Asia segments, while net profit rose 12.2%. Food Empire declared an interim dividend of S$0.04 per share for 1H2026, up by a third from a year earlier, and noted it is on track to deliver its sixth consecutive record full-year performance, barring unforeseen circumstances.

Looking ahead, CGS International has reiterated its Add call on Food Empire, citing its FY27–28F capacity expansion plans as drivers of earnings growth. These projects include a new coffee-mix manufacturing facility in Khorgos, Kazakhstan, the expansion of its spray-dried soluble coffee facility in India, and a new freeze-dried soluble coffee facility in Vietnam.