Top Singapore Blue-Chip Stocks to Add to Your Portfolio in 2025

Blue-chip stocks represent some of the most reliable investments on the market, known for their well-established reputations and strong positions within their industries. These companies typically boast impressive track records, consistently delivering solid returns to investors, often through reliable, growing dividend payments. 

Thanks to their resilience and stability, blue-chip stocks are especially appealing for conservative investors seeking dependable returns. However, even those with a higher risk tolerance can benefit from adding blue chips to diversify portfolios and mitigate volatility in uncertain markets.

In Singapore, the Straits Times Index (STI) includes the top blue-chip stocks listed on the Singapore Exchange (SGX), each offering unique opportunities for stable growth. The TTM dividend yields for top-weighted STI stocks ranged from 4.04% to 4.64%, providing an attractive edge over the typical 12-month fixed deposit rate of around 3% p.a.

This article explores some of the best blue-chip stocks in Singapore, outlining their growth prospects and value as strategic investments for 2025.

What is a blue-chip stock?

A blue-chip stock is the equity of a large, well-established company known for its reliability, financial strength, and consistent returns over time. These companies have earned a strong reputation and are leaders in their industries, often providing stability to investors’ portfolios. Here’re some of the characteristics of blue-chip stock:

• Large Market Capitalization: While blue-chip companies often have market capitalizations of $10 billion or more, being a blue chip can also be attributed to leading companies in a specific market or sector, regardless of size. These companies command investor confidence and have the financial stability to withstand market volatility effectively.
• Strong Reputation: With long histories and established track records, blue-chip companies are widely trusted. Their reliability and brand strength create consistent demand from investors and consumers alike.
• Dividend Payouts: Regular dividends are a hallmark of blue-chip stocks. These companies not only provide consistent dividend payments but often increase them over time.
• Stability and Resilience: Blue-chip companies have demonstrated resilience through various economic cycles, maintaining steady revenue and profit growth. This consistency makes them a reliable choice, even in volatile market conditions.

Why invest in blue chip stocks?

1. Proven Stability

Blue-chip stocks in Singapore represent companies with longstanding histories and stability. Their size and reliability help them withstand market downturns better than most, making them a safer investment for preserving capital.

2. Consistent Dividend Income

Singapore’s top blue-chip companies have a record of consistent, often increasing dividend payments, offering a reliable income stream for investors seeking passive income without sacrificing growth potential.

3. High-Quality Diversification

Blue-chip stocks span various sectors, including finance, telecommunications, real estate, and logistics, providing diversification across industries and reducing the impact of sector-specific risks on your portfolio.

4. Trusted Brand Value

These companies have established reputations in Singapore and globally, such as DBS Bank and Singapore Airlines. Their respected brand value and consumer trust contribute to steady demand, even during market fluctuations.

5. International Exposure

Many Singapore blue-chip companies operate globally, particularly in Asia, giving investors indirect access to international growth markets like China and Southeast Asia, enhancing the portfolio’s growth potential.

6. Resilience in Economic Downturns

Blue-chip companies typically have robust cash reserves and financial resilience, enabling them to navigate economic slowdowns more effectively than smaller firms, offering investors a layer of protection in challenging markets.

Singapore blue-chip stocks offer a balanced investment choice for both income and growth, with their stability, reliable dividends, and diversified market presence making them ideal for long-term, risk-conscious investors.

Top blue-chip stocks in Singapore for your portfolio

In Singapore, blue-chip stocks are largely represented by companies listed on the Straits Times Index (STI), which comprises the largest and most established names on the Singapore Exchange. The STI includes a diverse range of high-performing companies across sectors such as telecommunications, consumer goods, real estate, and financial services. These companies are known for their significant market capitalizations and strong dividend yields.

Below is a table of prominent blue-chip stocks in Singapore:

Data as of 1st Nov 2024

#1 DBS Group Holdings Ltd (SGX:D05)

DBS Bank, Singapore's largest and one of Asia's leading banks, demonstrates strong financial performance and innovation, making it a solid blue-chip stock choice. Known for its extensive presence in 18 markets, DBS is particularly distinguished by its commitment to digital banking innovations, which enhance customer experience and operational efficiency.

In the second quarter of 2024, DBS reported a net profit of S$2.79 billion, a 6% increase from S$2.63 billion in the same period last year.

The bank also declared a dividend of 54 Singapore cents per share, up from 44 cents previously, with plans to raise dividends by $0.24 annually over the next few years. With a trailing 12-month (TTM) dividend yield of 5.34% and projected yields reaching 7% by 2025 and up to 7.8% by 2026, DBS remains an attractive investment for income-focused shareholders.

DBS’s competitive advantage is bolstered by continuous growth in net interest income and a substantial growth in non-interest income. 

Source: Business Times

On top of that, the bank’s profit growth, which outpaced competitors, is largely driven by its Wealth Management segment, which saw a 37% year-on-year increase in income to S$518 million amid a shift from deposits into investments and bancassurance as well as an expansion in assets under management. It coincides with the 24 per cent rise in wealth asset under management (AUM) to record S$396 billion.

source: DBS

Singapore’s political stability, favorable tax policies, and support for family offices and trusts have contributed to strong inflows of wealth into Asia, benefiting DBS’s wealth management segment. DBS aims to expand its wealth management assets under management (AUM) to $500 billion by 2026, indicating continued growth potential in this segment.

Looking ahead, DBS anticipates mid-to-high single-digit growth in net profit for 2024. CEO Piyush Gupta noted that while market volatility and geopolitical tensions pose challenges, the bank has built resilience against an economic slowdown and potential interest rate cuts. 

Why DBS is a strong investment option

• Robust financial performance with growth momentum
  DBS’s Q2 FY2024 results reflect continued strong performance, with net profit reaching S$2.79 billion, up 6% from the previous year. The bank's robust trajectory suggests it is on track to potentially surpass FY2023’s record profit of S$10 billion.

• Stable and resilient net interest margins (NIM)
  DBS has maintained resilient net interest margins, benefiting from high-interest rates. Group NIM was stable at 2.14%, while the commercial book NIM grew to 2.83%. 

• Diversified revenue mix
  DBS’s diverse income sources reduce dependence on any single market. In Q2 FY2024, net fee income rose 27% year-over-year, with wealth management fees up by 37%, supported by strong customer demand for investments. 

• Commitment to shareholder returns
  DBS continues to prioritize shareholder returns, declaring an increased dividend of 54 Singapore cents per share, up from 44 cents the previous year. 

• Strategic focus on digital innovations
  DBS continues to lead the way in digital banking, prioritizing technology to enhance both operational efficiency and customer engagement. This digital-first strategy not only improves service quality but also positions DBS to capture further growth in the digital and fintech sectors, reinforcing its competitive advantage.

#2 Oversea-Chinese Banking Corporation Ltd (SGX: O39)

OCBC is Singapore's second-largest bank with a strong presence in Southeast Asia and Greater China. It has a well-diversified business model across banking, wealth management, and insurance (through subsidiary Great Eastern Holdings). 

In the second quarter of 2024, OCBC posted a net profit of S$1.94 billion, up 14% from S$1.71 billion a year earlier, surpassing the consensus forecast of S$1.81 billion. This growth was underpinned by a rise in total income and a reduction in allowances.

The bank declared an interim dividend of S$0.44 per share for the half-year ended June 30, up 10% from S$0.40 the previous year, offering a TTM dividend yield of 5.61%.

Total income increased by 5% to S$3.63 billion, supported by a slight rise in net interest income, which grew 2% to S$2.43 billion. This gain was driven by a 5% increase in average assets, though offset by a reduction in net interest margin (NIM), which declined by six basis points to 2.2%.

Non-interest income grew an incredible 13% to S$1.2 billion, with notable contributions from fee, trading, and insurance income. This strong non-interest income performance showcases OCBC’s diversification, particularly through its wealth management and insurance divisions. It’s wealth management AUM reached a new high of S$279 billion, up from S$274 billion in the previous year.

Source: Business Times

CEO Helen Wong noted OCBC’s resilience in the face of geopolitical uncertainties, supported by strong contributions across banking, wealth management, and insurance. OCBC’s consistent growth, stable asset quality, and commitment to dividends underscore its appeal as a blue-chip investment.

Source: OCBC

Why OCBC is a strong investment option

• Strong Financial Performance
  In Q2 2024, OCBC posted a net profit of S$1.94 billion, a 14% increase from the previous year, surpassing analyst expectations. This impressive performance was driven by both income growth and lower allowances.

• Consistent Dividend Growth
  OCBC’s commitment to shareholder value is evident in its increased interim dividend of S$0.44 per share for the first half of 2024, a 10% rise from the previous year.
  
  With a payout ratio of 50% for H1, OCBC continues to prioritize delivering returns to shareholders, making it attractive for long-term investors.

• Diversified Revenue Streams
  OCBC’s revenue sources are well-diversified, particularly with strong contributions from non-interest income segments. In Q2 2024, non-interest income increased by 13%, fueled by higher fee, trading, and insurance revenues.
  
  The growth in wealth management and insurance income further strengthens OCBC’s ability to navigate economic uncertainties and reinforces its competitive position.

• Prudent Risk Management and Asset Quality
  OCBC maintains solid asset quality, with a non-performing loan (NPL) ratio of 0.9%, an improvement from the previous year’s 1.1%. Total allowances dropped significantly by 43% to S$144 million, a reflection of improved asset quality and effective risk management. 

#3 United Overseas Bank Ltd (SGX: U11)

UOB is the third-largest bank in Singapore with a strong regional presence in Southeast Asia. It has been expanding its digital capabilities and focusing on the growing wealth management segment. 

United Overseas Bank (UOB) reported solid results in the second quarter of 2024, driven by double-digit fee income growth and reduced credit allowances. Net profit for Q2 stood at S$1.43 billion, up 1% from S$1.42 billion in the same period last year. Excluding one-off expenses related to the acquisition of Citigroup’s consumer banking businesses, UOB’s net profit would have been S$1.49 billion, exceeding the consensus forecast of S$1.47 billion.

The bank declared an interim dividend of S$0.88 per share for the half-year ended June 30, up from S$0.85 in the same period last year, rewarding shareholders an impressive TTM dividend yield of 5.32%.

UOB’s net interest income dipped slightly, falling 1% to S$2.4 billion as the net interest margin (NIM) moderated from 2.12% to 2.05% over the year.

UOB’s net fee income surged by 18% year-on-year to S$618 million, close to a record high. This growth was mainly attributed to a strong rebound in loan-related and wealth management fees, alongside robust growth in credit card fees. 

Other non-interest income declined by 21% to S$457 million, primarily due to lower swap gains and investment valuations, despite increased treasury income from customer activities.

Source: Business Times

CEO Wee Ee Cheong emphasized the bank’s strong balance sheet, resilient asset quality, and stable capital and funding levels. He also noted that one-time costs would decrease significantly next year as UOB completes integration efforts in Vietnam, aiming to leverage revenue and cost synergies while enhancing customer offerings, including expanded wealth management services.

Why UOB is a strong investment option

• Stable Net Interest Margins (NIM)
  In Q2 2024, UOB maintained a solid NIM of 2.05% (+2% QoQ, -1% YoY). Net fee income rose by 18% YoY to S$618 million, driven by growth in loan-related, wealth management, and credit card fees.

• Strong growth in Net Fee Income.
  Wealth management income surged 40% YoY, with assets under management (AUM) reaching S$182 billion, a 10% increase.
  
  Credit card fees grew by 35% YoY, reflecting increased consumer spending, and deposit balances rose by 7%, supporting stable funding.

• Consistent asset quality
  UOB’s asset quality remained resilient, with a non-performing loan ratio of 1.5% and strong coverage ratios, reflecting prudent risk management.

• Regional expansion
  UOB continues to benefit from its regional expansion, completing the integration of Citi’s retail operations in Malaysia, Indonesia, and Thailand, with Vietnam expected next year. This growth enhances cross-selling opportunities and deepens UOB’s market reach.

Source: UOB

#4 Singapore Telecommunications Ltd (SGX: Z74)

Singtel has made a strong comeback in 2024, achieving approximately a 30% year-to-date rally, spurred by two primary factors. Firstly, the company showed substantial earnings growth in Q1 2025, with net profit rising 42.9% to S$690 million, recovering from the profit declines seen in FY2024. This growth in profit and a 2.5% rise in EBITDA margin to 28.6% signal Singtel’s improved operational efficiency, a significant achievement in Singapore's highly competitive telco market.

Secondly, Singtel’s comprehensive "ST28" strategy, focusing on targeted expansions, financial strength, and asset restructuring, is driving its growth momentum. Through ST28, Singtel has earmarked S$8 billion for investment and debt management, equivalent to 50% of its FY2024 operating revenue, showing its commitment to strategic transformation.

Additionally, Singtel has allocated S$2.8 billion for capital expenditure, particularly in 5G and digital transformation initiatives across Singapore and Australia, underscoring its long-term vision.

Singtel’s performance also reflects mixed results across its divisions:

• Optus, Singtel’s Australian arm, saw a 4.7% increase in mobile service revenue due to price hikes and a larger prepaid base, though total revenue declined by 3.2%. 
• Singtel Singapore reported a 6.8% increase in mobile service revenue, driven by roaming and IoT growth, offsetting declines in legacy services. 
• NCS division, focusing on digital and cloud services, saw a 3.8% revenue increase, with significant growth in government and telecom sectors. 
• Digital InfraCo’s revenue increased 5.8% due to strong customer demand in data infrastructure services.

Source: Singtel

Why Singtel is a strong investment option

• Growth-Driven strategy through ST28
  Singtel’s "ST28" initiative outlines a clear path for growth, including substantial investments in 5G expansion, data centers, and regional connectivity. 

• Focus on digital infrastructure and ICT expansion
  Singtel is rapidly scaling its ICT and data center segments through NCS and Nxera.
  
  With Nxera expanding its data center capacity from 62MW to 155MW across Singapore, Thailand, and Indonesia, Singtel is positioning itself to benefit from the increasing demand for digital infrastructure in Southeast Asia. 

• Strong regional presence and associate growth
  Singtel’s significant stakes in regional associates, including AIS, Globe Telecom, and Telkomsel, offer substantial growth potential.
  

• Improved dividend payouts and financial stability
  Singtel recently introduced a value-realisation dividend of 3-6 cents per share, in addition to its core dividend payout ratio of 70%-90% of underlying net profit. This increased payout, paired with a 7% reduction in net debt to S$7.78 billion, reflects Singtel’s commitment to shareholder returns.

• Resilience in diverse market conditions
  Singtel’s focus on building operational efficiency in both its local and regional operations provides a competitive edge. The company’s push toward data centers and digital services aligns with Southeast Asia’s demand for digital solutions, mitigating risk and increasing resilience in a volatile telco market. 

With a comprehensive strategy focused on growth, digital expansion, enhanced shareholder returns, and a stable financial base, Singtel is well-positioned as a strong investment option in the evolving telco industry.

#5 Capitaland Investment Ltd (SGX: 9CI)

CapitaLand Investment Limited (CLI) is one of Asia's largest real estate investment managers. It has a diverse portfolio of properties across various sectors and geographies. The company's focus on fund management, lodging management, and active capital management provides recurring income streams. 

CLI reported solid performance in the first half of 2024, largely driven by its Fee-income Related Business (FRB), which continued to grow across Private Funds, Lodging, and Commercial Management.

FRB revenue increased by 8% year-on-year to S$561 million, with FRB’s contribution to Operating Profit After Tax and Minority Interests (PATMI) rising from 49% to 63%. CLI's focus on an asset-light, capital-efficient model contributed to this growth, generating capital recycling of S$1.7 billion to fuel future investments.

Source: Capitaland

For H1 2024, CLI posted a total PATMI of S$331 million, with an Operating PATMI of S$296 million. This robust performance was moderated by weaker results from its Real Estate Investment Business (REIB), impacted by increased interest costs and unfavorable foreign exchange movements. 

Total revenue reached S$1,365 million, with portfolio gains contributing to an 8% year-over-year increase in EBITDA to S$819 million. Portfolio gains at the EBITDA level were supported by property divestments in key markets, including Singapore, China, and Japan, as well as stake accretion in CapitaLand Integrated Commercial Trust and CapitaLand China Trust.

Source: Capitaland

Why CapitaLand Investment Limited is a Strong Investment Option

• Leading real estate management expertise
  CLI is recognized as one of Asia’s foremost real estate managers, adept at navigating business cycles through its flexible acquisition strategy.
  
  With a scalable fee-related earnings platform and diversified Fund AUM, CLI efficiently manages growth across upcycles and downcycles. Its private funds and REITs enable CLI to adapt its acquisition strategy, ensuring continued capital deployment and visibility into revenue growth even in varying market conditions.

• Robust Fund Under Management (FUM) growth potential
  CLI has ambitious targets for Fund Under Management (FUM) expansion, aiming to double its current SGD100 billion to SGD200 billion in the medium term.
  
  As investor interest in Asia’s real estate market increases, CLI is well-positioned to capture growth through new fund launches, M&A activity, and REIT acquisitions. 

• Strategic asset-light model and capital recycling
  CLI’s asset-light, capital-efficient model is designed to enhance profitability and drive returns. Through targeted asset divestments and reinvestments, CLI has generated S$1.7 billion in capital recycling, which it strategically redeploys for growth. 

#6 CapitaLand Integrated Commercial Trust (SGX: C38U)

CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on the Singapore Exchange (SGX), with a market capitalization of S$14.8 billion as of Nov 2024. Established in 2002 as CapitaLand Mall Trust, CICT rebranded in November 2020 after merging with CapitaLand Commercial Trust.

CICT primarily invests in high-quality, income-generating commercial properties, focusing on retail and office spaces mainly in Singapore. Its portfolio, valued at S$24.5 billion as of December 2023, includes 21 properties in Singapore and several assets in Frankfurt, Germany, and Sydney, Australia. 

CapitaLand Integrated Commercial Trust (CICT) reported a strong financial performance for the first half of 2024, achieving a distributable income of S$366.5 million, up 3.7% from S$353.2 million in the same period in 2023. Distribution per unit (DPU) rose by 2.5% to 5.43 cents, providing an annualized distribution yield of 5.5% based on the June 2024 closing price of S$1.98 per unit.

In 1H 2024, CICT’s gross revenue increased by 2.2% to S$792 million, fueled by higher rental income, though partially offset by the ongoing asset enhancement initiative (AEI) at Gallileo in Germany. Net property income also rose 5.4% to S$582.4 million due to cost savings on utilities and efficiencies from a new property management agreement.

The portfolio remained resilient with a committed occupancy rate of 96.8%, underpinned by strong leasing activity and a proactive approach in securing over one million sq ft of lease renewals across its retail and office portfolios.

CICT is also progressing on asset enhancement initiatives, particularly at IMM Building in Singapore and Gallileo in Germany, both expected to complete by 2H 2025. These projects have high committed occupancy rates of 98.7% and 96.7%, respectively. In July 2024, CICT unveiled a newly enhanced lobby at 101 Miller Street, Australia.

Source: CICT

Why CICT is a strong investment option

• Largest integrated commercial REIT with strong market position
  As the largest integrated commercial REIT in Singapore, CICT benefits from a diversified portfolio of retail, office, and integrated developments. O
  
  Over 90% of its revenue comes from Singapore, this market position offers CICT resilience against economic uncertainties while giving it exposure to Singapore's upward trends in the retail and office sectors.

• Organic and inorganic growth potential
  CICT is well-positioned for both organic and inorganic growth. Its high occupancy rates and positive rent reversions contribute to stable organic growth, while the REIT’s sponsor pipeline offers potential acquisitions of prime commercial assets. 

• Potential upside from tourism recovery
  CICT stands to benefit from the gradual return of Chinese tourists to Singapore, a factor likely to bolster retail foot traffic and tenant sales.
  
  As tourism recovers, this segment could experience increased occupancy and rental growth, adding a potential boost to CICT’s revenue and further supporting its valuation.

• Prudent financial management
  CICT maintains a solid financial foundation with a well-staggered debt profile averaging 3.5 years in maturity. As of June 2024, 76% of its debt is on fixed interest rates, providing stability against interest rate fluctuations. The issuance of S$300 million in 10-year green bonds at 3.75% also demonstrates its focus on sustainable financing.

CICT’s resilient asset base, strategic positioning in Singapore’s commercial property market, and prudent financial approach make it a strong investment option with steady income potential and growth upside.

#7 Singapore Airlines Ltd (SGX: C6L)

Singapore Airlines (SIA) is a premier global airline based in Singapore, known for excellence in service and innovation. SIA operates a dual-brand strategy with its flagship premium service, Singapore Airlines, and Scoot, its low-cost subsidiary catering to budget-conscious travelers in Asia.

In addition to passenger services, SIA owns SIA Engineering Company, listed on the SGX, which provides maintenance, repair, and overhaul (MRO) services to SIA and other international airlines, reinforcing the group’s high operational standards.

A member of the Star Alliance, SIA enhances its global reach through partnerships and code-sharing. With a modern fleet focused on fuel efficiency and sustainability, SIA continues to lead in aviation, setting standards in service and commitment to eco-friendly practices.

Singapore Airlines (SIA) Group reported a net profit of S$452 million for the first quarter of FY2024/25, reflecting a strong performance despite ongoing industry challenges. The Group’s total revenue increased by 5.3% year-on-year to S$4,718 million, driven by a 4.1% rise in passenger flown revenue to S$3,828 million as passenger demand remained robust. Cargo revenue, while marginally down (-0.2% YoY), remained steady, bolstered by demand from the Red Sea crisis and port congestion.

SIA’s total expenditure rose by 14% to S$4,248 million, with a significant portion attributed to rising fuel costs and higher volumes. Net fuel costs increased 30.1% year-on-year to S$1,370 million due to higher fuel prices, greater fuel volumes, and reduced hedging gains. 

Source: SIA

SIA has diversified its network, adding destinations in Europe, Malaysia, and Thailand, expanding its operating fleet to 202 aircraft as of June 2024. 

Strategic initiatives also included deeper partnerships, such as those with Garuda Indonesia and Riyadh Air, as well as sustainability collaborations, notably with Cathay Pacific on sustainable aviation fuel (SAF) in Asia-Pacific.

Why Singapore Airlines (SIA) is a strong investment option

• Market leadership in Asia’s Aviation Hub
  As Singapore’s flagship carrier, SIA benefits from a strong presence in Asia’s major transit hub, allowing it to capture substantial regional transit traffic.
  
  With an extensive network covering 125 destinations, SIA’s strategic position bolsters its ability to attract international travelers and maintain high load factors, especially in the competitive Asia-Pacific market.

• Resilience through financial strength and operational readiness
  SIA’s best-in-class balance sheet provides an advantage in navigating a high-interest-rate environment. The Group’s financial resilience enabled it to retain critical assets, such as pilots and aircraft, through the pandemic, which allowed SIA to quickly restore capacity to approximately 98% of pre-pandemic levels. This operational readiness has strengthened SIA’s market share, positioning it favorably against regional competitors.

• Strategic growth and regional partnerships
  SIA is actively expanding its footprint through strategic partnerships and investments, particularly in fast-growing regions like India.
  
  The pending merger with Air India and Vistara, which will provide SIA with a 25.1% stake in the combined entity, solidifies its multi-hub strategy in a rapidly growing market. SIA’s joint venture with Garuda Indonesia and partnership with Riyadh Air also enhance connectivity, offering expanded routes and seamless options for passengers.

• Commitment to sustainability
  SIA has prioritized sustainability in its operations, demonstrated by its partnership with Cathay Pacific to promote sustainable aviation fuel (SAF) adoption in Asia-Pacific. These initiatives align with SIA’s goal of achieving net-zero carbon emissions by 2050, which positions it as a leader in sustainable practices within the airline industry.

In summary, Singapore Airlines’ robust financial foundation, strategic expansions, commitment to sustainability, and strong positioning within Asia’s aviation sector make it an attractive investment option with a solid growth outlook.

#8 ComfortDelGro Corporation Ltd (SGX: C52)

ComfortDelGro Corporation Limited (CDG) is a leading global land transport company based in Singapore, providing a wide range of services, including public bus and rail transport, taxi and private-hire vehicle services, car rental and leasing, and automotive engineering.

CDG is also involved in driving centers, motor vehicle inspection, non-emergency patient transport, and outdoor advertising. Its extensive operations make it a key player in the mobility sector, recognized for its commitment to service quality and innovation.

Beyond Singapore, CDG has established a significant international presence across 12 countries, including the United Kingdom, Australia, China, and Malaysia. Operating a vast fleet of around 40,000 vehicles, CDG leverages its diverse expertise and robust operational framework to adapt to evolving market demands, strategically expanding its footprint and service offerings worldwide.

ComfortDelGro (CDG) reported a strong performance for the first half of 2024, marking its fifth consecutive quarter of year-on-year earnings improvement. Revenue increased by 13.7% to S$2.12 billion, and Profit After Tax and Minority Interests (PATMI) rose by 21.4% to S$95.3 million. 

Source: ComfortDelGro

The public transportation segment recorded a 5.6% increase in operating profit, while the Taxi and Private Hire segment saw substantial growth, with a 44.6% rise in operating profit YoY.

A key driver behind this growth has been CDG’s expansion efforts overseas, with international revenue contributions reaching 46.3% of total revenue, up from 41.8% in 1H2023. The Group’s recent acquisitions of CMAC Group in the UK and A2B Australia have bolstered its international presence and earnings. 

Domestically, CDG’s Zig ride-hailing platform contributed positively to the Taxi and Private Hire segment. Recent contract wins and renewals, including the Seletar bus package and the Greater Manchester bus franchise, reinforce CDG’s core transportation business. Partnerships, such as with Pony.ai to explore robotaxi operations, signal CDG’s commitment to innovation and growth in the evolving transportation landscape.

Source: ComfortDelGro

Why ComfortDelGro is a strong investment option

• Leading global land transport operator with strong expansion strategy
  As one of the world’s largest listed land transport operators, CDG has established a robust presence across Singapore, Australia, the UK, and China. Its track record in managing public transport systems in multiple countries positions it well to secure additional international contracts.
  
  Recent wins, such as the Greater Manchester bus contract and the Stockholm rail contract, are evidence of CDG’s continued success in expanding its global footprint, providing substantial revenue growth and diversification.

• Strategic acquisitions and earnings-accretive projects
  CDG’s acquisitions, including A2B in Australia and CMAC in the UK, align with its strategy to bolster its transport expertise across key markets. These acquisitions are expected to be earnings accretive, supporting CDG’s profitability.
  
  New contracts, including the high-value Greater Manchester bus and Stockholm rail contracts, are projected to contribute significantly to earnings by FY25, positioning CDG well for steady growth.

• Projected profit growth and resilient margins
  CDG’s recent bus contract renewals in the UK indicate a potential uplift in margins due to more rational bidding, with some contracts seeing up to a 44% increase in value compared to previous terms. This margin expansion, coupled with new contracts set to come onstream in the latter half of 2024, supports projected profit growth of 21% for FY24.
  
  Additionally, CDG has proposed a tax-exempt dividend of 3.52 cents per share, representing an 80% payout ratio, demonstrating the company’s commitment to shareholder returns.

ComfortDelGro’s well-diversified revenue streams, international growth strategy, and continued focus on expanding high-margin contracts make it a compelling investment option with promising long-term growth prospects.

#9 Sheng Siong Group Ltd (SGX: OV8)

Sheng Siong Group Ltd., founded in 1985 by the Lim brothers, has grown from a small provision shop in Ang Mo Kio to become Singapore’s third-largest supermarket chain, with over 70 outlets island-wide. Known for its wide range of affordable, quality products, including fresh produce, groceries, and household items, Sheng Siong has built a reputation as a trusted name in the Singaporean retail market.

Expanding beyond Singapore, Sheng Siong entered the Chinese market in 2017 with a store in Kunming. The group also emphasizes sustainability and community engagement, focusing on key pillars like customer care, employee welfare, and environmental responsibility. Through these initiatives, Sheng Siong continues to serve as a reliable, value-focused supermarket option for Singaporean and international shoppers alike.

For the third quarter ending September 30, 2024, Sheng Siong Group reported strong growth, with revenue increasing by 5.0% year-over-year to S$363.2 million, driven by new store openings and improved sales in existing outlets. Over the nine-month period, total revenue grew by 4.0%, reaching S$1.1 billion, supported by a combination of new stores, comparable sales growth, and modest contributions from its China operations, which now comprise six stores. 

Gross profit margin improved to 31.3% for Q3, up from 30.3% a year ago while net profit for Q3 rose 12.4% to S$39.1 million.

Source: Sheng Siong

In response to rising competition and market challenges, Sheng Siong has prioritized expanding its presence in underserved locations while diversifying its supply chain to mitigate risks.

In 2024, Sheng Siong opened a total of five new stores, including its most recent location in Bishan, and plans to launch additional outlets by year-end, including a new store in Toa Payoh.

The Group also anticipates further growth through upcoming Housing Development Board (HDB) tenders, where it has historically secured a significant share of store locations.

Why Sheng Siong Group is a strong investment option

• Strong supply chain and bidding track record
  Sheng Siong’s ability to consistently expand its store network and optimize procurement strategies has been instrumental in driving its revenue and margin growth.
  
  With a solid track record in securing 44% of HDB store tenders over the past five years, Sheng Siong has steadily increased its footprint across Singapore, ensuring sustainable growth. Its effective sourcing capabilities enable the Group to keep prices competitive, strengthening its appeal among value-conscious consumers.

• Projected earnings growth and expansion potential
  Sheng Siong is expected to deliver above-average earnings growth of 8% in FY24, supported by an expanding gross margin, reduced utility expenses, and higher interest income.
  
  For FY25, continued store expansion, alongside efficient margin management, is projected to drive a 5% increase in net profit. With competitor consolidations in the sector, Sheng Siong is well-positioned to capitalize on new opportunities, and pending HDB tenders present further room for growth. 

#10 Thai Beverage Public Company Limited (SGX: Y92)

Thai Beverage Public Company Limited (ThaiBev), founded in 2003 and listed on the Singapore Exchange, is a major beverage and food company in Southeast Asia. With key brands like SangSom, Hong Thong, and Chang Beer, ThaiBev's portfolio spans spirits, beer, non-alcoholic beverages, and food products. It has broadened its reach across the region, notably holding a 53.58% stake in Sabeco, Vietnam’s top beer producer, and strategic investments in Fraser and Neave (F&N) and Frasers Property.

ThaiBev operates an extensive production network, with 19 distilleries, 3 breweries, and 20 non-alcoholic beverage facilities in Thailand, along with international production sites across Vietnam, Scotland, and Myanmar. Its distribution reaches over 90 countries, and ThaiBev is recognized on the Dow Jones Sustainability Index for its commitment to environmental and social governance.

For the nine months ending June 30, 2024, Thai Beverage Public Company Limited (ThaiBev) reported steady financial results, with sales revenue up 0.5% YoY to THB 217.1 billion, driven by its beer and non-alcoholic beverage segments. 

The beer division, supported by Thailand’s tourism recovery and warmer weather, saw revenue increase by 0.6%, with EBITDA rising 10.2% due to strategic brand investment. The spirits segment, ThaiBev’s core business, recorded a slight revenue dip of 0.9% due to economic slowdowns. 

Non-alcoholic beverages (NAB) also posted a 4.9% revenue increase as brand activities stimulated demand, lifting EBITDA by 2.5%. Meanwhile, the food business achieved a 5.1% rise in revenue, though its EBITDA slightly declined due to higher raw material costs.

Source: ThaiBev

ThaiBev continues to diversify its portfolio across Southeast Asia, maintaining its market dominance through effective cost management and expanding brand visibility. Notable expansions include the opening of new food outlets in Thailand and strategic marketing efforts in its beverage segments. The company remains focused on operational efficiency across its business units to bolster profitability amid economic pressures.

Why Thai Beverage (ThaiBev) is a strong investment option

• Market leadership and diverse portfolio
  ThaiBev holds a leading position in Southeast Asia’s beverage market, backed by well-established brands like Chang, Hong Thong, and Saigon Beer, as well as a robust presence in non-alcoholic drinks and food.
  
  Its beverage portfolio is complemented by franchise partnerships with KFC and Starbucks in Thailand, providing steady revenue streams and brand recognition across multiple categories.

• Resilient growth in key segments
  Despite economic headwinds in Thailand and a slower-than-anticipated recovery in Vietnam, ThaiBev’s spirits and beer segments have proven resilient. Strategic pricing and cost efficiencies have helped drive profit margins in its core markets.
  
  Although the recovery in Vietnam is expected to be gradual, Sabeco’s long-term growth potential supports ThaiBev’s regional expansion goals. With demand for beer expected to remain steady, the Group’s strong positioning and resilience make it an attractive investment for long-term growth.

#11 Keppel Corporation Limited (SGX: BN4)

Keppel Corporation is a leading asset manager and operator specializing in sustainable investments across real estate, infrastructure, connectivity, and alternative assets. With infrastructure contributing 60-65% of group profits, real estate around 20-25%, and connectivity approximately 15%, Keppel leverages a unique integrated business model that delivers comprehensive, end-to-end solutions for sustainable urbanization. 

As a leader in sustainable investment, Keppel has maintained a AAA rating from MSCI since 2020, reflecting its strong commitment to environmental, social, and governance (ESG) principles. Through strategic investments and operations, Keppel continues to build resilient, green cities, strengthening its position as a market leader in driving urban transformation.

In the first nine months of 2024, Keppel Corporation demonstrated strong financial performance, marked by a 14% YoY growth in recurring income, largely from asset management and operating income gains:

• Higher asset management fees, which rose 68% to S$299 million
• Asset-light transformation by advancing its asset monetization strategy, generating approximately S$730 million in divestments year-to-date, with cumulative monetization since 2020 reaching S$6.1 billion. 
• Expanding data center capacity, aiming to increase from 650 MW to 1.2 GW in the near term, a strategic move supported by an additional S$10 billion in expected Funds Under Management (FUM).
• Double Singapore’s power supply to 3 GW by 2030 and secure new contracts for regional cooling solutions. The Real Estate division has successfully implemented Sustainable Urban Renewal (SUR) solutions across six major projects, with plans to further expand its asset-light approach across high-value real estate portfolios​

Source: Keppel

Why Keppel Corporation is a strong investment option

• Asset-light strategy and recurring income focus
  Keppel’s strategic shift to an asset-light, capital-efficient model, along with a focus on recurring income from asset management, has enhanced its financial stability.
  
  This transformation reduces reliance on cyclical revenues and aligns the company with more predictable, scalable income streams, establishing a foundation for sustainable growth.
• Expansion in high-demand digital and green infrastructure
  Keppel is capitalizing on high-growth areas like data centers and sustainable infrastructure. With plans to rapidly expand its data center capacity and involvement in renewable energy projects, Keppel is well-positioned to meet rising demand for digital and green solutions, aligning with global trends in digitalization and sustainability.
• Diverse revenue streams and ESG commitment
  The company’s diversified operations across real estate, infrastructure, and asset management reduce risk exposure to individual sectors while positioning Keppel to benefit from urbanization and green investments.
  
  Additionally, Keppel’s commitment to ESG principles strengthens its appeal to investors focused on responsible and sustainable investing.
• Proven track record and strong financial management
  Keppel’s success in asset monetization demonstrates a strong track record in enhancing shareholder value. Its disciplined financial management, including fixed-rate borrowings and efficient capital deployment, supports its growth objectives and ensures resilience against market fluctuations.

#12 Singapore Technologies Engineering (SGX: S63.SI)

ST Engineering is a global integrated engineering group, headquartered in Singapore, with a strong presence across aerospace, smart city solutions, defense, and public security sectors. With operations in over 100 countries, ST Engineering offers innovative solutions ranging from aircraft maintenance and repair to advanced urban mobility and cybersecurity. 

The company has strategically diversified its portfolio over the years, expanding into high-growth markets like smart city infrastructure and digital technologies. This diversification has enhanced its resilience, particularly in meeting the evolving demands of modern cities and defense sectors. 

ST Engineering reported solid financial growth for 1H 2024, with a revenue increase of 14% year-on-year to S$5.52 billion, supported by gains across its Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom segments. 

• Commercial Aerospace, benefiting from robust demand in MRO and manufacturing, contributed significantly to this growth (a 20% growth YoY)
• Defence & Public Security segment saw rising demand for digital and marine solutions. The group secured S$6.1 billion in new contracts in the first half, pushing its total order book to a record S$27.9 billion, ensuring solid revenue visibility with S$4.9 billion in deliveries expected by the end of the year. In 1H24, the revenue sees an impressive 12% YoY growth.
• Urban Solutions & Satcom reported a revenue increase of 3% YoY, driven by growth in the Urban Solutions sub-segment, which includes TransCore, partially offset by a decline in Satcom revenue.

Source: ST Engineering

In terms of strategic initiatives, ST Engineering continued expanding in high-growth areas. The company secured key contracts in urban mobility, intelligent transportation, and smart utilities, including upgrades for rail systems and digital radio networks. 

Aerospace MRO agreements with major players like Safran, combined with new defense contracts across NATO-standard ammunition and digital battlefield solutions, underscore ST Engineering’s leadership in both commercial and defense sectors. 

Expanding digital capabilities, including AI analytics, cloud services, and cybersecurity, alongside its drive in smart city technologies, are shaping its approach to future-proofing urban infrastructure and security systems.

Why ST Engineering is a Strong Investment

• Resilient order book and earnings visibility
  With a record order book of S$27.9 billion, ST Engineering provides a robust earnings outlook, supported by continued contract wins across sectors. This strong backlog enables high revenue visibility, mitigating cyclical market risks and supporting stable long-term growth.
  
  The diverse contracts in commercial, defense, and urban solutions reflect ST Engineering’s effective market positioning across key global demand areas.
• Expanding into high-growth sectors
  ST Engineering’s focus on urban mobility, smart cities, and defense aligns with the rising global need for sustainable urban solutions and enhanced security. The company’s commitment to digital transformation through AI, cloud, and cybersecurity investments offers growth in high-demand segments.
  
  Additionally, ST Engineering’s aerospace business, particularly in MRO and freighter conversions, adds another layer of growth potential as global air traffic and logistics continue to recover.
• Strategic transformation beyond defensive stability
  Traditionally regarded as a stable dividend stock, ST Engineering has redefined itself with aggressive expansion and strategic M&A. By enhancing its portfolio with innovative solutions in both civil and military sectors, ST Engineering has balanced its stable cash flow with compelling growth prospects, appealing to both conservative and growth-oriented investors.

Effortless Investing in Singapore with StashAway’s Singapore Investing Portfolio

For investors who want exposure to Singapore’s blue-chip assets without the need to pick individual stocks, StashAway offers the Singapore Investing Portfolio. This portfolio provides a diversified investment approach tailored for the Singapore market, combining bonds, equities, and S-REITs. It’s designed to balance risk and returns, focusing on established Singaporean assets, which makes it an ideal solution for long-term wealth growth with low hassle.

What is the Singapore Investing Portfolio?

The Singapore Investing Portfolio is an SGD-denominated, SGX-traded portfolio by StashAway that is available to both retail and accredited investors. This portfolio is a convenient and diversified approach to investing in Singapore’s top assets, providing exposure across various asset classes. Here’s the current asset allocation as of 31 July 2024:

• 34% Corporate Bonds
• 24% Government Bonds
• 17% Singapore Equities
• 12% Cash Equivalents
• 12% Real Estate (REITs)
• 1% Cash

Diversified Portfolio of Singaporean ETFs

This portfolio consists of six carefully selected ETFs listed on the Singapore Exchange, representing various asset classes that contribute to its low-risk and balanced nature. These ETFs include:

• ABF Singapore Bond Index Fund (Government Bonds)
• Nikko AM SGD Investment Grade Corporate Bond ETF (Investment-Grade Corporate Bonds)
• iShares Barclays USD Asia High Yield Bond Index ETF (Asia High Yield Bonds)
• NikkoAM Straits Times Index ETF (Large-Cap Singapore Stocks)
• Lion-Phillip S-REIT ETF (Singapore Real Estate Investment Trusts)
• Phillip SGD Money Market ETF (Cash Equivalents)

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This portfolio is a straightforward way to gain diversified exposure to Singapore’s top assets without the need for constant management, making it an ideal choice for those looking to invest in Singapore’s growth with ease and confidence.