Can Singapore’s Blue-Chip Stars Hold Their 2025 Gains?

13 Aug 2025

🇸🇬 The Straits Times Index ETF (SGX: ES3) has gained over 11.66% YTD amid strong performance from a number of Singapore’s blue chip stocks. In fact the STI has also outperformed the S&P 500 year to date in 2025. In this latest Market Trends article, we will analyse the top 5 performing stocks in the STI and assess if they are well poised to add on to their gains for the rest of 2025.

1. Keppel Ltd (SGX: BN4)

Last Price: $8.42 (+23.10% YTD)

The net profit for Keppel in H1 FY2025 was S$431 million, +25% y-o-y, driven by asset management and the property markets. Keppel has secured over S$6.3 billion in committed capital year-to-date for its education and data centre private funds.

Pivoted to an asset-light model with S$91 billion funds under management as at June 2025. Through its Sustainable Urban Renewal strategy, acquired and decarbonised green buildings – including a S$462 million office in Jurong Lake District.

Identified S$14.4 billion of non-core assets for monetisation by 2026, with S$7.8 billion already announced.

2. Singapore Exchange Ltd (SGX: S68)

Last Price: $15.82 (+24.18% YTD)

The Singapore Exchange’s FY2025 adjusted net profit rose 15.9% to S$609.5 million on S$1.30 billion revenue. This is an 11.7% profit YoY.

SGX has over 30 companies in IPO preparatory stages on Mainboard and Catalist – this is also the strongest pipeline in years.

Derivatives volumes jumped 17% y-o-y to 25.6 million contracts in Q1 2025, led by FX (+72%) and commodities (+3%).

SGX also launched digital asset initiatives (CLOB trading for tokens, Asia-SC) and mandated TCFD-aligned climate disclosures under its Sustainability Reporting Roadmap. The exchange also expanded global linkages via Managed Derivatives Market Access partnerships with CME Group and Eurex for cross-listed futures.

3. Singapore Telecommunications Ltd (Singtel) (SGX: Z74)

Last Price: $4.06 (+31.82%)

Singtel’s Q1 FY2025 underlying profit rose 14% y-o-y to S$686 million, led by Optus and regional associates (Bharti Airtel, Telkomsel, AIS). Singtel has also announced a S$2 billion share buyback plan funded by asset recycling proceeds. The telecommunications giant has also rolled out a “5G+” network slicing for faster speeds and built-in cyber protection, while scaling digital services across enterprise and consumer segments. Singtel has maintained stable dividends: interim core 5.6 ¢, value-realisation 1.4 ¢; proposed final 6.7 ¢ core + 3.3 ¢ value-realisation, totalling 17 ¢ for FY2025.

4. UOL Group Ltd (SGX: U14)

Last Price: $7.08 (+37.21% YTD)

UOL’s FY2024 EPS of S$0.42 beat consensus by about 15%. While its 2025 revenue guidance sits at S$2.8 billion, in line with analyst forecasts. UOL’s portfolio spans property development, investment properties (offices, malls) and hospitality (Pan Pacific, PARKROYAL), delivering diversified recurring income.

UOL also benefitted from Singapore’s property market recovery with 87% sold at PARKTOWN Residence launch. The tourism rebound is also driving higher hotel and office occupancy rates. UOL’s net gearing at 0.23× and NAV per share of S$13.65 as at end-2024, reflects a strong, conservative balance sheet.

5. Singapore Technologies Engineering Ltd (ST Engineering) (SGX: S63)

Last Price: $8.83 (+89.48% YTD)

Aerospace & Defence segments delivered double-digit earnings growth, fuelled by the global aviation recovery and new defence contracts. Smart City & Digital Solutions arm has won over 800 projects in 150+ cities worldwide, spanning smart mobility, IoT lighting, water and waste management, and security systems.

Targets S$17 billion in group revenue by FY2029, with net profit CAGR expected to exceed revenue growth by up to five percentage points.

Four core divisions: Aerospace; Defence & Public Security; Smart City & Digital Solutions; Technology & Innovation – provide diversified, resilient revenue streams.

Investing in AI, robotics, and automation at its new Ezhou MRO facility to boost operational efficiency.

Add these bubbling Singapore market opportunities into your watchlist now!

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1) Has the ARKK been sunk?

ARK Innovation ETF (ARKK) ARKK is an actively managed ETF by ARK Invest that invests in a range of companies based on their innovative and industry-disrupting potential. ARKK’s largest holdings are in companies such as Tesla, Square, and Zoom. ARKK is down around -33% from peaking on 12^th Feb and is currently in the red for the year to date as the market experiences a risk-off outflow of funds. Superstar fund manager Cathie Wood has however been consistently doubling down on her bets, buying even more shares in growth stocks that are going through their own tumultuous periods such as DraftKings, Peloton, Teladoc, and Tesla. In her view, ARKK is playing the long game, and remains steadfastly convinced in the long-term prospects of these growth stocks beyond this current bout of volatility. Similarly on outflows, investors are still betting big on ARKK as ARK Invest has only lost about $1.2B in assets this year across all its six funds, compared to seeing an inflow of $15.1B during the same period. Recently, investors have been nervously eyeing ARKK’s basket of tech stocks as their future earnings potential remain vulnerable to erosion through high inflation – the dominant concern of the market in recent weeks. As commodities – the major contributor to the recent heightened inflation fears – drops sharply from record highs, are investor concerns over hyperinflation overblown?

2) Searching for exposure to Asian equities?

iShares MSCI Asia ex Japan ETF (AAXJ) The AAXJ is currently trading -10.6% adrift of all-time highs seen in February, giving up gains in tandem with an Asia-wide equity sell-off at the time. Given that slightly over 40% of the ETF’s holdings are based in China, the ongoing tumult seen in Chinese equities currently have carried over nearly perfectly in the AAXJ, as Chinese investors take a breather after the stellar gains made over the past year. Looking ahead, Asia – and particularly China, is steaming ahead with its economic recovery. China is widely expected to be one of the best-performing major economies this year, providing a major boost to the outlook for corporate earnings. As the rest of Asia and the world gradually opens up their own economies, AAXJ is likely to again benefit from strong Asian outperformance amidst a strengthening trade outlook.

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