The Straits Times Index (STI) has gained 3.4% in the 2025 year to Feb 25 to 3,915.87 with dividend distributions boosting the total return to 3.6%. This compares to the FTSE APAC Index which has generated a 1.1% total return in SGD terms, while the FTSE ASEAN All-Share Index has declined 5.0%.
-
Seatrium has led the STI in the 2025 year to Feb 25, with a 10.6% price gain. On Feb 21, the engineering services provider to the global offshore, marine and energy industries reported FY24 underlying net profit of S$200 million, compared to an underlying net loss of S$28 million for FY23.
-
ST Engineering, Singtel and Sembcorp Industries were the next three best performing STI stocks for the period. Singtel and Sembcorp are undergoing strategic transformations, as is Seatrium. Other STI stocks executing long-term strategic transformations include CapitaLand Investment, Keppel, and more recently, Hongkong Land.
The STI has gained 3.4% in the 2025 year to Feb 25 to 3,915.87 with dividend distributions boosting the total return to 3.6%. This brings the total return since the end of 2019 to 52% or 8.4% on an average annualised basis. The combined AUM of the two STI tracking ETFs is now S$2.6 billion.
Within the STI, Seatrium has led the STI gains since the end of 2024, while at the same time generating the highest declines since 2019. The stock has also booked the third highest net institutional inflows for the 2025 year through to Feb 24, after Singtel and ST Engineering.
On Feb 21, Seatrium announced a FY24 underlying net profit of S$200 million, compared to an underlying net loss of S$28 million for FY23. Its FY24 revenue grew 27% to S$9.2 billion, driven by strong project execution and increased business activity in repairs and upgrades. Seatrium's cost optimisation and restructuring initiatives, resulting in EBITDA rising to S$627 million from S$236 million in FY23. Seatrium is proposing a dividend of 1.5 cents per share, reflecting its focus on long-term sustainable growth and prudent capital management.
Seatrium Building A More Resilient & Diversified Portfolio
Seatrium noted in February 2025 that supported by a diversified portfolio and multi-pronged strategy, the Group is making good progress towards its 2028 financial targets. Following completion of the combination in 2023, Seatrium embarked on a comprehensive strategic business review to unlock synergies and build a roadmap for sustainable growth.
Seatrium aims to achieve an ROE of more than 8% and grow its EBITDA to over S$1 billion by 2028, focusing on oil and gas, offshore wind, repairs and upgrades, and carbon capture storage & new energies. As of the end of 2024, its net order book comprises 27 projects with deliveries till 2031 worth S$23.2 billion and its Sustainability Vision 2030 has a 40% reduction target of its emissions from 2008 levels.
As tabled below, Seatrium has generated a 10.6% gain in the 2025 year through to Feb 25. You may click on the column header to sort the data accordingly.
| STI Stocks | SGX Code | YTD Average Daily Turnover (as of 24 Feb) S$m |
YTD Net Institutional Inflow (as of 24 Feb) S$m |
YTD Price Change % |
Last Price $ |
Currency | 12-month Yield % |
Sector |
|---|---|---|---|---|---|---|---|---|
| Seatrium | 5E2 | 60.33 | 62.0 | 10.6 | 2.29 | SGD | 0.0 | Industrials |
| ST Engineering | S63 | 18.90 | 69.8 | 8.6 | 5.06 | SGD | 3.2 | Industrials |
| Singtel | Z74 | 71.05 | 152.4 | 7.8 | 3.32 | SGD | 4.9 | Telecommunications |
| Sembcorp | U96 | 16.89 | 39.1 | 6.5 | 5.88 | SGD | 2.6 | Utilities |
| DBS | D05 | 198.85 | -312.3 | 6.5 | 46.55 | SGD | 4.9 | Financial Services |
| UOL Group | U14 | 4.89 | -13.1 | 5.8 | 5.46 | SGD | 2.9 | Real Estate (excl. REITs) |
| OCBC | O39 | 82.19 | -201.2 | 5.5 | 17.60 | SGD | 5.0 | Financial Services |
| UOB | U11 | 88.08 | 13.9 | 5.1 | 38.20 | SGD | 4.6 | Financial Services |
| SGX | S68 | 38.63 | 9.8 | 4.1 | 13.26 | SGD | 2.6 | Financial Services |
| SIA | C6L | 25.85 | 29.9 | 4.0 | 6.70 | SGD | 7.5 | Industrials |
| CapitaLand Integrated Commercial Trust | C38U | 41.43 | -28.6 | 2.1 | 1.97 | SGD | 5.6 | REITs |
| Hongkong Land | H78 | 12.49 | 2.6 | 1.3 | 4.51 | USD | 5.3 | Real Estate (excl. REITs) |
| Wilmar | F34 | 14.99 | 21.2 | 1.0 | 3.13 | SGD | 5.2 | Consumer Non-Cyclicals |
| City Developments | C09 | 5.15 | -8.7 | 0.2 | 5.12 | SGD | 1.6 | Real Estate (excl. REITs) |
| CapitaLand Ascendas REIT | A17U | 28.82 | -69.2 | -0.8 | 2.55 | SGD | 5.9 | REITs |
| Keppel | BN4 | 19.27 | -42.2 | -0.9 | 6.78 | SGD | 5.0 | Industrials |
| Jardine Matheson | J36 | 8.77 | 5.8 | -2.2 | 40.06 | USD | 5.7 | Industrials |
| Mapletree Logistics Trust | M44U | 23.16 | -17.1 | -2.4 | 1.24 | SGD | 6.8 | REITs |
| Frasers Centrepoint Trust | J69U | 7.57 | -34.6 | -2.4 | 2.06 | SGD | 5.7 | REITs |
| Mapletree Pan Asia Commercial Trust | N2IU | 13.59 | -18.0 | -2.5 | 1.18 | SGD | 7.1 | REITs |
| Frasers Logistics & Commercial Trust | BUOU | 11.56 | -13.8 | -2.8 | 0.86 | SGD | 7.8 | REITs |
| CapitaLand Investment | 9CI | 26.67 | -117.9 | -3.8 | 2.52 | SGD | 4.8 | Financial Services |
| Venture Corp | V03 | 8.62 | -35.7 | -4.0 | 12.63 | SGD | 5.8 | Technology |
| Genting Singapore | G13 | 18.46 | -13.8 | -4.6 | 0.73 | SGD | 5.3 | Consumer Cyclicals |
| DFI Retail | D01 | 1.07 | -2.9 | -5.2 | 2.19 | USD | 3.7 | Consumer Non-Cyclicals |
| Thai Beverage | Y92 | 11.00 | -15.7 | -5.5 | 0.52 | SGD | 4.8 | Consumer Non-Cyclicals |
| Jardine Cycle & Carriage | C07 | 5.97 | -19.7 | -6.8 | 26.40 | SGD | 6.0 | Consumer Cyclicals |
| Mapletree Industrial Trust | ME8U | 18.32 | -117.1 | -9.0 | 2.01 | SGD | 6.7 | REITs |
| Yangzijiang | BS6 | 61.98 | -50.5 | -9.7 | 2.70 | SGD | 2.1 | Industrials |
| SATS | S58 | 16.61 | -105.8 | -15.7 | 3.07 | SGD | 0.7 | Industrials |
Source: SGX & Refinitiv. All Data as of 25 Feb 2025.
Note: 12-month Yield is based on distribution per share over the past 12 months and the most recent price and prices are rounded to the nearest 1 cent.
Apart from Seatrium, Singtel and Sembcorp are also undergoing strategic transformations. Other STI stocks executing long-term strategic transformations include CapitaLand Investment, Keppel, and more recently, Hongkong Land.
Strategic pivots can help companies build resilient and adaptable business models capable of weathering economic fluctuations. For instance in diversifying product or service lines, businesses reduce dependence on any single market or product, spreading risk and creating multiple revenue streams. Entering new markets can also open additional opportunities for growth and expansion, enabling companies to tap into new customer bases and geographic regions. At the same time, investing in technology and innovation may help businesses stay competitive, leveraging advancements to improve efficiency, reduce costs, and offer new and improved products and services.
These long-term growth strategies can also contribute to stronger balance sheets and more sustainable business practices. On the other hand, proactive capital management, including optimising debt levels, managing cash flow efficiently, and strategic reinvestment, can also generate shareholder value. Such integrated approaches to business management that enhance revenue generation and the balance sheet, can also serve to positioning companies to better weather economic fluctuations and sustain growth over the long term.
Singtel's ST28 Strategy
Singtel's ST28 plan is a growth strategy to boost customer experiences and deliver value for shareholders. Announced in May 2024, it builds on the progress made from the capital recycling programme launched in 2021 that monetised S$8 billion from assets, including stakes in Indara, Airtel, and Nxera, to fund growth initiatives.
A key outcome of the strategic reset has been a major restructuring of the Group's businesses to focus on the three areas of connectivity, digital services and digital infrastructure.
ST28 has seen Singtel identify another S$6 billion in monetisable assets and will continue to tap external capital partners to fund growth engines. Singtel also aims to reward shareholders with higher dividends with improved business performance and smart capital management.
CapitaLand Investment is Transforming into a Leading Global REIM
CapitaLand Investment is transforming into a global real estate investment management (REIM) company by shifting to an asset-light, fee income model, scaling its funds under management (FUM) to S$200 billion by 2028 through strategic acquisitions and organic growth initiatives. It also aims to raise operating earnings to over S$1 billion by 2028-2030 with 60-70% from its four Fee Income-related Businesses (FRB), anchoring its investment strategies on Demographics, Disruption, and Digitalisation, and accelerating geographical diversification in Asia Pacific, Europe, and the United States.
Keppel's Vision 2030
Keppel's Vision 2030 is a strategic plan aimed at transforming the company into an integrated business providing end-to-end solutions for sustainable urbanisation. Asset monetisation to the end of 2024 has totaled S$7 billion since the start of the programme in October 2020. The plan also focuses on four key business areas: energy and environment, urban development, connectivity, and asset management.
The Urban Development division is implementing sustainable urban renewal initiatives across six projects with combined asset value of S$3.3 billion as of end of 2024. Keppel Sakra Cogen Plant - Singapore's first hydrogen compatible cogeneration power plant is on track to commence operations in 1H26. The Bifrost Cable System is expected to be ready for service in 2H25. The data centre portfolio's gross power capacity has grown from 240 MW in 2018 to 650 MW in 2024, with plans underway to expand this to 1.2 GW in the next few years, leveraging third-party capital. Keppel also plans to significantly scale its FUM to S$200 billion by 2030, and is close to achieving its interim FUM target of S$100 billion by end-2026.
Sembcorp Industries Committed to transforming its Portfolio from Brown to Green and Drive Energy Transition
In 2021, Sembcorp unveiled its strategic plan to support the global energy transition and sustainable development. In 2023, Sembcorp continued to accelerate its portfolio transformation through disciplined investments in greenfield and brownfield renewables assets as well as organic growth. Sembcorp Industries maintained 16.5 GW of gross renewables capacity as of Dec 18, and is pressing on with a 2028 target of 25 GW. It also aims to reducing emissions intensity by 50% by 2028, invest approximately S$10.5 billion in renewables, aiming for net-zero emissions by 2050. This S$10.5 billion in renewables represents about 75% of their total investments from 2024 to 2028.
Hongkong Land's Aim To Become The Asian Gateway City Leader In Ultra-Premium Integrated Commercial Properties
In October, Hongkong Land unveiled its new transformation strategy focusing on ultra-premium integrated commercial properties in Hong Kong, Singapore, and Shanghai. The company aims to be the leader in Asia's gateway cities by 2035. Their strategic review will see the Group redirect third-party and recycled capital to new ventures after completing current projects. It will no longer invest in the build-to-sell segment but will instead actively recycle capital out from this business segment into new integrated commercial property opportunities.
The financial goals for 2035 are to double underlying profit before interest and tax with no single city accounting for more than 40%, double dividends per share, grow assets under management to US$100 billion with significant third-party capital, and actively recycle up to US$10 billion in capital.
