SATS, SIA, and SGX each beat the STI by at least 7.8 percentage points in June. Here's what drove the gains and what to watch next.
Alpha Score of 49 reflects weak overall profile with strong momentum, poor quality, moderate sentiment. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
June was a quiet month for the Straits Times Index. The SPDR STI ETF returned 1.8%. Three blue chips left that in the dust: SATS (14.7%), Singapore Airlines (13.1%), and Singapore Exchange (9.6%). Each beat the index by at least 7.8 percentage points, and each did it for a different reason.
SATS closed its fiscal year 2026 with a record set of numbers. Revenue rose 9% year on year to S$6.3 billion. Net profit attributable to shareholders climbed 17% to S$285.2 million. Operating margin widened from 8.2% to 8.6%.
The engine was Gateway Services. Revenue there grew 10.8% year on year to S$5.0 billion. Cargo volumes hit 9.7 million tonnes, up 7%, beating IATA benchmarks for 10 straight quarters. Food Solutions added 2.9% to S$1.4 billion.
Free cash flow came in at S$685.5 million, up 2.4% year on year. That gave the group room to raise its total FY2026 dividend by 40% to S$0.07 per share. A rising payout backed by record cash flow is the kind of signal dividend investors reward.
SATS does carry debt. It held S$752.5 million in cash against S$2.4 billion in borrowings at 31 March 2026. The dividend increase suggests management is comfortable servicing that load. AlphaScala's Alpha Score for SATS stands at 49 out of 100, a Mixed rating, reflecting the dividend growth story against the debt load.
Singapore Airlines reported a 57.4% drop in net profit for the year ending 31 March 2026. The share price still rose over the month.
The headline number looks alarming until you see the record revenue of S$20.5 billion, up 5% year on year. SIA and Scoot flew a record 42.4 million passengers, with passenger load factor rising to 87.7%. Operating profit surged 39% to S$2.4 billion, helped by lower fuel costs.
Most of the profit fall came from the absence of a S$1.1 billion one-off gain booked a year earlier on the Vistara disposal. Air India, in which SIA holds a 25% stake, added S$828.5 million in share of losses. Strip those out and the underlying business is generating strong cash flow: S$2.5 billion in free cash flow. The balance sheet is in a net cash position of S$200 million (S$7.9 billion cash against S$7.7 billion borrowings).
The dividend tells a more careful story. SIA declared a final ordinary dividend of S$0.22 and a final special dividend of S$0.07. Total payout for the year was S$0.37 per share, down from S$0.40 a year ago. Investors who bid the shares up were paying for operational strength, not a rising dividend.
Singapore Exchange runs the country's only stock market. That gives it a steady, toll-booth quality, and its first-half numbers showed it working. Net revenue for the first half of FY2026 rose 7.6% year on year to S$695.4 million. The Equities – Cash division led, up 16.2% to S$223.9 million as daily traded value climbed 19.5%.
Headline net profit was almost flat, up 0.8% to S$342.7 million. A S$15.0 million goodwill impairment on Scientific Beta and lower non-operating gains held it back. Strip those out and adjusted net profit rose 11.6%.
SGX lifted its interim dividend, taking first-half payouts to S$0.2175 from S$0.180 a year ago. Management has committed to raising the quarterly dividend by 0.25 cents each year until the end of FY2028. Few blue chips offer that kind of dividend visibility.
In June, each of these three gave investors something firm to hold onto. SATS offered dividend growth built on record cash flow. SIA offered operational momentum that the headline profit disguised. SGX offered a payout it has all but promised to keep raising. In a month when the broad market went nowhere, that combination was enough to pull all three clear of the other STI names.
For a deeper look at SATS, check the SATS stock page.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.