2026 has been a good year for Singapore’s blue chips. The market started the year strong and, through rallies and corrections, kept making higher highs.
The last three months have been different. By mid-October the Straits Time Index was -6.6% off its peak after a sell-off in bank stocks.
And in early November, a sharp drop in US technology stocks spread to Asia.
Ten STI stocks are now down more than -10% over three months. They range from grains and edible oils giant Wilmar International Limited (SGX: F34), to CapitaLand Ascendas REIT (SGX: A17U) and three of the index’s biggest names too: UOB Ltd (SGX: U11), Keppel Ltd (SGX: BN4), and Singapore Exchange Ltd (SGX: S68).
A falling price is not the same as a bargain for each stock. But what investors can do is to ask four simple questions:
- Why did it fall? Is it a market-wide sell-off, or something specific to the company?
- Is the reason temporary or structural? A cost spike will pass, but if the business has changed, it’s another story.
- Are the earnings intact? Is profit still growing underneath the headlines?
- Is it cheaper now? Or has it just become less expensive?
The 10 stocks
The timing matters. Wilmar, Keppel, Venture and UOB have done most of their falling in the past month. SATS, UOL and SGX fell earlier but have since steadied.
CapitaLand Ascendas REIT (CLAR) has already started to recover, up +1.8% over the month.
There are significant changes that affected some of these stocks. Three forces sit behind most of these moves.
There are rising bond yields, which makes bank dividends and REIT distributions less attractive. They raise the cost of debt for property companies too.
There are also broker downgrades as well. Citi cut OCBC to to sell, and kept a sell on UOB. DBS downgraded SGX to hold and HSBC moved its Singapore equities call to neutral, citing stretched valuations.
And there are also the higher oil prices and the Middle East conflict. Fuel remains elevated and can affect travel sentiments.
Then again, each stocks has its own story.
1. Wilmar International Ltd (-25.2%)
Why it fell
Wilmar’s earnings are going backwards. Third-quarter core net profit fell -25.2% to US$267.3 million, as raw material costs rose and soybean crushing margins weakened. Around the same time, Indonesian police opened a preliminary investigation into fires on about 28 hectares of its subsidiaries’ plantation land in West Kalimantan. Wilmar says the fires started outside its concessions or in unplanted areas, and losses were under US$500,000.
Temporary or structural?
Crushing margins are cyclical and a norm in the commodities sector. Indonesian regulatory risk is not new: Wilmar paid US$725 million in compensation to the Indonesian government in June 2025, and its shares fell in May on reports of a probe into export practices.
Verdict
Not yet. Profit is still falling, and regulatory headlines in Indonesia keep recurring. Wait for crushing margins to turn.
2. SATS Ltd (-22.6%)
Why it fell
Costs. In its first quarter to June, revenue rose 11.3% and net profit 6.0%, but the EBITDA margin fell 0.9 percentage points to 17.3% and free cash flow was negative S$22.6 million. Management warned that higher fuel, transport and operating costs from the Middle East conflict reach results with a lag, and could be “more pronounced in the coming quarters”.
Temporary or structural?
Mostly temporary, if oil eases. Cargo volumes are still growing (up 8.6%), and SATS keeps winning contracts. The longer-term question is the debt taken on to buy Worldwide Flight Services in 2023.
Verdict
A candidate for patient investors, but the second-quarter results due this month will show how much of the cost warning has landed.
3. UOL Group Ltd (-20.6%)
Why it fell
I could find no company-specific trigger. UOL had a strong run to record highs in 2025 and 2026, so this looks like profit-taking, made worse by tighter financial conditions for property flagged by HSBC.
Temporary or structural?
Probably sentiment. Thomson Reserve has since launched, with more than 90% take-up over launch weekend.
Verdict
A property developer that has fallen from a record high is not necessarily cheap. While its tempting to call UOL undervalued for its P/B of 0.55x, it has always traded below 1.0x for the longest time.
4. Singapore Exchange Ltd (-16.7%)
Why it fell
A de-rating. On 13 October DBS cut SGX to hold and its target from S$26.40 to S$20.00. Securities trading value has been flat at S$1.9 billion to S$2.2 billion a day since June, falling 8% quarter on quarter in July to September, and derivatives volume growth slowed to 5% year on year.
Temporary or structural?
The business is fine. The growth rate is slowing from a very strong FY2026, when it paid a full-year dividend of 57 cents.
Verdict
Quality, but not cheap. Even after the fall, DBS estimates it trades at about 28 times FY2027 earnings, above its historical average.
5. Seatrium Ltd (-16.3%)
Why it fell
No clear single trigger found. First-half net profit rose 158% to S$373 million on wider margins. The shares sat near a 52-week low.
Temporary or structural?
Earnings momentum looks intact on the first-half numbers. Offshore and energy contract wins are lumpy and sensitive to oil-sector sentiment.
Verdict
Worth a look if the third-quarter update on 19 November confirms margins and order intake.
6. Keppel Ltd (-15.3%)
Why it fell
Headline profit. Nine-month overall net profit fell -40%, reflecting a -4% reduction in non-core asset GAV from impairments, depreciation and operating and holding costs. Excluding the non-core portfolio and discontinued operations, net profit rose over +20%.
Temporary or structural?
The core business is doing what management promised. It has announced S$3.7 billion in asset monetisation this year, above its S$2 billion to S$3 billion target, with about S$940 million realised. Most of the fall came in the past month, alongside the broader sell-off.
Verdict
One of the stronger dip candidates. The write down hits legacy assets Keppel is already selling, while recurring income grows.
7. Venture Corporation Ltd (-14.4%)
Why it fell
Almost all of the fall came in the past month, as technology stocks sold off. Its third-quarter update on 6 November reportedly showed revenue up +26% to S$790.4 million YoY.
Temporary or structural?
If revenue growth holds, this is sentiment. Venture has historically traded with global electronics demand. There are too many moving pieces now that are influencing the sentiment in the semiconductor space.
Verdict
Watchlist. Confirm the third-quarter profit and margin trend first.
8. UOB Ltd (-14.2%)
Why it fell
The October bank sell-off, then an earnings miss. Third-quarter net profit was S$1.25 billion, below the S$1.35 billion according to LSEG. Net interest margin fell 6 basis points in the quarter to 1.68%, and trading and investment income fell 33%. Citi has a sell rating on the stock.
Temporary or structural?
Fee income hit a record S$733 million, up 19%, and wealth fees a record S$258 million. Management guides for mid-single-digit loan growth and higher net interest income in 2027.
Verdict
Reasonable for income investors at this price, but the net interest margin is still falling. Expect the share price to track interest rates rather than lead them. It trades at a forward yield of 4.8% as of time of writing.
Goldilocks valuation if you ask me.
9. CapitaLand Investment Ltd (-14.2%)
Why it fell
Mostly sector-wide. Higher bond yields weigh on real estate managers and owners, and CLI’s China exposure keeps sentiment cautious.
Temporary or Structural?
The shift to fee income is working. Nine-month fee-related revenue rose +15% to S$1.04 billion, with listed fund fees up 30% and private fund fees up 32%. Total revenue fell 3% mainly because property revenue dropped 23% after divestments, which is the plan.
Verdict
A reasonable dip candidate for investors who believe in the asset-light model. Dividend yield is 5.1% with a P/B of 0.94 as of time of writing.
10. CapitaLand Ascendas REIT (-10.7%)
Why it fell
Rising bond yields, which hit all REITs. It has already bounced 3.2% in the past week.
Temporary or structural?
Macro is rate-driven. CLAR owns industrial, logistics and data centre properties with steady demand. Q3’26 occupancy is at 90.1%, with rental reversions +9.9%. The one thing to watch is gearing: aggregate leverage is 41.8%, falling to about 41% once the planned sale of three Singapore properties completes.
Verdict
A rates call. If you expect yields to ease in 2027, this is one of the cleaner ways to buy that view with a reputable and performing REIT.
My Observation & Views
The best candidates are the ones where the headline looks worse than the business. Keppel’s headline profit was hit by non-core portfolio costs, while CLI’s revenue fell following divestments. Their core and fee-related businesses respectively are growing.
The weakest candidates are the ones where profits are falling, or where the stock was simply too expensive. Even a -20% correction from an expensive starting point can still leave a stock expensive.
Knowing why you own it is also crucial. Strategising a long position for a turnaround play and an income pay is very different – one where you sell once it reaches your exit plan, another where you hold on for recurring streams of dividends.
These 10 stocks may share the same malaise. But one man’s meat can be another man’s poison.
Join our Telegram to stay updated on the latest investing news: https://t.me/+TXFmvRr6tkgwYTc9
