The Singapore Budget has come to represent a slew of goodies and is keenly watched each year.
In a similar vein to previous years, this year’s budget focuses on navigating profound global change by supporting both businesses and individuals. Key measures include corporate tax rebates, incentives to spur innovation and internationalisation, as well as support for households.
With AI a key theme now, the budget also attempts to position Singapore as an AI champion in attempts to secure the country’s economic resilience.
Here we look at 8 stocks that could benefit from the measures announced in Singapore Budget 2026.
1) Sheng Siong (SGX: OV8) (Household support via CDC vouchers)
All Singaporean households will receive $500 in CDC vouchers in January 2027, of which half can be used at participating supermarkets such as Sheng Siong.
Sheng Siong stands to benefit significantly from the CDC voucher scheme, as the chain is a primary redemption point for household, heartland-focused spending. Increased footfall, particularly during voucher issuance and expiry periods, tends to boost sales volume, reinforcing its competitive position in the heartlands, and supporting revenue and earnings growth.
2) Sembcorp Industries (SGX:U96) (Raise solar target to 3 GigaWatt (GW)-peak by 2030, from 2GW)
Singapore has raised its solar deployment target to 3 Gigawatt-peak (GW-peak) by 2030, having already achieved its original 2GW-peak ahead of schedule.
Sembcorp Industries is positioned to be a major beneficiary as the leading solar energy player in the country.
Sembcorp has already built up a 1GWp solar portfolio and was actively involved in prior targets. It will likely secure contracts for new projects, including on rooftops, reservoirs, and vacant land.
Sembcorp’s expertise in large-scale floating solar (e.g., Tengeh Reservoir 60MWp, Pandan Reservoir 86MWp) makes it the prime candidate to build on water bodies as land-scarce Singapore expands its solar deployment.
Sembcorp is also supporting land-use optimization plans and already utilises interim vacant land for solar installations.
With the Singapore government supporting these schemes, this would ensure long term financial stability as long-term power purchase agreements are typically put in place for such projects.
3)Keppel Corp (SGX: BN4) (Developing a low-carbon ammonia bunkering solution on Jurong Island)
Singapore is also advancing plans to import low-carbon electricity with a low-carbon ammonia bunkering solution on Jurong Island as part of its Budget 2026, aiming to become one of the first in the world to supply this clean fuel for international shipping. A consortium led by Keppel Ltd is developing an end-to-end supply chain, including 0.1 million tons/annum of bunkering capacity.
4) ST Engineering (SGX:S63) (defence budget may increase beyond 3% of GDP)
ST Engineering stands to benefit from Singapore’s high, and potentially rising, defence expenditure, which is frequently cited as needing to remain at or above ~3% of GDP due to regional security concerns. While spending is expected to hover around 3% of GDP, Budget 2026 has indicated that if the need arises due to heightened geopolitical risks, Singapore is prepared to increase defence investments accordingly.
5) Starhub (SGX:CC3) (Cybersecurity)
With AI emerging as one of the biggest theme in Budget 2026, StarHub is positioned to benefit from increased cybersecurity focus and investments, as the company transforms from a pure telco into a digital services enabler.
StarHub is aggressively diversifying its revenue streams, with enterprise cybersecurity services serving as a key growth engine, evidenced by a 4.3% increase in cybersecurity revenue as of early 2026.
StarHub’s JV, Ensign InfoSecurity, is the largest end-to-end cybersecurity service provider in the APAC region and continues to grow, offering potential for further value creation.
Ensign InfoSecurity is a joint venture cybersecurity firm primarily owned by Singapore-based investment firm Temasek Holdings and telecommunications company StarHub. Temasek holds a 60% majority stake, while StarHub holds the remaining 40%. The company was established in 2018 through a merger of StarHub’s Cyber Security Centre of Excellence, Accel Systems & Technologies, and Temasek-owned Quann.
The partnership was formed to create a major cybersecurity player in the Asia-Pacific region.
6) MindChamps (SGX:CNE) (Subsidies for pre-school and student care)
Budget 2026 has enhanced preschool and student care subsidies. The budget is allowing for a raise of the monthly household income eligibility threshold to $15,000 for preschool subsidies and $6,500 for student care services. This means potentially higher volumes for Mindchamp as more working parents may look towards either putting their child in a preschool or student care. Parents may also look towards Mindchamp as a premium option as subsidies may mean that the cost may now fall within their budget.
7) iFAST Corporation (SGX: AIY) (Potential CPF investment vendor)
iFAST is a strong contender to become a CPF investment vendor, leveraging its experience in Hong Kong. iFast previously successfully secured a major tender for Hong Kong’s eMPF Platform, indicating strong capabilities in pension administration and, by extension, the CPF landscape.
iFast will also see higher trading volume and higher dollar traded amounts if the Singapore market benefits from the government’s attempt to attract more and higher quality listings as well as funds to increase the value of local companies.
8) SGX (SGX: S68) (The Stock market is a Government Priority)
Budget 2026 unveiled a second S$1.5 billion tranche for the Anchor Fund to attract and support high-quality public listings on the SGX.
This is to support high-growth, new economy companies in their public listing process on the SGX, providing capital for primary, secondary, or dual listings, as well as pre-IPO funding.
With the new S$1.5 billion injection, the total allocation for the Anchor Fund has been brought to S$3 billion.
The fund is managed on a commercial basis by 65 Equity Partners, a wholly-owned investment platform of Temasek.
It targets companies that can sustain liquidity, analyst coverage, and investor interest, with a focus on areas like technology and healthcare.
The fund aims to drive good corporate governance and create a “success story” to break the cycle of low liquidity on the SGX. The Straits Times Index has already crossed 5000 points and outperformed the US indices in recent time frames.
The EQDP has also rejuvenated the initial public offering scene in Singapore, with 16 listings on the Singapore Exchange (SGX) in 2025, beginning with local software-as-a-service provider Info-Tech’s debut in July.
More broadly, Singapore also wants to strengthen its enterprise ecosystem, which comprises nurturing home-grown start-ups, catalysing private capital and attracting promising global companies.
The Bottom Line
At the end of the day, Budget 2026 is not just about handouts or short-term boosts. It is about direction. AI, capital markets, defence, energy transition, and enterprise support are clearly where Singapore wants to double down. For investors, the opportunity lies in identifying companies that are already aligned with these structural priorities. The announcements may provide the catalyst, but the real winners will be businesses with the execution capability to translate policy tailwinds into sustained earnings growth.
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