The Straits Times Index has delivered nearly 20% this year, with the strong performance led by many of the heavy weights such as the three local banks and Singtel. For those who think they have missed the boat, here are some stocks that have fallen behind the index’s performance, yet are also paying investors to hold, with yields more than 5%.
| Stock | Ticker (SGX) | YTD performance (%) | Yield (%) |
| Thai Beverage | Y92 | -14.7 | 5.0 |
| Mapletree Industrial Trust | ME8U | -8.1 | 6.5 |
| United Overseas Bank | U11 | -5.0 | 5.1 |
| Genting Singapore | G13 | -3.9 | 5.4 |
| Singapore Airlines | C6L | -1.7 | 5.5 |
| Mapletree Logistics Trust | M44U | 1.6 | 5.6 |
| Frasers Centrepoint Trust | J69U | 7.1 | 5.3 |
| CapitaLand Ascendas Reit | A17U | 7.8 | 5.5 |
| Frasers Logistics & Commercial Trust | BUOU | 11.4 | 6.1 |
| Venture Corporation | V03 | 13.3 | 5.0 |
Sometimes stock lag because there are company-specific reasons for the underperformance. Below, we provide a discussion and an assessment on each of these laggards.
1)Thai Beverage (SGX:Y92)
ThaiBev is the worst performer of the index as sales volumes continue to struggle. Sales volume of Spirits declined by 3.2% while Beer increased by 3.1%. There are also short-term concerns as Thailand is observing a year-long national mourning period following the passing of Her Majesty Queen in late October 2025, as well as longer-term worries as the younger generation are drinking less.
Sales revenue declined by 2.1% YoY due to macroeconomic challenges that led to the softening consumer sentiment across key markets as well. EBITDA declined across all business segments, while the Beer business remained resilient and continued to show healthy EBITDA growth.
As a result, earnings per share declined by 12% to 1.01 Baht (4.1 Singapore cent) per share, while dividend was kept at 0.47 Baht (0.02 cent)
We think that while there are some temporary issues such as the mourning period, structurally there seems to be a clear decline in alcohol consumptions for now. As a result, we are not sure how sustainable the dividend is.
2)Mapletree Industrial Trust (SGX:ME8U)
MIT saw DPU decline by 5.6% in 2Q FY25/26 as revenue declined 6.2% and net property income declined 7.8%. This was after DPU was stagnant in FY25, adding to more disappointment for investors. Occupancy levels also dipped to 91.3% from 91.6% at the end of FY25. For reference, 3Q FY22/23 occupancy stood at 95.7% and has dipped almost every quarter since.
As a result of several asset disposals, total assets declined by nearly $700m or 7.7%. Aggregate leverage ratio fell from 40.1% to 37.3%. This was carried out against a backdrop of global macroeconomic uncertainty. While the disposals strengthens MIT’s financial and operational resilience through proactive portfolio and capital management, MIT has not carried out the commitment made to expand into data centre markets in Europe and Asia Pacific as part of its portfolio rebalancing for greater resilience.
We think that for MIT, portfolio rejuvenation is clearly key to a DPU rebound.
3)United Overseas Bank (SGX:U11)
When the three Singapore Banks released earnings recently, UOB was the only bank that saw its share price fell as profits plunged. This was mainly because UOB made pre-emptive provisioning, with allowances for credit losses increasing by nearly $1.1 billion QoQ amid macroeconomic uncertainty and sector specific headwinds. UOB did say that total credit costs would normalise after this.
Net interest income also moderated, declining 3% QoQ as the sharp fall in benchmark rates was partially offset by asset growth.
We think that UOB looks cheaper compared to its peers and is probably worth a look for potential recovery. At the end of the day, the profitability and dividends from a large bank such as UOB tend to be a lot more resilient than those of most companies.
4)Genting Singapore (SGX:G13)
Genting’s share price has actually remained flat since we last wrote about them half a year ago here. At that point, we thought that Genting still faced challenges across both its revenue and cost aspects.
Since then, Genting has progressed on its transformation, with the completion of the Oceanarium and lifestyle precinct attracting higher footfall and strengthening its non-gaming segment. It also debuted a new all-suite hotel.
Genting delivered a robust third quarter result, posting QoQ revenue and EBITDA growth of 10% and 19%, and YoY growth of 16% and 36%, respectively. The uplift was driven by improved VIP rolling volume and win rate, and continued growth across non-gaming business.
We think this might finally be where Genting turns around and becomes worth considering. If there is one sector that shouldn’t be written off, it’s Singapore’s tourism sector.
5)Singapore Airlines (SGX:C6L)
SIA’s share price fell as it posted a weak 1H FY26 profit, with 2Q26 profits plunging 80%. SIA attributed the decline to Air India, in which it holds a 25.1% stake. Air India is also seeking at least $1.5b in financial support from its shareholders. Note that SIA has $6.4 billion cash on hand which would allow it to support any potential fund raising from Air India.
Looking at flight volumes, the demand for air travel remained strong, with SIA and Scoot carrying 20.8 million passengers, 8.0% more YoY. Group passenger load factor (PLF) increased by 1.3% to 87.7%, as traffic growth of 4.6% exceeded capacity expansion of 3.0%. Passenger yields declined 2.9% to 9.9 cents per revenue passenger-kilometre, driven by increased competition.
Cargo flown revenue declined by $31 million (-2.8%) to $1,071 million as yields fell 4.1%. Cargo load factor (CLF) fell 0.9% to 56.5%, as the 1.2% growth in cargo loads trailed capacity expansion of 2.8%.
SIA has been written off by investors many times over the years during each crisis but has always emerged larger and stronger. However, it is worth noting that SIA’s dividend is less consistent than those of other big caps and may not be a stock that rewards investors for simply holding and waiting.
6)Mapletree Logistics Trust (SGX: M44U)
MLT’s 1H FY25/26 gross revenue fell 2.8% YoY while NPI declined 2.7%, weighed down by weaker regional currencies. On a constant currency basis, gross revenue and NPI would have registered lower declines of 0.8% and 0.7% respectively.
The softer performance was primarily due to loss of contribution from 15 divested properties, partially offset by growth from the existing portfolio and full contributions from past acquisitions and the newly completed redevelopment project.
Absent the contribution of divestment gains since 1Q FY25/26, the amount distributable to Unitholders fell 10.5% YoY to S$184.4 million and DPU was 11.4% lower at 3.627 cents. Excluding divestment gains, adjusted DPU from operations fell 6.1% YoY.
Similar to MIT, MLT is rejuvenating its portfolio, enabling it to stay resilient, as seen from its consistently robust occupancy levels. Therefore, a portfolio rebounding would be the key aspect to look out for.
7)Frasers Centrepoint Trust (SGX: J69U)
FCOT is actually up 7.1% YTD. While this is below the STI average 20% gain, it is broadly in line with the REIT’s sectors average, with the iEdge S-REIT Index delivering an 8.7% share price return this year.
FCOT’s Singapore centric suburban retail mall continues to outperform. FY25 gross revenue was 10.8% higher, while NPI increased 9.7%. The increases were underpinned by contributions from Northpoint City South Wing following the completion of its acquisition in May 2025 and from Tampines 1 following the completion of its AEI in August 2024, as well as broad-based improved performance in revenue and NPI across the portfolio.
Operating performance remained robust with retail portfolio committed occupancy at 98.1% and average rental reversion at +7.8% YoY. Higher shopper traffic of 1.6% was recorded and tenants’ sales went up 3.7%.
FCOT’s FY25’s average cost of debt was 3.8% with 4Q FY25’s cost of debt at 3.5%. In a declining interest rate environment, FCOT’s cost of debt is expected to decline further.
Aside from short dips, FCOT’s share price has been pretty strong in recent years as its portfolio is one of the most robust currently.
8)CapitaLand Ascendas Reit (SGX: A17U)
Similar to FCOT, CLAR is actually up 7.8% YTD.
CLAR’s 1H25 performance was largely flat and stable YoY on most aspects. CLAR has also been active in portfolio optimisation, having divested some of its legacy logistics assets while growing its exposure to data centres and life sciences. The question for CLAR is whether the REIT should rejig its portfolio further in favour of data centres and life sciences assets, as it is still holding 34% of its portfolio in logistics.
Note that CLAR’s leverage ratio stands at 39.8% on a large total asset base of $18 billion. This would give it some room to make strategic investments, but CLAR would likely have to make some divestment if it would like to significantly boost its current allocation of 48% to business space and life sciences, or its 18% allocation to industrial & data centres
9)Frasers Logistics & Commercial Trust (SGX: BUOU)
FLCT is up 11.4% YTD, while this is below the STI average of 20%, it has outperformed the REIT average, when referring to the iEdge S-REIT index which delivered an 8.7% share price return this year.
FY25 revenue and NPI rose 5.6% and 1.9% respectively, driven by contributions from acquisition of 2 Tuas South Link 1 in Nov 24, improved overall contributions from the UK business parks, as well as contributions from the Maastricht Property in the Netherlands, which achieved practical completion in Oct24. These were partially offset by higher vacancies in Alexandra Technopark and a lower average AUD/SGD exchange rate
FLCT also saw full-year contributions from the acquisition of interests in four German logistics properties in March 2024. Consequently, DPU rose 12.5% YoY, a remarkable result.
Average portfolio rental reversions also increased +5.0% while overall portfolio occupancy improved to 95.1% with a higher average lease life of 4.8 years.
Aggregate leverage of 35.7% with an interest coverage ratio of 4.3 times means that FLCT still has ample ammunition to make acquisitions.
FLCT’s assets are mainly in developed countries, underpinning resilience, albeit with weakening exchange rates. FLCT was still able to eke out positive returns and with aggregate leverage at comfortable levels, it leaves it with ample headroom to make a move on accretive opportunities.
10)Venture Corporation (SGX: V03)
In 1H25, Venture delivered revenue which declined 8.8%, resulting in a 7.9% decrease to earnings per share. Net margin however ticked up from 8.9% to 9.0%, reflecting operational efficiencies. 2Q25 was sequentially higher than 1Q25, which seemed like a potential turnaround was at play.
However, 3Q25 ticked down a little as compared to 2Q25 which indicates that the road to recovery is still tough. This was due to expected softness in the Lifestyle Consumer technology domain offset by initiatives in the other technology domains which have delivered results, with wins in the Test & Measurement Instrumentation and Semiconductor Related Equipment technology domains.
All in all, comparing to its competitors, Venture has done pretty okay with the single digit declines while retaining its net margin.
Closing statements
The primary benefit of high-yielders is the steady stream of income they provide, which can be reinvested or used as passive cash flow, regardless of market volatility. These distributions also help cushion against stock price declines, providing a “safety buffer” during uncertain times. After going through each company, investors would have a clearer sensing as to which companies are ahead of the curve with macro tailwinds, which ones have more resilient earnings and which ones are probably lagging behind its peers. With this overview, investors can better identify where the opportunities and risks may lie.
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