Sembcorp Industries (U96) – Energy and urban solutions provider with 25.1 GW balanced energy portfolio. Despite 9% revenue decline in 2024 to S$6.4 billion due to planned maintenance, net profit held steady at S$1.02 billion. Management doubled the final dividend to S$0.17, showing confidence in future performance. Recent strategic moves include increasing Senoko Energy stake to 50% and winning a 300 MW round-the-clock power project in India.

Keppel Ltd (BN4) – Global asset manager focusing on infrastructure, real estate, and connectivity. The company is executing its Vision 2030 strategy well, with Q1 2025 net profit up 25% year-on-year. Asset management fees grew 9% to S$96 million, and they’re progressing toward their S$200 billion funds under management target by 2030. Asset monetization program has already generated S$347 million in 2025.

Singapore Technologies Engineering (S63) – Engineering group serving aerospace, smart city, and defence sectors. Q1 2025 revenue rose 8% to S$2.9 billion with strong contract wins of S$4.4 billion. Order book hit a multi-year high of S$29.8 billion. The company aims to grow revenue faster than global GDP and has implemented a progressive dividend policy, increasing 2025 dividend to S$0.18.

DBS Group (D05) – Singapore’s largest bank by market cap. Q1 2025 total income rose 6% to S$5.9 billion, driven by wealth management and credit card fee growth. Despite slight profit dip due to global minimum tax, they increased dividend significantly to S$0.75 from S$0.54 previously. The “higher for longer” interest rate environment should continue benefiting net interest income.

All four companies demonstrate strong fundamentals, growing dividends, and strategic positioning for long-term growth, which aligns with Temasek’s investment philosophy of generating sustainable returns through economic cycles.

Comprehensive Review: Four Temasek-Owned Singapore Blue-Chip Stocks with Long-Term Growth Prospects

Executive Summary

Temasek Holdings, Singapore’s sovereign wealth fund, has demonstrated exceptional investment acumen with a 20-year total shareholder return of 7%, successfully navigating through major economic crises including the Global Financial Crisis and COVID-19 pandemic. This comprehensive analysis examines four blue-chip Singapore stocks in Temasek’s portfolio that exemplify the fund’s long-term investment philosophy and offer compelling prospects for investors seeking exposure to Singapore’s economic growth story.

1. Sembcorp Industries Ltd (SGX: U96) – Energy & Urban Solutions Pioneer

Company Overview

Sembcorp Industries (SCI) stands as one of Asia’s leading energy and urban development conglomerates, with operations spanning across multiple countries in the region. The company has successfully positioned itself as a key player in the energy transition, balancing traditional power generation with renewable energy initiatives and sustainable urban development projects.

Business Segments & Portfolio Strength

SCI operates through two primary divisions:

Energy Portfolio (25.1 GW):

Conventional thermal power generation
Renewable energy projects (solar, wind, energy storage)
Integrated energy solutions including cogeneration
Energy trading and retail operations

Urban Development (14,400 hectares):

Industrial parks and townships across Asia
Smart city solutions and infrastructure development
Water treatment and environmental services
Waste management and circular economy initiatives

Financial Performance Analysis

2024 Performance Metrics:

Revenue: S$6.4 billion (down 9% YoY)
Net profit (excluding exceptional items): S$1.02 billion (flat YoY)
Final dividend: S$0.17 (doubled from S$0.08)
Total dividend for 2024: S$0.23

The revenue decline was primarily attributed to planned maintenance of a major cogeneration plant in Singapore and lower wholesale electricity prices—both temporary factors that don’t reflect underlying business health. The maintenance of profit levels despite revenue headwinds demonstrates operational resilience and effective cost management.

Strategic Initiatives & Growth Catalysts

Strategic Reorganization (March 2025): The company announced a comprehensive strategic reorganization to streamline operations and prepare for accelerated growth. This restructuring is expected to enhance operational efficiency and create clearer value propositions for different business segments.

Senoko Energy Acquisition: SCI’s completion of additional stake acquisition in Senoko Energy, bringing total ownership to 50%, strengthens its position in Singapore’s competitive electricity market. This strategic move provides greater control over power generation assets and enhances market share in the domestic market.

International Expansion – India: The award of SCI’s first round-the-clock power project in India represents a significant milestone in international expansion. The 300 MW project integrating solar, wind, and battery energy storage solutions showcases the company’s capabilities in hybrid renewable energy systems and positions it well for India’s growing clean energy market.

Investment Thesis

Energy Transition Leadership: Well-positioned to capitalize on Asia’s energy transition with balanced portfolio of conventional and renewable assets
Dividend Growth Confidence: Management’s decision to double final dividend reflects strong confidence in future cash flow generation
Regional Diversification: Diversified geographical presence reduces single-market dependency
Sustainability Focus: Strong ESG positioning aligns with global sustainability trends and regulatory shifts

Risk Factors

Regulatory changes in energy markets
Commodity price volatility
Capital-intensive nature of energy projects
Competition in renewable energy sector

2. Keppel Ltd (SGX: BN4) – Asset Management Transformation

Company Evolution & Strategic Vision

Keppel Ltd has undergone a remarkable transformation from a traditional conglomerate to a focused global asset manager. The company’s Vision 2030 strategic plan, launched in 2020, aims to create a more streamlined, asset-light organization with higher recurring income streams—a strategy that’s showing promising results.

Business Model Transformation

Vision 2030 Strategic Pillars:

Simplification: Streamlining organizational structure and divesting non-core assets
Asset-Light Model: Transitioning from asset ownership to asset management
Recurring Income Focus: Building sustainable fee-based revenue streams
Capital Efficiency: Optimizing capital allocation and improving returns

Core Business Segments

Asset Management:

Infrastructure funds and investments
Real estate investment management
Private equity and venture capital
Connectivity and digital infrastructure

Infrastructure Solutions:

Data centers and connectivity solutions
Renewable energy projects
Urban solutions and smart cities

Financial Performance & Progress Tracking

Q1 2025 Highlights:

Net profit (excluding legacy O&M assets): +25% YoY growth
Asset management fees: S$96 million (+9% YoY)
Total capital commitments for new private funds: S$2 billion
Asset monetization program: S$347 million YTD 2025
Pipeline deals in advanced negotiation: S$550 million

The strong growth in net profit and asset management fees validates the effectiveness of Keppel’s strategic transformation. The significant capital commitments secured demonstrate strong investor confidence in Keppel’s fund management capabilities.

Asset Monetization Strategy

Keppel’s asset monetization program is a key component of its transformation strategy, focusing on:

Geographic Focus Areas:

China real estate projects
Vietnam development assets
Singapore urban developments
Regional infrastructure assets

The S$347 million already achieved in 2025, with another S$550 million in advanced negotiations, indicates strong execution capability and market demand for Keppel’s assets.

Funds Under Management Growth

Current trajectory toward S$200 billion FUM target by 2030 demonstrates:

Strong fundraising capabilities
Diversified investment strategies
Growing investor confidence
Scalable platform for fee generation

Investment Thesis

Successful Transformation: Clear evidence of strategic pivot from asset-heavy to asset-light model
Recurring Revenue Growth: Growing asset management fees provide stable income base
Capital Efficiency: Improved returns through asset monetization and fee-based model
Market Position: Strong brand and track record in Asian infrastructure and real estate markets

Risk Factors

Execution risk in ongoing transformation
Market cycles affecting asset values and fundraising
Competition in asset management space
Regulatory changes in key markets

3. Singapore Technologies Engineering Ltd (SGX: S63) – Defense & Technology Innovator

Company Profile & Market Position

Singapore Technologies Engineering (STE) operates as one of Asia’s largest defense and engineering conglomerates, with a diversified portfolio spanning aerospace, smart city solutions, and defense technologies. The company’s strategic positioning in critical infrastructure and defense sectors provides stability and growth opportunities.

Business Divisions & Capabilities

Aerospace:

Commercial aircraft maintenance, repair, and overhaul (MRO)
Military aviation support and modifications
Aircraft leasing and asset management
Advanced manufacturing and component supply

Smart City Solutions:

Intelligent transportation systems
Urban mobility solutions
Smart infrastructure and IoT platforms
Digital city planning and management

Defense:

Military vehicle design and manufacturing
Electronic systems and cybersecurity
Training and simulation systems
Logistics and support services

Strong Financial Performance

Q1 2025 Results:

Revenue: S$2.9 billion (+8% YoY)
All three divisions posted year-on-year growth
Contract wins: S$4.4 billion for the quarter
Order book: S$29.8 billion (multi-year high)
Expected delivery in 2025: S$7.3 billion

The broad-based growth across all divisions demonstrates the strength of STE’s diversified business model and its ability to capture opportunities across different sectors.

Strategic Growth Vision

2029 Targets Announced:

Revenue growth rate to exceed global GDP growth rate
Progressive dividend policy implementation
Enhanced focus on technology and innovation
Expansion in high-growth markets

Dividend Policy Evolution:

2025 total dividend: S$0.18 (up from S$0.17 in 2024)
From 2026: Additional dividend equal to one-third of YoY net profit increases
Progressive approach ensuring shareholders benefit from growth

Competitive Advantages

Government Relationships: Strong ties with defense and infrastructure agencies
Technology Leadership: Advanced R&D capabilities and IP portfolio
Regional Presence: Established operations across key Asian markets
Long-term Contracts: Stable, multi-year defense and infrastructure contracts

Growth Drivers

Defense Spending: Rising regional defense budgets
Smart City Trends: Growing demand for urban technology solutions
Aerospace Recovery: Post-pandemic aviation sector recovery
Digital Transformation: Increased focus on cybersecurity and digital infrastructure

Investment Thesis

Defensive Characteristics: Government and infrastructure contracts provide stability
Growth Exposure: Smart city and technology segments offer expansion opportunities
Strong Fundamentals: Consistent profitability and cash generation
Dividend Growth: Progressive dividend policy rewards long-term shareholders

Risk Factors

Government budget constraints
Technology disruption risks
Geopolitical tensions affecting defense spending
Competition from global players

4. DBS Group Holdings Ltd (SGX: D05) – Southeast Asian Banking Champion

Company Overview & Market Leadership

DBS Group stands as Southeast Asia’s largest bank by assets and Singapore’s banking champion, with a comprehensive suite of financial services spanning retail banking, corporate banking, investment banking, asset management, and insurance. The bank has consistently demonstrated superior operational efficiency and digital innovation leadership in the region.

Business Segments & Geographic Presence

Core Banking Operations:

Retail banking and wealth management
Corporate and institutional banking
Treasury and trading services
Investment banking and capital markets

Geographic Footprint:

Singapore (home market leadership)
Hong Kong (significant presence)
Greater China (growing exposure)
Southeast Asia (Indonesia, India, Malaysia, Thailand, Taiwan, Philippines)

Exceptional Financial Performance

Q1 2025 Results:

Total income: S$5.9 billion (+6% YoY)
Commercial book net interest income: S$3.7 billion (+2% YoY)
Non-interest income: S$1.3 billion (+22% YoY)
Net profit: S$2.9 billion (-2% YoY, impacted by global minimum tax)
Total Q1 2025 dividend: S$0.75 (vs S$0.54 in Q1 2024)

Revenue Diversification Success

The strong growth in non-interest income (+22% YoY) demonstrates DBS’s successful strategy to diversify revenue streams beyond traditional lending:

Key Growth Areas:

Wealth management fees
Credit card interchange and fees
Investment banking revenues
Insurance and asset management fees

Interest Rate Environment Benefits

DBS has been a primary beneficiary of the higher interest rate environment:

“Higher for Longer” Scenario:

Sustained net interest margins
Growing commercial loan book
Enhanced deposit spreads
Reduced pressure for immediate rate cuts

The latest US economic data supporting a “higher for longer” interest rate scenario bodes well for DBS’s net interest income sustainability.

Digital Innovation Leadership

DBS has established itself as a digital banking pioneer:

Digital Transformation Achievements:

Award-winning mobile banking platforms
AI-driven customer service and risk management
Blockchain and digital payment innovations
Comprehensive digital ecosystem for SMEs and consumers

Strategic Growth Opportunities

CEO Tan Su Shan’s Growth Vision:

New growth corridors and sector expansion
Potential loan growth when rates eventually decline
Enhanced wealth management penetration
Regional expansion in high-growth markets

Capital Management Excellence

The significant dividend increase (39% higher than previous year) reflects:

Strong capital generation capabilities
Confident outlook on future performance
Commitment to shareholder returns
Robust capital adequacy ratios

Investment Thesis

Market Leadership: Dominant position in Singapore and strong regional presence
Interest Rate Beneficiary: Well-positioned for sustained higher rates
Digital Innovation: Technology leadership providing competitive advantages
Diversified Revenue: Growing fee income reduces interest rate sensitivity
Strong Capital Management: Consistent dividend growth and capital returns

Risk Factors

Credit cycle risks in key markets
Interest rate sensitivity when rates eventually decline
Regional economic volatility
Regulatory changes and compliance costs
Competition from fintech and digital banks

Temasek Investment Philosophy & Portfolio Alignment

Long-Term Value Creation

Temasek’s 20-year total shareholder return of 7% demonstrates the effectiveness of its long-term investment approach. The four analyzed stocks exemplify key characteristics that align with Temasek’s investment criteria:

Market Leadership Positions
Strong Competitive Moats
Sustainable Business Models
Growth Potential in Structural Trends
Quality Management Teams

Portfolio Diversification Benefits

The four stocks provide excellent diversification across:

Sectors: Energy, Asset Management, Defense/Technology, Banking
Economic Cycles: Different sensitivity to economic conditions
Growth Stages: Mix of transformation stories and mature cash generators
Geographic Exposure: Singapore base with regional/international expansion

Investment Recommendations & Considerations

For Conservative Income Investors

Primary Focus: DBS Group (D05)

Consistent dividend growth track record
Stable banking sector leadership
Regular quarterly dividend payments
Lower volatility compared to other sectors

For Growth-Oriented Investors

Primary Focus: Keppel Ltd (BN4) & STE (S63)

Keppel’s transformation story offers significant upside potential
STE’s technology and defense exposure provides structural growth
Both companies have clear strategic visions and execution capabilities

For ESG-Conscious Investors

Primary Focus: Sembcorp Industries (U96)

Leading energy transition participant
Strong sustainability credentials
Renewable energy growth exposure
Urban development with ESG focus

Portfolio Allocation Suggestions

For a balanced approach to Temasek-style investing:

30% DBS Group: Core stability and income
25% Sembcorp Industries: Energy transition exposure
25% Keppel Ltd: Transformation growth story
20% STE: Technology and defense growth

Conclusion

These four Temasek-owned Singapore blue-chip stocks represent compelling investment opportunities for different investor profiles and objectives. Each company demonstrates strong fundamentals, clear strategic direction, and positioning for long-term growth. The combination provides excellent diversification while maintaining exposure to Singapore’s economic development and regional expansion opportunities.

The stocks’ alignment with Temasek’s proven investment philosophy, combined with their individual merits and growth prospects, makes them worthy additions to any serious investor’s watchlist. However, as with all investments, thorough due diligence and consideration of individual risk tolerance and investment objectives remain essential before making investment decisions.

Investors should conduct their own research and consider consulting with financial advisors before making investment decisions. Past performance does not guarantee future results.

The Temasek Trail: A Singapore Investor’s Journey

Chapter 1: The Morning Ritual

The first rays of dawn filtered through the floor-to-ceiling windows of Marina Bay Residences as Lim Wei Ming settled into his home office with a steaming cup of kopi-o. At 52, Wei Ming had spent the better part of two decades building his investment portfolio, but today felt different. The Temasek Annual Review he’d studied over the weekend had crystallized a strategy that had been forming in his mind for months.

“Follow the smart money,” he murmured to himself, pulling up his trading platform on dual monitors. The sovereign wealth fund’s 20-year track record of 7% returns through multiple crises wasn’t luck—it was systematic excellence.

His phone buzzed with a WhatsApp message from his investment club: “Uncle Wei Ming, market opening soon! What’s your play today?”

Wei Ming smiled. His regular kakis at the Boat Quay Coffee Shop Investment Club had dubbed him the “Blue Chip Uncle” for his conservative approach. But today, he was ready to make some calculated moves.

Chapter 2: The First Trade – Sembcorp Industries (U96)

At 9:00 AM sharp, the SGX opened. Wei Ming’s first target: Sembcorp Industries. He’d been tracking the stock for weeks, ever since CEO Wong Kim Yin’s confident announcement about doubling the dividend. The market was still digesting the strategic reorganization news from March.

Current price: S$4.85 Target allocation: 25% of available capital

“The energy transition story is just getting started,” Wei Ming reasoned, watching the order book. He placed a buy order for 5,000 shares at S$4.82, anticipating some morning volatility.

His order filled within minutes. The India round-the-clock power project announcement was still fresh, and Wei Ming believed the market hadn’t fully appreciated the significance of SCI’s hybrid renewable energy capabilities.

Trade 1 Executed: 5,000 shares of U96 @ S$4.82 Investment thesis: Energy transition leader with growing dividend confidence

As he sipped his coffee, Wei Ming’s mind drifted to his late father, who had worked at Jurong Island during its early development. “Papa always said energy is the foundation of everything,” he thought. “SCI is building tomorrow’s foundation today.”

Chapter 3: The Transformation Play – Keppel Ltd (BN4)

By 10:30 AM, Wei Ming had identified his next opportunity. Keppel’s transformation from a traditional conglomerate to an asset manager was progressing ahead of schedule. The Q1 results showing 25% profit growth had caught his attention, but it was the S$2 billion in new fund commitments that sealed his conviction.

Current price: S$6.42 Unusual volume spike noticed

Wei Ming’s decades of experience told him something was brewing. He opened his research folder on Keppel, reviewing the Vision 2030 strategy milestones. The asset monetization program was accelerating—S$347 million already realized in 2025, with another S$550 million in advanced negotiations.

“The market loves recurring revenue stories,” he mused, remembering the premium valuations asset management companies commanded globally.

He crafted his order carefully: 3,500 shares at S$6.40, setting a slight premium to ensure execution. The market was moving fast, and Wei Ming didn’t want to miss the momentum.

Trade 2 Executed: 3,500 shares of BN4 @ S$6.41 Investment thesis: Successful transformation to asset-light, fee-based model

His phone rang. “Wei Ming ah, I see big volume in Keppel today,” came the familiar voice of his longtime friend and fellow investor, Thomas Chua. “You inside or not?”

“Just entered,” Wei Ming replied. “This transformation story reminds me of the old days when Singapore itself was transforming. Sometimes the best investments are right under our noses.”

Chapter 4: The Defense Shield – Singapore Technologies Engineering (S63)

The afternoon brought news that would validate Wei Ming’s next target. Regional defense spending announcements from three ASEAN countries hit the wires simultaneously. STE’s multi-year high order book of S$29.8 billion suddenly looked even more attractive.

Current price: S$4.15 Breaking news catalyst

Wei Ming had been following STE’s 2029 targets announcement closely. The promise to grow revenue faster than global GDP growth, combined with the progressive dividend policy, created a compelling value proposition.

“Defense stocks are boring until they’re not,” he thought, watching the price tick upward as institutional investors began accumulating.

He placed an aggressive order: 6,000 shares at S$4.18, paying up for quality. The S$4.4 billion in Q1 contract wins demonstrated STE’s competitive positioning, and Wei Ming believed the smart city solutions segment was undervalued by the market.

Trade 3 Executed: 6,000 shares of S63 @ S$4.18 Investment thesis: Diversified defense and technology platform with government backing

As the order filled, Wei Ming’s investment club WhatsApp group lit up with messages:

“Wah, STE moving big today!” “Wei Ming sifu, you inside already right?” “Defense stocks hot now, uncle!”

Wei Ming typed back: “Long-term play, not trading. STE building the infrastructure of tomorrow.”

Chapter 5: The Banking Fortress – DBS Group (D05)

By 2 PM, Wei Ming was ready for his final and largest position. DBS had been the cornerstone of his portfolio for years, but the recent Q1 results had convinced him to increase his allocation significantly.

Current price: S$35.80 Dividend yield: 6.2% at current price

The “higher for longer” interest rate environment was a gift that kept giving for DBS. CEO Tan Su Shan’s optimistic outlook on new growth corridors resonated with Wei Ming’s own observations about Singapore’s evolving role as a regional financial hub.

Order size: This would be his biggest single purchase

Wei Ming calculated quickly. With S$40,000 remaining in his available capital, he could afford approximately 1,100 shares. But the 39% dividend increase from Q1 2024 to Q1 2025 was too compelling to ignore.

He decided to leverage his CDP account’s collateral facility, borrowing against his existing blue-chip holdings to increase his DBS position to 1,500 shares.

Trade 4 Executed: 1,500 shares of D05 @ S$35.85 Investment thesis: Regional banking leader benefiting from rate environment and digital innovation

Chapter 6: The Afternoon Reflection

As the trading day wound down, Wei Ming leaned back in his ergonomic chair, surveying his newly constructed “Temasek-inspired” portfolio:

Sembcorp Industries: 5,000 shares @ S$4.82 = S$24,100
Keppel Ltd: 3,500 shares @ S$6.41 = S$22,435
STE: 6,000 shares @ S$4.18 = S$25,080
DBS Group: 1,500 shares @ S$35.85 = S$53,775

Total deployment: S$125,390

The portfolio represented a microcosm of Singapore’s economic evolution: from traditional industries (energy, defense) to transformational growth (asset management) to digital innovation (banking). Each position reflected decades of Wei Ming’s accumulated wisdom about investing in companies with sustainable competitive advantages.

His phone buzzed with a message from his daughter studying at NUS Business School: “Dad, saw your DBS purchase alert. Doing some institutional modeling?”

Wei Ming chuckled. Sarah had been tracking his trades as part of her finance studies, often challenging his stock selection with modern portfolio theory and quantitative models.

“Following Temasek’s playbook, dear. Sometimes the best strategy is learning from the best practitioners.”

Chapter 7: The Evening Validation

That evening at the Boat Quay Coffee Shop, the investment club’s regular Friday gathering buzzed with excitement. Word had spread about Wei Ming’s bold single-day deployment across four blue-chip counters.

“Eh, Wei Ming, today you trade like institutional fund manager ah!” teased Ah Beng, a retired civil servant who preferred REITs.

“Not trading,” Wei Ming corrected gently, ordering his usual teh-c. “Investing. These four companies will be here long after we’re gone. They’re building Singapore’s next chapter.”

The discussion that followed was animated. Each club member shared their perspectives on the day’s markets, but the conversation kept returning to Wei Ming’s systematic approach.

“You know what I learned today?” Wei Ming addressed the group. “Temasek doesn’t just pick stocks—they pick the future. SCI is the future of Asian energy. Keppel is the future of asset management in our region. STE is the future of defense and smart cities. DBS is the future of Southeast Asian banking.”

Old Uncle Tan, the group’s eldest member at 78, nodded approvingly. “In 1965, nobody knew what Singapore would become. But the smart money back then bought into the vision. Today also same-same.”

Chapter 8: The Weekend Review

Saturday morning found Wei Ming at his usual spot in East Coast Park, jogging along the waterfront as container ships dotted the horizon. Each vessel represented the global trade flows that had made Singapore prosperous—and continued to create opportunities for companies like his four new holdings.

Back home, he opened his investment journal, a habit maintained for over 20 years:

“Day 1 – Temasek Trail Portfolio Launch Date: July 25, 2025

Hypothesis: Following proven institutional capital allocation strategies can generate superior risk-adjusted returns for retail investors.

Key assumptions: – Higher-for-longer interest rates favor DBS – Energy transition accelerates, benefiting SCI – Asset-light business models gain premium valuations (Keppel) – Regional defense/infrastructure spending increases (STE)

Risk factors: – Concentration in Singapore-listed companies – Sector correlation during market stress – Interest rate reversal impact on DBS – Execution risk in Keppel’s transformation

Next review: 30 days“

Chapter 9: The First Test

Three weeks later, global markets faced a sudden volatility spike triggered by unexpected inflation data from major economies. Wei Ming watched his portfolio fluctuate as automated trading systems and nervous retail investors created temporary dislocations.

Portfolio Performance (Week 3):

Sembcorp: -4.2%
Keppel: +1.8%
STE: -2.1%
DBS: -6.8%

The banking sector bore the brunt of concerns about potential rate cuts, while Keppel’s defensive asset management model showed its resilience. Wei Ming felt the familiar temptation to “rebalance” or “take profits,” but his investment thesis remained intact.

His daughter Sarah called during the volatility: “Dad, your portfolio is down 3.7% this week. Maybe time to cut losses?”

“Sarah, remember what I taught you about Mr. Market’s moods?” Wei Ming replied calmly. “The businesses haven’t changed, only the prices. Sometimes the best action is no action.”

Chapter 10: The Dividend Harvest

By December 2025, Wei Ming’s patience was being rewarded. His “Temasek Trail” portfolio had generated:

Dividend Income (5 months):

DBS: S$1,125 (interim + special dividend)
Sembcorp: S$575 (interim payment)
STE: S$540 (interim payment)
Keppel: S$350 (interim payment)

Total dividends received: S$2,590

More importantly, each company was executing on its strategic initiatives. SCI had announced two additional renewable energy projects. Keppel’s asset monetization had exceeded S$800 million for the year. STE’s order book reached S$31 billion. DBS maintained strong net interest margins despite market concerns.

At the year-end investment club dinner, Wei Ming reflected on his journey: “Investing isn’t about predicting tomorrow’s stock prices. It’s about identifying tomorrow’s winners and having the patience to let them compound.”

Chapter 11: The Second Year Strategy

As 2026 approached, Wei Ming faced new decisions. His portfolio had outperformed the STI by 4.8%, but more importantly, it had provided the steady income and capital appreciation that aligned with his retirement planning goals.

The question now was whether to maintain the allocations or adjust based on evolving fundamentals. STE’s progressive dividend policy was kicking in, providing incremental income growth. Keppel was approaching its FUM targets ahead of schedule. DBS continued benefiting from regional economic growth.

“The beauty of quality companies,” Wei Ming mused while reviewing year-end reports, “is that they evolve with the times while maintaining their competitive advantages.”

Epilogue: The Teaching Moment

Two years after initiating his “Temasek Trail” strategy, Wei Ming was invited to speak at his daughter’s investment club at NUS. His presentation, titled “Learning from Institutional Excellence,” had become something of a legend among the business school students.

“The most important lesson,” he told the eager young faces, “isn’t about stock picking. It’s about developing the temperament to think like an owner, not a trader. When you own pieces of great businesses, daily price movements become background noise.”

A student raised her hand: “Uncle Lim, how did you know these four stocks would work?”

Wei Ming smiled, remembering his own early days of investing. “I didn’t know they would work. I knew they had the characteristics that historically work: strong market positions, competent management, sustainable business models, and reasonable valuations. The rest is patience and time.”

As he walked across the NUS campus afterward, Wei Ming reflected on how his investment journey had come full circle. From a young engineer trying to build wealth, to a seasoned investor sharing knowledge with the next generation.

His phone buzzed with a message from the Boat Quay Investment Club: “Wei Ming, STE just announced another big defense contract. Your Temasek strategy still working!”

Wei Ming typed back: “Still working because it was never about getting rich quick. It was about getting rich slowly and surely.”

The Singapore skyline glittered in the distance, a testament to what vision, patience, and smart capital allocation could achieve. Just like his portfolio, built one quality decision at a time.

Author’s Note: This story is fictional and for entertainment purposes. Stock prices, events, and performance figures mentioned are illustrative and not based on actual market data. All investment decisions should be based on thorough research and individual circumstances.

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