Core Insights - October 2025 saw significant outperformance from three Singapore blue-chip companies, with the Straits Times Index (STI) rising by 3% during the same period [1] Keppel Corporation - Keppel Corporation reported total returns of 12.7% for October 2025, transitioning from a traditional conglomerate to a model focused on fee-generating assets under management (AUM) [2] - Since 2020, Keppel has monetized S$14 billion in assets, indicating a strategic shift in value creation [2] - In the first nine months of 2025, Keppel announced S$2.4 billion in asset monetizations and raised S$6.7 billion in third-party funds, with a pipeline of S$35 billion in deployment opportunities identified [3] - A new dividend policy links distributions to annual net profit and asset monetization proceeds, providing a clear pathway for shareholder returns [4] Wilmar - Wilmar achieved total returns of 9.5% for October 2025, recovering from a poor performance in September due to a significant fine of nearly US$710 million [5][6] - Despite a reported loss of US$347.7 million in Q3 2025, core profits increased by approximately 72% year-on-year, with cash flow up 70% and debt reduced by US$2.1 billion [6] - The company's extensive agribusiness operations across 50 countries are beginning to be recognized by investors, with improved performance in various segments, including oil, flour, and rice [8] - Tropical oils sales volume increased, and palm oil prices remained stable, benefiting the plantation business [9] Mapletree Logistics Trust - Mapletree Logistics Trust (MLT) reported total returns of 8% for October 2025, despite a 10.5% year-on-year decline in distribution per unit (DPU) [10] - The decline in DPU is attributed to tough comparables, but management is focused on portfolio transformation rather than merely raising cash through divestments [11] - MLT has set a divestment target of S$100 million to S$150 million for FY2026, with recent divestments validating the quality of its portfolio [11][12] - The trust maintained a solid occupancy rate of 96.1% despite challenging market conditions, indicating effective capital recycling [12][13]