Core Insights - Singapore's blue-chip earnings season is critical as major companies prepare to report their financial performance, with a focus on sustainable dividend growth and operational metrics [1][2] CapitaLand Integrated Commercial Trust (CICT) - CICT has made significant investments, including acquiring a 55% stake in CapitaSpring for S$1.05 billion, and integrating ION Orchard to enhance its portfolio [3] - For the nine months ending September 2025, CICT reported gross revenue of S$1.19 billion and net property income (NPI) of S$874.2 million, reflecting modest year-on-year increases of 0.1% and 0.2% respectively [4] - Shopper traffic and tenant sales surged by 24.8% and 19.2% YoY, largely driven by ION Orchard, while excluding this asset, growth was more modest at 4.5% and 1.0% respectively [5] - CICT's leverage stands at 39.2% with an average cost of debt at 3.3%, raising concerns about whether NPI growth can outpace rising debt costs [6] Keppel Ltd - Keppel has transformed into an asset-light model, monetizing approximately S$2.4 billion in assets in the first nine months of 2025, totaling S$14 billion since late 2020 [7] - The M1 divestment is expected to unlock nearly S$1 billion in cash, highlighting the company's focus on shareholder returns [7] - Keppel's management aims to balance asset sales with generating recurring income to sustain dividends as one-off windfalls diminish [9] - An additional S$500 million in asset sales is targeted, with investor interest in how much cash will be reinvested versus distributed to shareholders [10] Singapore Exchange (SGX) - SGX reported a net revenue increase of 11.7% YoY to nearly S$1.3 billion, driven by a 49.7% surge in currency derivatives and an 18.7% rise in cash equities [11] - The board proposed a final quarterly dividend of S$0.105 per share, raising total FY2025 dividends to S$0.375, up from S$0.345 in FY2024, with a commitment to increase dividends by S$0.0025 quarterly through FY2028 [12] - SGX's performance is closely tied to market volatility and trading volumes, with the Fixed Income, Currencies and Commodities segment being a key growth driver [13] - Maintaining revenue growth guidance of 6% to 8% is crucial for sustaining the dividend escalator [14] Investor Considerations - Upcoming earnings reports will focus on whether CICT's premium acquisitions yield premium returns, Keppel's monetization strategy can sustain dividends, and SGX's market activity supports its dividend growth [15][16]

UBS is reviewing the role of six relationship managers who sold complex currency derivatives to clients who say they didn’t fully understand the risk, sources say https://t.co/Mrf0kIzqhy ...