Singapore Telecom (SGX:Z74), or Singtel, lagged behind with a total return of about -8.4%, followed by Singtel in second place. Jardine Matheson Holdings (SGX:J36), or JMH, at -7.9% and Jardin Cycle and Car (SGX:C07), or JC&C, at -7.8%. Interestingly, all three reported underlying profit growth in their most recent results. So why did the market sell them off? The answer tells less about the headline numbers and more about what investors are looking for beneath them.
Singtel: Strong affiliates, weak domestic core
Singtel’s third-quarter results for the financial year ending March 31, 2026 (3QFY2026) looked solid on the surface. Operating revenue rose 0.9% year-on-year to S$3.7 billion, while operating profit rose 5.3% year-on-year to S$362 million. Underlying net profit rose 9.5% year-on-year to S$744 million, led by a 15.4% increase in the share of after-tax profits from regional peers led by Bharti Airtel and AIS…
