Best Singapore Stocks to Buy Now (10 December 2025): 10 SGX Ideas for a Lower‑Rate World

Singapore’s stock market is ending 2025 on a high note. The Straits Times Index (STI) has delivered roughly 19% price gains in the first 11 months of the year, outpacing 2024 and drawing renewed global interest in Singapore equities. ^[1]

At the same time, the macro backdrop is shifting: markets are bracing for the US Federal Reserve’s first rate cut of this cycle, Asian growth has surprised on the upside, and Singapore has rolled out a raft of equity-market reforms – from the S$5 billion Equity Market Development Program (EQDP) to an SGX–Nasdaq dual-listing bridge – that are pushing more capital towards SGX-listed names. ^[2]

Against this backdrop, investors are asking the big question: what are the best Singapore stocks to buy now?

Below is a news‑driven, research‑backed list of 10 SGX stocks that analysts and institutional investors are watching closely as of 10 December 2025 . It’s designed for information and education only – not personal financial advice. Always check the latest prices and do your own due diligence (or consult a licensed adviser) before investing.

Why Singapore stocks are suddenly hot again

A few big forces are driving interest back to SGX:

• Record‑breaking STI run: The STI extended its record rally into 2H25, with 11‑month gains of 19.4% – better than 2024 – helped by strong bank earnings, resilient dividends and a rebound in REITs. ^[3]
• Policy tailwinds: MAS’s EQDP will allocate S$5 billion to asset managers to boost liquidity in Singapore stocks, particularly non-index names, while new SGX grants and “Value Unlock” initiatives aim to attract listings and encourage corporate restructuring. ^[4]
• REIT comeback: After two painful years, S‑REITs have delivered about 14–15% total returns in 2025 , their best year since 2019, yet still trade at modest valuations – roughly 0.94x book value on average, below their 8‑year mean. ^[5]
• Broader leadership: Liquidity has broadened beyond the 30 STI blue chips. SGX’s “Next 30” most‑traded stocks – including REITs and tech‑adjacent industrials – delivered median total returns of ~25% YTD to early December, matching the STI and signaling deeper opportunity outside the traditional banks‑and‑telcos core. TechStock²

Sell‑side houses such as UOB Kay Hian, Maybank, CGS International and DBS Research remain broadly positive on Singapore equities heading into 2026, citing liquidity support, earnings growth around 8–9% and a market still trading near or below its long‑term valuation averages. ^[6]

How this list was built (and what it is not )

For this article, we focused on SGX‑listed names that:

1. Have fresh news or research in the last few weeks (earnings, analyst upgrades, index changes or major deals).
2. Sit in sectors with current tailwinds: banks, REITs, infrastructure/defense and export-driven industrials .
3. Show decent fundamentals – profits, balance sheet strength and/or sustainable dividends.
4. Are liquid and widely followed – the sort of stocks used by institutional investors, not thinly traded punts.

It’s not a personalized recommendation list. Think of it as a curated watchlist built from recent broker research, press coverage and market data as of the morning of 10 December 2025 .

10 of the best Singapore stocks to watch now (December 2025)

1. DBS Group (SGX: D05) – Dividend powerhouse at the core of the STI

DBS remains the “must‑talk‑about” name in any Singapore stock discussion.

What’s new

• At late‑November JP Morgan “Brokers’ Take” in The Business Times assigned DBS a December 2026 price target of S$70 , arguing that Singapore’s banks are entering a multi‑year period of “significant improvement in value creation”. ^[7]
• The same note highlights DBS’s commitment to cash dividends , with analysts estimating it could sustainably pay up to S$3.30 per share annually – combining its regular S$2.88 DPS and part of the recent special dividends – over the coming years. ^[8]
• Q3 2025 results showed solid net interest income despite margin pressure, backed by a strong deposit franchise and fee income, while capital ratios remain robust (data widely cited across local media and sell-side summaries).

Why investors like it

• Anchor income stock: High absolute dividends and potential special payouts make DBS a core holding in many income‑focused portfolios.
• Regional franchise: Strong positions in Singapore and North Asia, plus digital capabilities, provide diversified fee and transaction income that can cushion lower net interest margins.
• Structural bull case: DBS’s own strategists have floated a scenario where the STI could approach 10,000 points by 2040 , helped by passive flows and deeper equity‑market development – ​​a view echoed in market‑reform articles. TechStock²+ 1

Key risks

• Valuations are no longer cheap; some research houses warn DBS could become “unjustifiably expensive” if the re‑rating continues. ^[9]
• As rate cuts roll through 2026, NIM compression and any surprise spike in credit costs could hit earnings – and a richly valued stock – harder than cheaper peers.

2. OCBC (SGX: O39) – High‑yield bank with room to catch up

If DBS is the “quality at any price” poster child, OCBC is increasingly viewed as the value‑tilted way to play Singapore banks.

Fresh research & news

• Recent coverage summarized in The Straits Times and broker reports highlights that OCBC and DBS beat Q3 expectations, while UOB lagged due to large pre‑emptive provisions. TechStock²+ 1
• Analysts singled out OCBC’s:
  • Strong non‑interest income and net new money in wealth management.
  • Low credit costs and solid allowance coverage, suggesting less need for further big provisions near‑term. TechStock²
• Macquarie has an “Outperform” call with a target around S$19–20 , and several houses now describe OCBC as their preferred pick among the three local banks. TechStock²+ 1

Investment case

• Dividend + value combo: OCBC’s trailing dividend yield sits roughly in the mid‑5% to 6% range , on lower price‑to‑book and P/E multiples than DBS. TechStock²+ 1
• Diversified engines: Its wealth management arm and Great Eastern insurance business add fee income less connecting on interest margins. TechStock²
• Balance‑sheet strength: Healthy capital and asset quality give OCBC more room to navigate any global slowdown.

Risks

• Global trade or wealth‑management slowdown could weigh on earnings.
• Like all banks, OCBC faces margin pressure as rates fall into 2026.

3. Singapore Exchange (SGX: S68) – Direct play on the “new” SG equity story

If you believe in the revival of SGX as a listing and capital‑raising hub , SGX itself is the cleanest way to express that view.

Key drivers

• The Business Times reports that 36 new listings in 2025 – the highest in a decade – plus record ETF flows have strengthened Singapore’s market and set a constructive tone for 2026. ^[10]
• MAS’s EQDP, enhanced listing grants and initiatives like the SGX–Nasdaq dual‑listing bridge are all explicitly designed to push more companies and capital into the local market. ^[11]
• JP Morgan recently upgraded SGX to “overweight” with a December 2026 target of S$18.50 , calling it a “direct beneficiary” of efforts to revitalize the equities market and pointing to about 6–7% potential upside to street earnings forecasts. ^[12]

Why it’s on watchlists

• Toll‑booth model: SGX earns from trading, clearing, listings and derivatives; a more vibrant market generally means higher volumes and fees.
• Structural reforms: Equity‑market initiatives are multi‑year in nature, supporting a long runway if execution is effective.

Risks

• Revenues remain cyclical with market sentiment.
• The success of EQDP and dual‑listing plans is not guaranteed; if IPO and trading activity disappoint, the bull case softens.

4. CapitaLand Ascendas REIT (SGX: A17U – “CLAR”) – Industrial REIT for the rate‑cut cycle

CLAR , Singapore’s largest industrial REIT, is near the top of many broker lists as REITs stage a comeback.

Recent developments

• UOB Kay Hian’s December REIT strategy reiterates an “overweight” on S‑REITs and names CLAR among its top five blue‑chip picks , with a target price around S$4.00+ . TechStock²+ 1
• A Smart Investor deep‑dive on 1 December notes that CLAR is executing a S$381.5 million investment program , selling older industrial assets at an average 7% premium to valuation and recycling cash into newer, higher‑yielding properties. ^[13]
• CLAR has just completed the redevelopment of 5 Toh Guan Road East into a modern ramp‑up logistics facility, boosting gross floor area by 71% and tapping strong logistics demand. ^[14]

Investment angle

• Structural demand: Exposure to business parks, logistics and high‑spec industrial assets ties CLAR to trends like e‑commerce and digitalization. TechStock²+ 1
• Improving fundamentals: Occupancy is above 90%, rental reversions are in mid‑to high‑single‑digits, and falling borrowing costs support distributions. ^[15]
• Reasonable valuation: Sector data show the iEdge S‑REIT Index trades below long‑term book multiples, and CLAR is broadly in line with that range, with a yield typically in the 5–6% region depending on price. ^[16]

Risks

• Industrial and tech cycles can be lumpy; a global slowdown could soften demand.
• Higher‑than‑expected capex or tax changes can temporarily crimp DPU.

5. Keppel DC REIT (SGX: AJBU) – Data center REIT plugged into the AI ​​boom

For investors seeking yield plus AI‑linked growth , Keppel DC REIT is one of the purest SGX plays.

What analysts are saying

• UOB Kay Hian’s latest S‑REIT report maintains “buy” on Keppel DC REIT with a target of about S$2.65 , citing strong fundamentals and exposure to AI‑ready data centers. TechStock²
• Recent updates highlight:
  • Around 10% positive rental reversion in Q3 2025, driven by renewals in Dublin.
  • A planned S$53.9 million fit‑out of an additional hall at SGP8, a next‑generation hyperscale AI data center, expected to lift that asset’s revenue contribution by ~15% once completed in 2027. TechStock²+ 1

Why it stands out

• Secular tailwind: Global data‑center demand – especially AI‑optimized capacity – is expected to require trillions in capex by 2030, and Singapore is positioning as a regional hub despite tight moratoria and capacity caps. TechStock²
• Scarcity value: Regulatory limits on new data‑center supply can enhance the value of existing assets, supporting rentals and occupancy.

Risks

• Leverage and rate sensitivity remain structural; any surprise shift upward in yields would weigh on valuations.
• Regulatory changes on data‑center power and emissions could constrain growth or require additional green capex.

6. CapitaLand Ascott Trust (SGX: HMN) – Hospitality REIT riding tourism and an STI upgrade path

CLAS offers diversified exposure to serviced residences, hotels and rental housing worldwide – and is gaining profile in the index hierarchy.

Latest catalysts

• In the December 2025 STI review , FTSE Russell kept the benchmark’s 30 constituents unchanged but updated the STI reserve list . CLAS joined the reserve list alongside Sheng Siong, Keppel REIT, NetLink NBN Trust and Suntec REIT – essentially putting it “next in line” for index inclusion. ^[17]
• UOB Kay Hian continues to rate CLAS “buy” with a target around S$1.50–1.60 , noting that:
  • Q3 2025 RevPAU pink ~3% year‑on‑year ,
  • Occupancy climbed to about 83% ,
  • and a one‑off land‑tax adjustment in Australia temporarily weighed on distributions but doesn’t change the long‑term story. TechStock²

Investment case

• Tourism + long‑stay trend: Global travel continues to normalize while extended‑stay formats gain traction – both supportive for CLAS’s earnings mix. TechStock²
• Potential index inclusion: Sitting on the STI reserve list often increases a stock’s visibility and liquidity as index‑aware funds keep it on their radar. ^[18]

Risks

• Hospitality is cyclical and vulnerable to events (geo-political shocks, pandemics, big-event timing).
• Further tax or regulatory changes in key markets can impact distributions.

7. Mapletree Logistics Trust (SGX: M44U) – Logistics REIT balancing short‑term DPU pressure with long‑term renewal

MLT is a major pan‑Asian logistics REIT and a favorite among investors who like the “warehouses not malls” story.

Recent highlights

• A December feature from The Smart Investor singles out MLT as one of three blue-chip Singapore stocks to watch in December 2025 , alongside CLAR and Keppel. ^[19]
• MLT is executing a ~S$1 billion portfolio rejuvenation , selling older logistics assets (especially in China and Hong Kong) and recycling proceeds into modern facilities with stronger rental prospects. Second‑quarter FY26 DPU fell mainly due to the absence of one‑off investment gains, but most asset sales were done above valuation . ^[20]

Why investors still like it

• E‑commerce and supply‑chain demand continues to underpin quality logistics space across Asia, even if growth slows.
• Active capital recycling improves portfolio quality over time, supporting more sustainable long‑term distributions.
• MLT is widely held by institutions and often features in REIT model portfolios, giving it good liquidity.

Risks

• Short‑term DPU pressure can unsettle yield‑focused investors.
• Macro or trade slowdowns could hit tenant demand and rental growth.

8. ST Engineering (SGX: S63) – Defense and infrastructure giant with a record order book

ST Engineering (STE) has quietly turned into one of Singapore’s most interesting defensive + growth stories.

What the numbers say

• For the first nine months of 2025, STE reported a 9% year‑on‑year revenue increase to S$9.1 billion , with growth across all segments. ^[21]
• It secured S$14 billion in new contracts , bringing its order book to a record S$32.6 billion as at 30 September 2025 – with about S$5 billion expected to be delivered in the remaining months of 2025 alone. ^[22]
• The company has been actively pruning its portfolio , diving businesses such as LeeBoy, CityCab and SPTel for total cash proceeds of S$594 million and gains of S$258 million. ^[23]
• On the shareholder‑return front, STE declared multiple interim dividends of 4 cents per share in 2025 and is guiding towards total payouts of around 17–23 cents per share (including a special dividend in some estimates), implying a mid‑single‑digit yield depending on the share price. ^[24]

Why it’s on many buy lists

• Resilient demand: Defense, public security, aerospace MRO and smart‑city infrastructure tend to be less cyclical than discretionary sectors.
• Visibility: A multi‑year order book north of S$30 billion gives revenue visibility and supports ongoing dividends.
• Safe‑haven angle: A Reuters feature earlier in 2025 flagged ST Engineering as one of the high‑yield, defensive Singapore stocks that benefited from tariff‑induced “flight to safety”, with its share price up more than 50% at that point. ^[25]

Risks

• The company booked a S$667 million impairment on its satcom business in 2025, highlighting execution risk in some growth initiatives. ^[26]
• Order‑book quality matters as much as its size; delays or cancellations could erode the headline backlog.

9. Yangzijiang Shipbuilding (SGX: BS6) – Green shipyard with record margins and a fat backlog

Listed in Singapore but based in China, Yangzijiang Shipbuilding (YZJ) has been one of the most talked‑about SGX industrials in 2025.

Fundamentals snapshot

• FY2024 net profit jumped about 62% year‑on‑year to RMB 6.8 billion , a new record. TechStock²
• In 1H2025 , revenue was roughly flat at ~RMB 12.9 billion, but net profit climbed 36–37% as shipbuilding gross margins surged to around 35% , aided by low locked‑in steel costs and a shift to higher‑spec vessels. TechStock²
• As of mid‑2025, YZJ had net cash of about RMB 18.3 billion , equivalent to roughly S$0.86 per share, supporting buybacks and dividends. TechStock²
• The order book stands near US$22–23 billion , with about 70–74% tied to LNG or methanol dual‑fuel and other “green” vessels, providing revenue visibility into 2030 . TechStock²

Analyst views

• DBS, CGS International and UOB Kay Hian all rate the stock “Buy/ADD” , with target prices generally in the S$3.80–4.50 range – implying mid‑teens to low‑30s percentage upside from early‑December prices. TechStock²
• Consensus aggregates from platforms like Beansprout and TipRanks show most coverage clustered in the positive camp, with an expected 3–6% dividend yield depending on payout assumptions. TechStock²

Risks

• Shipbuilding is cyclical: a prolonged slump in new orders beyond 2026–27 would eventually hit utilization and margins. TechStock²
• Geopolitics, US port‑fee proposals and competition from giant state‑owned yards remain key overhangs.

10. Keppel Ltd (SGX: BN4) – Asset‑light infrastructure and energy‑transition play

Keppel has reinvented itself from a traditional conglomerate into a more asset‑light manager of infrastructure, real estate and data‑centre platforms.

Recent updates

• The Smart Investor notes that Keppel monetized about S$2.4 billion of assets in the first nine months of 2025, bringing total assets unlocked since October 2020 to S$14.0 billion . ^[27]
• Major moves include:
  • The proposed S$1.3 billion investment of M1’s telco business , expected to free close to S$1 billion in cash (pending regulatory approval).
  • The sale of its 40.5% stake in 800 Super for S$184 million, generating strong returns. ^[28]
• Keppel has returned about S$6.6 billion to shareholders since 2022 through cash and in‑species distributions, delivering an annualized total shareholder return of 38% , far above the STI’s ~14.5% in the same period. ^[29]
• UOB Kay Hian lists Keppel among its top large‑cap picks for the EQDP era, alongside names like CapitaLand Ascott Trust, OCBC, Sembcorp and Yangzijiang. ^[30]

Why it appeals

• Capital‑recycling machine: A proven track record of unlocking value from legacy assets and redeploying into higher‑growth areas (data centers, renewables, infrastructure funds).
• Aligned with structural themes: Energy transition, digital infrastructure and urban solutions.

Risks

• Strategy depends on sustained deal flow and execution; mis‑priced acquisitions or weak recycling could hurt returns.
• Exposed to global macro conditions via infrastructure and energy demand.

Honorable mentions: other Singapore stocks analysts like

Several other SGX names feature prominently in recent “top picks” and “winning stocks” lists:

• CapitaLand Integrated Commercial Trust (CICT), Sheng Siong, ComfortDelGro, SGX, ST Engineering, CSE Global and Mapletree Logistics Trust are all highlighted as “winning stocks” in Maybank’s Reflections 2025 commentary on how Singapore offered “certainty” in a year of extreme global uncertainty. ^[31]
• UOB Kay Hian’s large‑cap favorites also include First Resources, SATS, Sembcorp Industries and Singtel , reflecting themes from palm oil and utilities to travel and telco yield. ^[32]
• Outside blue chips, small‑ and mid‑cap names like CSE Global, Sheng Siong, Centurion and Frencken show up in lists of potential EQDP beneficiaries thanks to solid balance sheets and domestic‑demand exposure. ^[33]

These may be worth putting on a secondary watchlist, especially if you’re building a more diversified Singapore portfolio .

How to use these ideas in your own strategy

A simple way to think about Singapore stocks right now:

• Core income & stability
  • DBS, OCBC, SGX, CLAR, CLAS, MLT, selected large REITs.
  • Aim: relatively predictable dividends and exposure to Singapore’s financial hub status.
• Yield + secular growth
  • Keppel DC REIT, ST Engineering, some logistics and data center REITs.
  • Aim: combines income with multi‑year themes like AI, defense and digital infrastructure.
• Higher‑beta growth / special situations
  • Yangzijiang Shipbuilding, Keppel, selected mid‑caps like CSE Global or Sembcorp (if within your risk tolerance).
  • Aim: tap into structural shifts (green shipping, energy transition, data center build-out) with more earnings and price volatility.

Before acting on any of this:

1. Match exposure to your risk profile and time horizon. Banks and big REITs are common “core” holdings; cyclicals like shipyards or offshore players usually belong in smaller position sizes.
2. Diversify across sectors. Don’t pile into only banks or only REITs; rate cuts, credit cycles and property moves can affect them very differently.
3. Stress‑test your income needs. REIT and bank dividends can fluctuate; make sure you can live with changes in payout and price.
4. Keep an eye on the Fed. The tone of the coming rate‑cut cycle is likely to be the single biggest swing factor for banks vs REITs over the next 12–18 months. ^[34]

None of these stocks is a guaranteed winner – but together, they capture where the smart money is currently looking in Singapore: quality banks, carefully chosen REITs, and a handful of structural‑growth industrials.

References

1. www.businesstimes.com.sg, 2. think.ing.com, 3. www.businesstimes.com.sg, 4. sginvestors.io, 5. sginvestors.io, 6. www.nextinsight.net, 7. www.businesstimes.com.sg, 8. www.businesstimes.com.sg, 9. www.businesstimes.com.sg, 10. www.businesstimes.com.sg, 11. www.businesstimes.com.sg, 12. www.businesstimes.com.sg, 13. thesmartinvestor.com.sg, 14. thesmartinvestor.com.sg, 15. thesmartinvestor.com.sg, 16. sginvestors.io, 17. www.sgxgroup.com, 18. www.sgxgroup.com, 19. thesmartinvestor.com.sg, 20. thesmartinvestor.com.sg, 21. www.businesstimes.com.sg, 22. www.stengg.com, 23. www.stengg.com, 24. www.stengg.com, 25. www.reuters.com, 26. sg.finance.yahoo.com, 27. thesmartinvestor.com.sg, 28. thesmartinvestor.com.sg, 29. thesmartinvestor.com.sg, 30. sginvestors.io, 31. www.nextinsight.net, 32. sginvestors.io, 33. sginvestors.io, 34. www.businesstimes.com.sg