The Straits Times Index (SGX: ^STI) slipped roughly 2% in April 2026, and a familiar trio sat at the wrong end of the table. Singapore Telecommunications (SGX: Z74), or Singtel, led the laggards with a total return of around -8.4%, followed closely by Jardine Matheson Holdings (SGX: J36), or JMH, at -7.9% and Jardine Cycle & Carriage (SGX: C07), or JC&C, at -7.8%. What’s curious is that all three reported underlying profit growth in their most recent results. So why did the market sell them off? The answer says less about the headline numbers, and more about what investors are watching beneath them.

Singtel: Strong Associates, Weak Domestic Core

Singtel’s third-quarter results for the financial year ending 31 March 2026 (3QFY2026) looked solid on the surface. Operating revenue rose 0.9% year on year (YoY) to S$3.7 billion, while operating profit climbed 5.3% YoY to S$362 million. Underlying net profit advanced 9.5% YoY to S$744 million, helped by a 15.4% increase in the share of regional associates’ post-tax profits, led by Bharti Airtel and AIS....