May was a quiet month for the Straits Times Index (SGX: ^STI). The benchmark inched up just 1.63%, the kind of move that barely registers on a year-end chart. Three of its thirty constituents had other ideas. SATS, Venture Corporation and DBS Group each posted results during the month that put a long-running question to rest. And in every case, the answer pointed the same way: the gains were built on recurring, structurally-driven earnings rather than a one-off bounce. The market noticed. While the index drifted, these three pulled away. Here’s what was behind the moves.

SATS: Is the global transformation finally paying off?

For two years, the question that hung over SATS Ltd. (SGX: S58) was whether its 2023 acquisition of Worldwide Flight Services could turn sheer scale – more than 225 stations across 27 countries – into something shareholders could bank on. Its fiscal 2026 results (FY2026), covering the year to 31 March 2026, gave the clearest ‘yes’ yet....