Temasek’s portfolio spans continents, but three of its largest listed positions sit close to home on the Singapore Exchange. As at 31 March 2026, the investment company held stakes in DBS Group Holdings Ltd (SGX: D05), Singapore Telecommunications Limited (SGX: Z74), and Singapore Technologies Engineering Ltd (SGX: S63) worth roughly S$104.7 billion combined. All three have reported since. Each tells a different story about where earnings are coming from. A note on timing before we begin. DBS and ST Engineering reported first-quarter numbers for 2026. Singtel’s results cover its full financial year ended 31 March 2026. The periods do not line up, and readers should not compare growth rates across the three as though they do.

Where is DBS finding growth when rates fall?

Temasek holds 28% of DBS. Against the bank’s market capitalisation of S$161.8 billion, that stake is worth around S$45.3 billion — the largest of the three. DBS delivered record total income of S$5.95 billion in the first quarter of 2026 (1Q2026), up 1% year on year (YoY)....