Temasek holds stakes in some of Singapore’s largest listed companies. In our previous look at this institutional heavyweight, we examined three stalwarts – DBS Group Holdings Limited (SGX: D05), Singapore Telecommunications Limited (SGX: Z74), and Singapore Technologies Engineering Ltd (SGX: S63) – to see how their recent financial performance shapes their dividend outlooks. But the Temasek universe runs much deeper. Today, we are adding the next three corporate titans into the mix. As we layer in these next three heavyweights, a familiar truth emerges for income investors: headline earnings numbers rarely capture the full story.

Which company made the cleanest case for its dividend?

Sembcorp Industries (SGX: U96) is an energy and urban solutions provider that operates across Singapore, India, China, the United Kingdom, Vietnam and the Middle East. Temasek owns 50%, a stake worth around S$5.9 billion against a market cap of S$11.8 billion as at 31 March 2026. Revenue fell 10% year on year (YoY) to S$5.8 billion in FY2025....