This week, three major Singapore-listed blue-chip companies in which Temasek Holdings is a significant shareholder will report to investors over three straight days.

Mapletree Industrial Trust (SGX: ME8U), also known as MIT, leads off on 27 October 2026.

Mapletree Logistics Trust (SGX: M44U), or MLT, follows on Wednesday, 28 October 2026.

Keppel Ltd (SGX: BN4) closes out the trio on 29 October 2026.

Temasek, a global investment company based in Singapore, held a deemed interest of 34.3% in MLT and 27.4% in MIT as at 29 May 2026, and 21% in Keppel as at 31 March 2026.

These three names have much more in common than just a major shareholder.

Each has spent the past year divesting assets.

This week, we will find out whether those sales are showing up in the numbers that income investors focus on.

Can MIT halt the decline in North America?

For the first quarter of the financial year ending 31 March 2027 (1QFY2027), MIT's distribution per unit (DPU) fell 4.9% year on year (YoY) to S$0.0311.

Gross revenue slipped 7.7% to S$162.3 million, while net property income (NPI) dropped 8.5% to S$122.3 million.

Part of that was expected, since MIT sold three Singapore properties in August 2025.

However, lease non-renewals in North America and a weaker US dollar added to the drag.

North America remains the weak spot.

Occupancy there fell to 82.5% from 86.1% three months earlier.

On a brighter note, Singapore occupancy picked up to 94.3% from 93.4%, and Japan stayed fully occupied.

Overall occupancy slipped to 90.7%.

On the other hand, DPU rose 0.6% from the preceding quarter.

MIT signed around 364,500 square feet of leases in North America, including a 10-year lease with an aerospace technology company at Hawthorne Data Centre.

The real estate investment trust (REIT) also sold its Philadelphia Data Centre for US$14.5 million, securing a price about 4% above its US$13.9 million valuation.

So, what should you watch on 27 October?

Check whether the quarter-on-quarter DPU gain holds and whether North American occupancy stops falling.

Look, too, for progress on its target of S$500 million to S$600 million in divestments in that market, and for any change in aggregate leverage from 37.5%.

Will MLT's asset sales lift its DPU?

MLT, which holds 175 logistics properties across nine Asia-Pacific markets, had a steadier quarter.

In 1QFY2027, its DPU rose 0.2% YoY to S$0.01816.

Gross revenue expanded 0.8% to S$178.9 million, while NPI rose 2.0% to S$156.4 million.

MLT picked up income from a Grade A warehouse in Mumbai and a full quarter's contribution from Mapletree Joo Koon Logistics Hub.

Softness in China and broader Asian currency headwinds ate into some of those gains.

Excluding currency effects, gross revenue would have grown 2.0% and NPI 3.1%.

China shows up in the rental numbers too.

Rental reversion across the portfolio was a positive 0.9%.

Take China out, and it rises to 2.3%.

Occupancy dipped to 96.4% from 96.9% three months earlier.

After the quarter, MLT announced three divestments worth around S$155 million.

Two China properties will go to a Mapletree-led RMB fund, while 39 Changi South Avenue 2 in Singapore will be sold at 20.3% above its valuation.

On 28 October, follow those proceeds.

Aggregate leverage held at 40.5%, higher than MIT's, and any debt repayment would show up there first.

Meanwhile, the average cost of debt stayed at 2.6%.

Can Keppel's asset-light engine outrun its legacy losses?

For the first half of 2026 (1H2026), Keppel grew revenue 24.6% YoY to S$3.8 billion.

However, net profit attributable to shareholders went in the opposite direction, dropping 59.0% to S$154.7 million.

The main culprit behind that drop was a heavy S$375 million loss registered in its non-core portfolio, driven by legacy rig impairments and the terminated sale of telco M1.

Excluding that legacy portfolio, core net profit expanded 25% YoY to S$530 million.

The core business kept growing.

Recurring income rose 13% YoY to S$467 million.

Funds under management (FUM) reached S$106 billion as at 30 July 2026.

Keppel had originally targeted S$100 billion by the end of 2026, meaning it crossed that finish line early.

Next up: S$200 billion by 2030.

Here's the thing: profit is not cash.

Keppel's operating cash flow fell to S$96.8 million from S$219.4 million a year ago as working capital requirements expanded.

As at 30 June 2026, the group held S$2.2 billion in cash against S$11.3 billion in borrowings, excluding lease liabilities.

Keppel paid an interim dividend of S$0.150 per share on 21 August 2026, unchanged from a year ago.

When Keppel updates the market on 29 October, start by reviewing its progress on asset monetisation.

At its half-year results, Keppel had announced around S$1.7 billion in asset sales against its S$2 billion to S$3 billion full-year target.

Then check whether the non-core portfolio throws up more losses and whether operating cash flow picks up.

Get Smart: Follow the money one step further

Asset sales always grab splashy headlines, but as income investors, we need to ask a far simpler question: where is that cash actually going?

Ideally, capital recycled from property or business sales should lift per-unit income or pay down borrowings.

If it does neither, the sale has not helped you yet.

This coming week brings three chances to ask it.

Watch the numbers closely.