Despite the resilience displayed by the Straits Times Index, November 2025 proved to be a challenging month for several prominent blue-chip stocks.

Sembcorp Industries (SGX: U96), Mapletree Industrial Trust (SGX: ME8U), and Thai Beverage (SGX: Y92) faced significant declines in total returns, underperforming the broader market.

When a stock experiences a sharp drop, investors are left to grapple with a crucial question: is this a temporary blip or a sign of deeper, structural issues?

For astute investors, the ability to discern between the two is paramount.

Here’s an in-depth look into the performance of these three blue-chip laggards, aimed at uncovering whether they represent a buying opportunity or a red flag.

Sembcorp Industries (SGX: U96): Total Returns -7.1%

Energy and urban solutions leader Sembcorp Industries reported a disappointing total return of -7.1% for November.

The company continues its strategic pivot from brown to green energy, though the transition appears challenging. Revenue for the first half of 2025 fell 8% year-on-year (YoY) to S$2.94 billion. Particularly concerning was the 26% YoY dip in core net profit before exceptional items, even as adjusted EBITDA remained stable at S$1.045 billion.

Key factors weighing on profitability included reduced pool prices within Singapore’s gas market and difficulties in its Renewables operations in China. Additionally, S$7.38 billion in net debt has raised eyebrows.

However, there’s a silver lining: the company boosted its interim dividend by 50% to S$0.09 per share, reflecting management’s confidence in long-term prospects.

Is the steep decline indicative of transitional growing pains or deeper structural problems? While the dip may represent a mere correction, ongoing concerns over high leverage and execution risks in its renewable energy segment warrant close monitoring by investors.

Mapletree Industrial Trust (SGX: ME8U): Total Returns -5.8%

Mapletree Industrial Trust (MIT) witnessed its unit price slip -5.8% during November, partially due to mixed quarterly results.

While gross revenue declined 6.2% and distribution per unit (DPU) saw a 5.6% YoY drop, these results stemmed from deliberate portfolio adjustments. Notably, the divestment of three strategic properties in Singapore in August 2025 and foreign exchange losses from its North American portfolio—caused by a weaker US dollar—contributed to these figures.

These declines should not sidetrack investors from the trust’s strong fundamentals. With a healthy 91.3% occupancy rate and a solid 6.2% weighted average rental reversion within its Singapore portfolio, MIT remains fundamentally robust. Moreover, the divestments unlocked substantial value, reduced aggregate leverage to 37.3%, and set the stage for future growth.

Is the market overreacting to the temporary earnings setback stemming from strategic realignment? Long-term investors with a focus on growth may see an opportunity here, especially given MIT’s focus on high-demand assets like data centers and advanced technology facilities.

Thai Beverage (SGX: Y92): Total Returns -5.2%

Thai Beverage, a leading player in Southeast Asia’s beverage industry, saw its stock slide by 5.2% following a set of mixed results for FY2025.

A 2% decline in revenue across all four business segments was compounded by ongoing challenges in Vietnam’s beer market. Net profit attributable to shareholders fell 7%, further impacted by reduced contributions from associates following the sale of its stake in Frasers Property Limited.

While these headline numbers evoke caution, underlying metrics paint a brighter picture. Working capital management improvements drove operating cash flow up by 21%, with free cash flow rising significantly by 13% to THB 32.4 billion. Despite lower earnings, the company maintained its dividend payout at THB 0.62 per share, raising its payout ratio from 54% to 61%.

Could this recent dip indicate unwarranted punishment for a one-off decline in associate profits and a transient revenue slump? The substantial boost in free cash flow hints at resilient core operations, offering potential value for income-focused investors willing to weather near-term uncertainties.