October was a month of significant changes.

We aren't discussing the Autobots or Decepticons, but rather three Singapore blue-chips that have been transforming themselves—and the market is beginning to take notice.

To put things into perspective, Singapore’s Straits Times Index (SGX: ^STI) saw a rise of 3% in October 2025.

However, the three companies mentioned below outpaced the STI significantly.

Keppel Corporation: Total Returns of 12.7% for October 2025

Keppel, often referred to as "New Keppel," is steadily restructuring its heavy asset portfolio into fee-generating assets under management (AUM).

Notably, the conglomerate has monetized S$14 billion worth of assets since 2020.

This transformation is more than a mere decluttering; it's a complete overhaul of Keppel’s value creation approach.

In the first nine months of 2025 alone, the company announced S$2.4 billion in asset sales while also raising S$6.7 billion in third-party funds.

Every dollar of assets sold can potentially transform into AUM, generating consistent fees.

The focus now is on Keppel’s pipeline.

An additional S$1.4 billion in funds under management (FUM) is anticipated from recent acquisitions, over S$500 million in near-term asset sales, and there are S$35 billion in deployment opportunities identified by management.

For shareholders?

A new dividend policy has been introduced, linking payouts to both New Keppel’s annual net profit and proceeds from asset monetization.

This approach offers a clear pathway to shareholder returns for dividend investors.

Wilmar International: Total Returns of 9.5% for October 2025

In September 2025, Wilmar was one of the worst-performing blue chips.

The reason?

On 25 September 2025, the commodities conglomerate was penalized nearly US$710 million after the Indonesian Supreme Court reversed a previous decision to acquit three of its subsidiaries.

However, its impressive performance in October suggests a turnaround.

The third quarter of 2025 saw Wilmar reporting a US$347.7 million loss, which dominated initial headlines.

But if we exclude the Indonesian fine, the company exhibits robust financials: core profits surged around 72% year-on-year, cash flow increased by 70%, and debt reduced by US$2.1 billion within the same period.

Market sentiments often lag behind the actual business reality, especially for complex conglomerates.

Wilmar operates along the entire agribusiness value chain in 50 countries with 1,000 manufacturing plants – a challenging narrative to simplify.

However, October's performance highlights investor recognition of the benefits of such scale: sourcing flexibility, processing efficiency, and wide distribution reach.

Business conditions seem to be improving across various segments, hinting at broad-based growth.

China’s oil, flour, and rice businesses reported better results.

Soybean crushing margins improved, driven by abundant South American harvests.

Sales volume of tropical oils increased, with stable palm oil prices benefiting the plantation sector.

It's worth watching whether Wilmar can overcome its issues in Indonesia.

Mapletree Logistics Trust: Total Returns of 8% for October 2025

Mapletree Logistics Trust (MLT) experienced a 10.5% year-on-year decline in distribution per unit (DPU).

Part of this decline stemmed from challenging comparatives.

Yet, excluding last year's divestment gains, the REIT’s DPU still dropped by 4.8% year-on-year—so what’s the good news?

Much of the focus is on the management’s willingness to strategically revamp its portfolio.

The REIT has set a further S$100 million to S$150 million divestment target for fiscal year 2026.

This strategy isn't merely about raising cash—it aims at portfolio transformation.

Every older, lower-spec property sold frees up capital for modern, higher-yielding logistics assets.

Significant progress has been made, with S$24.7 million divested in 2QFY2026 across Singapore, Malaysia, and South Korea, plus an additional S$51 million in Australia post-quarter.

The geographic diversity of these sales indicates management’s comprehensive market outlook.

That they can find buyers and sell at a premium affirms the portfolio’s intrinsic quality.

The redeveloped Mapletree Joo Koon Logistics Hub, now fully contributing, exemplifies the potential of effective capital recycling.

Meanwhile, MLT maintained a solid 96.1% occupancy despite challenging conditions.

October’s performance indicates market confidence in management’s capability to deploy divestment proceeds into assets that justify today’s unit price.