The Straits Times Index can be likened to Singapore's all-star team, comprising the top 30 companies that significantly influence the local stock market.

However, the composition of the STI is no permanent fixture.

Every quarter, the STI is reviewed, and if a company underperforms, it may be replaced by a stronger contender on the waiting list.

The latest reshuffle happened on 23 June 2025, when Jardine Cycle & Carriage was replaced by Keppel DC REIT.

In March 2024, Frasers Centrepoint Trust took the place of Emperador.

Who are the hopefuls currently waiting in the wings?

Let’s explore those contenders eager for a spot in the STI.

The STI Blue-Chip Contenders

The quarterly review identifies five companies forming the reserve list, and these stocks are the likeliest to join the index when a spot opens up.

Interestingly, all five potential blue-chip stocks pay dividends, which should be welcome news for income-focused investors.

As of September 2025, Olam Group (SGX: VC2) and YangZijiang Financial (SGX: YF8) joined the reserve list, replacing CapitaLand Ascott Trust (SGX: HMN) and ComfortDelGro Corporation (SGX: C52).

Here are the five companies vying for a position in Singapore’s STI.

Keppel REIT

Keppel REIT, a familiar name in the property sector, owns a S$9.4 billion portfolio of 13 prime commercial properties across Singapore, Australia, South Korea, and Japan.

In the first half of 2025 (1H2025), property income rose 9.1% year-on-year to S$136.5 million, while net property income increased 11.8% to S$108.3 million.

However, distribution per unit (DPU) fell 2.9% to S$0.0272 due to a change in management fee structure, with 25% now received in cash instead of 100% in units.

Despite this, at its current price of S$1.00, the REIT offers a decent 5.5% dividend yield.

Operationally, the REIT maintains stability.

In 1H2025, portfolio occupancy remained healthy at 95.9%, with robust rental reversion of 12.3%, allowing the REIT to secure higher rents.

Additionally, the Pinnacle Office Park redevelopment was completed earlier this year, and marketing efforts for tenants are underway, potentially boosting future income.

If you seek stable property income, Keppel REIT remains an attractive option, even with the slight dip in distribution.

NetLink NBN Trust

NetLink NBN Trust operates Singapore’s nationwide passive fibre network infrastructure, generating stable revenue from regulated services (84% of revenue) such as residential and non-residential fibre connections, as well as non-regulated services like installation and ancillary projects.

In the first quarter of the fiscal year ending 31 March 2026 (Q1FY2026), revenue grew 1.9% year-on-year to S$102.8 million, supported by non-regulated services contributions.

Despite revenue growth, profit after tax decreased by 9.2% year-on-year to S$23.3 million, impacted by higher operating expenses and increased depreciation from network expansion.

For income-focused investors, the trust declared distributions of S$0.0536 per unit for FY2025.

At S$0.96 per unit, this results in a 5.6% yield, a respectable payout.

Gross debt slightly increased to S$874 million at the end of June 2025 (from S$856 million a quarter ago), but with a net gearing ratio of 20%, NetLink remains comfortably positioned.

NetLink NBN Trust proves that even in tech-heavy infrastructure, predictable dividends can be found.

Suntec REIT

Suntec REIT, which owns Suntec City Mall and the convention centre, manages a S$12.2 billion portfolio of 10 properties across Singapore, Australia, and the UK.

In the first half of 2025, gross revenue rose 3.3% year-on-year to S$234.5 million, while net property income increased by 5.6% to S$159.5 million.

Additionally, DPU grew 3.7% to S$0.03155, offering a 4.8% dividend yield.

Suntec REIT’s portfolio occupancy rates are impressive, with Singapore office occupancy at 99.0% and retail at 98.0%, while Australia stood at 88.6%.

Performance received a boost from one-off compensation from 177 Pacific Highway in Sydney and lower financing costs, which dropped from 4.06% per annum six months ago to 3.82% at the end of June 2025.

Moreover, asset enhancements are planned for Suntec City Mall in the second half of 2025.

YangZiJiang Financial

Turning to finance and maritime, Yangzijiang Financial operates in fund management, investment management, and maritime ventures.

The company manages debt investments, direct investments in public and private equity, and fund investments. Its maritime business includes ship leasing, vessel investments, loan services, and import-export operations.

For 1H2025, YZJ reported total income of S$123.6 million, a 23% year-on-year decline due to lower debt investments in China.

Interest income decreased by 33% to S$71.7 million, and non-interest income dipped 5% to S$51.9 million year-on-year.

Despite this, profit attributable to equity holders rose by 28% to S$137.7 million, thanks to reversals of unused allowances and stronger performance in its maritime joint ventures.

As of 30 June 2025, total assets under management stood at S$4.06 billion with NAV per share at S$1.11.

No dividend was declared for 1H2025, but based on its 2024 payout of S$0.346, the stock offers a 3.0% yield for those seeking reliable dividends.

The company is actively reallocating its portfolio, focusing on Southeast Asian fund management and maritime ventures while reducing China real estate exposure.

Excitingly, YZJ has proposed a spin-off of its maritime business, potentially unlocking more shareholder value in the future.

Olam Group

Lastly, Olam Group Limited is a global agricultural products company engaged in sourcing, processing, and merchandising.

In the first half of 2025, revenue from continuing operations surged 49.8% year-on-year to S$15.3 billion, primarily driven by strong performance in the Olam Food Ingredients (ofi) segment.

Impressively, profit attributable to owners skyrocketed 574% to S$323.8 million compared to the previous year, reflecting a turnaround from a loss to a S$177.3 million profit.

While free cash flow improved significantly to negative S$974.8 million from negative S$5.4 billion a year earlier, it remained affected by seasonal working capital requirements.

As of 30 June 2025, the company held S$1.6 billion in cash against S$15.3 billion in debt.

Olam declared an interim dividend of S$0.02 per share, translating to a 5.1% yield at a share price of S$0.99.

This is appealing to those seeking income with growth potential.

Looking ahead, management expects 2025 to be challenging due to ongoing trade tensions from US tariffs and volatile geopolitical conditions. Nonetheless, the ofi segment is anticipated to achieve low- to mid-single-digit volume growth and high single-digit adjusted EBIT growth, despite near-term commodity fluctuations.