Is there a misjudgment in the stock market?

The Straits Times Index (SGX: ^STI) has enjoyed a bullish trend throughout 2025, showing a year-to-date (YTD) increase of over 21% as of 15 December 2025.

However, the stock prices of three blue-chip companies have lagged behind the broader market.

This scenario may also present an opportunity.

Let's delve deeper into the actual circumstances.

Thai Beverage (SGX: Y92): Total Returns -11.1% YTD

Thai Beverage, also known as ThaiBev, stands as one of Southeast Asia's leading beverage corporations, with a portfolio that includes spirits, beer, non-alcoholic drinks, and food.

For the fiscal year ending 30 September 2025 (FY2025), the group reported mixed earnings.

Revenue decreased by 2.1% year-on-year (YoY) to THB333.3 billion, and profit attributable to owners fell by 6.8% YoY to THB25.4 billion.

The revenue drop was widespread.

Sales of spirits declined 1.8% YoY to THB118.6 billion, while beer sales dropped 2.5% to THB123.2 billion.

Vietnam, in particular, posed difficulties, with beer revenue plummeting by 14% YoY.

The non-alcoholic beverages and food segments also experienced slight declines.

The sharper decline in net profit was primarily due to a substantial reduction in the share of profit from associates and joint ventures, which decreased from THB5.5 billion in FY2024 to THB2.8 billion in FY2025, following the share swap transaction involving Frasers Property Limited (SGX: TQ5).

Despite weaker earnings, efficient working capital management boosted operating cash flow by 20.5% YoY to THB46 billion, enhancing free cash flow generation by 12.5% YoY to THB32.4 billion.

ThaiBev declared a total dividend of THB0.62 per share for FY2025, an increase from THB0.6 the previous year.

Mapletree Industrial Trust (SGX: ME8U): Total Returns -3.4% YTD

Mapletree Industrial Trust, or MIT, is an industrial real estate investment trust (REIT) with a portfolio that includes data centers (58.2%), hi-tech buildings and business space (18.1%), and general industrial buildings (23.6%).

For the first half of the fiscal year ending 31 March 2026 (1HFY2026), MIT reported a gross revenue of S$346.1 million, a 3% YoY decrease.

Net property income (NPI) fell by 3.5% to S$257.7 million, while distribution per unit (DPU) declined 5.1% YoY to S$0.0645.

Excluding a one-time divestment gain from the prior year, DPU dropped 1.8% YoY.

Portfolio occupancy remained stable at 91.3% as of 30 September 2025, with Singapore maintaining a 92.6% occupancy rate.

Japan's occupancy rate was at 100%, whereas North America was at 85.8%.

The fall in financial performance was mainly driven by reduced contributions from the North American portfolio due to non-renewals and foreign exchange challenges from a weaker US dollar.

On a positive note, the REIT completed strategic divestments totaling S$535.3 million in Singapore and US$11.8 million for a data center in Georgia, unlocking value at premiums of 22.1% and 18.6% above market valuations respectively.

Aggregate leverage improved to 37.3% post-divestment, offering financial flexibility for growth.

SATS Ltd (SGX: S58): Total Returns -2.8% YTD

SATS is one of the leading global air cargo handlers and Asia's premier airline caterer, based in Singapore.

After acquiring Worldwide Flight Services (WFS) in 2023, the merged network operates over 225 stations in 27 countries.

For the first half of the fiscal year ending 31 March 2026 (1HFY2026), SATS reported a strong set of results.

Revenue increased by 9% YoY to S$3.1 billion, driven by higher cargo volumes and flight handling activities.

Gateway services, which include ground and cargo handling, accounted for close to 78% of revenue, with food solutions comprising the remainder.

Net profit attributable to shareholders grew 11.2% YoY to S$149.8 million, while free cash flow surged 79.4% YoY to S$232.7 million.

Management anticipates continued growth in the global air cargo market in 2025.

Smart Investment Tip: Monitor the Cash Flow

When stock prices fluctuate, focus on the cash flow.

ThaiBev’s free cash flow saw a 12.5% increase YoY. SATS experienced nearly an 80% surge in cash generation. MIT sold assets at a premium exceeding 20%.

For income-focused investors, cash is what sustains dividends.

That's where your attention should be.