Singapore Exchange is considering a proposal to reduce the standard board lot size from 100 units to 10 units for securities priced above S$10, a move that could meaningfully improve accessibility for certain high-priced blue-chip stocks.

To be clear, the change has not yet been implemented.

That said, SGX has a clear track record in this area. The exchange last reduced board lot sizes from 1,000 units to 100 units on 19 January 2015. Given this precedent, it is reasonable to expect that SGX may follow through with another reduction.

Below are three Singapore blue-chip stocks trading above S$10 that stand to benefit the most should this proposal materialise.

DBS

With its share price hovering above S$58, a single 100-share lot of DBS currently requires close to S$6,000 in capital.

Despite this high entry cost, Singapore’s largest bank remains one of the most actively bought stocks by retail investors in 2025, underscoring its strong appeal.

A smaller board lot size would further lower the barrier to entry, potentially broadening its retail investor base.

For the first nine months of 2025 (9M2025), DBS reported record total income of S$17.6 billion, representing a 5% year-on-year increase. Net profit, however, edged down 1% YoY to S$8.7 billion due to higher operating expenses and tax charges, partially offset by stronger fee income, treasury customer sales, and markets trading revenue.

In the third quarter of 2025, DBS raised its dividend by 38.9% YoY to S$0.75 per share, continuing its strong dividend growth trajectory.

While wealth management, fee income, and markets-related revenue are expected to help offset interest rate headwinds, management has guided that total income growth may come in slightly below 2025 levels.

At the current share price, a reduction to a 10-unit lot size would lower the minimum investment per trade to around S$580, compared with S$5,800 today—an amount roughly equivalent to the median monthly income of a full-time employee in Singapore.

Jardine Matheson

If DBS is the most expensive bank stock on SGX, Jardine Matheson stands out as the exchange’s highest-priced conglomerate. Trading near US$75 per share (approximately S$96), its current lot size presents a significant hurdle for retail investors.

For the first half of 2025 (1H2025), Jardine reported a 1% YoY decline in revenue, largely due to weaker performance in Astra’s automotive and heavy equipment divisions. Despite this, underlying profit rose 11% YoY to US$786 million, adjusted for impairments recorded in 2024 and measured at constant currency.

The group maintained its dividend at US$0.60 per share, unchanged from the prior year. Over the longer term, however, Jardine has delivered steady dividend growth, with a compound annual growth rate of 5.3% since 2019.

Looking ahead, Jardine’s growth strategy is anchored in long-term structural themes such as urbanisation and the expansion of Asia’s middle-income population. This includes multi-year redevelopment initiatives within its core Central portfolio in Hong Kong and Shanghai’s West Bund Central.

Having already generated more than 70% returns for shareholders in 2025, supported by improving profitability and a strong balance sheet, the 193-year-old conglomerate could see renewed retail interest if lot sizes are reduced, particularly among investors previously deterred by the high capital outlay.

Haw Par

Haw Par offers a distinctive blend of consumer healthcare and strategic equity investments, best known for its flagship Tiger Balm brand.

In 1H2025, the group posted a 7% increase in revenue to S$126.3 million, driven by resilient demand for its healthcare products. Net profit surged 18.2% to more than S$144 million, primarily due to higher dividend income from its investment portfolio, which includes blue-chip holdings such as United Overseas Bank (SGX: U11) and UOL Group (SGX: U14).

Notably, dividends and interest income reached approximately S$116.8 million in 1H2025—nearly matching the company’s core operating revenue—highlighting the importance of this income stream.

While Tiger Balm continues to provide stable operating performance, Haw Par also maintains exposure to property, leisure, and other strategic investments in major listed companies.

The company declared an interim dividend of S$0.20 per share for 1H2025, unchanged YoY, translating into a payout ratio of 30.7%.

With its share price around S$16.30, Haw Par is another high-priced, dividend-stable candidate that could benefit from a smaller board lot size.

What This Could Mean for Investors

Although all three companies stand to gain from a reduction in board lot size, the benefits differ in nature.

DBS, as the most expensive banking stock on SGX, is already firmly on the radar of retail investors and could see even stronger participation from cost-sensitive buyers.

Jardine Matheson, the exchange’s highest-priced stock overall, is well positioned to attract incremental retail inflows from investors who were previously priced out.

Haw Par, anchored by its iconic Tiger Balm brand and supported by recurring investment income, offers a defensive profile with stable dividends.

Together, these stocks provide diversified exposure across banking, conglomerates, and consumer healthcare—making them prime beneficiaries of improved retail accessibility.

Riding a Retail-Driven SGX Upswing

Given the reasonable probability that SGX will implement a 100-to-10 board lot size reduction in early 2026, higher-priced stocks are likely to be the biggest winners.

Within their respective sectors, these three blue-chip names stand out as potential leaders in the next phase of market participation, as lower entry thresholds invite broader retail engagement across the Singapore market.