National Day Rally had an industrial story too: 8 Singapore stocks to watch

Much of the attention around Singapore’s National Day Rally focused on household, family and cost-of-living measures. But there was another signal for investors: Singapore is continuing to build the power, digital and industrial capacity needed for its next phase of growth.

In August alone:

• Singapore approved 900MW of new electricity imports from Malaysia, including 300MW proposed by Sembcorp.
• Another 200MW of data-centre capacity was provisionally allocated, including 50MW to Keppel.
• Prime Minister Lawrence Wong unveiled a long-term blueprint to study the possible merger of Semakau, Bukom, Pulau Sudong and nearby islands into a future western industrial and power hub.
• Singapore also upgraded its 2026 GDP growth forecast to 4.5–5.5%, supported partly by stronger global AI-related investment.

The proposed island merger is still a concept and planning study, not an approved construction programme. Timelines, industries and beneficiaries remain uncertain.

The more immediate investment story is broader: power demand is rising, data-centre capacity is expanding, AI-related manufacturing is strengthening and Singapore-listed industrial companies are seeing fresh order and earnings momentum.

Here are eight stocks to watch.

Power and infrastructure

Keppel (BN4)

Keppel has one of the clearest links to Singapore’s current data-centre expansion.

Its Connectivity division has been awarded 50MW of new data-centre capacity for an AI-ready facility on Jurong Island, while the group also has exposure to power and infrastructure.

Watch: data-centre execution, further capacity awards and growth in infrastructure-related fee income.

Sembcorp Industries (U96)

Sembcorp sits directly in the power story.

Its subsidiary has conditional approval to import 300MW of solar-plus-storage electricity from Johor, as Singapore looks to secure more power for an increasingly energy-intensive economy.

Watch: cross-border power imports, new generation capacity and demand from data centres and advanced manufacturing.

CSE Global (544)

CSE Global provides exposure to electrification, automation and communications systems.

Its recent order momentum has remained firm, making it a more direct small-cap way to track rising spending on power and industrial systems.

Watch: electrification orders, margins and conversion of its project pipeline.

AI and semiconductors

AEM Holdings (AWX)

AEM has become one of the more interesting Singapore-listed ways to track the AI and high-performance computing cycle.

Its first-half profit rose sharply as demand for advanced chip-testing solutions strengthened.

Watch: AI/HPC testing demand, customer concentration and whether earnings momentum can continue.

UMS Integration (558)

UMS also provides exposure to the semiconductor equipment cycle.

Recent earnings improved strongly, supported by demand linked to AI-related semiconductor investment.

Watch: order momentum, semiconductor capex and customer diversification.

Advanced manufacturing and exports

ST Engineering (S63)

ST Engineering gives the list a broader industrial and defence angle.

Its order book remains strong across defence, urban solutions, communications and engineering, giving it exposure to both domestic infrastructure and global security spending.

Watch: contract wins, order conversion and margin execution.

Yangzijiang Shipbuilding (BS6)

Yangzijiang adds an export-manufacturing angle rather than a domestic Singapore infrastructure one.

Recent results were supported by higher-margin vessels and a strong order book, including more complex LNG dual-fuel ships.

Watch: new vessel orders, margins, yard expansion and global shipping demand.

Asset management and digital infrastructure

Keppel DC REIT (AJBU)

Keppel DC REIT is the clearest listed Singapore REIT exposure to the data-centre theme.

Its portfolio spans data centres across multiple markets, giving investors a more direct way to track demand for digital infrastructure as AI workloads increase power and capacity requirements.

That makes it a stronger thematic fit than a broader real-estate or asset-management name.

Watch: occupancy, rental reversions, hyperscaler demand, acquisition activity and funding costs.

Why the theme matters

These eight companies capture different parts of the same broader shift:

Power: Sembcorp, Keppel

Digital infrastructure: Keppel, Keppel DC REIT

AI and semiconductor manufacturing: AEM, UMS

Engineering and electrification: ST Engineering, CSE Global

Advanced manufacturing and exports: Yangzijiang Shipbuilding

The common thread is that Singapore’s growth story is increasingly being supported by AI investment, power demand, advanced manufacturing and industrial capacity, rather than consumption or exports alone.

Want to explore further? Browse our Singapore Stocks shortlist for more locally listed opportunities, or visit our Singapore REITs shortlist for income-focused exposure across industrial, logistics, retail and data-centre real estate.

What are the risks?

This is not a single trade, and the risks differ across the group.

Investors should watch:

Long timelines: the western-island plan remains a blueprint and could take decades to materialise.

AI-capex risk: weaker global AI spending could hurt semiconductor and data-centre demand.

Power constraints: higher electricity costs or delays in new capacity could slow investment.

Cyclicality: Yangzijiang, AEM and UMS remain sensitive to global industrial and semiconductor cycles.

Execution risk: large infrastructure projects can face delays, cost overruns or lower returns.

Valuation: some Singapore industrial and technology names have already rerated.

Company-specific concentration: smaller firms such as AEM, UMS and CSE can be more exposed to a narrow customer base or project mix.

The bigger message is that the NDR was not only about household support. It also reinforced a longer-term question for investors: Which Singapore companies are already positioned for the next phase of power, AI and industrial investment?