SGX Board Lot Reduction: 4 Stocks Set to Benefit in October 2026

What this means for you in one minute

A cheaper ticket doesn't make a stock a better buy. The change helps most if you use a broker with a low or zero minimum commission. It also helps if you want to build a position bit by bit instead of putting in thousands at once.

The 4 stocks at a glance

What changed on 5 October 2026?

A board lot is the smallest number of shares you can buy or sell in one standard order on SGX. For most counters it's 100 shares. It used to be 1,000 until SGX cut it in 2015.

Under the new rules, SGX-selected stocks priced above S$10 and up to S$100 now trade in lots of 10. Those above S$100 trade in lots of one. Stocks at S$10 or below keep the 100-share lot.

Eleven stocks moved in the first batch: DBS, OCBC, UOB, Great Eastern Holdings, Haw Par, Jardine Cycle & Carriage, Jardine Matheson, Keppel, Prudential, Singapore Exchange and Venture Corporation. SGX says these 11 made up about 35% of its trading activity in the first half of 2026.

Here is what that means in dollars. At around S$77.50 a share on 5 October, one board lot of DBS used to cost about S$7,750. Now it costs about S$775.

Three more points matter for investors:

• The cut is permanent. If a stock's price later falls below S$10 or S$100, its smaller lot stays.
• More stocks may follow. SGX reviews eligibility every quarter. The next review is in January 2027, and any changes take effect in early February 2027.
• Existing shareholders don't need to do anything. Your holdings in CDP or with your custodian broker are unchanged. One side effect is that old odd lots may now count as full lots. For example, 105 DBS shares used to be one lot plus five odd shares. Now they are ten 10-share lots plus five.

Orders resting in the system for these 11 counters were cancelled after the close on 2 October 2026. If you had a standing limit order, you'll need to place it again.

1. Singapore Exchange (SGX: S68): Can it keep raising its dividend?

SGX is on its own list of first-batch counters. It also benefits directly when more retail investors trade.

In the financial year ended 30 June 2026, net revenue rose 13.9% to S$1.48 billion. Adjusted net profit rose 24.6% to S$759.5 million, both record highs. Reported profit was lower because of a goodwill impairment and weaker investment gains. That is why the adjusted figure is the better guide to the core business.

The board has proposed a final dividend of 11.5 cents plus a one-off 12.5 cents. If shareholders approve both at the AGM on 23 October 2026, total FY2026 dividends come to 57 cents per share, up 52%. Management has also repeated its plan to raise the quarterly dividend by 0.25 cents each quarter through FY2028.

What to watch: The one-off 12.5 cents comes from selling investments ("capital recycling") and shouldn't be expected every year. For yield calculations, use the ordinary dividend of 44.5 cents.

2. DBS Group (SGX: D05): How is it growing as rates fall?

Lower interest rates squeeze what banks earn on loans. In 2Q2026, DBS's net interest margin fell 18 basis points to 1.87%, and net interest income slipped 2% to S$3.58 billion.

Wealth management more than made up for it. Wealth fees rose 42% to a record S$919 million. Quarterly total income crossed S$6 billion for the first time, and net profit rose 9% to a record S$3.08 billion. Return on equity for the quarter was 17.9%. DBS also raised its 2026 outlook and now expects total income to beat 2025 levels.

For the quarter, DBS declared a 66-cent ordinary dividend plus a 15-cent capital return dividend, 81 cents in total. At the new lot size, 10 DBS shares would receive S$8.10 for that quarter.

What to watch: The 15-cent capital return is part of a set programme and isn't permanent. If rates keep falling, check whether fee income can keep closing the gap.

3. Haw Par (SGX: H02): What supports its dividend?

Most people know Haw Par for Tiger Balm. However, most of its profit comes from dividends on its large stakes in UOB and UOL Group.

In 1H2026, revenue fell 8.2% to S$115.9 million and net profit fell 25.2% to S$107.9 million. Dividend income received dropped to S$73.2 million from S$102.3 million. Operating cash flow eased to S$22.1 million.

The balance sheet is the reassuring part. Haw Par held S$669.1 million in cash and S$212.3 million in short-term debt securities, including Singapore Treasury bills, against only S$52.6 million in bank borrowings. Net asset value rose to S$21.43 per share as its UOB and UOL stakes gained in value.

It kept its interim dividend at 20 cents per share. This is a one-tier, tax-exempt dividend, so Singapore individual investors pay no tax on it. FY2025 dividends totalled 40 cents with no special payout, after a S$1 special dividend for FY2024.

What to watch: Haw Par's dividend depends heavily on what UOB and UOL pay out. If you already own UOB, you are partly doubling up on the same exposure.

4. Keppel (SGX: BN4): What should shareholders watch?

Keppel is now a global asset manager and operator, and it is selling off its legacy "non-core" assets.

Headline 1H2026 net profit fell 59% to S$154.7 million. The cause was a S$375 million loss in the non-core portfolio, mainly from impairments on old rigs and costs tied to the cancelled M1 sale. Excluding that, "New Keppel" earned S$530 million, up 25%. Recurring income rose 13%, and funds under management reached S$106 billion by end-July.

Keppel has announced about S$1.7 billion of asset sales so far this year, against a full-year target of S$2 billion to S$3 billion. It has earmarked 10–15% of realised non-core proceeds for FY2026 special dividends. The interim dividend stayed at 15 cents.

What to watch: How quickly asset sales actually close and turn into cash. Special dividends depend on it.