This week, three lesser-known SGX-listed stocks will be sending dividends to shareholders on the same date – 22 May 2026.
But as any seasoned dividend investor knows, the cheque is only part of the story.
What matters just as much is whether the business behind the payout can keep writing them.
Let’s take a closer look.
Wee Hur Holdings Limited (SGX: E3B): The Dividend That’s Actually Growing
At first glance, Wee Hur’s dividend looks like it fell off a cliff.
Total payouts plunged from S$0.08 per share in FY2024 to just S$0.015 in FY2025.
But here’s the catch: last year’s figure was inflated by a hefty S$0.07 special dividend funded by proceeds from the group’s Fund I Purpose-Built Student Accommodation (PBSA) disposal.
Strip that out, and ordinary dividends actually rose 50% – from S$0.01 to S$0.015 per share.
The financials back up that growth.
For FY2025, revenue surged 47% year on year (YoY) to S$295.4 million, driven by an 83% jump in property development revenue from progressive recognition of Bartley Vue and a 10% rise in workers’ dormitory income as Pioneer Lodge ramped up.
Profit attributable to equity holders climbed 27% YoY to S$68.4 million.
Most impressively, free cash flow more than doubled to S$139.5 million from S$62.9 million a year ago – comfortably covering the S$0.015 per share ordinary payout many times over.
Looking ahead, Wee Hur has a construction order book of roughly S$672.5 million stretching to FY2029, while Pioneer Lodge has already secured 82% committed leases.
The Upper Thomson development of 596 units is expected to launch in the first half of 2027, adding another potential earnings catalyst.
QAF Limited (SGX: Q01): Steady Payout, But Look Under the Hood
QAF, the company behind household bread brand Gardenia, held its full-year dividend steady at S$0.05 per share – S$0.01 interim and S$0.04 final.
For income investors, that consistency is reassuring.
The balance sheet is equally comforting.
QAF ended FY2025 with S$214.1 million of cash against just S$4.8 million of debt (excluding lease liabilities) – a stronger net cash position than a year ago.
But peel back the headline numbers, and there’s more to unpack.
The group’s 15% YoY rise in net profit to S$39.8 million was powered largely by its Malaysian joint venture, Gardenia Bakeries (KL), which contributed S$15.4 million – up from S$4.7 million a year ago.
A significant chunk of that uplift, however, came from a S$8.7 million non-cash impairment reversal, a one-off item unlikely to repeat.
Meanwhile, free cash flow fell 23% YoY to S$35.4 million on higher working capital needs, even as revenue inched down marginally to S$633.6 million.
In constant currency terms, revenue would have risen 1%.
Management expects 2026 to remain uncertain with elevated downside risks, though raw material costs have broadly stabilised.
The fortress balance sheet provides a deep cushion, but the quality of FY2025’s earnings uplift bears watching.
United Overseas Insurance Limited (SGX: U13): Balance Sheet Strength, Income Under Pressure
United Overseas Insurance (UOI), a member of the UOB Group, is paying a final dividend of S$0.195 per share this week – bringing total FY2025 dividends to S$0.265 per share, a 15% increase from S$0.23 in FY2024.
That’s the good news.
The more cautious signal comes from UOI’s most recent 1Q2026 update, which revealed a bumpier start to the new financial year.
Insurance revenue dipped 8.8% YoY to S$24.9 million, reflecting a planned rebalancing of the reinsurance portfolio.
While disciplined underwriting helped lift net insurance service and financial results to S$4.4 million from S$4.1 million, non-underwriting income collapsed to just S$0.1 million – down from S$3.7 million a year ago – as geopolitical volatility weighed on investment returns.
The result: total comprehensive income halved to S$5.1 million from S$12.6 million in 1Q2025.
The silver lining is UOI’s formidable balance sheet.
Total assets grew to S$665.8 million, while shareholders’ equity strengthened to S$528.2 million.
That financial heft provides a substantial buffer.
But with return on average shareholders’ equity moderating to 2.8% from 5.6%, and management striking a cautious tone on the operating environment, UOI’s near-term income trajectory warrants close attention.
Get Smart: Read the Fine Print Behind Every Dividend
All three stocks are rewarding shareholders on 22 May, but as we’ve seen, each payout tells a different story.
Wee Hur’s ordinary dividend is actually growing, backed by surging cash flows.
QAF’s payout is holding steady, cushioned by a fortress balance sheet – though the earnings quality deserves scrutiny.
And UOI’s generous increase comes even as 1Q2026 results flag emerging headwinds.
For dividend investors, the lesson is clear: the size of the cheque matters less than the sustainability of the business writing it.
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Disclosure: Calvina L. does not own shares of any companies mentioned. Chin Hui Leong contributed to the article and owns shares of UOI.
