Trump’s recent shock tariff announcement is expected to result in a wave of price increases as companies absorb these higher costs.
Naturally, investors are worried about businesses deferring their expansion plans amid a slump in consumer demand as people fret about higher prices.
However, some businesses remain resilient to these tariffs as they have a strong business model or sustainable catalysts that can allow them to withstand these headwinds.
Income investors should also rest assured that these stocks can at least maintain, or may even increase their dividends.
Here are four stocks that fit this bill that you may wish to add to your buy watchlist.
The Hour Glass (SGX: AGS)
The Hour Glass, or THG, is a leading specialist watch retailer with 65 boutiques across 14 cities.
The group features famous Swiss watch brands such as Rolex, Hublot, Chopard, Patek Philippe, and Cartier in its portfolio.
THG derives its revenue principally from Southeast Asia and North Asia, hence the business should be relatively insulated from the tariffs.
Moreover, the luxury timepiece industry is also less sensitive to price increases as most of these watches have a high price tag.
For the first half of fiscal 2025 (1H FY2025) ending 30 September 2024, THG saw total revenue dip 3% year on year to S$548.8 million.
The fall was because of a moderation in demand from the end of the pandemic.
Net profit for 1H FY2025 fell 20% year on year to S$61.4 million.
Despite the lower profits, THG continued to churn out a healthy free cash flow of S$39.4 million, just 2% lower than the S$40.1 million generated in 1H FY2024.
The luxury watch retailer kept its interim dividend constant at S$0.02 per share.
Earlier this month, THG purchased an Australian company, SPV, for around A$90 million, to expand its presence in Australia and strengthen the group’s retail footprint.
iFAST Corporation (SGX: AIY)
iFAST is a financial technology company operating a platform for the buying and selling of unit trusts, equities, and bonds.
The group reported a sterling set of earnings for 2024 as it enjoyed net inflows of S$3.3 billion for the year, pushing its assets under administration (AUA) to a new record of S$25.01 billion as of 31 December 2024.
Net revenue for last year rose 53.6% year on year to S$248.4 million while operating profit more than doubled year on year to S$84.6 million, driven by strong contributions from the group’s Hong Kong ePension contract.
Net profit stood at S$66.6 million for 2024, 136% higher than the S$28.3 million recorded for 2023.
The fintech raised its total 2024 dividend to S$0.059, 23% higher than the S$0.048 paid out a year ago.
Looking ahead, the group expects to enjoy further progress in its various business divisions.
Management expects iFAST’s AUA to continue posting healthy growth, which will drive improvements in revenue and profitability.
The Hong Kong ePension division should also see more growth as onboarding rates continue, and the group expects to enjoy robust growth in profitability.
With higher profits, there is also a good chance that iFAST can continue to raise its dividends.
Singapore Technologies Engineering (SGX: S63)
Singapore Technologies Engineering, or STE, is a technology, defence and engineering group serving customers in the aerospace, smart city, defence, and public security sectors.
The blue-chip group reported a strong set of earnings for 2024 with revenue rising 11.6% year on year to S$11.3 billion.
Operating profit climbed 17.7% year on year to S$1.1 billion while net profit shot up 20% year on year to S$702.3 million.
In line with the good results, STE raised its final dividend from S$0.04 last year to S$0.05, culminating in a total 2024 dividend of S$0.17, up one cent from S$0.16 a year ago.
The engineering giant snagged a total of S$12.6 billion in new contracts last year, which pushed its order book to S$28.5 billion as of 31 December 2024.
STE shared its strategic plans and goals during its recent Investor Day 2025.
The group intends to steadily increase its revenue over the next five years while adopting a progressive dividend policy.
For 2025, STE anticipates paying out a total dividend of S$0.18, one cent above 2024’s dividend.
From 2026 onwards, the group plans to pay out around one-third of its year-on-year increase in net profit as incremental dividends.
Raffles Medical Group (SGX: BSL)
Raffles Medical Group, or RMG, is an integrated healthcare player operating in 14 cities within five countries.
The group’s network includes four hospitals and over 100 multi-disciplinary clinics offering a broad range of healthcare and health screening services.
RMG reported a mixed set of earnings for 2024 as its COVID-19 boost tailed off.
Revenue rose 6.3% year on year to S$751.6 million but operating profit tumbled 28.7% year on year to S$82.5 million.
Net profit plunged 31% year on year to S$62.2 million.
The integrated healthcare player also generated a positive free cash flow of S$65.3 million for 2024.
Despite the fall in net profit, RMG declared a slightly higher final dividend of S$0.025, up from S$0.024 last year.
For 2025, the group plans to embrace automation to boost its efficiency.
RMG significantly upgraded its laboratory capabilities by implementing a custom-built laboratory information system.
CEO Dr Loo Choon Yong also expects the group’s China hospitals to break even in one to two years, which would be another positive catalyst for the business.
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Disclosure: Royston Yang owns shares of iFAST Corporation and Raffles Medical Group.
