Results season is back, bringing a flood of headline numbers.
Most investors read them and move on.
Here is the catch: the headline rarely tells you whether your dividend is safe, or what is actually driving the business underneath.
| Company Name | Stock Ticker | Revenue | Net Profit / Distributable Income |
|---|---|---|---|
| Micro-Mechanics (Holdings) Ltd | SGX: 5DD | 1QFY2027: S$24.2 million (+45.0% YoY) | 1QFY2027: S$6.4 million (+102.8% YoY) |
| Info-Tech Systems Ltd | SGX: ITS | 9M2026: S$42.6 million (+20% YoY) | Not disclosed |
| Digital Core REIT | SGX: DCRU | 9M2026: US$134.5 million (+1.6% YoY) | 9M2026: US$34.8 million (-1.1% YoY) |
Three companies recently delivered updates: Micro-Mechanics (Holdings) Ltd (SGX: 5DD) and Info-Tech Systems Ltd (SGX: ITS) released figures covering periods up to 30 September 2026, followed by Digital Core REIT (SGX: DCRU).
Looking past top-line numbers reveals the underlying cash and operational shifts that matter.
Micro-Mechanics posts a record quarter
Micro-Mechanics makes precision consumable tools and parts used in semiconductor manufacturing.
For 1QFY2027 ended 30 September 2026, revenue rose 45.0% year on year (YoY) to an all-time quarterly high of S$24.2 million, while net profit more than doubled, climbing 102.8% to S$6.4 million.
Build-to-Print sales nearly doubled – up 97.5% YoY – helped by higher bookings and a recovery from prior material shortages.
Consumable Tools grew 33.7%.
Profitability also strengthened as gross margin widened to a 20-quarter high of 55.0% from 51.5% a year ago.
Despite record earnings, free cash flow slipped 10.6% to S$3.7 million as trade receivables grew alongside sales, tax payments increased, and capital expenditure more than doubled to S$0.9 million.
The company maintained a healthy balance sheet with S$33.3 million in cash and zero bank borrowings.
No dividend was declared, in line with its usual practice of distributing dividends only in the second and fourth quarters.
Management is pressing forward with a five-year strategy to double revenue from FY2026 levels to at least S$150 million.
Info-Tech Systems delivers steady revenue growth
Info-Tech Systems is a software-as-a-service provider offering cloud-based human resource management, accounting, and CRM software to over 28,000 businesses across five countries.
For the first nine months of 2026 (9M2026), revenue rose 20% YoY to S$42.6 million, with third-quarter revenue climbing 18% to S$15.3 million.
As the update covered revenue only, it did not disclose profit, free cash flow or dividends, though the CEO noted a strong cash position and debt-free balance sheet.
Subscription revenue grew 11% to S$32.2 million, led by a 26% increase in Malaysia.
The Services unit surged 82% to S$8.6 million, propelled by strong demand for AI-related courses at its Academy.
Services now account for 20% of revenue, up from 13% a year earlier.
Management expects stable full-year growth and plans to launch its Academy in Malaysia before the end of FY2026.
Digital Core REIT positions itself for growth
Digital Core REIT is a pure-play data centre REIT holding 11 freehold data centres with US$1.9 billion in assets under management as of 30 September 2026.
For 9M2026, revenue edged up 1.6% to US$134.5 million, but net property income (NPI) fell 4.3% to US$64.8 million, and distributable income slipped 1.1% to US$34.8 million.
This contraction stemmed mainly from the redevelopment of 8217 Linton Hall Road and softness in Los Angeles.
Portfolio occupancy dipped slightly to 97.0%.
Despite lower NPI, leasing momentum remained resilient, with new and renewal leases achieving a 23% positive cash rental reversion.
Management also bought back 27.4 million units, adding 1.0% to distribution per unit (DPU).
The REIT agreed to sell its entire 90% interest in its Toronto data centre to its sponsor, Digital Realty Trust (NYSE: DLR), and acquired an additional 20% interest in an Osaka data centre (KIX12).
Linton Hall will be fully leased from 1 December 2026 and will contribute US$18.1 million in annualised rent.
A pending portfolio transaction will expand its Asia-Pacific footprint, lower leverage from 41.6% to 37.6%, and lift pro forma DPU to US$0.0416, with 2027 DPU projected between US$0.0415 and US$0.0425.
Get Smart: Find the number that pays the dividend
Earnings season can easily overwhelm investors with headline figures.
Instead, check the metric that actually funds the payout.
For manufacturers and software firms, look at free cash flow: Micro-Mechanics backs its payout with solid cash reserves, while Info-Tech Systems maintains a debt-free balance sheet.
For REITs, track distributable income: Digital Core REIT expects upcoming rents to bolster payouts after a minor dip.
Check these core figures first, strip out one-offs, and test whether they cover future dividends.
Do that, and you will know far more than any headline can tell you.
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Disclosure: Calvina L. does not own any stocks mentioned. Chin Hui Leong contributed to this article and owns shares in Micro-Mechanics.
