President Trump has unleashed a wave of tariffs on more than 180 countries as part of his Liberation Day tactic.
Although he has paused these reciprocal tariffs for 90 days and imposed just the baseline tariff of 10%, markets remain on tenterhooks as they do not know what to expect next.
Investors can look for stocks with limited exposure to tariffs by buying companies that serve either local or regional customers.
Here are four Singapore stocks that should see limited impact from the tariffs for now.
Sheng Siong (SGX: OV8)
Sheng Siong operates one of the largest supermarket chains in Singapore with 77 outlets across the island.
The group’s outlets are located mostly in the heartland areas to serve Singaporeans with a wide assortment of fresh and chilled produce, general merchandise, and essential household products.
The retailer reported an encouraging set of earnings for 2024 with revenue rising 4.5% year on year to S$1.4 billion.
Operating profit inched up 2.7% year on year to S$159.7 million.
Net profit increased by 2,6% year on year to S$137.5 million, aided by an improved gross margin of 30.5% compared to 30% a year ago.
Sheng Siong also generated a solid free cash flow of S$200.8 million for 2024, 20.3% higher than a year ago.
A total dividend of S$0.064 was declared and paid for 2024, slightly above the S$0.0625 that was dished out for 2023.
The group opened a total of six stores last year, double its plan to open at least three new stores per year.
For the first two months of 2025, Sheng Siong opened another two new stores.
In addition, the supermarket operator is waiting for the results of the tender of eight stores by HDB and could be in line to open more stores in the later part of this year.
Yeo Hiap Seng (SGX: Y03)
Yeo Hiap Seng, or YHS, is a Singapore-based brand selling Asian beverages for more than 100 years.
It produces and sells a range of soybean and chrysanthemum drinks and serves more than 30 markets in Asia, Europe, and North America.
YHS delivered a mixed set of results for 2024 with revenue dipping 1.2% year on year to S$328.6 million.
Gross profit, however, edged up 0.9% year on year to S$109 million as gross margin expanded from 32.5% to 33.2%.
Net profit increased by 3% year on year to S$6.9 million.
The beverage company sells its products predominantly in Asia, with sales to the US making up just 2.7% of total revenue for 2024.
YHS also generated a positive free cash flow of S$14.1 million for 2024.
The company kept its final dividend constant at S$0.02.
YHS will emphasise higher-margin products and channels and continue to drive improvements in operating efficiency.
Management will also explore growth opportunities to expand into emerging markets.
Q&M Dental (SGX: QC7)
Q&M Dental operates a chain of 106 private dental clinics in Singapore, hiring 270 experienced dentists and more than 350 support staff.
The group also has 38 dental clinics and a dental supplies and equipment distribution company in Malaysia.
With Q&M Dental operating predominantly in Singapore and Malaysia, the group is safe from the tariff threat.
Total revenue for 2024 dipped 1% year on year to S$180.7 million but net profit for the group’s core dental business rose 10% year on year to S$27.8 million.
Free cash flow for 2024 stood at S$32 million, nearly 20% higher than the S$26.7 million churned out in 2023.
The total dividend for 2024 came up to S$0.011, a 59% year-on-year surge from S$0.0069 a year ago.
Q&M Dental intends to strengthen its presence in Singapore by opening more dental clinics and expanding into Malaysia, starting with Johor Bahru.
At the same time, management plans to make inroads into China as the country has an underserved and growing middle-class population.
PropNex (SGX: OYY)
PropNex is Singapore’s largest listed real estate agency with 13,057 professional salespersons as of 19 February 2025.
The group provides real estate brokerage, training, and real estate consultancy, and has a presence in Singapore, Malaysia, Indonesia, Vietnam, Cambodia, and Australia.
PropNex reported a downbeat set of earnings for 2024 because of Singapore’s property cooling measures.
Revenue fell by 6.6% year on year to S$783 million.
Gross profit declined by 12.4% year on year to S$71 million while net profit tumbled 14.4% year on year to S$40.9 million.
The real estate group generated a positive free cash flow of S$37.7 million.
A final dividend of S$0.03 and a special dividend of S$0.025 was declared, taking 2024’s total dividend to S$0.0775.
PropNex projects a 5% to 7% price growth for the HDB resale market with volumes reaching 29,000 to 30,000 units.
For the private home market, the group expects prices to rise by 3% to 4% with around 8,000 to 9,000 units moved.
Developers are expected to launch around 13,000 new units (including executive condominiums) in 2025, almost double the supply in 2024.
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Disclosure: Royston Yang does not own shares in any of the companies mentioned.
