What do Singapore’s oldest company, a credit bureau with 50% net profit margins, and a US grocery-anchored REIT have in common?
They all offer dividend yields that rival their blue-chip peers, backed by strong balance sheets.
For investors seeking to diversify their retirement income beyond the usual suspects, here are three dividend payers worth a closer look.
Boustead Singapore Limited (SGX: F9D)
Boustead Singapore Limited, established in 1828, is Singapore’s oldest continuous business organisation.
Today, the Group operates four main divisions: Geospatial (Esri ArcGIS distribution across Asia Pacific), Real Estate Solutions (design-and-build and development management), Energy Engineering (process heater systems for oil and gas), and Healthcare (rehabilitative care solutions).
For the six months ended 30 September 2025 (1HFY2026), Boustead reported revenue of S$294.0 million, essentially flat year on year (YoY).
Net profit attributable to shareholders declined 3% YoY to S$34.9 million.
The Geospatial Division was the standout performer, achieving record half-year revenue of S$118.7 million, up 10% from a year before, driven by multi-year subscription contracts in Australia and Singapore.
This offset weaker performances at Real Estate Solutions (down 9% to S$95.6 million) and Healthcare (down 24% to S$5.2 million).
Although free cash flow turned negative at S$23.1 million, Boustead has historically been a steady free cash flow generator.
This bears watching, but it appears to be a timing issue rather than a structural concern.
What stands out is the fortress balance sheet.
As at 30 September 2025, Boustead maintained cash of S$316.8 million against borrowings of just S$34.3 million, resulting in a formidable net cash position of S$282.5 million.
This financial strength enabled the Board to declare an interim cash dividend of S$0.015 per share, matching the prior year.
Looking ahead, the Group has secured approximately S$193 million in new contracts since the start of 1HFY2026, including a sizable project exceeding S$100 million in November 2025.
The engineering order backlog currently stands at S$396 million, a figure that provides earnings visibility.
At S$1.73, Boustead Singapore offers a dividend yield of 4.3%.
Credit Bureau Asia Ltd (SGX: TCU)
Credit Bureau Asia, or CBA, provides credit and risk information to banks, financial institutions, government bodies, and public agencies across Southeast Asia.
Every time a bank approves a loan or credit card in Singapore, Cambodia, or Myanmar, CBA’s data is likely involved.
For the first half of 2025 (1H2025), CBA reported revenue of S$30.2 million, up 2.2% YoY.
Net profit attributable to owners declined 8.0% YoY to S$5.4 million, primarily due to higher operating expenses and lower contributions from joint ventures.
The Financial Institution (FI) data segment performed strongly, with revenue climbing 7.6% YoY to S$14.0 million, driven by increased new credit applications and portfolio monitoring services.
However, the Non-FI data business saw revenue edge down 2.1% YoY to S$16.2 million, reflecting subdued demand amid cautious economic sentiment.
Despite these headwinds, CBA maintained net profit margins above 50%, demonstrating the scalability of its data-driven business model.
Free cash flow generation remained healthy at S$12.7 million, down modestly from S$13.4 million a year ago.
The balance sheet is equally robust, with S$67.3 million in cash and zero debt.
CBA declared an interim dividend of S$0.020 per share, unchanged from a year ago, signalling management’s confidence in the business fundamentals.
Based on its share price of S$1.28, the stock offers a trailing dividend yield of 3.1%.
United Hampshire US REIT (SGX: ODBU)
United Hampshire US REIT (UHREIT) owns a portfolio of 20 grocery-anchored and necessity-based retail properties along with two self-storage facilities across eight US states.
For the third quarter of 2025 (3Q2025), gross revenue rose 1.4% YoY to US$18.1 million, while net property income increased 5.7% YoY to US$12.7 million.
The headline story is improving distributable income, which surged 15.5% YoY to US$7.0 million in 3Q2025 — driven by reduced finance costs resulting from lower interest rates, with SOFR declining 1.5% since 4Q2024.
The REIT’s distribution per unit (DPU) for the first half of 2025 rose 4% YoY to US$0.0209, demonstrating how rate cuts can boost REIT distributions.
Operational metrics remain solid with committed occupancy of 97.2% for grocery properties and 94.9% for self-storage facilities.
Management has also been actively recycling capital, divesting Albany-Supermarket in January 2025 for US$23.8 million (4.2% above purchase price) and acquiring Dover Marketplace in Pennsylvania for US$16.4 million in August 2025, which is expected to increase DPU by 2%.
The REIT currently provides a healthy dividend yield of 8.3% based on its share price of US$0.51.
Get Smart: Quality over popularity
The best dividend stocks are not always the most well-known.
All three companies demonstrate characteristics dividend investors prize: consistent payouts, healthy free cash flow generation, and balance sheet strength.
Boustead’s S$282.5 million net cash position, Credit Bureau Asia’s S$67.3 million cash hoard with zero debt, and UHREIT’s active deleveraging all point to financial prudence that can sustain dividends through challenging periods.
The final ingredient, as always, is patience – allowing these businesses time to compound their earnings and, in turn, their dividends.
Singapore’s stock market is moving and dividend investors who prepare early could benefit the most. Join us for a special webinar, The Big Singapore Stock Market Rebound (2026’s Dividend Opportunity), breaking down the rebound, the sectors to watch, and the signals smart investors are tracking now. Save your free spot now.
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Disclosure: Calvina Lee does not own any of the shares mentioned. Chin Hui Leong contributed to the article and owns shares of Boustead Singapore and Credit Bureau Asia.
