Singapore’s blue chips tend to grab most of the spotlight when it comes to dividends.
This week, however, three lesser-known SGX-listed names are distributing cash to shareholders – and all three have bumped up their payouts.
United Hampshire US REIT (SGX: ODBU) and Boustead Singapore (SGX: F9D) are scheduled to pay out on 28 September 2026, with HRnetGroup (SGX: CHZ) following closely on 30 September.
Can each of these businesses maintain its payout at these levels?
What is driving UHREIT’s higher distribution?
United Hampshire US REIT (UHREIT) holds a portfolio of 21 grocery-anchored and necessity-based retail properties alongside two self-storage facilities across the US.
For 1H2026, gross revenue expanded 5.8% year on year (YoY) to US$37.8 million, while net property income (NPI) climbed 6.4% to US$25.5 million.
This operational strength enabled the REIT to declare a distribution per unit (DPU) of US$0.0216, marking a 3.4% YoY increase.
Notably, DPU growth lagged slightly behind the 5.8% rise in total distributable income (US$13.7 million).
The gap comes down to a larger unit base.
Total units in issue grew to 608.2 million as of 30 June 2026, up from 596.9 million a year earlier.
Strong operational performance underpins these results.
Committed occupancy across the grocery and necessity retail assets reached 97.6%, while self-storage occupancy improved by 430 basis points to 93.5%.
The manager secured over 260,000 square feet of new and renewal leases during the half, retaining 90% of tenants with expiring leases.
Built-in rental escalations and recent property additions provided further support, including the acquisition of Wallingford Fair in Connecticut for US$21.4 million in January 2026 – a deal struck at an 8.2% discount to its independent valuation.
Can Boustead Singapore sustain its record payout?
Boustead Singapore, whose corporate history traces back to 1828, operates across real estate, geospatial technology, energy engineering, and healthcare.
For FY2026 (ended 31 March 2026), group revenue increased 18% YoY to S$624.4 million, while net profit climbed 145% to S$232.6 million.
That impressive bottom-line figure warrants a closer look: a S$140.8 million gain from selling assets to UI Boustead REIT (SGX: UIBU), which listed on 12 March 2026, drove the profit increase.
Excluding that one-off gain, net profit would have been 35% lower year on year, partly reflecting a compression in gross margin to 35% from 44%.
Free cash flow turned negative at S$84 million from a positive S$69.7 million a year ago, as projects running ahead of billing tied up S$140.7 million in working capital.
Nevertheless, balance sheet strength remains a key feature, with S$348 million in cash against S$53.4 million in borrowings, yielding a healthy net cash position of S$294.6 million.
The board proposed a final dividend of S$0.04 per share along with a special dividend of S$0.045 per share.
Combined with the S$0.015 interim dividend, total distributions for the year reached S$0.10 per share, up from S$0.075 a year ago.
Because the special dividend stems directly from a non-recurring transaction, stripping it out leaves an ordinary payout of S$0.055 per share.
Looking ahead, management expects satisfactory results for FY2027.
The engineering order backlog stands at approximately S$840 million.
The group has secured S$461 million in new contracts since FY2027 began, including a record public sector project exceeding S$400 million.
Is HRnet’s dividend increase backed by operations?
HRnetGroup provides recruitment and flexible staffing solutions across 19 Asian cities.
For 1H2026, revenue stood at S$292.2 million, down 1.1% YoY but flat in constant-currency terms, indicating that foreign exchange movements and regional market mix were the primary factors behind the top-line dip.
Gross profit rose 1.5% YoY to S$62.1 million, bolstered by a 3.7% gain in flexible staffing.
Operating profit grew 9.4% to S$20.1 million, supported by a 1.9% reduction in operating expenses and gross margin expansion to 21.3%.
Below the operating line, other income dropped 65.5% YoY to S$5.4 million on lower subsidies and a fair-value loss on investments.
Free cash flow came in at S$17.4 million, compared with S$26.5 million a year ago.
The balance sheet remains debt-free, backed by S$332.1 million in cash, treasury bills, and gold as of 30 June 2026.
Management declared an interim dividend of S$0.022 per share, a 10% YoY increase.
Despite broader industry headwinds that have led listed peers into restructuring, HRnet’s diversified staffing mix allows it to adapt across sectors, while digital initiatives like Octomate, YesPay!, and Doudou are emerging as supplementary recurring revenue channels.
Get Smart: What separates a repeatable dividend from a one-off special?
While all three companies raised their distributions this week, the underlying drivers tell different stories.
UHREIT’s DPU expansion is anchored by high property occupancy, organic rent increases, and portfolio additions.
HRnet’s higher payout is supported by expanding operating margins and a debt-free balance sheet containing substantial cash reserves.
Boustead presents a distinct case, as a significant portion of its total payout consists of a special dividend tied to a single asset sale.
When a dividend rises, ask what is funding the increase.
Cash flow that recurs carries more weight than a one-off gain.
The real test comes with the next payout.
A new S$5 billion initiative is changing the landscape for Singapore investors. We dug into 5 local companies that could benefit most — names you probably already know. The best part? They’re paying dividends while you wait. See the full findings inside our latest FREE report here.
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Disclosure: Calvina L. does not own shares or units of any stocks mentioned. Chin Hui Leong contributed to this article and owns shares of HRnet and Boustead Singapore.
