It’s been an interesting November for the Singapore stock market.
Singapore’s full-year GDP forecast for 2025 was upgraded to around 4%, with a resilient 4.2% growth print in the third quarter.
Policy moves to boost market liquidity and attract new listings have also helped, creating a healthier backdrop for income investors.
Earnings season saw several mid-sized Singapore companies reporting steady cash flows, improving margins, and a commitment to sustaining dividends.
Beyond the familiar blue-chip names, we spotlight three small-caps (companies with market capitalisations below S$1 billion) that are paying dividends in December.
Valuetronics (SGX: BN2): Paying on 5 December 2025
Valuetronics is an electronics manufacturing services provider that handles everything from design and development to manufacturing and supply chain support for its customers.
The company runs two business segments:
- Industrial and Commercial Electronics (ICE), which produces items like printers, sensing devices, automotive parts, and network products; and
- Consumer Electronics (CE), which makes audio products, smart lighting, and immersive entertainment devices.
For the six months ended 30 September 2025 (1HFY2026), revenue dipped 3.0% year on year (YoY) to HK$836.6 million.
The ICE division was the bright spot, growing 5.7% on the back of new customers in network-access solutions and cooling systems for high-performance computing.
The CE segment, however, fell 32.8% as demand for legacy consumer lifestyle products weakened.
Despite lower revenue, net profit still rose 2.7% to HK$93.0 million.
Gross margin expanded from 16.8% to 18.8% as the higher-margin ICE segment now makes up 84.5% of revenue, up from 77.6% a year ago.
Valuetronics declared an interim dividend of HK$0.04 plus a special dividend of HK$0.04, totalling HK$0.08 per share, payable on 5 December 2025.
Looking ahead, management plans to finish phasing out low-margin consumer products by end-FY2026.
Growth should come from several fronts such as immersive entertainment technologies for theme parks, network-access solutions, and high-performance computing customers.
The group’s Vietnam facility also provides a useful hedge for serving North American customers as tariff uncertainties play out.
UMS Integration (SGX: 558): Paying on 17 December 2025
UMS Integration is a semiconductor equipment manufacturer with facilities across Singapore, Malaysia, and the USA, alongside smaller Aerospace and medical electronics operations.
For the third quarter ended 30 September 2025 (3Q2025), revenue declined 9% YoY to S$59.3 million.
The main drag was a 24% drop in Semiconductor Integrated System sales.
That said, component sales rose 6%, and Malaysia was a standout – sales there surged 71% as shipments kicked off to a new major customer.
Despite weaker revenue, net profit still edged up 1% to S$10.5 million.
This was supported by improved gross margins of 58.2%, up from 51.7% a year ago, thanks to a favourable product mix and productivity gains.
Free cash flow turned negative at S$10.8 million for the quarter, compared to a positive S$7.9 million a year ago, primarily due to higher inventories and increased capital expenditure of S$12.6 million for the group’s new Penang plant expansion.
The group also maintains a debt-free balance sheet with S$38.2 million in cash.
UMS declared an interim dividend of S$0.010 per share, consistent with last year’s payout, payable on 17 December 2025.
Management remains upbeat as new product introductions for its major customer are progressing well.
There is also the broader industry tailwind – global semiconductor equipment spending is projected to hit US$107 billion in 2025, up 7% YoY.
Old Chang Kee (SGX: 5ML): Paying on 19 December 2025
Old Chang Kee (OCK) needs little introduction.
The homegrown food and beverage company operates a chain of retail outlets and is best known for its signature curry puffs, alongside other snacks, noodle dishes, rice sets, and beverages.
OCK operates primarily in Singapore, with smaller operations in Malaysia.
For the six months ended 30 September 2025, revenue edged up 0.2% YoY to S$51.9 million.
The modest growth came from contributions from new and existing outlets, as well as higher delivery and catering sales.
Profitability, however, took a hit.
Net profit declined 19.3% to S$5.0 million as rising costs weighed on margins.
Gross margin compressed slightly to 69.3% due to higher food costs and increased production staff expenses.
Selling and distribution costs also climbed 4.0%, driven by wage increases under Singapore’s progressive wage model and higher depreciation from new outlets.
Still, OCK’s balance sheet remains rock solid.
With S$57.3 million in cash against just S$1.0 million in debt, the Singapore-based company holds a net cash position of S$56.3 million.
The board declared an interim dividend of S$0.01 per share, unchanged from the prior year, payable on 19 December 2025.
OCK is focused on keeping costs in check while diversifying revenue through B2B sales and eyeing expansion at high-traffic transport hubs.
Get Smart: Consistent Payouts Amid Shifting Conditions
These three small-caps show that reliable dividends aren’t the sole preserve of Singapore’s blue-chip heavyweights.
The common thread? Financial discipline.
All three sport healthy balance sheets and have held dividends steady despite shifting business conditions.
That said, small-caps aren’t for everyone.
Lower liquidity, limited analyst coverage, and sector-specific risks are real trade-offs to consider.
But for income investors willing to venture beyond the usual names, these December payouts are a useful reminder that Singapore’s dividend story doesn’t end with the Straits Times Index (SGX: ^STI).
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Disclosure: Calvina Lee does not own any of the shares mentioned. Chin Hui Leong contributed to the article and does not own any of the shares mentioned.
