DBS Group (SGX: D05) is often considered the benchmark for dividend investors in Singapore, thanks to its solid business performance and long dividend payout history.
Despite this track record, DBS’s share price is currently trading near a record high.
Thankfully, Singapore’s largest bank is not the only dividend payer in the stock market.
A closer look reveals several dividend-paying stocks offering both higher yields and attractive valuations.
Here are three potential alternatives to DBS.
HRnetGroup Limited (SGX: CHZ) — Decent Yield Backed by Strong Cash Flow
HRnetGroup Limited is an Asian recruitment powerhouse which operates across 18 cities with over 1,000 consultants, managing 20 brands including HRNetOne, Recruit Express, and RecruitFirst.
The company’s business model combines both the high-margin professional job placements and recurring contract staffing revenue.
With a trailing 12-month dividend of S$0.0413 per share and a share price of S$0.715, this translates to a dividend yield of 5.8%.
HRnetGroup pays out semi-annual dividends to investors.
For 2025’s first half (1H 2025), HRnetGroup saw revenue growth of 3.4% year on year (YoY) to S$295.5 million, driven by higher revenue contribution from the flexible staffing segment, offset by slightly lower revenue from its professional recruitment segment.
Net profit after tax jumped by over 27% YoY to S$29 million, backed by revaluation gains worth S$2.9 million and S$8.7 contribution from government grants.
Meanwhile, HRnetGroup generated free cash flow worth S$26.8 million in the 1H 2025.
The company’s cash pile of S$311.7 million consists mostly of cash, credit linked notes, and T-Bills with zero borrowings in their books.
With DBS’s trailing 12-month dividend standing at 5.2%, HRnetGroup offers a higher dividend yield than Singapore’s largest bank, while maintaining solid cash flow and zero debt.
Kimly Limited (SGX: 1D0) — Stable Cash Flow Backed by Resilient Business
Kimly is one of the largest traditional coffee shop operators in Singapore.
The company operates an extensive network of 89 food outlets and 195 food stalls, along with kiosks and restaurants.
In its fiscal year ended 30 September 2025 (FY2025) full-year results, Kimly recorded a marginal YoY increase of 0.9% to around S$322 million in revenue.
The higher topline was contributed by the Outlet Management Division and Outlet Investment Business Division.
Net profit after tax was up marginally as well, up 0.4% YoY to S$33.3 million, backed by higher gross margin and net profit margin during the period.
Kimly possesses a cash generative business, with net cash generated from operating activities ranging from S$38.8 million to S$50.9 million between FY2021 and FY2025.
In terms of its outlook, Kimly will continue to actively identify and pursue suitable new food outlets, diversify its product offering, and strengthen operation capabilities.
Based on the total dividend per share of S$0.02 for FY2025, this translates to a payout ratio of 74.8%.
Based on a share price of S$0.38, Kimly offers a dividend yield of around 5.1%.
Given Kimly’s essential business nature, a dividend yield of 5.3%, which is comparable to DBS, could be attractive for dividend investors.
NetLink NBN Trust (SGX: CJLU) — Reliable Yield From a Defensive Sector
NetLink designs, builds, owns, maintains, and operates Singapore’s fibre network infrastructure that delivers high-speed internet to homes and businesses.
NetLink’s monopoly on the Singapore fibre network infrastructure underscores the resiliency and predictability of the business.
As a result, NetLink operates in a stable and defensive industry with predictable revenue and steady dividends.
NetLink’s distribution policy is to distribute 100% of its cash available for distribution and distribution will be made on a semi-annual basis.
Based on NetLink’s trailing 12-month dividend per share of S$0.0539 and a share price of S$0.95, this translates to a dividend yield of 5.7%.
In the first half of its fiscal year ending 31 March 2026 (1H FY2026), NetLink’s revenue grew by 1.1% YoY to over S$207 million, driven by higher ancillary project revenue and co-location revenue.
EBITDA of S$143.5 million was relatively flat for the period, mainly due to an increase in operating expenses.
EBITDA margin was 0.8 percentage points lower at 69.3% for 1H FY2026.
Meanwhile, NetLink’s net gearing remained healthy at 18.8% for the reporting period while its EBITDA interest coverage ratio stood at a robust 13.2 times.
NetLink now hedges 100% of its debt on fixed interest rate and has an average interest cost of 2.37%.
Meanwhile, NetLink has updated its definition of net gearing, which is now calculated as net debt divided by total assets, replacing the previous formula of Net Debt over Total Unitholder’s Funds, in order to be more aligned with other corporate reporting.
With a dividend yield slightly higher than DBS, NetLink offers higher income with lower volatility and strong defensive characteristics for investors.
Get Smart: How They Compare Against DBS
All this time, investors have known DBS for its strong dividend payout to investors, alongside its stable and growing earnings.
However, these alternatives listed above provide a different option for income investors, offering better valuation and potentially, higher upside in the long run.
Ultimately, there are higher-yielding counters out there for investors to choose from.
More importantly, investors will not have to sacrifice quality as they search for better yields.
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Disclosure: Daniel owns shares in HRnetGroup Limited.
