Looking for the right dividend stocks sometimes feels like a treasure hunt.
The shiny, glimmering ones are your blue-chip stalwarts, dominating the Straits Times Index ( (SGX: ^STI) and known to everyone for their steady dividends and reliable track record.
Yet, some of the most rewarding finds are buried deeper, hiding in plain sight.
Today, we look at three hidden gems, part of iEdge Singapore Next 50, which are paying dividends in October.
Civmec (SGX: P9D): 24 October 2025
Civmec provides integrated construction and engineering services across three key segments: Energy, Resources, and Infrastructure, Marine & Defence.
The Australian company saw its revenue plummet 21.6% year on year (YoY) from A$1.0 billion to A$810.6 million, and net profit falling 34.0% to A$42.5 million in the fiscal year ending 30 June 2025 (FY2025).
The downturn stemmed from major contract completions and project award delays that triggered a market-wide rescheduling, impacting activity levels through the second half of FY2025 (and likely to extend into the first half of FY2026).
Higher administrative costs related to the company’s listing and domicile change further pressured margins.
Despite the earnings decline, Civmec demonstrated financial resilience.
Free cash flow surged 21.4% to A$56.1 million, benefiting from reduced capital expenditure of A$4.8 million (down from A$25.2 million) and tighter working capital management.
The company’s balance sheet remains solid, with cash rising from A$88.5 million a year earlier to A$102.9 million as at 30 June 2025, and net debt falling to A$60.0 million.
Civmec declared a final dividend of A$0.035 per share, unchanged from the prior year.
Management expects activity levels to remain subdued in the first half of FY2026 before improving in the second half.
The company’s recent acquisition of Luerssen Australia (completed 1 July 2025) should bolster its Infrastructure and Defence segments, while strong tendering activity signals a robust pipeline ahead.
UMS Integration (SGX: 558): 28 October 2025
UMS Integration manufactures high-precision components and equipment modules for original equipment manufacturers of semiconductors, while also serving aerospace and oil & gas industries, and water disinfection systems.
The Singapore-based precision engineering firm delivered robust results for the first half of 2025 (1H2025), with revenue climbing 14% YoY to S$125.0 million from S$109.9 million, and net profit rising 5% to S$20.1 million.
The semiconductor segment drove performance with 17% YoY growth to S$107.4 million, while gross material margin expanded to 55.1% from 53.3% on favourable product mix changes.
The standout story is UMS’s Malaysian expansion.
This new key customer – diversifying its supply chain from the US to Asia – generated S$17.4 million in sales, a 250% YoY surge.
The result: accelerating shipments and new product qualifications as the semiconductor supply chain pivots to Asia.
The company is investing aggressively for this opportunity, with S$22.9 million in capital expenditure for its Penang facilities expansion driving free cash flow to negative S$7.6 million.
As at 30 June 2025, UMS maintained a strong balance sheet with cash of S$59.1 million, and just S$0.1 million in debt, providing ample capacity to fund growth.
The company maintained its S$0.010 per share interim dividend.
With SEMI projecting global semiconductor equipment sales to hit a record US$125.5 billion in 2025 (up 7.4%), management expects continued profitability in 2025.
Union Gas (SGX: 1F2): 29 October 2025
Union Gas Holdings Ltd supplies fuel products across Singapore through three segments: gas fuel (LPG, natural gas, and CNG), liquid fuel (diesel and petrol), and emerging businesses in EV charging and industrial gases.
The group operates a fleet of more than 200 vehicles serving over 200,000 households in Singapore.
1H2025 painted a mixed picture.
Revenue rose by 3.8% YoY to S$63.7 million, driven by a 33.8% jump in liquid fuel sales to S$9.5 million, and contributions from new business lines.
However, gas fuel revenue – the core business at 84% of sales – slipped 0.8% to S$53.8 million.
Profitability naturally took a hit as costs outpaced revenue growth.
Net profit fell 16.5% YoY to S$4.4 million, as marketing and distribution expenses climbed S$0.9 million (higher delivery charges and personnel expenses) and other income dropped S$0.4 million on reduced government grants.
Free cash flow weakened to S$1.3 million from S$1.8 million a year ago.
As at 30 June 2025, the group held S$6.7 million in cash and S$11.3 million in debt.
The dividend math is also troubling: the company paid out more than it generated in free cash flow for 1H2025, raising sustainability concerns.
Interim dividend reduced to S$0.0048 per share, down from S$0.006 a year ago, payable on 29 October 2025.
Nonetheless, management remains optimistic about business prospects supported by the essential nature of its fuel products.
The growth catalyst is the newly secured service station at 743 Dunman Road, opened on Monday under the “Cnergy” brand — the company anticipates the high-traffic location will generate meaningful revenue contributions.
Get Smart: Digging Deeper for Dividends
While the market’s brightest blue chips will always draw attention, investors who take the time to look may uncover dividend-paying treasures lying beneath.
These three dividend payers operate in essential industries, providing them with resilient revenue streams.
However, they each tell a distinct story: UMS is the growth play, investing aggressively to capture semiconductor supply chain shifts with expanding margins; Civmec offers value through the cycle with strong free cash flow and balance sheet fortification, plus recovery catalysts lined up; and Union Gas faces margin compression, hoping to reverse the slide with its new Cnergy station.
In Singapore’s dividend landscape, investors ought to dig beneath the yield.
For hidden gems can shine just as brightly in a well-diversified portfolio.
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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.
