Blue chips grab the headlines.
But this year, some of Singapore’s best performers flew under the radar.
Where did the big winners come from?
Not from the usual suspects.
Three small caps with market values under S$1 billion have outpaced nearly everything on the Straits Times Index (SGX: ^STI) this year.
The trio were selected from the newly created Singapore’s Next 50 stock index.
Based on the year-to-date total (YTD) returns for the period January to November 2025.
CSE Global (SGX: 544): Total Returns 139% YTD
CSE Global is a systems integrator providing electrification, communications, and automation solutions across various industries.
The group has a presence in 15 countries with 61 offices and employs more than 2,000 staff globally. Its three business segments serve the energy, infrastructure, and data centre sectors.
For the first nine months of 2025 (9M2025) ended 30 September 2025, CSE Global reported revenue of S$698.6 million, up 8.7% year on year.
The increase was driven by growth across all three segments.
The Electrification segment climbed 12.4% year on year to S$361.4 million from progressive recognition of revenue from major electrification-related projects in the Americas region.
The Communications segment rose 8.2% year on year to S$189.7 million from an expanded geographic footprint following recent acquisitions in the United States. Automation revenue inched up 1.1% year on year to S$147.5 million.
Order intake for 9M2025 declined 9.3% year on year to S$512.8 million.
Electrification order intake fell 26.7% year on year to S$178.9 million due to the absence of several major projects secured in the prior year.
Communications order intake increased 20.7% year on year to S$211.3 million from recent acquisitions, whilst Automation order intake declined 16.3% year on year to S$122.6 million from the absence of greenfield oil and gas orders.
The order book stood at S$467.5 million as at 30 September 2025.
Management noted that whilst CSE has recorded a healthy financial performance in 2025, global economic uncertainty and inflationary pressures continue to present challenges.
The group believes it is well positioned to capitalise on rising demand for data centres.
On 10 November 2025, CSE entered into a strategic transaction with Amazon (NASDAQ: AMZN) with Amazon granted the right to acquire up to around 63 million CSE Global shares through 2030, reinforcing their commitment to the data centre sector.
Wee Hur Holdings (SGX: E3B): Total Returns 101% YTD
Wee Hur Holdings Ltd. is a Singapore-listed investment holding company with operations spanning recurring businesses—workers’ dormitory operations and Purpose-Built Student Accommodation (PBSA)—and property-related businesses including building construction and property development in Singapore and Australia.
The group also operates fund management and venture capital investment arms.
For the six months ended 30 June 2025, Wee Hur reported robust revenue growth of 43% year on year to S$156 million, up from about S$109 million in the same period last year.
However, profit attributable to shareholders declined 42% to S$38.7 million compared to S$66.5 million a year ago.
Free cash flow strengthened significantly, rising 44% year on year to S$57.3 million from S$39.7 million.
As of 30 June 2025, the company maintained a strong cash position of S$243.1 million, while total borrowings stood at S$244.9 million.
The workers’ dormitory segment remained the largest revenue contributor at S$42 million, representing 27% of total revenue, with stable performance year on year.
Tuas View Dormitory (15,744 beds) achieved 93% average occupancy, while Pioneer Lodge (10,500 beds) commenced partial operations in the second quarter.
Property development surged 158% to S$47 million on progressive revenue recognition from Bartley Vue, which achieved 100% sales, while Mega@Woodlands reached 99% sales.
Construction secured two HDB BTO projects worth S$439.4 million in May 2025, bringing the order book to S$629 million as at 30 June 2025.
Fund management revenue soared on performance fees from the Fund I divestment.
The Board declared an interim dividend of S$0.005 per share, up from S$0.002 per share a year ago.
Management remains optimistic about the Australian PBSA sector following increased international student enrolment caps, while maintaining disciplined land acquisition in Singapore’s competitive market.
Pan-United Corporation (SGX: P52): Total Returns 94% YTD
Pan-United Corporation is an investment holding company operating two key business segments.
The Concrete and Cement segment manufactures and supplies ready-mix concrete and slag while trading and distributing cement and refined petroleum products across Singapore, Vietnam and Malaysia.
The Trading and Others segment handles raw materials trading, bulk shipping and investment holdings.
Singapore construction has been booming and Pan-United looks set to benefit.
Strong construction demand is expected this year, with the Building and Construction Authority estimating total construction demand between S$47 billion and S$53 billion.
So, how did the Pan-United perform?
The group reported revenue growth of 4% year on year for the first half of 2025 (1H2025) to over S$401 million while net profit attributable to owners rose 11% year on year to S$20.6 million.
The revenue growth was supported by healthy construction activities in Singapore.
Free cash flow contracted sharply to S$1.0 million from S$49.9 million a year ago, impacted by significant capital expenditure.
The group deployed S$24.9 million on property, plant and equipment additions during 1H2025, up from S$6 million in the prior year.
As of 30 June 2025, Pan-United held cash of S$83.0 million against debt of S$13.2 million, maintaining a net cash position.
While the headline performance was mixed, two factors likely drove investor sentiment.
But there are two factors that may have swayed the pendulum to its favour.
One, the group declared an interim dividend of S$0.010, a 43% increase from S$0.007 paid in the corresponding period.
Two, Pan-United has secured approximately S$430 million worth of contracts to supply ready-mix concrete for Changi Airport Terminal 5, with these contracts spanning five years.
Get Smart: Different paths, similar outcomes
These three small caps have delivered exceptional returns through different routes.
CSE Global rode the data centre wave and secured a strategic partnership with a tech giant.
Wee Hur combined recurring dormitory income with property development gains and a timely divestment.
Pan-United positioned itself at the heart of Singapore’s construction boom with a landmark contract win.
What ties them together is execution.
Each company capitalised on sector tailwinds while delivering tangible results to shareholders through growing dividends.
For dividend investors, these stories reinforce a key lesson: sometimes the best opportunities lie outside the blue-chip universe.
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Disclosure: Calvina does not own any of the stocks mentioned.
