Beyond the STI: 3 Under-the-Radar Dividend Stocks to Watch This May

The Smart Investor04-29

Dividend sustainability is rarely a single number. It rests on a combination of operational cash flow, balance sheet strength, and capital management – and how a company pulls these levers tends to ...

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11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/beyond-the-sti-3-under-the-radar-dividend-stocks-to-watch-this-may/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Dividend sustainability is rarely a single number. \n\nIt rests on a combination of operational cash flow, balance sheet strength, and capital management – and how a company pulls these levers tends to ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/beyond-the-sti-3-under-the-radar-dividend-stocks-to-watch-this-may/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"STI.SI","symbol_name":"富时新加坡海峡指数","start_time":0,"source_url":"https://thesmartinvestor.com.sg/beyond-the-sti-3-under-the-radar-dividend-stocks-to-watch-this-may/","article_id":"2631552807","we_media_id":null,"thumbnails":["https://thesmartinvestor.com.sg/wp-content/uploads/2026/04/Kimly-300x200.png"],"rights":{"source":"thesmartinvestor_highlight","url":"https://thesmartinvestor.com.sg/beyond-the-sti-3-under-the-radar-dividend-stocks-to-watch-this-may/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2631552807","pubTimestamp":1777433400,"columns":[],"sourceInfo":{"source_id":"thesmartinvestor_highlight","name":"The Smart Investor"},"weMediaInfo":null,"summary":"Three companies, three different dividend sustainability stories — and a May reporting window that will test each one.","collect":0,"end_time":0,"defaultTopTitle":"thesmartinvestor.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"STI.SI":"富时新加坡海峡指数","BK6011":"零售业房地产投资信托","BK4588":"碎股","U13.SI":"大华保险","ODBU.SI":"UtdHampshReitUSD","BK4585":"ETF&股票定投概念","BK6505":"周期性消费品与消费者服务","BK6521":"保险股","BK6000":"餐馆","BK4096":"电气部件与设备","STI":"Solidion Technology Inc.","VIG":"股利增长指数ETF-Vanguard","BK6137":"零售房地产信托","BK6029":"财产与意外伤害保险","1D0.SI":"金味有限公司","BK6512":"房地产股"},"translate_title":"超越海指：今年5月值得关注的3只不为人知的股息股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ODBU.SI":1,"1D0.SI":1,"STI":1.5,"VIG":0.66,"STI.SI":1.5,"U13.SI":1},"content_text":"Dividend sustainability is rarely a single number. \n\nIt rests on a combination of operational cash flow, balance sheet strength, and capital management – and how a company pulls these levers tends to matter more than any one quarter’s headline figure.\n\nMay 2026 brings a useful test for three under-the-radar Singapore-listed names. \n\nUnited Overseas Insurance (SGX: U13) reports on 4 May, United Hampshire US REIT (SGX: ODBU) on 13 May, and Kimly Limited (SGX: 1D0) is expected to follow shortly after, having released its prior interim results on 14 May 2025. \n\nEach draws on a different source of dividend support. \n\nHere’s what to watch.\n\nUnited Hampshire US REIT (SGX: ODBU), or UHREIT: Capital Recycling Does the Heavy Lifting\nWith assets under management (AUM) of US$774.3 million, UHREIT owns 20 grocery-anchored and necessity-based retail properties along with two self-storage facilities across eight US states.\n\nFor the full year ended 31 December 2025, gross revenue dipped 1.7% year on year (YoY) to US$72.0 million, while net property income (NPI) fell 1.7% in tandem to US$49.0 million. \n\nBoth declines reflected the absence of rental contributions from three properties divested in August 2024 and January 2025.\n\nEven though the top-line numbers were a bit soft, UHREIT’s distributable income actually climbed 5.7% YoY to US$26.9 million. \n\nThis boost came from a mix of new leases kicking in, steady rent hikes, and the addition of the Dover Marketplace to the portfolio. \n\nIt also helped that it managed to trim down financing costs by paying off some debt and catching a break from the Fed’s rate cuts.\n\nDistribution per unit (DPU) climbed 8.1% YoY to US$0.0439, marking the third consecutive period of DPU growth.\n\nThe capital recycling pipeline gives the distribution further runway. \n\nDover Marketplace, acquired for US$16.4 million in August 2025, carries a pro forma DPU uplift of 2.0%. \n\nWallingford Fair Shopping Center, acquired post year-end for US$21.4 million in January 2026, adds another 2.0% pro forma DPU uplift. \n\nAggregate leverage stood at a comfortable 38.6%, weighted average debt maturity at 3.4 years, with no refinancing requirement until February 2028.\n\nKimly Limited (SGX: 1D0): Net cash balance sheet underpins the payout\nAs one of Singapore’s largest traditional coffee shop operators, Kimly runs 89 food outlets, 180 food stalls, 11 restaurants, and four Tenderfresh kiosks, alongside central kitchens supplying its network.\n\nFor the fiscal year ended 30 September 2025 (FY2025), revenue rose 0.9% YoY to S$322.1 million.\n\nThis was supported by new coffee shop openings and higher cleaning services contracts, partially offset by the closure of underperforming food retail stalls. \n\nProfit attributable to owners edged up 0.4% to S$33.3 million, with stronger gross margins cushioning higher finance costs from renewed leases.\n\nFree cash flow tells a more nuanced story. \n\nIt declined to S$55.3 million from S$81.9 million a year ago, as capital expenditure rose sharply to S$30.0 million following the acquisitions of coffee shop properties at Block 204 Serangoon Central and 110 Yishun Ring Road. \n\nThis is investment rather than deterioration, but bears watching as these properties begin to contribute. \n\nOperating cash flow remained robust at S$85.3 million.\n\nThe balance sheet is the dividend’s anchor. \n\n\nKimly held cash of S$68.1 million against debt of just S$5.0 million as at 30 September 2025, after fully repaying four bank loans during the year. \n\nA final dividend of S$0.010 per share was proposed, bringing the total FY2025 dividend to S$0.020 per share. \n\nWhile the business is still growing – highlighted by the recent S$11.8 million acquisition of a Haig Road coffee shop – management is keeping a close eye on industry challenges like rising costs and the ongoing manpower crunch.\n\nUnited Overseas Insurance (SGX: U13): Strong balance sheet, watch the underwriting\nUnited Overseas Insurance (UOI), a member of the UOB Group, provides property and general insurance across Singapore and the ASEAN region through its two main insurance funds – Singapore Insurance Fund and Offshore Insurance Fund.\n\nFor the full year ended 31 December 2025 (FY2025), the company saw insurance revenue edge up 1.7% to S$115.4 million, thanks to growth in retail, reinsurance, and new partnerships.\n\nThe bottom line told a different story, though. \n\nNet insurance service and financial result dropped 21.5% to S$15.3 million as the company faced a spike in claims and higher management costs linked to its ongoing business transformation.\n\nProfit after tax rose 8.4% YoY to S$32.3 million, supported by stronger non-underwriting income of S$16.6 million and a tax refund relating to prior assessments – items that may not recur at the same scale. \n\nTotal comprehensive income surged 72.6% to S$67.5 million, lifted by S$35.2 million in unrealised gains. \n\nMeanwhile, net asset value per share grew 11.6% YoY to S$8.55.\n\nThe dividend draws strength from the balance sheet. \n\nUOI held S$62.8 million in bank balances and fixed deposits, with no borrowings, contingent liabilities, or loan capital. \n\nA total dividend of S$0.265 per share was declared for FY2025 – comprising a S$0.07 interim and a proposed S$0.195 final – representing a 15.2% increase YoY. \n\nThe watch item for the 1Q2026 result on 4 May is whether underwriting profitability shows signs of stabilising.\n\nGet Smart: Three levers, one reporting window\nDividend sustainability tends to come from one of three places – operational cash flow, balance sheet strength, or capital management – and the three companies above lean on different combinations. \n\nUHREIT’s growing DPU rests on capital recycling and refinancing tailwinds. \n\nKimly’s payout sits on a net cash balance sheet and operating cash flow. \n\nUOI’s raised dividend is supported by a debt-free balance sheet that cushions a weaker underwriting result.\n\nThe May 2026 reporting season is a natural opportunity to check whether each lever is still doing its job.\n\nDon’t let mixed signals stall your wealth building. Learn the exact “Secret Sauce” our Co-Founder, Chin Hui Leong, uses to filter market noise and find businesses built to survive disruption. Save your spot at our upcoming webinar now.\n\nS$5 billion in government backing. S$1.1 billion already deployed. Singapore’s small-cap market is about to explode, and most people are completely clueless. Our FREE report gives you the inside track on 5 companies positioned to benefit. Download now before the crowd catches on.\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses! \n\nDisclosure: Calvina L. does not own any of the stocks mentioned. Chin Hui Leong contributed to the article and owns shares of UOI.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.1","shortVersion":"4.42.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2631552807","isCrawlerRequest":true}