Many consider Singapore’s stock exchange less exciting compared to the monster rallies often seen in the US market. However, it stands out for its attractive dividend opportunities, thanks to its renowned no dividend tax policy. This has successfully attracted a wave of dividend harvesting investors.
We’ve identified 13 stocks, 2 REIT ETFs and 2 SDRs that will be paying out dividends on the Singapore stock exchange. While some have passed their ex-dates to be eligible for the February dividends, some of the other stocks still offer a decent yield and an opportunity to rack up on the last bit of cash flow.
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Duty Free International Ltd (SGX:5SO)
Duty Free International Ltd (SGX:5SO), DFI, is one of the largest local duty-free retailing group in Malaysia, with over 40 outlets comprising duty-free retail outlets and duty paid retail outlets located at various locations throughout Peninsular Malaysia. In addition, DFI owns the Black Forest Golf and Country Club and an oil palm plantation.
For the first 9 months of FY2024, ended 30 November 2024, DFI reported revenue of RM 116.7 million, a 7.3% increase compared to RM 108.7 million in the same period of the previous year. Net profit rose significantly from RM 8.5 million in the prior year to RM 39.8 million, primarily due to a one-time compensation of RM 69.6 million from a compulsory land acquisition.
The company declared a cash dividend of SGD 0.0055 per share, with an ex-dividend date of 23 January 2025 and a payment date of 7 February 2025, and a dividend yield of 5.07%.
JUMBO Group Ltd (SGX:42R)
JUMBO Group (SGX:42R) began with the inception of JUMBO Seafood, a Singapore-style seafood restaurant, in 1987. Best known for its chilli and black pepper crabs, the company has evolved over the years and now offers multiple diverse Asian dining experiences, serving more than 8,000 diners daily. From a single seafood restaurant, the company has grown to over 20 restaurants in Singapore, China and Japan.
In FY2024, the Group achieved revenue of $190.4 million, an increase from $178.8 million in FY2023. This growth was primarily driven by the recovery of business activities in Singapore, where revenue rose by $18.7 million to $167.1 million.
With dividend yield at 5.45% in 2024, the company declared a dividend of SGD 0.005 per share, with an ex-dividend date of 4 February 2025, and a payment date of 12 February 2025.
Kimly Ltd (SGX: 1D0)
Kimly Limited (SGX:1D0) is one of Singapore’s largest traditional coffee shop operators, with over 30 years of experience. The Group operates and manages an extensive network of food outlets, including coffee shops, food courts, and restaurants, providing affordable and accessible dining options across the nation.
For the financial year ended 30 September 2024, Kimly Limited reported the following key financial metrics:
- Revenue: S319.4 million, representing a 1.8% increase from the previous year.
- Gross Profit: S$90.6 million, up S$1.7 million.
- Net Profit Attributable to owners of the company: S$31.7 million, down by 6.8% year-on-year.
The growth in revenue and profitability was primarily driven by higher revenue contributions across the Food Retail, Outlet Management, and Outlet Investment divisions.
Kimly has declared a final dividend of SGD 0.01 per share for FY2024, payable on 14 February 2025, with an ex-dividend date of 4 February 2025, giving a yield of 5.97%.
Goodland Group Ltd (SGX:5PC)
Goodland Group Ltd (SGX:5PC) is a Singapore-based investment holding company primarily involved in property development, construction, property investment and property management, with 26 subsidiaries & 6 associates.
For the fiscal year ended 30 September 2024, the Group reported:
- Revenue: SGD 10.65 million, compared to SGD 21.0 million in the previous year. This decrease was primarily due to lower contributions from the property development segment.
- Net Loss: Loss after tax of $2.0 million for FY2024 as compared to a profit after tax of $1.4 million in the previous year. The loss was attributed to reduced revenue from associates and higher administrative expenses.
The company has declared a final dividend of SGD 0.005 per share and a special dividend of SGD 0.00075 per share for FY2024, with an ex-dividend date of 28 January 2025. The final dividend is payable on 14 February 2025 while the special dividend is payable on 1 April 2025, reflecting a dividend yield of 5.7%.
PNE Industries Ltd (SGX: BDA)
PNE Industries Ltd (SGX: BDA) is a Singapore-based company specializing in two main segments – Contract Manufacturing which involves the production of electronic controllers and other electrical and electronic products and Trading which focuses on the manufacturing and trading of emergency lighting equipment and related products.
In the latest FY2024 results (Fiscal Year Ended 30 September 2024), PNE Industries’s Revenue increased by 14% to SGD 61.0 million, up from SGD 53.5 million in the previous year. Profit Before Tax more than doubled to SGD 1.9 million, compared to SGD 0.8 million in FY2023 while gross profit rose by SGD 0.7 million.
A final dividend of SGD 0.02 per share will be paid on 14 February 2025, with the ex-dividend date on 27 January 2025, reflecting a dividend yield of 5.36%.
Frasers Property Limited (SGX: TQ5)
Frasers Property Limited (SGX:TQ5) is a multinational investor, developer, and manager of real estate products and services. With total assets under management (AUM) of approximately $48.9 billion as of 30 September 2024, it operates across five asset classes: commercial & business parks, hospitality, industrial & logistics, residential, and retail. The Group has a global presence in Southeast Asia, Australia, the EU, the UK, and China, with its hospitality business spanning over 20 countries. Frasers Property sponsors three trusts listed on SGX (Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust, and Frasers Hospitality Trust) and two REITs on the Stock Exchange of Thailand (Frasers Property Thailand Industrial Freehold & Leasehold REIT and Golden Ventures Leasehold REIT), focused on industrial, commercial, and hospitality properties.
For the financial year ended 30 September 2024, Frasers Property Limited reported the following key financial metrics:
- Revenue: S$4.2148 billion, a 6.8% increase for S$3.9471 billion in FY2023
- Profit Before Interest and Tax (PBIT): S$1.352 billion, a 3.0% increase from S$1.3132 billion in FY2023
- Attributable Profit: S$206.3 million, a 19.2% increase from S$173.1 million in FY2023
Frasers Property Limited declared a final dividend of SGD 0.045 per share for FY2024, which translates to a dividend yield of 4.79%. The ex-dividend date is 23 January 2025, and the payment date is on 14 February 2025
Fraser and Neave Ltd (SGX: F99)
Fraser and Neave Ltd (SGX: F99) F&N is a leading Southeast Asian consumer group specializing in Food & Beverage and Publishing & Printing. It leverages strengths in marketing, distribution, R&D, branding, financial management, and acquisitions to provide strategic direction and resources to its subsidiaries.
For the financial year ended 30 September 2024, F&N reported:
- Revenue: SGD 2.16 billion, +3% growth driven by F&B
- Profit before interest, taxation and exceptional items: SGD 297 million, an increase of 19%
- Attributable profit: SGD 150.2 million, an increase of 13%
F&N will be paying out a final dividend of SGD 0.04 per share, bringing the total dividend for FY2024 to 5.5 cents, unchanged from last year. This represents a 53% payout ratio and a dividend yield of 4.10%. The ex-dividend date is 23 January 2025 with payment date on 14 February 2025.
Emperador Inc (SGX:EMI)
Emperador Inc. (SGX:EMI), primarily listed on the Philippine Stock Exchange and secondarily on the Singapore Exchange (listed in 2022), is a subsidiary of Alliance Global Group, Inc, a conglomerate with investments across the quick service restaurant, spirits, real estate, integrated tourism, and infrastructure development industries. EMI is the largest liquor company in the Philippines and the world’s largest brandy producer, with a global presence in over 100 countries.
The global spirits sector has face softening demand as cost-of-living pressures mounted due to rising inflation. Amid this backdrop, EMI’s revenues and other income declined by 8% year-on-year to PHP 43.2 billion for the first 9 months of FY2924 (as of 30 Sep 2024), with net profit and net profit attributable to owners dropping by 29% YoY to PHP 4.9 billion and PHP 4.8 billion, respectively.
EMI has declared a cash dividend of PHP 0.19 per share, payable on 18 February 2025, with an ex-dividend date of 28 January 2025.
GKE Corporation Limited (SGX:595)
GKE Corporation Limited (SGX:595) is a leading integrated warehousing and logistics solutions provider offering one-stop, end-to-end multi-modal supply chain management solutions and services, with strategic investments in the infrastructural materials and services business in China and the agriculture business in Singapore. The business activities of the Group are classified into two broad categories: (i) warehousing & logistics, and (ii) strategic investments.
GKE registered a record net profit of S$4.4 million on the back of 13.8% growth in revenue to S$63.2 million for the six months ended 30 November 2024 (1H FY25). The significant increase in net profit was attributed to (i) commendable organic growth in the warehousing and logistics segment in Singapore; (ii) the gradual recovery of the infrastructural materials and services segment in China; and (iii) a one-time pre-tax gain of approximately S$1.1 million from the divestment of the mining rights to a limestone mine and the 18% stake in the mining joint venture.
A special interim cash dividend of SGD 0.0005 per ordinary share was declared, with an ex-dividend date of 6 February 2025 and payment date on 21 February 2025.
LHN Ltd (SGX: 41O)
LHN Limited (SGX:41O) is a real estate management services group based in Singapore, specializing in space optimisation, property development and investment, facilities management and energy resources.
For the financial year ended 30 September 2024, LHN Limited reported:
- Revenue: S$121.0 million, a 29.2% increase from S$93.6 million in the previous year.
- Net Profit Attributable to owners of the company: S$47.3 million, up by 23.8% from S$38.2 million in FY2023.
The increase in profit was primarily due to gains from the disposal of investment properties and fair value gains on investment properties.
The company declared a final dividend of SGD 0.01 per share for FY2024, with a yield of 5.77%. Ex-dividend date is on 6 February 2025 with payment date of 21 February 2025.
Thai Beverage Public Co Ltd (SGX: Y92)
Thai Beverage Public Company Limited (SGX: Y92) is the largest beverage and food company in Thailand, engaged in the production and distribution of alcoholic and non-alcoholic beverages, as well as food products. The company operates through four main segments: Spirits, Beer, Non-Alcoholic Beverages, and Food. It has extensive production facilities, including 19 distilleries, 3 breweries, and 20 non-alcoholic beverage plants in Thailand, alongside international operations such as breweries in Vietnam, whisky production in Scotland, and facilities in France, New Zealand, Myanmar, and China.
ThaiBev is one of the top 10 largest companies on the Singapore Exchange by market capitalization and a constituent of the Straits Times Index.
For the full year ended 30 September 2024, Thai Beverage reported the following financial results:
- Sales Revenue: THB 340.3 billion, a 2.2% increase from THB 332.9 billion in FY2023.
- Net Profit: THB 27.2 billion, a 1% decrease from THB 27.4 billion in FY2023.
ThaiBev has announced a cash dividend of THB 0.47 per share, with an ex-dividend date of 6 February 2025, and a payment date of 28 February 2025, at 4.48% dividend yield.
Keppel DC REIT (SGX: AJBU)
Keppel DC REIT (SGX:AJBU) is Asia’s first pure-play data centre REIT, listed on the Singapore Exchange on 12 December 2014. The REIT’s investment strategy focuses on acquiring income-producing real estate assets primarily used for data centre purposes, as well as properties and assets that support the digital economy.
As at 30 September 2024, Keppel DC REIT’s portfolio comprises 25 data centres across Asia Pacific and Europe, valued at approximately SGD 5.2 billion.
For 3Q2024, Keppel DC REIT reported the following financial highlights:
- Gross Revenue: SGD 76.9 million, a 8.9% increase from SGD 70.7 million in the same period in 2023.
- Net Property Income (NPI): SGD 64.5 million, a slight decrease from SGD 64.6 million in 3Q2023
- Distributable Income: SGD 44.7 million, a 1.9% increase compared to SGD 43.9 million in 3Q2023
- Distribution Per Unit (DPU): 2.501 Singapore cents, representing a 0.4% increase from 3Q2023
The portfolio maintains a high occupancy rate of 97.6% with a WALE of 6.3 years by lettable area. The REIT focuses on active rebalancing to leverage repositioning opportunities and structural trends like generative AI. It has a strong balance sheet with an average cost of debt at 3.3% and aggregate leverage at 39.7%, supporting future growth.
Keppel DC REIT will be distributing 4.083 cents for the period 1 Jul 2024 to 27 November 2024, reflecting a dividend yield of 3.96%. Its dividend ex-date is 26 November 2024 and dividend payment date is scheduled for 10 February 2025.
Sabana Industrial REIT (SGX:M1GU)
Sabana Industrial REIT (SGX:M1GU) is a Singapore-based real estate investment trust that invests in income-producing industrial properties. As of December 31, 2024, its diversified portfolio comprises 18 properties across high-tech industrial, warehouse and logistics, chemical warehouse and logistics, and general industrial sectors, with a total valuation of S$915.9 million.
In their latest FY 2024 results, the REIT attained all-time high gross revenue of $113.3 million since its IPO on 26 November 2010 which was 1.3% higher year-on-year. NPI for FY 2024 grew to $57.5 million, a 4.5% increase y-o-y and a new high since 2016.
FY 2024 DPU declared increased by 3.6% y-o-y to 2.86 cents, which consist of 1H 2024 DPU of 1.34 cents and 2H 2024 DPU of 1.52 cents.
Its 2H 2024 Dividend ex-date is 28 January 2025 and dividend payment date is scheduled for 28 February 2025, with a 2024 yield of 6.64%.
As a bonus, we’ve included 2 REIT ETFs and 2 SDRs in our list. While there are other ETFs paying dividends in February, we’ve specifically highlighted the REIT ETFs due to the strong popularity of REITs among Singapore investors.
CSOP iEdge S-REIT Leaders Index ETF (SGX:SRT/SRU)
CSOP iEdge S-REIT Leaders Index ETF is a Singapore-listed exchange-traded fund that aims to replicate the performance of the iEdge S-REIT Leaders Index, which comprises the most liquid Real Estate Investment Trusts (REITs) listed on the Singapore Exchange.
As of 21 January 2025, the ETF’s net asset value (NAV) was SGD 0.7187 per unit, with a total fund size of SGD 79.07 million as of 31 December 2024, and a 2024 dividend yield of 6.62%.
A dividend distribution of SGD 0.022 per unit for the period 1 July to 31 December 2024 will be paid on 24 February 2025, with the ex-dividend date on 20 January 2025.
Lion-Phillip S-REIT ETF (SGX:CLR)
Lion-Phillip S-REIT ETF (SGX:CLR) tracks the Morningstar® Singapore REIT Yield Focus Index℠ (Index) which consists of high-quality Singapore-listed REITs that offer attractive and sustainable dividend yields. It provides investors with low-cost access to a diversified portfolio of 20 S-REITs.
As at 22 January, 2025, the ETF’s net asset value (NAV) was SGD 0.8020, with a fund size of SGD 491.7 million (as of December 31, 2024), and a net current dividend yield of 5.35% (excluding 0.60% total expense ratio).
The 2H 2024 Dividend ex-date is 28 January 2025 and dividend payment date is scheduled for 27 February 2025, with a payment of SGD 0.025 per unit.
AIRPORTS OF THAI TH SDR (SGX: TATD)
Airports of Thailand TH SDR (SGX: TATD) represents Singapore Depository Receipts of Airports of Thailand Public Company Limited (AOT), a state-owned enterprise responsible for operating and managing thirty-nine airports, including six international airports in Thailand.
We’ve cover the Thai SDRs previously when they first launched on SGX, read more here.
As of January 22, 2025, TATD is trading at SGD 2.26 per unit.
AOT has announced a cash dividend of THB 0.79. The final net dividend rate for each SDR will be SGD 0.02772 per security/unit, with an ex-dividend date of 4 December 2024, and a payment date of 12 February 2025.
BANK OF CHINA HK SDR (SGX: HBND)
Bank of China Hong Kong SDR (SGX: HBND) represents Singapore Depositary Receipts of Bank of China Limited, one of China’s largest state-owned commercial banks, providing a comprehensive range of financial services globally.
The Singapore Depository Receipt (SDR) scheme allows convenient investment in Bank of China (BOC) without accessing the Hong Kong market. The BOC SDR (ticker: HBDN) is listed on SGX, enabling trading within the SGX ecosystem with similar hours and fees, while dividends and trading are conducted in SGD, avoiding currency conversion. With smaller lot sizes (around S$69 per lot versus S$687 in Hong Kong), it is more accessible for retail investors, offering a lower entry point and greater flexibility in position sizing.
As of January 22, 2025, the BOC SDR is trading at SGD 0.68 per unit, with a dividend yield of approximately 6.62%.
BOC has announced a cash dividend of Chinese Yuan 0.1208, with payment to be made in the default currency of or Hong Kong Dollars equivalent of HKD 0.13059.
Based on the Underlying Shares to SDR ratio of 1 for 1, the final net dividend rate for each SDR will be HKD 0.11636. The final net dividend rate for each SDR in Singapore Dollars will be SGD 0.02025, with an ex-dividend date of 13 January 2025, and a payment date of 24 February 2025.
Conclusion
The February 2025 payouts from the highlighted stocks and ETF present a mix of opportunities, albeit with caution warranted in light of varying business performances and broader economic uncertainties. As always, investors should carefully evaluate each company’s financial health and growth prospects, balancing the allure of attractive dividend yields with potential risks. The evolving macroeconomic environment and sector-specific headwinds underscore the importance of a diversified and informed investment approach.
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