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Hi there, fellow investors! Something unusual is happening in Singapore’s stock market — and for once, it’s putting a big smile on the faces of dividend investors like me. 

For years, our local stocks were like that quiet student in class — always present, never noisy, often ignored. But this year? The script flipped – and it was so amazing for Singapore dividend stocks!

ST Engineering — boom, more than doubled. SembCorp Industries — two-year sprint. Even Singtel — long dismissed as a boring giant — has shown surprising life. The Straits Times Index or STI’s pushing near all-time highs, and suddenly everyone is cheering for Team Singapore.

But you know what happens when everything looks rosy? Some stocks start looking a little… expensive. Many viewers have been asking me whether it is too late to invest right now. And that’s when I like to whisper something I’ve borrowed from a prominent investment analyst — maybe you’ve heard this before?

“There’s always a value stock somewhere.”

In this post, I want to discuss 4 dividend stocks that the market seemed to forget — or give up on — but that might be turning a corner. Keyword to pay attention to is “might”. Because not every trigger leads to a surge, and not every laggard deserves a comeback. The question is — are these signs the real deal, or just false hope? 

So let’s run through each one — and figure out which is still stuck in the mud… and which might finally be out of the woods.

Before we dive in, let me remind you that this post is for informational purposes only and not financial advice. Always do your own research and consult a licensed financial adviser before making any investment decisions. I own some of the stocks discussed, but what works for me might not work for you.

Alright, let’s dive right in. 

ComfortDelGro – The Quiet Bus That Might Be Gaining Speed

Let’s start with ComfortDelGro or CDG — a stock that’s been left waiting at the taxi stand for years now. Share price down, taxi fleet shrinking, and let’s be honest — Grab and Gojek have eaten a big chunk of their lunch.

But here’s the surprise: while everyone’s focused on Singapore’s ride-hailing turf war, CDG’s real comeback might be happening somewhere else entirely. More specifically, in the UK — yes, the land of tea, crumpets, and now… bus route profits.

In Q1 2025, CDG reported a solid set of numbers. Revenue grew 16% year-on-year, and core profit surged nearly 20%. Could a stock whose pizza is being eaten by competitors produce such results? 

But what really stood out? Operating profits in the UK soared — from under $1 million to $15 million — thanks to new and renewed contracts, including a major win in Manchester. Even more encouraging, the summer travel season in the UK is just beginning, so margins are expected to improve further as volumes rise and new contracts ramp up. Add full-year contributions from acquisitions like Addison Lee and CMAC, and suddenly this “old economy” transport stock doesn’t look so old anymore.

Of course, there are still headwinds. High capex — mostly to fund 452 new buses — is pushing up interest costs. The Singapore taxi segment remains highly competitive. Who has not heard of TADA, the new competitor in town – if you’re hailing a ride, take note: they are often the cheapest! But when this Uncle compares across with CDG, their pricing is actually not far behind. 

And what’s keeping dividend investors on board? A 6% yield — underpinned not just by stable operations, but by two listed subsidiaries that are dividend investors’ favourites as well: SBS Transit and Vicom. SBS Transit, in particular, just raised its dividends, pushing its yield above 8%. These are boring, stable businesses — and they throw off enough cash to give CDG’s own dividends a strong backbone.

No wonder the market is starting to notice. CDG’s stock plunged over 10% during the tariff panic — but has since rebounded more than 15%. That’s not just a short-term bounce. It might be a sign that investors are finally seeing CDG for what it is: a dependable dividend payer with hidden growth drivers.

Think of ComfortDelGro like that quiet electric commuter bus: doesn’t rev loudly, doesn’t speed — but it gets you there. And in a market full of noisy rides, that kind of dependability is starting to look a lot more attractive, at least to me.

Genting Singapore – The Underrated Comeback?

Next, let’s move on to Genting Singapore — and you might want to sit down for this one.

On a one-year basis, the stock has plunged more than 20%. Now be honest — did Singapore’s tourism really collapse by a fifth in the past year? Changi Airport is breaking passenger records, cruise lines are back in full swing, and yet Genting’s share price is still acting like it’s stuck in quicksand.

Even more eye-opening: over a 5-year horizon — yes, including the worst of COVID — the stock is just trading just a few percentage points away from those lows. Don’t know about you, but from a value angle, that’s beginning to look downright juicy.

And how about dividends? Genting’s dividend yield is now hovering closer to 6% — rivaling REITs. Even though it’s under no obligation to pay out most of its earnings, unlike the REITs, its dividend payout has actually been quite steady. The company sits on a cash hoard of over $3.5 billion, with zero gearing. That’s like owning a luxury hotel that serves free champagne, charges modest rates, and has no mortgage to worry about.

But wait — the latest Q1 results? Not exactly fireworks. Earnings fell 41% year-on-year. Sounds bad… until you realise last year’s Q1 had a major boost from post-CNY travel and the Taylor Swift concert bump. This year? No such sparkle. But compared to Q4 2024, on a quarter-on-quarter basis, both revenue and EBITDA edged up. Not a leap — but there’s a pulse.

Now here’s where things could get exciting: the real trigger is expected in Q3. That’s when Minion Land, the new Oceanarium, and the Laurus luxury hotel will open at Resorts World Sentosa. These aren’t just aesthetic upgrades — they’re major crowd-pullers. And Q3 has historically been Genting’s strongest quarter even before COVID.

Add to that a smooth leadership transition — with long-time CEO Tan Hee Teck stepping down and an internal successor taking over, while Tan Sri Lim remains firmly at the helm. Continuity is intact.

And if Thailand opens up casino licensing? Genting’s war chest makes it a serious contender. There’s even talk of higher dividends if capex doesn’t drain the coffers too quickly.

So, is this stock finally out of the woods? Too early to say – competition from Marina Bay Sands, weaker spending from Chinese tourists. But with its cash strength, and its trigger – new attractions at its integrated resort, Genting might just be the sleeper comeback story that investors are starting to re-discover.

Before we move on to the next two dividend stocks, I just want to take a quick moment to say a big thank you. In my last YouTube video, I threw out a little challenge — could we push past 400 likes? Honestly, I wasn’t sure. But wow… we didn’t just reach it — we nearly hit 500! This Uncle is truly humbled. Thank you for the support, the likes, the comments — everything. If you enjoy these deep dives and dividend discussions, do keep coming back. I’ll be here every week, ready to break things down with you. 

Alright, back to the post.

DFI Retail Group – Slimmer, Richer… But Can It Deliver?

Now, here’s one dividend stock that most might have given up on – and for good reasons. But it’s had a quiet transformation after an extended period of being in the ‘silent’ room for investors, due to the massive shareholder value destruction – its share price dropped more than 50% over the past 5 years along with cuts in dividends — but the question is, can DFI Retail Group now make some noise?

The big trigger? DFI has offloaded its Cold Storage and Giant businesses in Singapore, after years of sluggish performance. I’ve never seen a Giant store with similar crowds in Sheng Siong and NTUC FairPrice. So perhaps a good move. And that’s on top of other moves — exiting from stakes in Robinsons Retail and its underperforming China subsidiary, Yong Hui. It’s now much more focused, with businesses it fully controls. And guess what? The group is now sitting on significant cash reserves.

The market’s getting excited for good reason – on a year-to-date basis, its share price has gone up by about 20%. Analysts have signaled a possible special dividend of 4 US cents per year — which could translate to a yield of close to 6-7% at current prices. For a consumer stock? That’s chunky. Throw in falling debt and lease liabilities, and you’ve got a more nimble balance sheet with lower interest costs eating into profits.

But here’s the catch — and it’s a big one: with so many businesses sold off, what’s left inside the DFI engine room? 

Well, three big pillars.

First, their 7‑Eleven franchise — which has over 3,000 convenience stores across Hong Kong, Macau, and Southern China. It’s steady, cash-generating, and a brand everyone knows.

Second, their health and beauty business — think Mannings in Hong Kong, and Guardian across Southeast Asia. This segment still has scale, especially in Malaysia and Indonesia, and benefits from repeat, essentials-based purchases.

Third, Hong Kong-based retail and home furnishings — this includes the Wellcome supermarket chain and IKEA stores in Hong Kong, Macau, Taiwan, and Indonesia. The operations are now more focused, and mostly within DFI’s control.

What’s left is a smaller, tighter, and much more Hong Kong-centric DFI. With the sale of Giant and Cold Storage, we’ve clearly hit a turning point. But whether this new, streamlined DFI can pull together enough scale and growth to lift the whole group? That’s still the big question.

For now, this is one to watch closely. The structure is in place. The cash is there. But the proof will be in the next few quarters.

CDL – A Trigger Wrapped in Baggage

Finally — City Development Limited or CDL. On paper, it looks like there’s a credible trigger. They just sold their 50.1% stake in the South Beach development for $834 million. It’s NTA accretive, lowers their gearing, and unlocks capital. The market should be cheering, right?

But here’s the catch — investors are not convinced. With the track record of CDL over the past decade, many investors need more proof of a solid path to recovery. What’s wrong with their track record? For one, buying up UK properties that still haven’t pulled their weight. Another? Sinking billions into Sincere Property in China, which they had to completely write off. And the third? Taking Millennium & Copthorne Hotels private right before COVID hit. Timing, unfortunately, hasn’t been CDL’s strong suit.

And now, just as they free up cash from South Beach, where are they hinting it might go?

Mortlake. Yes, the Stag Brewery redevelopment project in Southwest London — something they bought back in 2015, which has only now gotten planning approval. CDL says it’s reviewing its plans… but when it’s a massive development that will cost some GBP1.1 billion! For a company with high gearing, you know investors are holding their breath.

Sure, the South Beach deal could be a start to cleaning up the balance sheet. But if they take that cash and throw it back into another multi-year London project with high capex, uncertain returns, and a very different geopolitical environment, then what exactly have we unlocked?

Let me put it this way: CDL’s trigger is like finding a torch in the dark… and realizing the battery’s nearly flat. The market wants to believe, but past missteps still cast a long shadow. For CDL to re-rate meaningfully, it’s not just about asset sales — it’s about discipline, capital allocation, and actually reducing gearing.

The Dividend Uncle’s Take

So here’s how I see it. Among these four laggard dividend stocks, I’m personally more confident in ComfortDelGro and Genting Singapore as they look like they’ve got more credible turnaround triggers already underway. ComfortDelGro? Quietly grinding out results from the UK, with dividends supported by strong subsidiaries like SBS Transit and Vicom. And Genting has the big Q3 attractions lining up, a leadership transition that’s gone smoothly, and a huge cash pile. 

DFI and CDL, on the other hand, feel more like “watchlist” cases. DFI has cleaned up its house, but we’re still waiting to see if the smaller, Hong Kong-centric group can deliver real growth. CDL’s promise of cutting its massive debt might seem to be making some headway, but its promise might be detracted by the huge UK project – which comes with execution risks. 

But look — turnarounds are never clean or easy. There’s always a chance things go sideways. And that’s why, for me, any entry into these kinds of stories must come with a healthy margin of safety. If the price is right and the risk-reward makes sense, then I’m in. Otherwise? I’ll keep watching from the sidelines with my kopi in hand.

So what do you think — are these turnaround stories convincing enough for you? Or are you steering clear until the dust really settles?

Let me know in the comments which of these dividend stocks you’re eyeing… or avoiding. And if you’ve spotted your own hidden gems with solid triggers, don’t keep them to yourself — share them with the community!

If you found this video helpful or entertaining, give it a like — it really helps more investors find their way here. And if you haven’t subscribed yet, consider joining me on this steady income journey. Every week, I break down dividend stocks, REITs, and the occasional surprise pick — always with a kopi in hand and a skeptical eyebrow raised.

Till next time, keep calm, stay diversified… and may your dividends never get cut.