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Hi there, fellow dividend investors! It’s been an exciting few months for the Singapore market.

The Straits Times Index or STI has rallied to new highs—not something we’ve been able to say often in the past few years. And what’s particularly encouraging is this: it’s not just the big banks or blue-chip names driving the performance.

Even smaller-cap stocks, many of which had been overlooked for years, have started to move meaningfully.

Some are up 30%, 50%, even more—fueled by improved fundamentals, better sentiment, and perhaps also support from recent efforts by the authorities to revive interest in our local stock market.

With the SGX’s Equity Market Development initiatives, more analyst coverage, better investor access… we’re starting to see signs that confidence is slowly returning—especially in dividend and income-generating stocks.

But in the midst of all this good news, I have a small confession to make. There were some dividend stocks I’ve been watching very closely. I know the businesses well. I’ve talked about them. I believed in them.

And yet… I missed the rally.

In today’s post, I want to walk you through each of these stocks, why I didn’t buy, and the very real lessons behind each miss. Because as much as we celebrate our wins in investing, it’s often the ones that got away that teach us the most.

Before we start, 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 shares discussed, but what works for me might not work for you.

Alright, let’s dive in.

Sheng Siong – The Case Of Being Too Greedy

Let’s begin with Sheng Siong—a household name and one I’ve spoken about several times on this channel. I’m quite sure my AI voice can’t pronounce it properly, but we all know this household name!

It’s a business that’s steady, defensive, and familiar to many Singaporeans. So when its share price climbed to over $1.80 earlier this year, I wasn’t surprised. But I also hesitated. I mentioned to some viewers that I was hoping to enter around $1.60, a more reasonable price in my view. The price didn’t quite drop to that level… and instead, it’s now trading well above $2.10.

Looking back, the fundamentals were strong—and they’ve only improved further.

In its latest 1HFY2025 results, Sheng Siong reported a net profit of $72 million, up 3.4% year-on-year. Their revenue was $765 million, a solid 7.1% increase. And gross profit up 9.6%, with margins improving to 30.8%

What supported this growth?

Eleven new stores opened since 2024, improved sales mix, and strong cost management—even with higher operating expenses from expanded staff and better bonuses tied to performance.

They also declared an interim dividend of 3.2 cents per share, and their cash pile remains very healthy—$367 million in cash and equivalents as at end-June 2025.

What stands out to me is how the company is not standing still. They’re prioritising automation, productivity gains, and supply chain diversification. They’re also bidding for new store locations—especially in areas where their footprint is still limited.

Yet… despite all this, I didn’t buy in.

And the reason was simple: I was trying to be “clever” with price. I wanted to wait for a slight pullback. A better yield. A margin of safety.

But for steady compounders like Sheng Siong, those ideal prices may never come.

And so this became a lesson in being too greedy. I knew the business was strong, and I had conviction in its long-term stability. But I let price perfection get in the way of participation.

Centurion – The Case Of Hesitation

Next up is Centurion Corporation—and this one really got away from me.

I’ve been following Centurion for some time now. They operate purpose-built worker dormitories and student housing—both very steady, cash-generating businesses with clear structural demand, especially in a place like Singapore where infrastructure and foreign worker needs remain high.

And yet, despite keeping a close watch, I didn’t buy.

When they first hinted at their plans for a REIT listing, I paused. At that time, the overall sentiment for REITs was still weak, and I wasn’t sure whether the listing would really happen. So I decided to wait and see, fearing it could just be speculation.

Well, since the start of 2025, Centurion’s share price has climbed over 80%, and the REIT plans have become a lot more concrete.

In July, the company confirmed that the new REIT will be called Centurion Accommodation REIT, or C.A. REIT. The portfolio will include 14 properties at launch—comprising five worker accommodation assets here in Singapore, eight student housing properties across the UK, and one student housing asset in Australia.

There’s also another property—Epiisod Macquarie Park in Sydney—which will be added to the REIT only after its completion in early 2026. This marks Centurion’s entry into more premium student housing, targeting international students seeking better living standards.

The total agreed property value of the initial portfolio is about $1.84 billion, and this will rise to over $2.1 billion once the Sydney property is included. These valuations are still subject to some final adjustments, but the scale of the REIT is already quite meaningful.

And what I find especially important is that Centurion will remain involved. They’re not exiting these assets entirely. They’ll hold a significant stake in the new REIT, which means existing shareholders still benefit from recurring income and any future asset injections.

The company also expects to report a significant increase in profits for the first half of 2025, thanks to fair value gains on its investment properties. And once the REIT is listed and the special dividend in specie is distributed, Centurion’s net leverage ratio is expected to fall meaningfully, giving them additional balance sheet flexibility for growth.

Looking back, this wasn’t a speculative bet. It was a smart, structural move to unlock value. The assets were already performing well. Demand for beds—both for workers and students—was strong. And the listing offered a clear catalyst.

But I didn’t act. Not because I didn’t like the business, but because I didn’t have enough conviction that the timing was right.

This was a good reminder that in investing, sometimes the opportunity is clearest not when sentiment is perfect—but when fundamentals are quietly improving beneath the surface.

Before we move on, if you’re finding these real stories useful, do me a favour—click the like button! It tells me that you will laugh along with this Uncle, as I share my victories, as well as my mistakes, as we travel on this investing journey together! And if you’ve missed any stocks lately, leave a comment below—I want to know I’m not the only one!

Alright, let’s jump back in. 

Old Chang Kee – The Case Of Endless Waiting

The last one I missed is Old Chang Kee.

This one, I’ve been watching for what feels like forever. It’s a homegrown favourite—steady business, strong branding, and a part of daily life for many of us here in Singapore.

In fact, it’s so familiar that sometimes I forget it’s a listed company.

I used to buy one curry puff for myself whenever I walked past a stall. Then, after I got married, it became two—one for me, one for my wife. And now, with two growing kids? I buy four. That’s real-life revenue growth, right there.

But in terms of the stock, I kept hesitating.

The share price hovered around $0.70 for a long time, and I kept telling myself—maybe I’ll wait for a downturn. Maybe I’ll enter at below $0.60 to get a better yield.

Well, that opportunity never came. Since the start of this year, Old Chang Kee’s share price has quietly surged to over $1.10—a nearly 50% gain.

And when you look at the numbers, it’s not hard to see why.

For FY2025, revenue crossed the $100 million mark for the first time. Net profit rose 17.4% year-on-year to $11.3 million, and profit margins also improved—from 9.6% to 11.1%. The company declared a dividend of 2 cents per share, and it remains in a strong net cash position—with over $50 million in cash and hardly any debt.

Old Chang Kee has also been included in Forbes Asia’s “Best Under A Billion” list—a nod to its consistent earnings performance and resilience.

And despite its humble image, the company continues to explore growth. It’s diversifying into B2B sales, expanding its factory capabilities, and scouting for acquisition opportunities. All of this is backed by a healthy war chest and solid cash flows.

Yet I missed it—not because I thought the business was weak, but because I just waited too long.

I was hoping for a better entry price, a pullback, a more attractive yield.

But as the business kept quietly delivering year after year, the share price eventually caught up.

This was a lesson in how even slow-moving, small-cap names can reward long-term shareholders—if you don’t wait forever at the sidelines.

The Dividend Uncle’s Take

Each of these stories—Sheng Siong, Centurion, and Old Chang Kee—was different. But the result was the same: I missed them before their giant rallies.

Sheng Siong reminded me that being too focused on getting the “perfect” price can sometimes mean you never get in at all. Centurion taught me that hesitation, even after doing the homework, can still cost you. And Old Chang Kee was a quiet lesson in the risks of waiting endlessly for a pullback that never comes.

But I’m not embarrassed to share these misses. In fact, I think it’s important to talk about them. Because investing isn’t just about getting everything right—it’s about learning, adapting, and staying grounded. If sharing my experience helps you avoid the same mistake, then it’s worth putting it out there. And to be honest, it’s also a reminder to myself: next time I see a good business, don’t sit on the fence for too long.

At the same time, I’m reminding myself that missing a stock doesn’t mean you’ve missed it forever. Markets move in cycles. Valuations change. Businesses evolve. If a company remains fundamentally strong—sound management, consistent earnings, a clear competitive edge—there may very well be another chance down the road. That’s why it’s important to keep watching, stay curious, and keep these companies on the radar even after a missed opportunity.

In long-term investing, it’s not about catching every rally. It’s about staying prepared—so that when the next window opens, you can step in with confidence.

Alright, that’s all for today folks! If this post resonated with you, I’d really appreciate a thumbs up. It supports the channel and helps more long-term investors find this content.

Remember, there’s always a value stock somewhere! Until next time, happy investing.