This week, we are looking at mid-cap Singapore players that are delivering high dividend yields and also high potential upsides.

The Singapore market has been rolling in the past few months.

So, we are looking for dividend plays with also some risk-ons that could deliver decent capital gains.

Before we proceed, we have some interesting content this week that might change how you think about your portfolio!

Apple $AAPL ( ▲ 1.75% ) : Apple finally caved and flipped. It launched the iPhone Duo, which is a flip phone, starting at a price of $1,999. Other than that, it also announced the pricing for its iPhone 18 Pro and Max, starting at $1,199 and $1,299 respectively [Read More]

Oracle $ORCL ( ▼ 1.74% ) : Oracle still has momentum as a SaaS stock with AI potential. Its latest financial results beat on the top and bottom lines. Revenue is up by 30%, while profits grew by 60%. Yes, the company is hyping up its AI investments. [Read More]

Macy’s $M ( ▲ 7.71% ) : It sounds like every retailer is having a turnaround. Macy’s one is going on too. Latest financial results showed that its revenue is up slightly, but profits doubled. It got a total of $116 million in tariff refunds, which helped boost its bottom line. [Read More]

Qualcomm $QCOM ( ▲ 2.88% ) : Another circular deal incoming. Amazon could buy up to $60 billion of Qualcomm’s AI data centre chips and related products under a long-term deal. Meanwhile, Qualcomm will grant warrants worth about $4 billion that will allow Amazon to buy Qualcomm shares at $161 per share. [Read More]

GE Aerospace $GE ( ▼ 0.15% ) : GE Aerospace is spending big. It is planning to acquire Consolidated Precision Products for $11.75 billion to increase capacity for casings to fulfil demand for commercial engines, aftermarket activity and defense programs [Read More]

Enflame $TENCENT ( 0.0% ) : Tencent-backed Enflame, a chipmaker based in China, had a strong first day of listing on the Shanghai market. Share price was up by 179% as investors think of Enflame as one of the ‘four little dragons’ of leading Chinese AI chipmakers. [Read More]

TSMC $TSMX ( ▼ 3.69% ) : TSMC reported its August sales results, and it was encouraging. Sales were up by 53.3% as the company says it cannot catch up with the overwhelming demand from global AI infrastructure investments. [Read More]

Grab: Grab is planning to buy a majority stake in Singapore-based buy-now-pay-later platform Atome Financial. This values the company at more than $2 billion. Grab is looking to grow both organically and through acquisitions. [Read More]

Thakral: Thakral Corporation has plans to spin off a lifestyle business group on the mainboard of Singapore Exchange. The company now has three different segments - real estate, drones and SaaS, and marketing and retail of leading premium and prestige brands. [Read More]

AirTrunk: The Blackstone-backed data centre operator and REIT, AirTrunk, is looking to borrow about $2 billion from Singapore and Japanese markets. Previously, AirTrunk has expressed its desire to list a REIT on the Singapore markets, and is close to filing for an IPO. [Read More]

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Thai Beverage produces and distributes alcoholic and non-alcoholic beverages and food products mainly in Southeast Asia.

👆️ Dividend Play: ThaiBev is currently generating a 5.4% dividend yield, higher than the industry average of about 4.0%. And it is forecasted to rise to 5.8% in the next 3 years.

What we like about this dividend yield is that it did so by paying out 50% to 60% of its earnings in dividends. At this point, we do think that its dividend is ‘cheap’ to purchase. Its PER has declined to about 11.9 times in 2026 from a peak of about 19 times in 2020.

💪 Investment Case: The investment case for Thai Bev is important here to justify why its dividend yield is cheap to purchase. It needs some catalysts that will show that earnings and revenue could improve in the next few years.

In its 9-month results from Sep 2025 to June 2026, revenue actually declined slightly by 1.8%, due to lower sales of beer and non-alcoholic beverages. This seems to coincide with the cost-of-living concerns in the region as fuel prices rose due to the conflict in the Middle East.

However, Thai Bev is working instead on making its operations leaner as it faces a tough consumer sentiment environment. EBITDA improved by 7.2%, driven by higher EBITDA improvements in beer (+10.4%) and spirits (+6.6%) segments.

Thai Bev is just waiting for the overall consumer sentiment environment to improve so that its operational efficiencies can yield better margins in the future.

❓  Market Analysts: Average target price at SG$0.51 with an implied upside of +15.8%.

Mapletree Pan Asia Commercial Trust (MPACT) is a REIT that invests and manages commercial properties such as retail and offices in Singapore, Hong Kong, China, Japan and South Korea.

👆️ Dividend Play: Dividend yield is currently at 6.6%, higher than the industry average of 5.7%. It is projected to rise to about 6.9% over the next 3 years.

Dividend payout ratio is quite high at 74%, while PER is at 25 times, which is a bit on the expensive side to buy. However, its potential catalysts could make this a dividend play with some upside on share price.

💪 Investment Case: First things first, the occupancy rate for MPACT seems quite low at about 84% as of July 2026. This was a significant decline from 89% in March 2026. Its Japan properties had the highest decline, from 75.1% to 56%.

Other than that, its other core assets in Singapore (58% of revenue) still have strong occupancy rates above 90%. Revenue has declined by 5.6% in 1Q of FY26/27 as its overseas contribution dragged its results down.

For now, its Singapore case remains strong, but its overseas portfolio is a question mark. Catalysts for share price increase would have to come from an improvement in its overseas portfolio.

❓  Market Analysts: Average target price of SG$1.50 with an implied upside of +24.9%.

CapitaLand Ascendas REIT is a REIT that invests in and manages business space and life sciences, logistics, industrial and data centre properties.

👆️ Dividend Play: CapitaLand Ascendas REIT generates a 6.4% dividend yield, slightly lower than the industry average of 6.7%. It is projected to rise to 6.9% over the next three years.

PER is at 24.3 times, which is a bit steep in terms of valuation, but it does show that investors expect some catalysts for its share price upside.

💪 Investment Case: 1H 2026 results were steady. Revenue is up by 6.7%, while distribution per unit remained steady. Total income available for distribution was up by 8.6%.

1H 2026 saw the company complete nine property acquisitions in the US, Europe, Singapore and Japan that were accretive to its DPU. This will provide higher support for revenue in 2H 2026 and from 2027 onwards.

Its enlarged portfolio base should provide visibility to its future earnings

❓  Market Analysts: Average target price of SG$3.06 with implied upside of +30.8%.