With February 2026 on the horizon, income-focused investors are sizing up a varied landscape among these three dividend-paying entities.

One enterprise distinguishes itself through dividend assurance, boasting a balance sheet completely free of debt.

A second maintains its stability even while undertaking substantial capital expenditures.

The third has opted to increase its shareholder payout despite experiencing a dip in profitability.

Here is the essential analysis for dividend investors regarding the durability of these forthcoming distributions.

Kimly – The Dividend Standout

Kimly Limited operates as a leading coffee shop chain in Singapore, overseeing a vast portfolio that includes 86 food outlets, 176 stalls, and a number of restaurants.

For the fiscal year concluded on 30 September 2025 (FY2025), the group posted revenue of S$322.1 million, marking a slight 0.9% year-on-year increase, while net profit held steady at S$33.3 million.

This consistent performance was supported by enhanced gross profit margins, which effectively counterbalanced increased finance costs linked to the renewal of leases.

The true narrative, however, is found within the balance sheet.

As of 30 September 2025, Kimly reported cash reserves of S$68.1 million, starkly contrasting with a minimal debt of just S$5.0 million, following the full repayment of four bank loans within the year.

This robust net cash position exceeding S$63 million affords management significant leeway to sustain—and potentially augment—dividend payments.

Although free cash flow declined to S$55.3 million in FY2025, this was chiefly attributable to a strategic S$30.0 million investment in property acquisitions located in Serangoon Central and Yishun Ring Road.

These strategic purchases are intended to solidify the group's long-term foothold in key neighborhood centers.

Shareholders can anticipate a final dividend of S$0.010 per share, culminating in a total annual distribution of S$0.020.

Based on a share price hovering near S$0.43, this equates to a trailing dividend yield of roughly 4.7%.

The dividend's sustainability is deemed high, as present cash flows and a nearly debt-free status offer strong coverage and a considerable cushion against sector-specific challenges, such as escalating labor expenses.

Management's commitment to investing in property while simultaneously upholding dividend payments underscores a confident outlook on the business's future.

Fraser & Neave – Steady Hand Despite Heavy Investment

Fraser and Neave, commonly known as F&N, is a well-established Southeast Asian consumer conglomerate with leading positions in the beverages, dairy, and publishing industries.

During FY2025, the group saw its revenue climb 7.4% year-on-year to S$2.32 billion, driven by robust canned milk sales and an expanding beverage lineup.

However, attributable profit fell by 6.4% to S$141.3 million, largely due to one-time restructuring expenses and goodwill impairments, whereas core profits showed little change.

A critical metric for dividend investors is free cash flow, which plummeted to S$7.3 million from S$110.2 million the previous year, as capital expenditure surged to S$223.9 million.

These funds are being channeled into long-term growth initiatives, including the development of an integrated dairy farm in Malaysia and a new manufacturing facility in Cambodia.

While the balance sheet remains sufficient with S$363.5 million in cash, the group carries total borrowings of S$1.09 billion—a manageable yet less comfortable position compared to Kimly's.

Notwithstanding the cash flow pressure, F&N held its total annual dividend steady at S$0.055 per share, providing a trailing yield of about 3.4% at a share price of S$1.60.

The ex-dividend date is set for 30 January 2026.

The outlook on dividend sustainability is cautious; while the maintained payout reflects management's confidence, its long-term viability hinges on these major capital projects generating enhanced returns as they ramp up operations in 2026.

Thai Beverage – Cash Flow Trumps Profits

Thai Beverage, Southeast Asia's premier beverage corporation, oversees a diverse array of businesses spanning spirits, beer, food, and non-alcoholic drinks, and holds controlling stakes in Vietnam's SABECO and a 69.65% interest in Fraser and Neave, Limited.

In FY2025, the group recorded a 2% decrease in revenue to THB 333.3 billion and a 7% fall in net profit to THB 25.4 billion.

This weakness was primarily fueled by a 14% revenue contraction in the Vietnamese beer market and a strategic share exchange that diminished contributions from its stake in Frasers Property Limited.

Yet, in a counterintuitive move, Thai Beverage elevated its dividend in the face of declining profits.

Free cash flow surged by 13% year-on-year to THB 32.4 billion.

Efficient working capital management propelled operating cash flow upward by 21% year-on-year to THB 46.0 billion, serving as a crucial reminder that dividends are funded by cash, not accounting earnings.

As of 30 September 2025, Thai Beverage held THB 43.8 billion in cash against total debt of THB 227.5 billion—presenting the least favorable balance sheet ratio among the three companies discussed.

Thai Beverage announced a total dividend of THB 0.62 per share for FY2025, up from THB 0.60 the previous year.

Following an interim payment, a final dividend of THB 0.47 per share has been declared, with an ex-dividend date of 5 February 2026 and payment scheduled for 27 February 2026.

At the current share price of approximately S$0.48, the company offers a trailing dividend yield of about 5.2%.

The assessment of Thai Beverage's dividend sustainability is guardedly optimistic, as the THB 32.4 billion in free cash flow comfortably covers the current distribution.

While the 13% improvement in cash generation is a positive indicator of operational efficiency, the company's substantial debt load warrants continuous investor vigilance.

Ultimately, the dividend's long-term security will rely on management's success in reversing recent revenue declines through consistent operational enhancements in the year ahead.