For many income investors in Singapore, dividend investing often starts with familiar names — local banks, REITs and telecommunications companies.
These companies have long been the backbone of dividend portfolios. They are well-known, relatively stable, and often seen as reliable sources of income.
But relying too heavily on a single market can also raise an important question: could investors be overlooking opportunities elsewhere in Southeast Asia?
In the latest episode of the DollarsAndSense Podcast, we explore how ASEAN markets may offer exposure to both dividend income and long-term growth.
Why Investors May Want To Look Beyond Singapore
Singapore is widely regarded as a stable and mature market. Many investors are naturally comfortable investing in companies they know well.
However, as Paul Ho, Group Head of Asia ex-Japan Equities, Head of Investment Technology at UOB Asset Management, points out in the podcast, familiarity can sometimes come at the expense of diversification.
While Singapore stocks have performed well in recent years, market leadership can shift over time.
“Diversification is very important,” he says. “Don’t put all your eggs in one basket. The Singapore market has done well, but there have also been periods where it was relatively stagnant.”
Looking beyond Singapore could allow investors to access other economies that may still be in earlier stages of growth.
ASEAN’s Demographic Advantage
One reason ASEAN continues to attract investor interest is demographics.
Unlike Singapore, which has a relatively mature economy and ageing population, several ASEAN markets are supported by younger populations and expanding middle classes.
These demographic trends can translate into stronger consumption and economic growth over time.
In fact, some global investors see ASEAN today as resembling the growth stage that larger emerging markets experienced decades ago.
For investors, this raises an interesting possibility: participating in both income generation and long-term growth at the same time.
Accessing ASEAN Dividend Opportunities Through A Single ETF
For many retail investors, investing across ASEAN markets individually may not always be straightforward.
Buying stocks across multiple exchanges can involve different trading rules, currencies and company disclosures.
In the podcast, the discussion centred around one way investors may gain exposure to dividend-paying companies across the region: the UOBAM Ping An FTSE ASEAN Dividend Index ETF.
The ETF tracks the FTSE ASEAN ex-REITs Target Dividend Index, which focuses on companies across ASEAN that have demonstrated relatively consistent and sustainable dividend payouts.
The index includes large and mid-cap companies from five ASEAN markets — Singapore, Indonesia, Malaysia, Thailand and the Philippines.
Among the companies represented are familiar regional names such as DBS, Bank Mandiri, Maybank, Singtel and Thailand’s PTT.
Currently, Singapore accounts for around 31% of the index weighting, followed by Indonesia, Thailand, Malaysia and the Philippines.
For investors who already hold Singapore dividend stocks, this could provide a way to add regional diversification through a single investment vehicle.
Income And Growth Do Not Have To Be Mutually Exclusive
Many investors tend to think of income and growth investing as two separate strategies.
Dividend stocks are often associated with stability and regular payouts, while growth investing is typically linked to younger companies or faster-growing markets.
However, as Miko Huang, Senior Manager in Equity Index Product Management at FTSE Russell, explains in the podcast, ASEAN markets can potentially offer both.
“ASEAN is often known for its growth story,” she says. “But at the same time, many companies in the region also have a strong culture of paying dividends.”
This means investors may not necessarily have to choose between the two.
Why Diversification Still Matters
Even for investors who are comfortable with dividend investing, relying solely on one market may introduce concentration risks.
Different markets move through economic cycles at different times.
While Singapore has performed well in recent years, other ASEAN markets may present opportunities at different points in the cycle.
As Paul notes in the episode, the goal is not necessarily to replace Singapore holdings — but to complement them.
“It’s difficult to predict which market will perform best in the future,” he says. “But diversification allows investors to balance their portfolios across different opportunities.”
For many investors, dividend investing naturally begins with companies closer to home.
But as the podcast discussion highlights, concentrating too heavily on a single market may mean overlooking opportunities elsewhere in the region.
ASEAN markets may offer a combination of demographic growth, expanding economies and dividend-paying companies, potentially giving investors exposure to both income and long-term growth.
To hear the full discussion with Paul Ho from UOB Asset Management and Miko Huang from FTSE Russell, watch the latest episode of the DollarsAndSense Podcast on YouTube and Facebook, or listen on Spotify.
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