The Central Provident Fund (CPF) system in Singapore is highly effective in assisting with retirement savings. However, the interest rate for the CPF Ordinary Account (OA) is only 2.5%, which can be used for housing and education. Therefore, depositors may choose to invest their CPF OA funds through the CPF Investment Account (CPFIA) to achieve better returns that can hedge against inflation.

VICOM Ltd (SGX: WJP)

VICOM is a leading provider of inspection and technical testing services. The group offers comprehensive vehicle and non-vehicle inspection and testing services, covering areas such as mechanical, civil engineering, biochemical, and non-destructive testing.

VICOM reported stable earnings in 2023, with revenue growing by 3.3% year-on-year to SGD 111.9 million. Operating profit increased by 1.2% year-on-year to SGD 33 million, while net profit grew by 5.4% year-on-year to SGD 27.6 million. This testing and inspection expert maintains a clean balance sheet with SGD 55.1 million in cash and zero debt. The group also achieved positive free cash flow of SGD 18.9 million in 2023, up by 14.5% year-on-year. A final dividend of SGD 0.0275 was declared, bringing the total annual dividend to SGD 0.055. The dividend is lower than last year's SGD 0.0664 due to the anticipated establishment of a new testing and inspection center at Jalan Papan.

Haw Par Corporation Ltd (SGX: H02)

Haw Par is a diversified enterprise with four main segments: healthcare, leisure, real estate, and investments. Its healthcare segment includes the well-known Tiger Balm brand of ointments, creams, and analgesics.

With the full reopening of the economy and resumption of sporting events, Haw Par reported strong earnings in 2023. Revenue increased by 27.4% year-on-year to SGD 232.1 million, while gross profit grew by 37% year-on-year to SGD 134.9 million, and net profit rose by 46% year-on-year to SGD 216.6 million. Haw Par has approximately SGD 760 million in cash, cash equivalents, and investment securities on its balance sheet, with only SGD 27.8 million in debt. This healthcare company also achieved positive free cash flow of SGD 54.9 million in 2023. Haw Par increased its final dividend from SGD 0.15 to SGD 0.20, resulting in a total dividend of SGD 0.40 for 2023, a 33% increase from last year's SGD 0.30.

Boustead Singapore Limited (SGX: F9D)

Boustead Singapore Limited (BSL) is a diversified enterprise operating in four core areas: energy engineering, real estate, geospatial technology, and healthcare. The group reported strong earnings for the first half of the financial year 2024 ending September 30, 2023 (1H FY2024). Revenue increased by 49% year-on-year to SGD 367.9 million, while gross profit rose by 42% year-on-year to SGD 105.3 million. Net profit was SGD 26.9 million, up by 19% year-on-year, but including exceptional and one-off items. Excluding these items, core net profit increased by 89% year-on-year to SGD 25.8 million. The engineering company's balance sheet is very robust, with SGD 428.5 million in cash and investments and only SGD 43.4 million in debt. Boustead Singapore's free cash flow more than doubled year-on-year to SGD 97.4 million. The group also announced a mid-year dividend of SGD 0.015 per share, unchanged from a year ago.

United Overseas Bank Ltd (SGX: U11)

United Overseas Bank, or UOB, is the smallest of Singapore's three major banks.

Benefiting from higher interest rates, this blue-chip bank reported excellent earnings for 2023. Net interest income for 2023 increased by 16% year-on-year to SGD 9.7 billion, while operating profit grew by 24% year-on-year to SGD 8.2 billion. UOB's net profit reached SGD 5.7 billion, a 25% year-on-year increase. The bank's net interest margin also rose from 1.86% in 2022 to 2.09% in 2023. A final dividend of SGD 0.85 per share was announced, higher than the SGD 0.75 paid a year ago. In 2023, the bank's total dividend was SGD 1.70, a 26% increase from the SGD 1.35 paid a year ago.

Parkway Life Real Estate Investment Trust (SGX: C2PU)

Parkway Life Real Estate Investment Trust is a healthcare real estate investment trust with a portfolio of 63 properties including hospitals and nursing homes, located in Singapore (3), Japan (59), and Malaysia (1).

This healthcare real estate investment trust continued its outstanding record of consecutive growth in core Distribution Per Unit (DPU). Revenue for 2023 increased by 13.5% year-on-year to SGD 147.5 million, while net property income grew by 14.1% year-on-year to SGD 139.1 million. DPU increased by 2.7% year-on-year to SGD 0.1477, marking another increase for Parkway Life Real Estate Investment Trust. As of December 31, 2023, the trust's leverage ratio was only 35.6%, with borrowing costs at 1.27%. It is expected to establish strategic long-term partnerships with quality local operators to advance its strategy of acquiring more properties to increase its asset base and DPU.