HRnetGroup (SGX: CHZ)
HRnetGroup recruits and staffs across Asian cities through brands including HRnetOne, PeopleSearch and RecruitFirst. Flexible Staffing supplies contract and temporary workers and brought in 89.7% of 2025’s revenue. Professional Recruitment handles permanent placements and executive search. The segment contributed 9.6% of revenue and 45.2% of gross profit....One of the most enduring stories out of the World Cup this year is that of Cape Verde – an island nation of just 500,000 people that punched far above its weight on the global stage.
In the market, we see similar stories: size isn’t everything.
Steady passive income does not come from a headline dividend; it comes from what stands behind it.
A payout can hold for years on borrowed money or a shrinking cash pile.
It can also be paid out of free cash flow, backed by cash on its balance sheet.
Only the latter keeps paying.
Three Singapore companies outside the Straits Times Index (SGX: ^STI) are worth examining on this understanding.
