I had come across Goldpac some time ago, but didn't really follow up on it.
Goldpac certainly has strong financials, but being in the credit cards chip industry, my fear is it is in a sunset industry. In the near future, I think moblie payment apps may be more prevalent than credit cards around the world, just like in China ( E.g. just for ref :
https://www.businessinsider.sg/alipay-we...?r=US&IR=T).
Notwithstanding the company's plans to foray into fintech, Goldpac's share price and revenue/profit seems flat during last few years(ref :
www.aatocks.com). For credit cards issuance, I think the developed countries and China more or less should have peaked. For developing countries, I think their population is more into smart phone payment apps.
From my experience in HK stocks, we need to factor in exchange rate(i.e. HKD to SGD) which may fluctuate by 10% - 20%, transaction costs, dividend taxes, custody costs, etc. If the share price declines from the entry price, it may not be profitable just investing purely based on dividend yield(and provided the company does not cut its dividend for investment purposes).
I must profess I do not know the stock well, I am just sharing general thoughts so if anyone has analysis on the company, please share.