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Singapore’s phone companies rallied, with M1 and StarHub rising to all-time highs, as investors turn to these stocks on their outlook for cash flows and dividend yields.

M1, the smallest of the three mobile-phone carriers in the city-state, jumped 3.7% to $3.33 as of 3:02 p.m. in Singapore, and StarHub, the second-biggest, climbed 1.9% to $4.73. Singapore Telecommunications, Southeast Asia’s biggest phone company, added 2.1% to $3.92, poised for the highest close since April 2008.

“We like the telecommunications companies because they offer attractive dividend yields of above 4%,” said Ken Ang, an analyst at Singapore-based brokerage Phillip Securities Pte. “That’s higher compared to the average dividend yield of the Straits Times Index. The stable cashflows of the telcos should support higher dividends.”

M1 offers the highest dividend yield of 4.3% for the next 12 months, followed by StarHub at 4.2% and SingTel at 4%, according to data compiled by Bloomberg. Shares on the Straits Times Index offer a dividend yield of 2.9%, the data show.

StarHub and SingTel may post declines in quarterly earnings next week, according to analyst estimates compiled by Bloomberg. M1 reported a 1.7% increase in first-quarter profit on April 16.