In times of volatility, the stability and consistency of dividend payments bring great comfort to investors. Being paid to wait helps investors to resist the urge to sell quality companies during a downturn.
The best dividend stocks pay their shareholders, year after year, regardless of market cycle.
Today, we shine the spotlight on three Singapore blue-chips – Singapore Exchange (SGX), CapitaLand Integrated Commercial Trust (CICT), and DBS Group Holdings (DBS).
All of which have provided consistent dividend payout to investors for more than a decade.
SGX: Monopoly that Gushes Cash
Singapore Exchange Limited (SGX: S68), or SGX, is the only approved and regulated financial exchange in Singapore.
The bourse operator stands out with its stable, recurring income from securities and derivatives trading.
Given that SGX’s business model revolves around fees earned from transaction volumes of these financial securities, that should be consistent across market cycles.
This makes the stock a reliable dividend payer.
The company has paid a consistent yearly dividend, with the annual dividend per share increasing 33.9% from S$0.28 for the fiscal year ending 30 June 2016 (FY2016) to S$0.375 in FY2025.
Over the same period, its dividend payout ratio averaged at around 75% — though this ratio declined to a low-60% range since FY2023.
SGX had an average dividend yield of 3.45%, with a current estimated yield of 2.1%.
The company’s strong dividend-paying history is supported by steady revenue growth at a compound annual growth rate (CAGR) of 5.9% over the past decade to S$1.37 billion for FY2025.
Net profit compounded even faster at a CAGR of 7.1%.
Impressively, both revenue and profit have been steadily rising over the years, without recording wild swings in either direction.
This characteristic has allowed SGX to grow its dividend per share at a CAGR of 3.3% over the last 10 years.
The main takeaway for SGX is that it has a monopoly position and strong cash flows support sustainable, steady dividends.
CapitaLand Integrated Commercial Trust: Singapore’s Largest and Safest REIT
CapitaLand Integrated Commercial Trust (SGX: C38U), or CICT, is Singapore’s largest real estate investment trust (REIT).
The REIT was formed in a merger between CapitaLand Mall Trust and CapitaLand Commercial Trust in November 2020.
CICT’s diversified portfolio across prime retail and commercial properties delivers resilient income even during periods of market stress.
This characteristic can be seen from its consistent annual distribution payment even through the pandemic.
The REIT’s DPU hit a low of S$0.0869 per share in 2020, but has since increased steadily.
For 2024, CICT declared a DPU of S$0.1088.
That said, the REIT still has work to do as its 2024 DPU still trails its peak DPU recorded in 2019 of S$0.1197.
As of the first half of 2025 (1H2025), the trust has an overall occupancy rate of 96.3% across its portfolio.
During this period, CICT recorded positive rental reversion for its retail portfolio (up 7.7% since last year) and its office portfolio (increasing 4.8% since last year).
The REIT’s balance sheet sports an aggregate leverage of 37.9% and an average cost of debt of 3.4%.
For 1H2025, DPU increased 3.5% YoY to S$0.0562; the trust has an approximate annualised yield of 4.8% at its current price.
CICT’s consistent distribution payout over the years is underpinned by high occupancy across its portfolio of prime assets.
It also has strong support from its sponsor, CapitaLand Investments (SGX: 9CI).
DBS Group Holdings: Singapore’s Largest Local Bank
DBS Group Holdings Limited (SGX: D05) or DBS, is Singapore’s largest local bank with a strong track record of growing dividend payments backed by increasing profits and robust capital ratios.
During the pandemic, DBS was called on by MAS to reduce its dividends.
Since then, its dividend has skyrocketed, hitting record levels today.
The ordinary dividend per share has soared by 311% from S$0.54 per share in 2016 to S$2.22 per share in 2024.
Excluding a one-time decline in dividend payment during the pandemic, DBS has consistently increased its annual dividend per share.
DBS has a healthy dividend payout ratio of 59.4% for the last 12-months (LTM) period.
The local bank’s strong dividend record is underpinned by its robust profitability.
Over the past decade between 2016 and LTM, net profit grew at a CAGR of 13.9% to S$11.3 billion for the LTM.
Except for the COVID-induced decline, net profit has always increased annually.
The bank’s return on equity (ROE), which represents how effectively a company uses shareholder investments to generate net profit, is at an astounding 16.8% for the LTM – better than its peers in the industry.
ROE has exploded since the pandemic, increasing from 9.5% in 2020 to 17.2% in 2024, highlighting how DBS has become more efficient in generating greater net profits using shareholders’ equity.
The bank’s CET1 (Common Equity Tier 1) capital ratio, being the core capital buffer banks have against potential losses, is 15.1% as of June 2025.
This is significantly higher than the regulatory requirement of 9%.
This excess capital allows the bank to sustain steady dividends even during market downturns.
DBS combines consistent income with long-term growth, making it one of Singapore’s most dependable dividend stocks.
What This Means for Investors: Consistent Dividends Highlight Strong Businesses
Consistent dividend payout, even during times of crisis, is a hallmark of excellent businesses. It also showcases the durability of cash flows and a commitment to shareholder value.
SGX, CICT, and DBS demonstrate that high quality and consistent dividend payments are closely related.
Such businesses can anchor a dividend portfolio through market cycles.
Conclusion – Get Smart: Consistency Builds Confidence
These three blue-chips prove that consistent dividend payments are a result of having solid fundamentals.
Instead of simply chasing high yield, smart investors should focus on high-quality businesses that have a long track record of paying solid dividends.
The world’s gotten unpredictable, but some Singapore companies have quietly kept thriving. You’ve probably seen them in your daily life. And yes, they’ve kept paying dividends through it all. Meet 5 resilient stocks built to navigate global storms. Get the free report here and see how they’ve done it.
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Disclosure: Wesley does not own shares in any of the companies mentioned.
