Kaching!
That’s the sound of dividends hitting your bank account.
Is there any better sound?
As we move into October, that’s the rewarding tune for investors anchored in Singapore’s blue-chip champions.
While others are navigating the noisy static of economic forecasts and market volatility, shareholders of these titans can focus on a much simpler melody: the steady, reliable rhythm of dividend season.
From the financial fortresses of Singapore’s sole bourse operator to property moguls and industrial conglomerates, these companies show that value isn’t about chasing hype, but in the beautiful, predictable sound of cash in your account.
Hongkong Land (SGX: H02): 15 October 2025
Hongkong Land is a premium property group with Grade A offices and luxury retail in Hong Kong Central, plus Singapore offices and development projects primarily in mainland China and Singapore, which the group is strategically winding down.
The property giant staged a strong recovery in the first half of 2025 (1H2025), swinging to an underlying profit of US$297 million from a US$7 million loss a year ago.
Stripping out non-cash provisions in China, underlying profit grew 11% year on year (YoY) to US$320 million, boosted by Singapore residential completions and significantly lower China provisions of US$23 million (compared to US$295 million in 1H2024).
However, its core office segment faced headwinds with operating profits down 12% YoY due to negative rental reversions in Hong Kong and ongoing LANDMARK renovations.
Free cash flow fell 27% to US$207 million as capital expenditure for renovations weighed on the results.
Despite this, the group’s balance sheet improved with net debt declining to US$4.9 billion from US$5.1 billion at end-2024, while cash remained stable at US$1.1 billion.
The board declared an interim dividend of US$0.06 per share, unchanged from the prior year, demonstrating confidence despite challenging conditions.
Looking ahead, management remains committed to its Strategic Vision 2035, targeting US$4 billion in capital recycling by 2027, with one-third already achieved.
The group’s flagship West Bund project in Shanghai, a 43% interest in a 1.8 million square metre mixed-use development, remains on track for a 2028 completion.
Jardine Matheson (SGX: J36): 15 October 2025
Jardine Matheson, the diversified Asia conglomerate with key holdings in Jardine Cycle & Carriage (SGX: C07), Hongkong Land, DFI Retail Group (SGX: D01), and Indonesia’s Astra International, delivered strong 1H2025 results.
While revenue dipped 1% YoY to US$17.1 billion on weak Indonesian auto sales, underlying profit attributable surged 45% to US$798 million. Excluding Hongkong Land’s 2024 impairments, the growth was 11% at constant currencies.
The profit jump was powered by standout performances from DFI Retail (up 39% YoY) and Jardine Pacific (30% YoY), plus an 11% gain from Hongkong Land’s Singapore residential completions.
These gains more than offset Astra’s 8% decline amid Indonesia’s softer market.
Parent free cash flow rose 6% YoY to US$585 million, providing comfortable 2x dividend cover.
The group’s financial position strengthened with net debt falling to US$9.7 billion as at 30 June 2025 from US$11.1 billion at end-2024, improving gearing to 11% from 14%.
Jardine Matheson maintained its interim dividend at US$0.60 per share, payable on 15 October 2025.
Management expects full-year 2025 results to be broadly in line with 2024, excluding prior-year impairments.
The Group remains well-positioned for mid- and long-term growth with strengthened leadership teams executing new strategies across its portfolio companies.
Lincoln Pan will succeed John Witt as CEO from 1 December 2025.
Singapore Exchange (SGX: S63): 27 October 2025
Singapore’s sole stock exchange operator posted record revenue of S$1.3 billion for the fiscal year ending 30 June 2025 (FY2025), up 11.7% year on year, with growth across all business segments.
Equities-Cash revenue surged 18.7% YoY to S$392.7 million, as daily average traded values rose 26.5% to S$1.34 billion.
The FICC division grew 8.6% to S$321.6 million in revenue, led by OTC foreign exchange revenue jumping 25% on 28% higher volumes.
Equities-Derivatives revenue climbed 13.8% to S$345.9 million, boosted by strong FTSE China A50 futures trading.
Net profit ]rose 8.4% to S$648.0 million compared to the year before despite lower investment gains.
More impressively, free cash flow surged 40.3% to S$773.6 million on improved operations and working capital management.
SGX maintained a robust financial position with cash and equivalents of S$1.1 billion, while debt stood at S$622.9 million as at 30 June 2025.
The company proposed a final quarterly dividend of S$0.105, bringing FY2025’s total to S$0.375 per share, up 8.7% from last year.
Looking forward, management is targeting a revenue growth of between 6% and 8% in the medium-term, driven by derivatives and OTC FX.
Underlining its confidence, SGX will raise dividends by S$0.0025 every quarter from FY2026 to FY2028, subject to earnings growth – a clear commitment to progressive returns.
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Disclosure: The Smart Investor owns shares of SGX.
