A 21% profit drop, a dip in distribution per unit (DPU), and a massive 38% dividend surge.
On the surface, these three Singapore stocks seem to be heading in completely different directions.
But look closer, and each one is rewarding disciplined investors who can see past the immediate headlines.
Here are three SGX-listed names sending cash back to shareholders in April 2026.
IHH Healthcare (SGX: Q0F)
Most Singaporeans know IHH Healthcare through its household brands like Mount Elizabeth, Gleneagles, and Parkway. Beyond our shores, the group operates a massive network spanning Malaysia, India, and Türkiye, making it one of the world’s largest integrated healthcare providers.
For the financial year ended 31 December 2025 (FY2025), IHH’s revenue rose 6% year on year (YoY) to S$7.8 billion.
This growth was driven by a mix of price adjustments and a busier patient load at its hospitals, including new contributions from Island Hospital in Penang and Bayindir Healthcare in Türkiye.
Net profit, however, fell 21% YoY to S$639 million, weighed down by higher tax charges tied to regulatory changes in Türkiye.
Strip out the noise, and the picture improves — core net profit rose 8% to S$553 million.
The real highlight for income seekers is the cash flow.
Free cash flow nearly doubled to S$577 million, providing a very comfortable cushion for IHH’s total FY2025 dividend of RM 0.105 – a 5% increase from the RM 0.100 paid a year ago.
Investors can look forward to the final dividend of RM 0.055 being paid on 30 April 2026.
Looking ahead, the group is set to benefit from more hospital beds becoming available, including the full reopening of Mount Elizabeth Orchard Hospital following its three-year upgrading programme.
While wage inflation remains a challenge, IHH’s ability to generate cash suggests it is well-positioned to keep rewarding shareholders.
CapitaLand Ascendas REIT (SGX: A17U)
As Singapore’s largest listed industrial REIT, CapitaLand Ascendas REIT (CLAR) is a powerhouse in the local landscape, managing a massive S$18.2 billion portfolio of 222 properties across Singapore, the US, Australia, and Europe.
For FY2025, the REIT’s “engine” was running hot.
Gross revenue rose 1.0% YoY to S$1.5 billion, with net property income (NPI) climbing 1.7% to S$1.1 billion and distributable income advancing 1.4% to S$678.3 million.
Yet DPU slipped 1.3% to S$0.15005, dragged down by an enlarged unit base following a S$500 million equity fundraising in June 2025 and unit issuances for management fees.
In short, the underlying business is growing – it’s simply the short-term dilution masking that progress.
The real bright spot for investors is the demand for CLAR’s spaces.
Rental revisions – the increase in rent when leases are renewed – averaged a healthy 12.0% for the full year, even accelerating to nearly 20% in the fourth quarter.
The manager remains optimistic, expecting mid-single-digit rental growth to continue into FY2026.
Beyond just collecting rent, CLAR has been active in “recycling” its portfolio.
It completed S$1.5 billion of acquisitions at initial NPI yields of approximately 6% to 7+%, while divesting nine properties for S$506.5 million at around 9% above market valuation.
With a healthy leverage ratio of 39.0% and a borrowing cost of 3.5%, CLAR remains on solid footing.
At a unit price of S$2.54, the REIT offers a trailing distribution yield of approximately 5.9%, making it a sturdy contender for income seekers this April.
DBS Group (SGX: D05)
DBS Group is Singapore’s largest bank and among Asia’s most decorated financial institutions.
With its wealth management arm alone overseeing a staggering S$488 billion in assets, the bank’s scale is truly in a league of its own.
The bank’s performance for FY2025 was nothing short of historic.
Total income hit a record S$22.9 billion, driven by a 29% surge in wealth management fees and a nearly 50% jump in trading income.
Even as interest rate margins began to tighten, the bank managed to grow its net interest income to S$14.5 billion despite a 12-basis-point compression in net interest margin to 2.01%, cushioned by proactive balance sheet hedging and record deposit growth.
Reported net profit dipped 3% to S$10.9 billion – but only because of the new 15% global minimum tax.
Profitability remained robust, with return on equity at 16.2% and the cost-to-income ratio holding steady at 40%.
The headline news for investors, however, is the massive 38% jump in total dividends.
DBS declared total dividends of S$3.06 per share, which included S$2.46 in ordinary dividends and S$0.60 in capital return dividends.
At a share price of S$57.08, that translates to a trailing dividend yield of roughly 5.4%.
Get Smart: The Dividend is in the Details
All three of these companies serve as a timely reminder that headline numbers rarely tell the whole story.
While IHH Healthcare saw its reported profit fall, its cash flow – the lifeblood of any dividend – nearly doubled.
Similarly, CapitaLand Ascendas REIT’s DPU took a minor dip, yet its actual distributable income continued to climb.
Even DBS, despite a slight edge lower in net profit due to tax changes, rewarded shareholders with a massive 38% dividend surge.
For those of us focused on building a reliable stream of passive income, the lesson is clear: it pays to dig beneath the surface.
Often, the real dividend story is much more encouraging than the headlines suggest.
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Disclosure: The Smart Investor owns shares of CLAR and DBS.
