SG Top 10 Dividends Stocks For 2026
As Singapore’s interest rate environment continues to normalize and dividend yields remain attractive relative to fixed income alternatives, dividend stocks present a compelling opportunity for income-focused investors. This comprehensive guide evaluates 10 of Singapore’s most reliable dividend payers, offering yields ranging from 2.75% to 7.4%, with strong underlying business fundamentals and diverse sector exposure. The selection spans financial services, infrastructure, energy, consumer goods, and real estate, providing portfolio diversification while maintaining a core focus on sustainable dividend-paying capacity.
Why Dividend Stocks Matter in 2026
Singapore’s macroeconomic backdrop in 2026 presents a nuanced investment environment. With the Singapore Overnight Rate Average (SORA) declining from previous highs and the broader economic growth moderating, investors have increasingly redirected capital toward dividend-yielding equities that offer both income generation and capital preservation. The country’s stable regulatory framework, strong corporate governance standards, and the Singapore Exchange’s emphasis on transparency make SGX-listed stocks particularly attractive for dividend investors seeking both yield and downside protection.
The ten stocks profiled in this article collectively represent S$600+ billion in market capitalization and span multiple economic sectors, providing both cyclical exposure (shipbuilding, transport) and defensive characteristics (banking, healthcare real estate). Each company maintains established dividend policies with payout ratios that balance shareholder returns with reinvestment for growth.
#10: China Aviation Oil (SGX: G92)
Company Overview: China Aviation Oil (Singapore) Corporation Ltd operates as a specialized jet fuel trading and supply company serving the global aviation industry. Incorporated in Singapore in 1993 and publicly listed since 2001, the company has positioned itself as a primary supplier of imported jet fuel to international airports across China, including Beijing Capital International, Shanghai Pudong and Hongqiao, and Guangzhou Baiyun airports. Beyond jet fuel, the company trades other petroleum products (fuel oil, crude oil, naphtha, gasoline), maintaining a diversified commodity exposure while leveraging core expertise in aviation fuel supply.
Business Operations: China Aviation Oil’s business model centers on physical commodity trading and supply chain management. The company sources jet fuel from global suppliers, transports the product through logistics networks, and delivers to end-customers (primarily international airports and aviation operators in China, supplemented by other Asian markets). The company generates margin through the spread between commodity acquisition costs and supply prices charged to customers, requiring operational excellence in logistics, contract management, and working capital efficiency. Ancillary operations (trading other petroleum products, oil-related asset investments) provide earnings diversification and capitalize on the company’s established relationships and commodity expertise.
Financial Performance: China Aviation Oil paid S$0.037 per share in dividends for 2025, yielding 3.04-5.7% depending on entry prices and representing a modest increase from S$0.03 per share in 2024. The payout ratio consistently ranges 29-41%, indicating material distributable earnings beyond dividend obligations. Five-year dividend history reflects cyclicality in aviation demand, particularly exposure to pandemic-driven aviation sector shutdowns (2020-2021) with subsequent recovery as international travel resumed.
Investment Rationale: China Aviation Oil presents a lower-conviction dividend opportunity than peers below, suitable for investors seeking cyclical commodity exposure with modest yield. The 3.04% yield combines with commodity price optionality: as global aviation demand recovers to pre-pandemic levels and potentially exceeds through 2026-2028, jet fuel trading margins could expand, driving earnings and dividend growth. However, the company’s small market capitalization (~S$1.1 billion), thin trading liquidity, and exposure to commodity price cyclicality create execution risk. The company’s operations concentrate heavily on Chinese aviation market dynamics, creating single-country concentration risk and exposure to Chinese regulatory changes affecting fuel subsidies or supply dynamics. Investors with specific conviction in global aviation sector recovery and comfort with commodity trading sector dynamics might allocate 1-2% of portfolio assets to China Aviation Oil. However, for generalist dividend investors, the stock offers limited advantages over the higher-conviction opportunities profiled above, and should constitute at most a satellite position within dividend-focused portfolios.
#9: Parkway Life Real Estate Investment Trust (SGX: C2PU)
Company Overview: Parkway Life Real Estate Investment Trust (PLife REIT) stands as one of Asia’s largest listed healthcare REITs by asset size, owning a diversified portfolio of 75 income-producing properties totaling approximately S$2.46 billion in value. The trust maintains strategic real estate exposure across Singapore, Japan, and France, with concentration in high-quality healthcare assets including private hospitals, nursing homes, and specialized medical facilities.
Business Operations: PLife REIT’s portfolio comprises three primary property categories: (1) private hospitals in Singapore (Mount Elizabeth Hospital, Gleneagles Hospital, Parkway East Hospital) generating rental income and positioning the trust to capture Singapore’s premium healthcare demand as wealth and demographics favor private medical consumption; (2) approximately 60 high-quality nursing home and care facility properties across multiple Japanese prefectures, serving Japan’s rapidly aging demographic and supporting elevated long-term occupancy rates; (3) 11 nursing home facilities across six regions in France, providing geographic diversification and exposure to European healthcare real estate secular tailwinds; and (4) specialist medical clinics in Malaysia (MOB Specialist Clinics, Kuala Lumpur), capturing regional growth in medical tourism and specialist healthcare demand.
Financial Performance: PLife REIT distributed S$0.1492 per unit in 2024, yielding 3.6-4.2% depending on entry price, with forecast distributions of S$0.15 per unit for 2025 (3.6% yield at S$4.15). Notably, distributions have grown incrementally but steadily, reflecting the trust’s ability to capture escalating healthcare demand and operational synergies. The payout ratio of approximately 95-100% (typical for REITs) reflects the trust’s structure: REIT regulations require distribution of 90%+ of taxable income, effectively mandating high payout ratios while limiting retained earnings for organic portfolio growth.
Investment Rationale: PLife REIT offers investors exposure to secular demographic trends (aging populations across Asia, growing middle-class healthcare consumption) through a professionally managed, income-yielding vehicle. The 3.6-3.9% yield, while modest relative to stocks profiled above, combines with visible long-term growth from Japan’s nursing home expansion (aging society supporting rising occupancy and potential rental escalation) and Singapore’s private healthcare demand (rising wealth supporting premium hospital utilization). The trust’s diversified geographic portfolio reduces single-country regulatory or demographic risk. However, REITs exhibit different return profiles than equities: dividend yield constitutes the vast majority of total returns, with limited capital appreciation optionality, requiring investors to reassess suitability based on liability structure (REITs may disadvantage non-institutional account holders due to distribution taxation treatment). Investors should incorporate PLife REIT for portfolio diversification and demographic megatrend exposure, with position sizing (5-8% of portfolio assets) reflecting REIT’s lower growth but stable, predictable cash generation characteristics.
#8: SBS Transit Ltd (SGX: S61)
Company Overview: SBS Transit operates as Singapore’s largest multi-modal public transport operator and the second-largest in Southeast Asia, with over 50 years of operational heritage. The company operates bus services (200+ routes, ~3,400 buses) and urban rail services (North East Line, Downtown Line, Sengkang/Punggol Light Rapid Transit systems, and the upcoming Jurong Region Line partnership). As a subsidiary of multinational land transport conglomerate ComfortDelGro, SBS Transit benefits from corporate support while maintaining operational autonomy in Singapore market.
Business Operations: SBS Transit’s revenue derives from two primary sources: contracted bus services from Singapore’s Land Transport Authority (generating stable, predictable revenue through fixed service payments and subsidy mechanisms) and rail operations (North East Line, Downtown Line, LRT systems) generating passenger fares and ancillary concession revenues. The bus business operates through the Bus Contracting Model, wherein SBS Transit competes for route packages against competitors, necessitating operational excellence to maintain market share. The rail business comprises fully-automated urban transit systems with minimal labor requirements post-construction, generating high-margin recurring revenue from escalating passenger volumes as Singapore’s residential population grows.
Financial Performance: SBS Transit’s 7.4% dividend yield ranks among the highest in Singapore’s equity market, reflecting extraordinary dividend growth and elevated payout ratios: the company paid S$0.2868 per share in 2024 (12.2% yield), with forecasted S$0.24 in 2025 (7.4% yield at current prices). The 2024 dividend represented 157% year-over-year growth, extraordinary even for cyclical operators, driven by operational synergies and cost absorption as the company’s portfolio expanded. The payout ratio, at 130% (2024), substantially exceeds sustainable norms and signals either extraordinary earnings growth or management’s confidence in near-term normalized earnings recovery.
Investment Rationale: SBS Transit presents the highest-yield opportunity among the ten stocks profiled, but with commensurate risk and structural challenges. The extraordinarily high 2024 dividend reflected one-time synergy benefits and operational improvements following acquisition integration, unlikely to repeat in full magnitude through 2026. The forecasted 7.4% yield for 2025, while elevated, appears more sustainable but still requires strong operational execution to maintain. The company’s upcoming Jurong Region Line contract (24 km elevated MRT line opening 2027 onward through a joint venture with RATP Dev) offers long-term revenue stability and leverages SBS Transit’s operational expertise, partially offsetting bus route margin pressure from new competitor entry. However, buses remain highly cyclical and dependent on government subsidy mechanisms and fare adjustment policies beyond management control. Investors should view SBS Transit as a high-yield opportunity suitable for income-focused portfolios requiring near-term cash generation, while recognizing that exceptional 2024 dividend levels likely prove unsustainable. A position in the 4-6% of portfolio assets range appears appropriate, with the understanding that dividend levels could normalize to 5.5-6.5% within 12-24 months as comparables stabilize.
#7: Food Empire Holdings Limited (SGX: F03)
Company Overview: Food Empire Holdings operates as a multinational food and beverage manufacturing and distribution conglomerate headquartered in Singapore. The company, publicly listed since 2000, has established a diversified product portfolio spanning instant beverages (MacCoffee brand, instant noodles, instant juices) and snacks distributed across over 60 countries. The company’s corporate strategy emphasizes brand building, geographic diversification, and progressive capacity expansion in high-growth Asian markets.
Business Operations: Food Empire manufactures and distributes instant beverages (core product category generating ~60% of revenue), instant noodles, frozen foods, and snack products through a portfolio of owned and licensed brands. MacCoffee, the company’s flagship instant coffee brand, has achieved market leadership positions in Russia, Ukraine, Vietnam, and Central Asia through localized marketing and distribution strategies. The company operates eight manufacturing facilities across five countries (Singapore, Russia, Vietnam, Malaysia, Kazakhstan), enabling local production and supply-chain efficiencies. Geographic diversification spans developed markets (Russia, Eastern Europe), growth markets (Vietnam, Kazakhstan, Central Asia), and South Asia (India, Bangladesh), providing earnings resilience against single-country economic cycles.
Financial Performance: Food Empire generated an annual dividend of S$0.08 per share (3.38% yield) as of August 2025, derived from a payout ratio of 48.08%. More significantly, the company’s dividend trajectory reflects underlying earnings expansion: the 2024 dividend of S$0.10 represented 127% growth year-over-year, though moderated to S$0.08 in 2025 (reflecting moderation in earnings growth as the company lapped strong prior-year comparables). Five-year dividend history suggests typical annual dividends of S$0.02-0.10, with significant volatility reflecting operational execution across diverse geographies.
Investment Rationale: Food Empire presents a dividend opportunity for investors seeking geographic and sector diversification outside Singapore’s financial services concentration. The company’s 3.38% yield, while modest, combines with exposure to secular growth in instant beverage and snack consumption across Asia—demographics favoring rising disposable incomes, urbanization, and changing consumption patterns. The company’s aggressive capacity expansion (multiple new manufacturing facilities across Malaysia, Kazakhstan, and Vietnam scheduled for 2025-2028 completion) suggests management confidence in sustained earnings growth, underpinning future dividend escalation. Vietnam market expansion and South Asia growth particularly offer high-single-digit to low-double-digit earnings growth potential through the decade. However, investors should recognize operational complexity: currency fluctuations, political risk in Eastern Europe, and execution risk on capacity expansion projects create near-term earnings volatility. A moderate position size (2-3% of portfolio assets) allows participation in secular consumption growth while limiting single-company concentration risk.
#6: Yangzijiang Shipbuilding (Holdings) Ltd (SGX: BS6)
Company Overview: Yangzijiang Shipbuilding stands as China’s largest private shipbuilder and the world’s fifth-ranked shipbuilder by capacity. The company, listed on the Singapore Exchange since 2007, operates major shipyards across China’s Jiangsu Province with capacity exceeding 6 million deadweight tons (DWT) annually. Over the past two decades, Yangzijiang has systematized the transition from commodity ship construction toward specialized vessels (LNG carriers, dual-fuel carriers, very large ore carriers) commanding premium margins—a strategic repositioning that mitigated industry downturns while capturing secular demand for clean-energy vessel types.
Business Operations: Yangzijiang’s core business—commercial shipbuilding and marine engineering—generates revenue from constructing large container ships, bulk carriers, oil tankers, and increasingly, specialized clean-energy vessels (LNG, LPG, methanol carriers). The company has progressively moved up the value chain, transitioning from standard bulk carriers (low-margin commodities) toward technically complex, dual-fuel and LNG vessels commanding 15-25% price premiums. Beyond shipbuilding, Yangzijiang operates a diversified portfolio including ship leasing, trading logistics, and real estate—providing earnings stability during cyclical shipbuilding downturns.
Financial Performance: Yangzijiang’s dividend progression exemplifies leverage to recovering shipbuilding cycles: the company paid S$0.07 per share in 2024 (50% payout ratio) and announced S$0.12 interim dividend for 2024, implying forward annualized dividend of S$0.15-0.19, yielding 5.4% at current prices. Year-over-year dividend growth accelerated from 11.1% (2021-2022) to 84.6% (2023-2024) and 29.2% (2024-2025), reflecting sharply improving earnings as global shipping demand recovered and new ship order momentum accelerated. The company reported a record order book of $16.1 billion as of May 2025, with 193 vessels—providing approximately 2.5 years of production visibility at normalized build rates.
Investment Rationale: Yangzijiang presents a higher-risk, higher-reward dividend opportunity than the banking and utility peers profiled above. The shipbuilding industry cycles have historically compressed valuations during downturns and delivered outsized returns during recoveries, and Yangzijiang’s current order book suggests the recovery cycle has multiple years of visibility remaining. The company’s strategic focus on clean-energy vessel types (54% of new orders as of mid-2025) aligns with long-term shipping industry decarbonization mandates, providing secular tailwinds beyond cyclical shipping demand recovery. The 5.4% yield, combined with potential 20-30% annualized dividend growth through 2026-2027 (as the company’s record orderbook transitions to production and earnings expand), offers compelling total return potential for investors with sufficient risk tolerance for cyclical exposure. Investors should size Yangzijiang positions accordingly, as dividend sustainability depends on continued shipping demand recovery and new order momentum. A position ceiling of 3-5% of portfolio assets appears prudent for cyclical dividend payers of this type.
