Singapore Top 10 Dividend Stocks
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Singapore’s equity market offers a compelling opportunity for income-focused investors seeking a diversified portfolio of high-quality dividend stocks. The 10 stocks featured in this article represent the cream of Singapore’s investment landscape, spanning critical economic sectors including banking and financial services, telecommunications and technology, real estate and infrastructure, conglomerates with regional reach, and consumer goods. These stocks are selected for their combination of robust dividend yields ranging from 2.5% to 5.4%, sustainable payout ratios between 50-70% (with REITs at 97%), strong financial fundamentals, and proven business resilience across economic cycles.
Whether you are a retiree seeking steady income, an accumulator building long-term wealth, or a dividend-focused investor optimizing portfolio returns, this comprehensive analysis examines each stock’s dividend quality, financial health, historical performance, and growth prospects—ranked from #10 to #1—to help you make informed investment decisions in Singapore’s most reliable income-generating equities.
#10: Jardine Matheson Holdings (J36.SI) – Dividend Yield: 3.6%
Dividend Quality
Jardine Matheson provides a solid dividend yield of 3.6% with FY 2024 dividends of $2.25. The company maintains a payout ratio of approximately -140%, which reflects the unique structure of its earnings (the negative payout ratio indicates the company’s earnings structure includes significant non-cash items). Despite this accounting quirk, the company has a strong history of dividend distributions. Historically, Jardine Matheson maintained a 5-year average dividend yield of 3.8%, showing the current yield is in line with historical norms. The company pays dividends semi-annually.
Financial Health
Jardine Matheson demonstrates solid financial health as a major Southeast Asian conglomerate with diversified operations. The company operates through multiple business segments spanning automotive distribution, property development, agribusiness, and financial services across the region. The company’s scale and diversification provide resilience, though specific recent financial metrics show the complexity of its earnings structure due to various valuation adjustments and fair value changes across its portfolio companies. The company maintains strategic investments in key regional growth markets.
Historical Performance
Jardine Matheson’s stock has shown resilience with historical dividend yields stable in the 3.5-3.8% range over the 5-year period. The company represents one of Asia’s most established conglomerates with a heritage dating back over 180 years, providing stability and consistency to shareholders. Its diversified portfolio of businesses across Southeast Asia has historically provided downside protection during market downturns.
Business Growth
Jardine Matheson operates as a premier Asia-focused conglomerate with significant holdings in major regional companies including Jardine Cycle & Carriage (automotive distribution and property in Singapore and Malaysia), Astra International (Indonesia’s largest automotive and equipment company, 49.92% stake held through JC&C), Dairy Farm International (retail and food distribution across Asia), and Hongkong Land (property and real estate in major Asian cities). The conglomerate is positioned to benefit from long-term ASEAN economic growth, urbanization trends, and rising consumer spending across the region. The company’s diversified model provides exposure to multiple growth drivers while maintaining capital discipline and returning excess cash to shareholders through dividends.
#9: Thai Beverage (Y92.SI) – Dividend Yield: 4.2%
Dividend Quality
Thai Beverage presents a solid dividend profile with a forward dividend yield of 4.2% and a well-covered payout ratio of 61%, indicating sustainable dividend payments. The company has demonstrated consistent dividend growth, with year-on-year growth of 7% in 2024. Historically, Thai Beverage maintained a 5-year average dividend yield of 4.75%, reaching as high as 7.27% in July 2024. The company’s dividend payments are backed by a net profit margin of 7.8% and earnings that have grown at an average annual rate of 4.1%.
Financial Health
Thai Beverage demonstrates moderate financial health with a return on equity (ROE) of 13.7%, which is considered reasonable for a beverage producer. The company has a net margin of 7.8%, up from 7.3% the previous year, indicating improving profit margins. However, the company faces some balance sheet challenges, with analysts noting a “somewhat strained” balance sheet structure. As of H1 2025, the company reported flat sales revenue of 258.6 billion baht year-on-year, though Group EBITDA decreased 4% to 45 billion baht.
Historical Performance
Earnings growth has decelerated, with year-over-year earnings growth at only 0.9% in the last year, compared to the 5-year average of 4.1% annually. The company’s earnings growth (0.9%) now exceeds the beverage industry average (0.2%), but trails the broader industry growth rate of 15% seen in some comparable markets. Revenue growth has been respectable at 8.76% annually, but profitability growth has stalled in recent quarters.
Business Growth
Thai Beverage operates as a SEA beverage market leader with dominant market positions in spirits (Mekhong, Grand Royal) and beer (Chang commanding ~40% of Thailand’s beer market), along with non-alcoholic beverages (Oishi green tea). The company is pursuing an ambitious PASSION 2030 roadmap with substantial capital investment of 12 billion baht in 2025 and 9 billion baht planned for 2026. However, growth is constrained by soft consumer sentiment in Thailand, Vietnam operations challenges (SABECO and Vinamilk), and tariff headwinds affecting the region. Management acknowledges macroeconomic uncertainties while focusing on operational efficiency and brand-building investments.
#8: Ascendas REIT (A17U.SI) – Dividend Yield: 5.4%
Dividend Quality
Ascendas REIT offers a high and stable dividend yield of 5.4%, with a dividend per share of $0.152 in 2025. The REIT maintains a payout ratio of approximately 97%, which is typical for REITs that distribute substantially all net income to unitholders. Year-over-year dividend growth has been modest at 0%, indicating stable but flat distributions. The dividend is well-covered by the company’s cash flow generation, with strong operating cash flow of $947.69 million for FY 2024.
Financial Health
The REIT maintains a solid balance sheet with total assets of $18.27 billion as of end-2024 and stockholders’ equity of $10.31 billion. The aggregate leverage rose to 39.8% in Q3 2025, remaining within reasonable REIT levels. The company maintains good liquidity with cash and equivalents of $167.74 million. Net property income grew 7% to $476.9 million in H1 2022, demonstrating resilient property operations. The REIT is generating substantial free cash flow of $947.69 million annually.
Historical Performance
Ascendas REIT has shown resilient performance with revenue growth from $1.05 billion (FY 2020) to $1.52 billion (FY 2024), representing compounded growth of approximately 9.5% annually. Earnings per share was volatile, ranging from -$0.0475 (Q4 2023) to $0.0923 (Q4 2024), but recovered to $0.170 for FY 2024. The REIT’s portfolio occupancy declined to 91.3% in Q3 2025 due to the 5 Toh Guan Road East redevelopment, but management projects positive rental reversion in the “low double-digit range”.
Business Growth
Ascendas REIT is executing a strategic portfolio enhancement program, with plans to acquire three Singapore properties for $565.8 million, expected to complete in Q1 2026. Upon completion, Singapore operations will represent 68% of the REIT’s total assets under management, with the Singapore portfolio value reaching approximately $12.3 billion. The newly acquired properties feature strong tenant quality including publicly traded companies and multinational corporations, with weighted average lease expiry of 5.5 years and rental escalations of 1-5% annually. Current rents are approximately 15% below market rates, providing significant upside potential.
#7: Jardine Cycle & Carriage (C07.SI) – Dividend Yield: 5.0%
Dividend Quality
Jardine C&C provides a compelling dividend yield of 5.0% with a dividend per share of $1.43 (forecast) for 2025. The company demonstrated strong dividend growth of 45% year-over-year, with 2024 dividends reaching $1.716 per share, significantly higher than 2023’s $1.18. The payout ratio stands at a healthy 52-54%, indicating sustainable distributions. The company has a long dividend payment history with semi-annual distributions.
Financial Health
For H1 2025, JC&C reported revenue of US$10.8 billion (+1% year-over-year), though underlying profit decreased 6% to US$529 million. The company’s earnings per share (basic and diluted) stood at 94 US cents in H1 2025, down 23% from 122 US cents in H1 2024, primarily due to unrealised fair value losses and lower contributions from Astra’s automotive and heavy equipment segments. Net financing charges improved 36% due to lower gross debt at both corporate and Astra levels.
Historical Performance
JC&C’s stock has delivered strong returns, with 1-year return of 21.99%, 3-year return of 23.06%, and 5-year return performance of 19.71%. The company has diversified revenue streams through its 49.92% stake in Astra International, which itself generated significant earnings contributions despite recent operational headwinds. The company showed dividend growth from $0.80 (2021) to $1.716 (2024), representing a CAGR of approximately 30% over this period.
Business Growth
Jardine C&C operates as the investment holding company for Jardines in Southeast Asia, with core businesses in motor vehicle distribution and retailing (Mercedes-Benz, Kia, Mitsubishi in Singapore; Mercedes-Benz, Peugeot, Ford, Mazda in Malaysia). The company holds a strategic 49.92% stake in PT Astra International, one of Indonesia’s largest automotive and heavy equipment companies. JC&C also operates through its 66% stake in MCL Land, one of Singapore’s largest property developers with assets exceeding SGD 5 billion. Recent performance reflects headwinds in automotive sales and mining operations in Indonesia, but the company maintains strong market positions in the region.
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