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10 Dividend Income Stocks that raise dividends… and 8 that cut their dividends

I just got back from in camp training and perhaps that’s why I couldn’t post the last 2 weeks. Hope everyone is still around.

I did some spring cleaning of my Dividend Stock Tracker by updating the dividend payout to 2010-2011 numbers.

The basic objective is to make sure the current yields are not inflated. I did one round in june to adjust the debt to assets for the companies tracked but this one is probably more interesting then boring gearing levels.

(Edit: Singtel Figures updated to current yield 4.5% instead of 5.1%)

None of the 18 changes show that they are giving out special dividends. Special dividends would probably distort the yields that you will get should you are looking for long term holdings.

In income investing, you want the company to earn more and their payouts to rise gradually with the income.

Strong Economic Moats

Singtel and VICOM shows the most positive developments. Singtel’s share price have been going nowhere while VICOM have proven itself to be very resilient in the recession as well as when the market recovers.

In fact, Singtel have been increasing dividends gradually since 2000.

Other notable mentions are SATS and SMRT. These stocks have good moats as well and enable them to be defensive in a downturn yet leverage on their moats to increase in cashflow.

Questionable Increases

Of all the stocks covered Cambridge and Lippo Map Retail REIT looks very questionable. I did one round of check already whether there is an expansion in share capital base. (note: if these figures are wrong please highlight to me thanks!)

Dividend Cuts

Not all the stocks were able to maintain their dividend payouts. ST Engineering have cut their dividends as to the other 7.

I am more particularly worried whether my figures are right for Ascendas REIT and Fortune REIT. At 5% yield, Ascendas REIT does not look valuable at all!


For investors new to buying dividend stocks, this small summary shows that in  good times, not all dividend stocks will maintain their yields. The frustrating thing is that we still cannot find that elusive stock that keeps increasing dividends, yet is defensive enough to weather a recession to maintain payouts. Right now, I would say we have 2, which is probably SMRT and VICOM.

If that is the criteria we are looking for, then perhaps this Singapore pond is not good enough to find them. My holding in Telefonica seem to exhibit this characteristic that I talk about then all Singapore stocks.

At times, we invest with a proximity bias (in Singapore stocks). In dividend investing, its worse because when you deal with foreign stocks, many have withholding taxes on dividend distributions that cut your yields. You would need to evaluation whether it is worth while or not.

Do check out the updated figures at my Dividend Stock Tracker today. It will make keeping track of blue chip yield stocks much simpler.

I run a free Singapore Dividend Stock Tracker available for everyone’s perusal. It  contains Singapore’s top dividend stocks both blue chip and high yield stock that are great for high yield investing. Do follow my Dividend Stock Tracker which is updated nightly  here.


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Thursday 9th of February 2012

Simple reason - there are no blue chips in sg.

Temsek promote its holdings.

Keith Lee

Thursday 11th of August 2011

Hi, Drizzt, do you have research showing which stocks have raised their dividends consistently over the last 10, 20 or 30 (if any) years? These dividends must not be cut during the specified time frames. Other info like payout ratio and dividend growth rate will be helpful too.

On another note, I have been looking for a local broker can automatically reinvest dividends. I know POEMS do not have this facility. If you know a few, I'd love to hear it.

Ah, the wonders of compounding...


Saturday 13th of August 2011

hi Keith,

we did some research on SGX stocks. sadly they do not raise dividends over the time frames you mentioned. its abit sad!

as for driping facilities that one i am not sure.


Wednesday 13th of April 2011

Hi Drizzt, You mentioned and I quote: "Of all the stocks covered Cambridge and Lippo Map Retail REIT looks very questionable"

Care to elaborate? kam sia !!


Wednesday 13th of April 2011

Hi Alan, what i meant is that each of them have my suspicion. Cambridge being a REIT with the highest yield. when the yield is this high, you begin to suspect if you understand all the risk that goes into it.

for LMIR, its debt is so low, yet it does not command the same attention from investors. why? Those are things that i ponder abt.


Sunday 3rd of October 2010

no problem...thanks anyway :)


Friday 1st of October 2010

fyi, my email is [email protected] (i thought it is viewable for admin, since it is required for comment...)

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