2023 Recap | Dividend Kings: SG Stocks with the Highest Payouts in 2023

Although the $FTSE Singapore Straits Time Index(.STI.SG)$ experienced a decline of more than 3% throughout 2023 due to a series of headwinds, such as the Federal Reserve's interest rate hikes and the slowdown in economic growth of major economies, there were still some constituent stocks that continued to pay solid dividends this year.

$CapLand Ascendas REIT(A17U.SG)$ ranked first among them, with a dividend yield of 7.37% and a nearly 15% increase in price throughout the year. According to the latest research from DBS Group, CapLand Ascendas REIT's rental reversions were slightly above management's guidance of about 10%, with most industrial sub-sectors and geographies expected to deliver higher operating results.

$OCBC Bank(O39.SG)$ also performed well, with an 11.25% increase in share price during the year. The bank paid dividends of S$0.4 per share in May and August, respectively, with a cumulative dividend of S$ 0.8 per share for the year. As of Dec. 22nd, its dividend yield TTM was 6.32%, higher than UOB's 4.89% and DBS's 5.25%, the highest among the three major banks.

Notably, $SIA(C6L.SG)$ also recovered from the pandemic this year, paying dividends of S$ 0.28 per share and S$0.1 per share in August and December, respectively, for a total of S$ 0.38 per share during the year. This resulted in a dividend yield of 5.91%, significantly higher than the 1.56% seen in 2022.