Core Viewpoint - Dividend consistency is crucial for long-term financial planning, as owning companies with reliable dividends helps investors manage their finances effectively [1][11]. Group 1: Singapore Exchange Limited (SGX) - SGX has reduced its annual dividend only once since 2008, indicating strong dividend consistency [3]. - The exchange has a solid dividend track record, rewarding shareholders with consistent annual dividends since its listing [4]. - SGX's annual cash flow from operations has trended upwards over the last decade, ranging between S$377.7 million and S$841.7 million, reflecting its capital-light model and resilience during market volatility [5]. Group 2: Parkway Life REIT (PLife REIT) - PLife REIT has shown a reliable track record of growing its distribution income, being required to distribute at least 90% of its taxable income to maintain tax transparency [6]. - The REIT has maintained a low gearing ratio of 33.4% as of December 31, 2025, while providing consistent annual payouts since 2007 [7]. Group 3: Boustead Singapore Limited - Boustead operates with a disciplined capital allocation strategy, resulting in 21 consecutive years of annual dividends paid to shareholders [9]. - The company has a minimal leverage profile, with a debt-to-equity ratio of 5.6% as of September 30, 2025, supporting its sustainable dividend policy [9][10]. Group 4: Common Characteristics of the Companies - The three companies share common traits such as generating reliable income and cash flows, having strong financial positions, and maintaining sustainable payout ratios, which contribute to the stability of their dividends [11].

Core Viewpoint - Selecting dividend stocks should not solely focus on high yields, as this may lead to risks of dividend cuts if the yield is unsustainable for the company [1][13]. Group 1: Dividend Reliability - Companies like Pfizer, despite having a high yield of 7.2%, may not be as reliable as others like Merck, Omega Healthcare, and Johnson & Johnson, which have demonstrated consistent dividend support [2][4]. - Merck has a history of maintaining its dividend even during challenging times, unlike Pfizer, which cut its dividend in 2009 after acquiring Wyeth [5]. - Omega Healthcare, a REIT focused on senior housing, did not cut its dividend during the COVID-19 pandemic, showcasing its resilience [7][8]. Group 2: Growth Potential - Omega Healthcare is expected to see growth, with an 8% year-over-year increase in adjusted funds from operations (FFO) anticipated due to new asset investments [10]. - Johnson & Johnson, known as a Dividend King for over 60 years of annual dividend increases, offers a reliable dividend, albeit with a lower yield of around 3% [11][12]. Group 3: Investment Considerations - Investors should prioritize dividend consistency over high yields when selecting dividend stocks, as demonstrated by the comparisons among Pfizer, Merck, Omega, and Johnson & Johnson [13].