Core Viewpoint - In a volatile market, increasing dividends signal a company's financial health and management's confidence in future earnings growth [1] Group 1: DBS Group Holdings - DBS reported a record total income of S$22.9 billion for FY2025, a 3% year-on-year increase [3] - Non-interest income surged 7% to S$8.4 billion, compensating for squeezed net interest margins [3] - Wealth management fees rose 29% to a record S$2.8 billion, contributing to a robust return on equity of 16.2% [4] - Total dividends declared were S$3.06 per share for FY2025, a 38% increase from the previous year [4] - Management plans to maintain a S$0.15 quarterly capital return dividend through 2026 and 2027 [5] Group 2: Singapore Exchange (SGX) - SGX reported a 7.6% year-on-year rise in net revenue to S$695.4 million for the first half of FY2026 [6] - Adjusted net profit increased by 11.6% to S$357.1 million, allowing for an interim dividend of S$0.2175, up from S$0.180 a year ago [7] - Management committed to a quarterly dividend increase of S$0.0025 through the end of FY2028, contingent on earnings growth [8] - SGX's monopoly position and expanding businesses provide a solid foundation for future growth [8] Group 3: Keppel Ltd - Keppel's net profit surged 39% to S$1.1 billion for FY2025, driven by infrastructure and fund management activities [10] - Recurring income grew 21% year-on-year to S$941 million, supporting its asset-light strategy [10] - Proposed total distribution for FY2025 is approximately S$0.47 per share, a 38% increase from the prior year [11] - The payout includes S$0.34 in ordinary cash dividends and a special dividend of S$0.13, which includes a distribution of one Keppel REIT unit for every nine shares held [12] - Keppel's transformation is enabling faster asset monetization and increased capital returns to shareholders [11][12] Group 4: Overall Market Sentiment - The rising dividends from DBS, SGX, and Keppel reflect strong business performance and management confidence [14] - These companies are not just surviving but thriving, with DBS benefiting from record-breaking fee income, SGX providing a multi-year roadmap for dividend increases, and Keppel unlocking a more profitable growth engine [14]