Core Insights - The article emphasizes the importance of reliable dividend-paying stocks, particularly during market downturns, and highlights four types of such stocks in Singapore [1][12] Group 1: Characteristics of Reliable Dividends - A reliable dividend payer is characterized by consistent cash generation and a low payout ratio, supported by a conservative balance sheet [2] - Dividend sustainability is prioritized over high headline yields, ensuring companies can maintain payouts across market cycles [2] Group 2: Company Profiles - **Singapore Exchange Limited (SGX: S68)**: Holds a monopolistic position in Singapore's financial markets, with steady revenue growth and a 20-year history of increasing dividends. For 1HFY2026, SGX has an annualized payout ratio of 65.1% and a low leverage ratio of 0.8 [3][4] - **Keppel DC REIT (SGX: AJBU)**: A data centre REIT with a high occupancy rate of 95.8% as of the end of 2025. It employs various lease structures, including triple-net leases, and has a conservative leverage ratio of 35.3% [5][6] - **ST Engineering Limited (SGX: S63)**: A blue-chip company with steady revenue and earnings growth across its commercial aerospace and defense segments. Its net income rose from S$484.5 million in 2016 to S$768.6 million by June 2025, with an average dividend payout ratio of 85% over the past five years [7][8] - **Valuetronics Holdings Limited (SGX: BN2)**: A technology company with a net cash position of HKD$1,106 million (S$177 million) as of September 2025, representing about half of its market cap. The company has no debt and allocates 30%-50% of earnings for dividends, allowing for flexibility in capital allocation [9][10] Group 3: Investment Considerations - Investors should monitor changes in dividend policies and economic cycles, even when considering stable dividend-paying stocks [11]