Core Viewpoint - The article emphasizes that certain companies can successfully deliver both income and growth, challenging the traditional view that high dividend stocks are linked to slower growth and that growth-oriented firms typically reinvest earnings rather than distribute them to shareholders [1]. Group 1: DBS Group Holdings - DBS Group Holdings reported a total income of S$22.9 billion in 2025, marking a 3% increase from the previous year, with a net profit of S$11.0 billion and a return on equity (ROE) of 16.2%, indicating high profitability [2][3]. - The growth in total income was primarily driven by the consumer banking and wealth management segment, which saw a 4% increase to S$10.5 billion, while institutional banking experienced a 3% decline to S$8.9 billion [3]. - DBS paid a total dividend of S$3.06 per share for 2025, a significant increase of 37.8% from S$2.22 per share in 2024, while maintaining a fully phased-in CET-1 ratio of 15% to support its expansion plans [3][4]. Group 2: Singapore Exchange Ltd - Singapore Exchange (SGX) achieved an operating revenue of S$736.2 million for the first half of FY2026, reflecting a year-on-year increase of 7.9% [5]. - The equities (cash) segment was the strongest revenue driver, with a 16.2% year-on-year increase to S$226.1 million, while fixed income, currencies, and commodities grew by 14% to S$197.1 million [6]. - SGX's net profit after tax rose by only 0.8% year-on-year to S$342.7 million, attributed to a decline in non-operating gains and higher tax expenses, but it generated strong cash flow with free cash flow of approximately S$328.9 million [7]. - The company raised its dividends by 20.8% year-on-year to S$0.2175 per share, projecting a total dividend of S$0.445 per share for FY2026, an 18.7% increase from FY2025 [8]. Group 3: CapitaLand Integrated Commercial Trust - CapitaLand Integrated Commercial Trust (CICT) reported a revenue growth of 2.1% year-on-year to S$1.6 billion in 2025, with net property income (NPI) increasing by 3.1% to S$1.2 billion [9]. - The portfolio's committed occupancy rate was strong at 96.9% as of December 31, 2025, with tenant retention rates of 83.7% for office and 72.7% for retail [10]. - CICT's distribution per unit (DPU) increased by 6.4% to approximately S$0.1158, with an amount available for distribution of S$870 million, a 14.2% increase from the previous year [10][11]. Group 4: Mapletree Logistics Trust - Mapletree Logistics Trust (MLT) reported a gross revenue decline of 3.1% year-on-year to S$176.8 million for the third quarter of FY2025/26, with NPI slipping 3.3% to S$152.0 million [12]. - The decline was attributed to currency headwinds and loss of rental income from divested properties, leading to a 9.3% drop in DPU from S$0.2003 to S$0.1816 [13]. - Despite the challenges, MLT maintained a portfolio occupancy of 96.4% and achieved a rental reversion of 1.7%, indicating signs of stabilization [14][15].

Core Insights - Not all REITs are equal, with some standing out due to resiliency, scale, diversified portfolios, and consistent track records, making them attractive for long-term investors [1] Group 1: ParkwayLife REIT (PLife REIT) - PLife REIT has a diversified portfolio of healthcare and nursing home properties across Singapore, Japan, Malaysia, and France [2] - The REIT has shown uninterrupted core DPU growth since its listing, demonstrating operational resilience [3] - PLife REIT's portfolio WALE is 14.91 years, providing significant visibility and stability to its distributable income [3] - Built-in rental step-ups in leases ensure consistent organic growth for the REIT's income [3] - Potential risks include high concentration in the healthcare sector and currency fluctuations due to its international operations [4] Group 2: CapitaLand Integrated Commercial Trust (CICT) - CICT is Singapore's largest retail and commercial REIT, with a portfolio of retail malls, office towers, and integrated developments [5] - The REIT's portfolio occupancy is at 96.3%, with a stable WALE of 3.2 years, indicating strong performance [6] - CICT benefits from Singapore's economic strength, but faces challenges from fluctuating interest costs and cyclical demand in retail and office sectors [6] Group 3: CapitaLand Ascendas REIT (CLAR) - CLAR is Singapore's first and largest listed industrial REIT, with a diversified portfolio across industrial, logistics, and business parks [7] - The REIT has grown from 8 properties valued at S$0.8 billion at IPO to 225 properties valued at S$16.8 billion as of June 30, 2025 [8] - CLAR has a long WALE of 3.7 years and a strong tenant base across over 20 industries, providing stability in distribution income [9] - The REIT's resiliency is linked to its exposure to growth sectors like logistics and technology, but it faces risks from global exposure and refinancing costs [9] Group 4: Long-Term Investment Perspective - The three highlighted REITs combine scale, quality assets, and proven management, essential for sustainable growth [10] - These REITs provide exposure to sectors with structural tailwinds, including healthcare, integrated commercial real estate, logistics, and technology [10] - Together, they form a balanced foundation for income-focused investors seeking long-term sustainable distributions [11]