The first two weeks of November 2025 will be crucial for Singapore’s dividend investors as three of the nation’s top blue-chip companies reveal their latest financial results. These updates will determine how well these market leaders are navigating interest rate changes, operational headwinds, and global uncertainties.
The spotlight is on DBS Group (SGX: D05), Frasers Logistics & Commercial Trust (SGX: BUOU), and Singapore Telecommunications (SGX: Z74). Each faces distinct challenges from rate pressures and property vacancies to network disruptions that could influence dividend payouts and investor confidence.
- DBS Group remains the only major bank projecting net interest income growth despite global rate cuts.
- Frasers Logistics & Commercial Trust struggles with rising finance costs and falling occupancy rates.
- Singtel’s Optus division faces network failures amid strong profit recovery and transformation goals.
DBS Group: Staying Bullish Amid Interest Rate Cuts
While competitors OCBC and UOB warn of shrinking margins, DBS Group remains optimistic about growth. The bank expects its 2025 net interest income (NII) to surpass 2024 levels even after the U.S. Federal Reserve’s recent rate cuts.
DBS’s second-quarter 2025 results showcased total income rising 4.6% year-on-year to S$5.7 billion, despite a 0.09 percentage point drop in net interest margin to 2.05%. The bank’s resilience comes from a surge in non-interest income, which climbed 10.4%, driven by a 25% rise in wealth management fees as clients expanded their investments.
Unlike peers struggling with margin compression, DBS’s diversified revenue model continues to deliver results. Net fee and commission income jumped 11.4% to S$1.2 billion, while customer loans rose 1.9% to S$433 billion, offsetting thinner lending margins.
The dividend outlook also looks promising. DBS maintained its S$0.60 quarterly dividend along with a S$0.15 capital return, and management has hinted at a possible increase to S$0.66 per share in Q4 2025.
DBS’s ability to sustain earnings amid falling interest rates and global uncertainty makes it the standout among Singapore’s major banks. The group will release its Q3 2025 results on November 6, 2025, potentially confirming its position as the strongest dividend play among local lenders.
| Bank | Net Interest Margin (Q2 2025) | Non-Interest Income Growth | Quarterly Dividend | Next Report Date |
|---|---|---|---|---|
| DBS Group | 2.05% | +10.4% | S$0.60 (+S$0.15 capital return) | November 6, 2025 |
| OCBC | 2.02% | +3.1% | S$0.42 | November 8, 2025 |
| UOB | 2.00% | +4.0% | S$0.45 | November 7, 2025 |
Frasers Logistics & Commercial Trust: Struggling With High Borrowing Costs
Frasers Logistics & Commercial Trust (FLCT) continues to face pressure from higher interest rates and weaker occupancy in its commercial properties. Its distribution per unit (DPU) fell 13.8% year-on-year to S$0.03, even though total revenue climbed 7.5% to S$232.3 million.
The problem lies in escalating financing costs, which soared 35% year-on-year to S$39.4 million, pushing average borrowing costs up to 3.0%. Meanwhile, Alexandra Technopark remains a concern, with occupancy down to 77.1%, pulling the overall commercial portfolio to 84.1%.
Although management managed to lease 54% of ex-Google’s vacant space, nearly half remains unoccupied. To improve liquidity and reduce gearing, FLCT recently sold its Melbourne Collins Street property for A$195.3 million, lowering leverage from 36.1% to 34.6%.
After the divestment, logistics and industrial assets now make up 74.2% of the portfolio with 99.6% occupancy, reflecting the trust’s strategic shift toward more stable, income-generating properties. Rental reversions averaged 29%, led by a 33% increase in logistics rents, but rising borrowing costs continue to pressure distributions.
Investors will be watching closely when FLCT announces its earnings on November 7, 2025, hoping for signs of improvement in occupancy and financing conditions.
Singtel (SGX: Z74): Optus Profits Overshadowed by Network Failures
For Singapore Telecommunications (Singtel), 2025 has been a year of contrasting fortunes. Its Australian subsidiary Optus delivered its strongest financial results in years, even as network outages sparked public backlash.
Optus’s EBIT surged 36% year-on-year in the first quarter of fiscal 2026, following a 55% jump in FY2025 operating profit. Contributions from regional associates rose 15%, with Bharti Airtel more than doubling its profit share due to higher mobile tariffs in India.
However, September’s emergency services outage in Australia, which tragically resulted in three deaths, severely damaged the company’s public image. A subsequent weekend disruption only deepened concerns about Optus’s reliability.
Optus remains crucial to Singtel, contributing nearly A$8.2 billion annually, or about half of the group’s total revenue. Despite investing A$9.3 billion in Optus over five years, network reliability issues persist. The independent review due by year-end could require significant infrastructure investments, diverting funds from the S$2 billion share buyback program.
While Singtel’s Nxera data centre business and Singtel28 transformation plan are driving optimism, the future of its dividend hinges on Optus’s operational recovery. The company targets high single-digit EBIT growth in FY2026, but recurring disruptions could derail this progress.
Singtel will release its latest results on November 10, 2025, giving investors a clearer view of whether its turnaround plans can offset the impact of Optus’s network challenges.
Final Thoughts: A Defining Month for Dividend Investors
November 2025 will be a pivotal month for Singapore’s blue-chip dividend stocks. DBS Group appears well-positioned to sustain and possibly increase its dividend payout despite interest rate cuts. Frasers Logistics & Commercial Trust, meanwhile, is struggling to protect returns amid rising borrowing costs and weak commercial occupancy. Singtel, on the other hand, faces a balancing act between maintaining profitability and fixing its Optus reliability issues.
For dividend-focused investors, these earnings reports will be crucial in identifying which companies can continue rewarding shareholders in a challenging economic environment. DBS currently leads the pack with its resilient business model, but both Frasers and Singtel could surprise investors if they manage to stabilize their operations before year-end.