2023 1H Dividend

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Today’s sharing is a report on 2023 1H Dividend. My investment strategy for the past few years has been 60% income and 40% growth. At the time of this sharing, it’s around there. The income portion while not guaranteed is much more predictable and we can see that in the next slide.

As seen, 2023 1H dividend received is just slightly more than last year’s 1H dividend and that is despite the drawing down of my portfolio in January. So I am grateful for that, especially when I have not added more money to my portfolio.

The next slide shows the contribution of dividend by the various counters. As you can see, largely REITs and OCBC that contributed to the dividend. The other major contributors are Micro-Mechanics and Venture.

What happened over the past year? I already mentioned that I have drawn down on the portfolio in January. Besides that, REITs in general are facing pressure from higher interest rate, hence DPU of the REITs have dipped (with the exception of Parkwaylife!). After attending the various AGMs in April, I made some adjustments to my portfolio and divested a number of income counters.

Luckily, I initiated a position in UOB and bought more OCBC. Both and together with Raffles Medical increased their dividend. I am also glad the Micro-Mechanics and Venture continue to give consistent dividend. However, that’s about to change.

In Q3 results, Micro-Mechanics has guided that they are likely to retain more cash going forward. So I am expecting a maximum of 2 cents final dividend. And going forward, I am projecting a 8 cents dividend (4 cents interim and 4 cents final). Given that I have sold half of my holding in May, I am going to see a big drop in contribution from MM. I am also expecting decreasing or flat DPU from REITs.

I am banking on the banks to compensate for the drop! I am expecting record earning and dividend. Also, with the money from divestment, I have added more to my current counters. Lastly, there’s the maiden contribution from Daiwa House Logistics Trust.

All in all, I am expecting a slight drop in dividend received from 2H as compared to last year’s.


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