Is it possible to construct an investment portfolio that delivers dividend payments every single month of the year?
The answer is a definitive yes.
Furthermore, the process is more straightforward than many might anticipate.
The key lies in beginning with shares that distribute dividends on a quarterly basis.
By holding a selection of three or four such stocks, each with its payout schedule staggered across different months, you can effectively populate your income calendar for the entire year.
Initiating the Strategy
A logical starting point is DBS Group Holdings (SGX: D05).
The bank typically issues its dividends in the months of April, May, August, and November, immediately covering four months of the year.
But the critical question is the quality of these payouts.
For the first quarter of 2026, DBS reported a record total income of S$5.95 billion, marking a 1% increase compared to the same period last year.
While net interest income declined by 5% year-on-year due to a 23 basis point narrowing of the net interest margin to 1.89%, this was more than compensated for by a 10% surge in non-interest income, which reached S$2.45 billion.
Notable drivers included record wealth management fees of S$907 million and record treasury customer sales of S$592 million.
Net profit saw a modest 1% rise year-on-year to S$2.93 billion, with a return on equity of 17.0%.
Asset quality also improved, as the non-performing loan ratio decreased to 1.0% from 1.1% a year earlier.
The board declared a first-quarter 2026 dividend of S$0.81 per share, comprising S$0.66 in ordinary dividends and an additional S$0.15 from its Capital Return programme, representing an 8% increase from the S$0.75 paid a year ago.
It is important to note that the ordinary dividend of S$0.66 is the primary figure to monitor for long-term sustainability, while the Capital Return component is an extra benefit that may not persist at this level.
Expanding the Monthly Coverage
Mapletree Logistics Trust (SGX: M44U) serves as a valuable addition to the portfolio.
This logistics-focused real estate investment trust typically makes distributions in March, June, September, and December.
When combined with DBS, these two holdings cover eight out of the twelve months without any overlap.
A note of caution is warranted, however, as MLT's headline distribution figures may appear concerning.
For the fourth quarter of the 2025/2026 financial year, the distribution per unit fell by 7.0% year-on-year to S$0.018.
This decline looks severe until the context is understood; it was almost entirely due to the absence of one-time divestment gains that had inflated the prior year's comparable figure.
Excluding these non-recurring items, the operational DPU actually increased by 0.9% year-on-year, marking four consecutive quarters of steady operational growth.
Underlying fundamentals support this positive operational trend.
Portfolio occupancy improved by 50 basis points quarter-on-quarter to 96.9%.
Rental reversions strengthened to a positive 3.3%, or a positive 4.2% when excluding properties in China.
Even the Chinese market showed improvement, with rental reversions there narrowing to negative 2.0% from negative 9.4% a year ago.
MLT is also actively managing its portfolio, divesting six older properties at an average premium of approximately 20% above valuation while acquiring a logistics park in Mumbai, India, for S$53.2 million.
While the headline DPU figure is volatile due to one-off items, the underlying operational performance remains robust.
Addressing the Remaining Income Gaps
Singapore Exchange (SGX: S68) can fill in two more months.
The exchange operator typically pays dividends in February, May, October, and November.
While May and November overlap with the schedule of DBS, the crucial additions are the payments in February and October.
With all three holdings in the portfolio, an investor would now receive income in ten out of the twelve months.
The dividend appeal of SGX is underpinned by its unique position as Singapore's sole stock exchange operator.
For the first half of the 2026 financial year, net revenue increased by 7.6% year-on-year to S$695.4 million, driven by a 16.2% surge in its Equities – Cash division as the securities daily average traded value jumped by 19.5%.
Adjusted net profit rose by 11.6% to S$357.1 million, and the group generated net operating cash flow of S$363.7 million.
Headline net profit was flat at S$342.7 million, partly weighed down by a one-off S$15.0 million goodwill impairment related to Scientific Beta.
Management has also committed to increasing the quarterly dividend by 0.25 cents through the end of the 2028 financial year, a form of forward guidance that is uncommon among companies listed on the SGX.
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