The Singapore dividend apocalypse is here. If there is any doubt, consider this — based on the latest reported earnings, only four Straits Times Index (SGX: ^STI) component companies have increased their dividends. Keeping the dividends unchanged has been a rare sight as well, with only two companies within the index able to do so. Below is a detailed summary of dividends by all 30 blue chips within Singapore’s main index. Source: Company announcements, earnings presentations, and website; Note: Dividends for Hongkong Land, Jardine C&C, Jardine Matheson, Jardine Strategic and Dairy Farm are in US dollars; Dividends for Thai Beverage are in Thai Baht. Keeping our wits about us as the dividends come tumbling down will not be easy.

Survival mode

There is little doubt that Singapore’s economy has been hit hard by the COVID-19 pandemic. The nation’s second-quarter gross domestic product (GDP) shrank by a record 12.6% year on...