My Singapore Dividend Portfolio: Organizing My “后宫” Into Core And Satellite Holdings
Over the years, my Singapore dividend portfolio has slowly evolved into something more structured and intentional. It is no longer just a random collection of high-yield stocks bought simply because they looked cheap or offered attractive dividends. Instead, my portfolio today resembles a Qing Dynasty imperial harem (后宫) hierarchy. Yes, this link is made because I am an absolute fan of the drama 后宫甄嬛传, even till today.
This may sound ridiculous, but surprisingly, this framework actually helps me think clearly about:
Conviction levels and portfolio weight
Portfolio importance and risk management
Dividend reliability and cash flow sustainability
Capital allocation priorities (who gets my fresh cash)
Promotion and demotion of holdings over time
Not every stock deserves to become the Empress (皇后). Not every stock deserves permanent favor. Some generate stable heirs (dividends), some stabilize the empire during difficult macro times, some are temporarily favored for cyclical yields, and some eventually lose favor and get sent to the cold palace (冷宫). This is how my current Singapore dividend empire is structured today, ranked in strict order of market value allocation.
1) CPF
Every emperor only has one 皇后. For me, Central Provident Fund (CPF) occupies this sovereign role. It represents ultimate stability and protection of the dynasty. With my CPF funds acting as a quasi-bond with AAA credit rating within my portfolio, earning mostly 4% interest almost risk-free, it is undeniably and indisputably the top tier safety net for me. Most importantly, it quietly compounds and snowballs over decades.
As 皇后, her role is to maintain absolute stability across the empire, maintaining order and forms the bedrock for my retirement security.
皇贵妃 (The Imperial Consort) - The Supreme Core
1) OCBC Bank (SGX: O39)
Besides 皇后, every emperor also only has one 皇贵妃. For me, OCBC occupies that supreme role. Historically, 皇贵妃 is highly important when the 皇后 lost favor or when palace politics became unstable. For my portfolio, it is not that CPF is unstable nor lost favor. However, as CPF monies are currently illiquid and with a fixed return, it could not propel my portfolio to greater heights.
On the other hand, OCBC dominated this position because among the three local banks, OCBC gives me the absolute best balance between valuation, dividend yield, earnings resilience, wealth management growth, and downside protection. DBS may be the strongest operationally, but OCBC feels like the most balanced, long-term "sleep well at night" bank.
Her latest earnings continue to show robust net interest income, resilient wealth management fees, and healthy capital ratios. Over time, she has become the largest single contributor to my portfolio's capital appreciation and dividend income. As 皇贵妃, her role is not to generate short-term excitement. Instead, her role is to assist 皇后 to maintain stability and order across the empire.
贵妃 (The Noble Consorts) - Elite High-Conviction Pillars
Historically, 贵妃 were extremely favored and influential, second only to the Empress herself. These are my elite strategic holdings that command heavy, near-six-figure allocations.
1) DBS Group (SGX: D05)
DBS is the empire’s strongest economic engine. Among all my holdings, it has delivered some of the most aggressive capital gains, fierce earnings momentum, and peerless digital banking dominance. Latest earnings once again demonstrate why it remains Singapore’s premier banking franchise, showcasing stellar ROE, massive profitability, and excellent wealth management fee generation. DBS is not my 皇后 simply because its valuation is consistently richer, market expectations are higher, and share price volatility can be sharper. But in terms of pure business quality and growth power, it fully deserves 贵妃 status.
2) Singapore Technologies Engineering (SGX: S63)
Every palace needs defense and structural stability. ST Engineering plays that role perfectly. Completely decoupling my portfolio from financial and real estate cyclicality, it gives me diversified exposure to global defense, aerospace, and smart city technologies. She has propelled to this position because she is the only multi-bagger in my portfolio, and solely because of yield compression, II have reduced allocation to it. Nonetheless, recent results reinforce its elite status, showing record-breaking order books and long-term earnings visibility. While its dividend yield may not be spectacular compared to commercial REITs, its role is different- it is here to protect the empire from economic uncertainty and strengthen long-term dividend durability.
妃 (The Consorts) — Major Core Holdings
These are highly trusted, vital members of the inner court. They command large allocations, represent high investment conviction, and serve as my primary passive income drivers.
1) ParkwayLife REIT (SGX: C2PU)
ParkwayLife is arguably my most defensive REIT. The healthcare sector enjoys powerful long-term structural tailwinds- aging populations, resilient demand, and long-term master leases with built-in inflation overrides and Japanese rental escalations. Recent operational updates showcase stable DPU growth, resilient occupancy, and an pristine balance sheet, even with disruptions from one tenant in Japan which has declared bankruptcy. This definitely demonstrated the resilience of the REIT and the competency and management skills of the manager. This is not a high-yield gamble, it is an elite, defensive compounder.
2) CapitaLand Integrated Commercial Trust (SGX: C38U)
Among Singapore commercial REITs, CICT remains the gold standard. Recent performance highlights its resilient asset quality, strong retail recovery, and stable DPU support. This is especially so with the recent acquisition of ION Orchard, and more recently, Paragon, making CICT the "Landlord of Orchard Road". It provides my portfolio with dependable, institutional-grade commercial property exposure, serving as an immovable real estate anchor for the court.
3) United Overseas Bank (SGX: UOB)
UOB may receive less media attention compared to its two bigger sisters, but it remains an incredibly important part of my banking backbone. Its defensive regional franchise, conservative lending culture, and steady dividend profile make it a highly respectable long-term holding. Her role is simple: steady, reliable, and durable banking income.
4) AIMS APAC REIT (SGX: O5RU)
The most controversial member among my 妃 tier. Many retail investors view higher-yielding industrial REITs cautiously due to refinancing risks. However, I maintain strong conviction here. Industrial and logistics spaces remain economically essential, and recent results have vindicated my trust, showing highly resilient DPU, decent operational metrics, and an aggressively optimized balance sheet. She significantly boosts my aggregate portfolio yield; she may lack the prestige of ParkwayLife REIT, but her income contribution is undeniable.
嫔 (Tier 1 Satellite Holdings) — The Supporting Court
These are my larger satellite allocations. They remain meaningful contributors to my portfolio income and capital base, but they face near-term cyclical headwinds or structural challenges that prevent them from entering the core inner circle just yet.
1) ComfortDelGro (SGX: C52)
ComfortDelGro remains one of Singapore’s strongest mobility franchises. With public transport recovery and international tourism normalization continuing, its defensive cash flows provide an excellent non-REIT dividend buffer. However currently she is under severe scrutiny. With its recent PATMI plunge of 16.1% due to soaring fuel costs and a spike in net debt, this holding is precariously close to being demoted.
2) Mapletree Industrial Trust (SGX: ME8U)
Fundamentally, MIT is the highest-quality name among my satellite REITs. While higher interest rates have slowed DPU growth across the board, its structural pivot toward data center infrastructure keeps it highly relevant for the future.
3) CapitaLand Ascott Trust (SGX: HMN)
Ascott gives my portfolio direct exposure to global hospitality and serviced residences. It captures cyclical travel recovery upside and stronger operational momentum than traditional office spaces, acting as a highly useful yield generator.
4) Amova-STC Asia REIT (SGX: CFA)
This holding has gradually climbed the palace ranks through its steady, diversified income contribution. As a REIT ETF rather than a single counter, her role is uniquely powerful. She manages an entire sub-court of institutional-grade real estate across Asia on my behalf. While she carries a different risk profile compared to my heavy-weight Singapore blue-chip REITs, her broad regional exposure, compressed valuation, and highly stable operational metrics fully justify her promotion to the 嫔 tier. Most notably, she will not ask me for funds due to rights issue.
5) Riverstone Holdings (SGX: AP4)
A highly cyclical and opportunistic holding. The glove sector has experienced extreme post-pandemic normalization, but Riverstone’s absolute financial discipline- maintaining a pristine, net-cash balance sheet and continued profitability- ensures it retains its place in the court. Being a leader in cleanroom gloves manufacturer, it benefits from the recent semi-conductor and tech boom.
贵人 (Tier 2 Satellite Holdings) — Opportunistic Allocations
These are my smallest supporting positions. They are useful tactical tools, small-cap consumer plays, or regional diversification vehicles, but they carry higher uncertainty and smaller overall portfolio impact. However, if they prove their worth in the longer term, they may rise up the ranks in future.
1) Mapletree Pan Asia Commercial Trust (SGX: N2IU)
MPACT was once a darling in its Mapletree Commercial Trust times, and it is a clear example of a Consort who had been demoted. Macro challenges in the Hong Kong office market and China commercial space remain clear headwinds, but with its valuation already heavily compressed and asset quality still respectable, it remains a relatively high-yielding satellite contributor for now.
2) UOBAM Ping An ASEAN Dividend ETF (SGX: UPD)
An excellent passive tool that grants the court instant regional diversification and exposure to the wider ASEAN dividend landscape, effectively mitigating single-stock concentration risk.
3) Frasers Logistics & Commercial Trust (SGX: BUOU)
While it provides high-quality regional logistics exposure, ongoing global refinancing pressures and slower near-term DPU growth have temporarily cooled my conviction compared to previous years.
4) HRNetGroup (SGX: CHJ)
An interesting, asset-light, small-cap dividend play. While it boasts a strong net-cash position and decent shareholder returns, the cyclical nature of recruitment and modern AI disruption risks keep her in the lower tiers for now.
5) Mapletree Logistics Trust (SGX: M44U)
Once a market darling, years of aggressive expansion combined with high interest rate environments have weakened its DPU growth and pressured its refinancing metrics. It contributes useful income but no longer commands a higher palace rank. Another example of a demoted Consort.
6) Kimly (SGX: 1D0)
One of the simplest, most defensive businesses I own. Coffeeshops are woven into the fabric of Singapore life. Its cash flows remain robustly insulated from economic downturns, making Kimly a small but reliably stable contributor to the empire. I look forward to the opportunity to increase its allocation.
Final Thoughts
This “后宫 hierarchy” may sound humorous, but it reflects a fundamental truth about long-term investing- not all holdings deserve equal trust. Some holdings are chosen to stabilize the empire, preserve capital, and generate dependable long-term income and hence they deserve permanent high conviction. Others are opportunistic satellites meant to enhance yield temporarily or capture a cyclical wave.
As my portfolio continues to mature, promotions and demotions will naturally happen. Some 妃 may eventually prove themselves worthy of 贵妃 status, some 嫔 may rise rapidly through the ranks, and some 贵人 may eventually be expelled from the palace entirely. But for now, this is the current, battle-tested structure of my Singapore dividend empire.
**Just for Fun**
As someone who loved Romance of the Three Kingdoms since young, I have also made a BaGua Formation of my Portfolio based on the generals and advisors of the Shu Kingdom. Personally as a fan, I think it is a waste if I did not share. Barista FIRE, here I come...!
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