In the first two weeks of November, three pivotal dividend developments will come under the spotlight.

We're focusing on some of Singapore's blue-chip giants. 

DBS Group stands as the lone optimist projecting growth in 2025 net interest income while competitors Oversea-Chinese Banking Corporation and United Overseas Bank are preparing for further compression in net interest margins.

Meanwhile, Frasers Logistics & Commercial Trust (SGX: BUOU) is contending with significant challenges after witnessing a 13.8% plunge in DPU. 

Singapore Telecommunications (SGX: Z74) faces the collision of robust Optus profits with notable network failures affecting thousands in Australia.

Which management teams will rise to the occasion? 

Here’s what investors should monitor.

DBS Group: The Sole Bull in a Rate-Cutting Environment

While OCBC and UOB are warning about pressures on net interest income (NII), DBS is taking a different stance. 

DBS is anticipating its 2025 NII to exceed 2024 levels, even amidst recent interest rate cuts by the Federal Reserve.

The figures illustrate why the management's confidence seems justified. 

In the second quarter of 2025, DBS's total income rose 4.6% year on year to S$5.7 billion, despite a 0.09 percentage point compression in net interest margin to 2.05%. 

The key lies in non-interest income, which surged 10.4% year on year, driven by a 25% increase in wealth management fees as clients ramped up investments.

What sets DBS apart is its diversified revenue engine that continues to perform well while its peers worry about margin compression.

Net fee and commission income grew by 11.4% to nearly S$1.2 billion, treasury customer sales remained strong, and customer loans increased by 1.9% to S$433 billion—effectively offsetting the thinner margins with higher volumes.

The dividend narrative becomes more interesting. 

Besides maintaining the S$0.60 quarterly payout (along with a S$0.15 capital return dividend), management has hinted at a potential increase to S$0.66 in the fourth quarter of 2025. 

Such conviction is rare amid rising challenges.

In essence, DBS is betting that its momentum in wealth management and loan growth can counteract headwinds from interest rate cuts. 

Singapore’s largest bank will report its third-quarter results on November 6, 2025. 

If the upcoming results support this thesis, the S$0.66 quarterly dividend could become a reality, while competitors might have to cut their payouts.

Frasers Logistics & Commercial Trust: Struggling with Rising Rates and Vacancies

Frasers Logistics & Commercial Trust exemplifies how higher interest rates can impact REITs, seen in its DPU falling 13.8% year on year to S$0.03, despite a 7.5% increase in revenue to S$232.3 million.

The problem is clear: finance costs soared 35% year on year to S$39.4 million, with borrowing costs now at 3.0%. 

Additionally, Alexandra Technopark is a notable issue. 

Occupancy sits at just 77.1%, dragging the commercial portfolio occupancy rate down to 84.1%. 

While management has secured leases for 54% of the ex-Google space, 46% remains unoccupied, presenting a challenge in finding tenants.

The recent divestment of Melbourne’s Collins Street property for A$195.3 million was both a strategic and necessary move. 

FLCT aimed to exit before Melbourne’s market faced an oversupply. 

The divestment was crucial to reduce the gearing ratio from 36.1% to 34.6%. 

Post-divestment, the portfolio's logistics and industrial segment now accounts for 74.2%, with a strong occupancy rate of 99.6%.

A silver lining is the average rental reversions of 29%, with logistics achieving a 33% increase on a like-for-like basis. 

However, soaring finance costs outpacing rental growth means that even strong reversions can't fully support distributions.

FLCT needs either interest rates to decrease or the occupancy of Alexandra Technopark to improve. 

Unitholders will be hoping for better news when the REIT reports its earnings on November 7, 2025. 

Singtel: Optus' Network Failures Cast Shadows Over Performance

Singtel shareholders face a tough reality: Optus is showing its best financial performance in years while its network failures grab unwelcome headlines.

The financials paint an encouraging picture. 

Optus's EBIT surged 36% year on year in the first quarter of the fiscal year ending March 31, 2026 (1Q’2026), following an impressive 55% operating profit increase in FY2025. 

Regional associates contributed with a 15% rise, while Bharti Airtel’s contribution more than doubled due to tariff hikes in India.

But the operational reality is different. 

September's emergency services outage that tragically resulted in three deaths, followed by another weekend outage, highlights serious issues just as Group CEO Yuen Kuan Moon arrived in Sydney for crisis discussions.

For dividend investors, the stakes are high: Optus generates about half of Singtel's A$8.2 billion annual revenue. 

This despite efforts: Singtel has invested A$9.3 billion into the Australian subsidiary over five years, yet network reliability remains problematic. 

An independent review, expected by year-end, could require costly infrastructure upgrades, potentially affecting the S$2 billion share buyback plan. 

The key concern is Singtel’s annual dividend.

Investors should closely follow the Singtel28 transformation. 

Management projects high single-digit EBIT growth in FY2026, with growth driven by data centers through Nxera. 

But these promises will be under scrutiny if operational issues persist.

In essence, while Optus has shown profitability with significant recovery in operating profit, the bigger question for November is whether it can sustain this reliability to protect those earnings.

More will be revealed when Singtel reports its results on November 10, 2025.