5-year dividend growth over 10%? Really?

I saw this piece of news in the Business Times that lists out companies with 5-year dividend growth of over 10%.

I wonder how accurate is this because I previously did an analysis on the Dividend Aristocrats in Singapore, which I found to be very few.

First Resources

 According to the newspaper article, the gross 5-year historical dividend growth for SBS Transit was 16.4%. However, my own analysis showed the dividends actually dropped from $0.086 in 2018 to $0.0264 in 2022, which translates to a drop of -69%!

SBS Transit

According to the newspaper article, the gross 5-year historical dividend growth for SBS Transit was 7.5%. However, my own analysis showed the dividends actually dropped from $0.129 in 2018 to $0.109 in 2022, which translates to a drop of -15%!

Raffles Medical

According to the newspaper article, the gross 5-year historical dividend growth for Raffles Medical Group was 11.1%. My own analysis showed that dividends increased from 0.025 to 0.038 from 2018 to 2022, which translates to an increase of 52%. This stock is actually pretty solid. 

Don't take everything you read at face value. Do your own due diligence. Caveat emptor.