Iggy the Investing Iguana

Chips Fly, Casinos Fall — What SGX Movers Are Telling You | Weekly Best & Worst 17 May | EP1613🦖

When AEM’s price rockets but the dividend yield sits at 0.18%, something is badly off for a retiree trying to pay SP Group instead of just staring at a green chart. The same week Genting’s net profit collapses 55% to S$65.2 million and ComfortDelGro’s net profit drops over 16%, yet both still wear the “defensive” label with pride. My tension this week is simple: the SGX leaderboard is screaming “winners”, but the cash engines under those tickers are quietly telling CPF investors a very different story. If you are building a drawdown portfolio, you cannot afford to mistake a momentum rally for a reliable monthly transfer into your POSB account.



For a 55‑year‑old HDB household, S$50,000 in AEM at roughly 0.2% yield is barely S$100 a year in income, while Genting’s shrinking profit base makes its “high” yield feel more like a casino chip than a retirement shield. That is nowhere near my 3.2% Forensic Floor, let alone the 4.7% yield hurdle I demand before parking long‑term capital. The question I want you to wrestle with is this: if your CPF Special Account already pays 4%, why are you accepting equity risk for less than your kopi budget needs each month ?



📺 YouTube: https://youtu.be/3yUCmdxOdXQ
📩 Substack: investingiguana.com/p/chips-fly-casinos-fall-what-…

5 hours ago | [YT] | 0

Iggy the Investing Iguana

The Most Turbulent Bond Market in 28 Years — What It Means for Your Singapore REITs | EP1612🦖

Most Singapore REIT investors still think “bond market volatility” is some faraway Wall Street drama, but a 5.8–5.9% 30‑year UK government bond and a 4% Japan 30‑year yield change the basic maths of your income portfolio overnight. When “risk-free” or near risk-free assets suddenly pay what your S‑REITs are paying, the big funds that supported your Mapletree and CapitaLand prices now have every reason to rotate out and let prices and future DPU take the hit instead of them. The forensic tension for me is simple: the buildings can stay full, the malls can stay busy, and yet your CDP statement and your retirement cashflow can still get punched just because global bond traders re-priced what “enough yield” means.



So what does that mean for a CPF, SRS or dividend portfolio? It means that a 5–6% headline yield is no longer a comfort blanket if the REIT is sitting on high gearing and chunky refinancing in the next one to two years, because every extra 1% they pay in interest is coming straight out of your future distribution. It means the gap between CPF interest and your REIT yield is no longer the only spread that matters; the spread between your REIT and a 5.7% long‑dated government bond suddenly decides whether global income funds still need you at all. In this episode I walk through how to read that debt profile properly, and why some S‑REITs are structurally better placed than others when the “safe” yield line moves this violently.



📺 YouTube: https://youtu.be/O2DC6SZVYNA
📩 Substack: investingiguana.com/p/the-most-turbulent-bond-mark…

6 hours ago | [YT] | 0

Iggy the Investing Iguana

Venture Corp | Phillips Securities BUY @ $22.10 | EP1606🦖

Phillip Securities is calling Venture an AI winner at S$22.10, but the dividend maths tell a very different story. You are being offered a 4.18 percent yield supported by a payout ratio north of 100 percent and a three-year staircase of falling revenue and profit, while the market prices the stock just under its 52-week high on a 25x earnings multiple. The tension for me is simple: a fortress balance sheet can buy time, but it cannot turn a rounding-error yield into a genuine retirement income engine.



If you are 45 to 60 and using SGX to fund CPF top-ups, SRS, or future drawdown, that 4.18 percent headline has to be weighed against a 4.0 percent CPF Special Account floor and Iggy’s 4.7 percent minimum yield hurdle. Accepting a stock where the dividend per share has stayed at S$0.75 while earnings fell and the payout ratio crept into three figures means your “income” is coming from past strength, not current cash flow. I walk through why this lands Venture in Zone 4 Caution for income portfolios and what would need to change before it earns a place in a retirement-focused core.



📺 YouTube: https://youtu.be/E34o3h1R91E
📩 Substack: investingiguana.com/p/venture-corp-phillips-securi…

1 day ago | [YT] | 0

Iggy the Investing Iguana

Singapore Airlines FY25/26: The Profit Collapse Behind the Record Revenue | EP1609🦖

Net profit fell fifty-seven point four percent year-on-year to one point one eight four billion Singapore dollars — yet management led their presentation with record revenue and a thirty-nine percent rise in operating profit. The disconnect is not cosmetic. A fifty-thousand-dollar holding just lost eight hundred seventy-seven dollars in annual dividend income, and the lagged jet fuel cost buried in the March accounts means the full fuel shock has not yet hit the bottom line. If management can celebrate a profit collapse this severe while headlining a revenue record, what does that tell you about the priorities protecting your retirement capital?



📺 YouTube: https://youtu.be/6Ju-amdVzLM
📩 Substack: investingiguana.com/p/singapore-airlines-fy2526-th…

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2 days ago | [YT] | 1

Iggy the Investing Iguana

DBS, OCBC, UOB All Report This Week. Which One Passes the Retirement Test? | EP1608🦖

The most expensive bank in Singapore just passed my retirement screen while the market darling trading at a twenty-eight point five percent premium failed outright. DBS yields five point three percent but costs you a four point one percent entry premium, which is a single soft flag on timing. OCBC yields four point four percent, fails the four point seven percent minimum hurdle, and the market has already priced in all the optimism, leaving zero margin for error.



A one percent yield gap on fifty thousand Singapore dollars compounds into a thirty-five thousand dollar longevity hit over thirty-five years. That is not an abstract percentage, that is years of your living expenses vaporised because you chased a stock price rally instead of auditing the actual cash hitting your CPF account. DBS clears Zone 2 Watchlist, OCBC sits at Zone 4 Caution, and UOB carries three soft flags with declining revenue. The math does not care about the queue outside the stall.



📺 YouTube: https://youtu.be/3qVq9Cs4oCQ
📩 Substack: investingiguana.com/p/dbs-ocbc-uob-which-bank-actu…

3 days ago | [YT] | 0

Iggy the Investing Iguana

Beng Kuang Marine | UOB Kay Hian S$0.75 Needs ASOM Done | EP1605🦖

An institutional upgrade on a stock yielding only 1 point zero percent is not a reward, it is a test of your patience. I am watching how Beng Kuang Marine’s big ASOM bet and West Africa contracts line up against that reality. The real question is whether a retirement portfolio can afford to wait for execution.



📺 YouTube: https://youtu.be/lknWrzhMLCg
📩 Substack: investingiguana.com/p/beng-kuang-marine-uob-kay-hi…

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3 days ago | [YT] | 0

Iggy the Investing Iguana

The $3 Billion Cash Fortress Secret | SGX Daily Pulse 13 May 2026 | 🦖EP1607

Genting’s cash pile is undeniably comforting, but the forensic angle I care about isn’t the S$3.2 billion — it’s the earnings engine that just stopped producing. Q1 net profit plunged to S$65.2M, down 55% YoY, and free cash flow has halved across recent years; that mismatch creates a real tension between balance-sheet strength and operational decline that a single liquidity figure cannot resolve.



For a Singapore investor relying on CPF or SRS income, the payout maths matters: the stock’s 5.8% yield sits above my 4.7% hurdle, but a 10% dividend squeeze would cut roughly S$400 from an annual income stream for a typical retiree—so the risk premium (5.8% minus 1.46% T‑bill) must justify owning a name with consecutive profit deterioration before you lean on its quarterly cheques.



📺 YouTube: https://youtu.be/DBwzz8Lto_4
📩 Substack: investingiguana.com/p/58-yield-vs-55-profit-drop-s…

4 days ago | [YT] | 0

Iggy the Investing Iguana

Before I Move a Single CPF Dollar, I Check These Three Things | EP1603🦖

Most Singaporeans nearing fifty five are unknowingly walking away from tens of thousands in lifetime CPF income, just by moving Ordinary Account money into stocks that cannot clear one simple test: can earnings cover interest at least four times, every year, through a storm. I always run three forensic checks before I shift a single CPF dollar.



📺 YouTube: https://youtu.be/BmfrywTZlt0
📩 Substack: investingiguana.com/p/before-i-move-a-single-cpf-d…

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4 days ago | [YT] | 1

Iggy the Investing Iguana

Piyush Gupta Says Plan to Live to 100. Can Your Portfolio? | EP1604🦖

Uncomfortable question: if your life quietly stretches to 100, does your portfolio know it, or are you still planning for a 10-year retirement sprint and hoping CPF LIFE fills the gap without checking the maths? When I ran my forensic checklist over DBS, Keppel and a “typical” S$100,000 dividend portfolio, the most shocking thing wasn’t any single stock, it was how a tiny yield leak becomes a 35-year slow bleed on your future kopi money.



Here’s the part most heartlanders never see: a one per cent yield mistake on S$100,000 is not S$1,000 once, it is roughly S$35,000 over a 35-year drawdown if you let it compound quietly in the wrong direction. That is why I treat CPF LIFE as the non-negotiable floor, then slam every long-term stock against a 4.7 per cent yield hurdle and 35 per cent gearing ceiling before I call it retirement-safe. If your runway is 35 years, the real risk is not short-term price swings, it is discovering at 85 that your dividends were just a slow refund of your own capital.



📺 YouTube: https://youtu.be/VBPA8Ye3UKk
📩 Substack: investingiguana.com/p/piyush-gupta-says-plan-to-li…

5 days ago | [YT] | 0

Iggy the Investing Iguana

UOB Kay Hian BUY on FLCT ($1.30) vs 3.8x ICR Fail | EP1602🦖

A single near full‑house number is propping up the comfort story on this trust, while a much quieter number just tripped the hardest gate in my forensic screen. I want to show you how we can have almost full warehouses, rising rents, and still fail my safety test for retirement money — and what that gap means for you.



📺 YouTube: https://youtu.be/atqxgXLld2I
📩 Substack: investingiguana.com/p/uob-kay-hian-buy-on-flct-130…

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5 days ago | [YT] | 3