$OCBC Bank(O39.SG) Iggy's Journal: When Analysts Say Buy and My Ledger Says Something Else

7 September 2026, PM

Podcast Release

New podcast video's up, and it's built around something that looks like a contradiction until you sit with it for a second. Two names on UOB Kay Hian's Alpha Picks list, OCBC and Keppel, are both sitting in my Red Zone. OCBC rallied close to 10% in August, but its ordinary yield actually fell to 2.79% because the dividend never moved while the price did. Keppel's in a similar spot at 2.91%, and it's also trading roughly 12% above what InvestingPro's models say it's actually worth.

Here's the thing that isn't a contradiction. UOBKH is picking these for what might happen to the share price over the next few months. My Ledger is checking whether the dividend still holds up over the next few decades. Watch the podcast to find out more.

My Personal Take

Not going to pretend this doesn't put me in an awkward spot next to a well-regarded house view. But my framework isn't built to chase the next few months, it's built to protect the next few decades, and those are genuinely different jobs. Two respected calls, two different questions being answered. Worth watching if you've been tempted to follow an Alpha Pick into either of these without checking what the yield's actually doing underneath the price move.

📺 YouTube: https://youtu.be/MilLSfsbAHY

📩 Substack: https://investingiguana.com/p/two-of-uobkhs-alpha-picks-are-sitting

Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖

Iggy's Journal: A Small SGX Name With a Big Satellite Partner

5 September 2026, PM

Analyst Rating

Maybank Research reiterated a BUY call on Addvalue Technologies (A31), unchanged target price 34 cents, based on 30 times FY27 forecast price to sales. The call is built on two new orders totalling US$5.0 million, US$2.8 million for its Inter-Satellite Data Relay System products and US$2.2 million for its Advanced Digital Radio System products, the latter covering both design work and repeat supply to defence-technology customers. Addvalue's reported orderbook now stands at US$20.2 million.

The bigger story behind the number is the Viasat partnership. Viasat plans to fold Addvalue's satellite relay terminals into its HaloNet portfolio for US government and government-supplier opportunities, with Addvalue as the lead US-facing provider. Maybank reads this as third-party validation of Addvalue's technology and a possible path to longer, recurring US space-programme orders, potentially including NASA-adjacent work. Worth being precise here, that specific customer exposure is Maybank's own expectation, not a signed Addvalue contract. The whole bullish case leans on orders that haven't been booked yet, so timing, margins and actual cash conversion on that US$20.2 million figure are the things to watch as this plays out.

My Personal Take

Not going to lie, the Viasat name attached to a small SGX satellite-comms player got my attention faster than most analyst notes do. Addvalue's not one I've run a proper forensic screen on yet, no zone call from me on this one today, just relaying what Maybank's saying. But given how much this name has been coming up in the news lately, I'm going to put together a full audit on it, not a quick take like this one, the real numbers on cash burn, order conversion and how much of that US$20.2 million actually turns into revenue this year. Let the numbers speak on this one once I've actually pulled them. Watch this space.

Cheers, Iggy 🦖

Iggy's Journal: AEM's Profit Jumped Nearly Tenfold and the Stock Still Dropped. Here's Why That Isn't As Strange As It Sounds

3 September 2026, AM

Podcast Release

New Iggy Answers episode is up. Three SGX names, AEM Holdings, UMS Integration, and Frencken Group, are all riding the same AI infrastructure demand right now, but "AI beneficiary" is one label sitting on top of three very different stories. AEM's H1 net profit went from S$3.1 million to S$30.8 million, guidance raised twice this year, and the share price still fell against my last confirmed check. UMS Integration posted a 66% profit jump. Frencken moved the other way. The episode walks through growth trajectory, income reliability, and valuation as three separate questions instead of one combined verdict.

My Personal Take

Okay, I need to tell you about AEM because this one genuinely bugged me for a bit. Profit up almost tenfold. Guidance raised, twice. And the price still dropped. My first reaction was the same as yours probably is right now, that makes no sense.

It does make sense, just not the kind of sense a headline gives you. A growth story and an income story are not the same test, and AEM is still short of my yield hurdle even after a result like that. Good business, still doesn't clear my bar for retirement income, those two things can both be true at once. That is basically the whole episode in one sentence, but listen to the full thing, because UMS and Frencken each fail that same test in their own separate way, and none of them fail it for the same reason.

Anyway. Kopi in hand, episode's up, go listen.

📺 https://youtu.be/-Gzsf3ijqXo

📩 https://investingiguana.com/p/three-sgx-chip-suppliers-are-riding

Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, S$12/month.

Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖

Iggy's Journal: ComfortDelGro Just Won a Metro Contract in Denmark. Here's Why My Ledger Was Already Watching for This

2 September 2026, AM

Podcast Release:

New episode is up this morning. ComfortDelGro just won the Copenhagen Metro operating contract, a 12-year deal worth DKK 17 billion. Good headline on its own, but my Ledger already had this name flagged before the announcement broke, gearing at 37.9%, breaching my 35% ceiling by 2.9 points, logged well before today's news. Tender wins like this one tend to front-load capex and debt ahead of the contracted revenue actually arriving, so the press release can look great while the balance sheet quietly tells a tighter story underneath it.

My Personal Take:

If your dividend income sits in CPF or SRS, I want to be clear that a single gearing breach on an otherwise strong operator is a watch signal, not a panic button. Yield here clears my hurdle comfortably at 6.30%, and interest coverage is fine at 6.6x, this is a fortress-yield, fortress-coverage business with one specific leverage problem, not a business falling apart. Iggy's Forensic Zone: Zone 4, Caution. The number that actually moves the needle next isn't today's contract announcement, it's whether new debt shows up at the next results tied to funding this win. I'll be watching for that specifically before I'd consider moving this call in either direction.

Not financial advice. Iggy's Forensic Compliance Standards apply.

📺 YouTube: https://youtu.be/8wELg-SPZZs

📩 Substack: https://investingiguana.com/p/comfortdelgro-just-won-a-metro-contract

Cheers, Iggy 🦖