The STI Slipped. Industrial REITs Led Losses.

Iggy's Journal: Wall Street Fell After Nvidia's CEO Resigned, and the STI Had Already Closed. DBS Goes Ex-Dividend Today

Fri 13 Nov 2026 | Morning

The Numbers

The STI closed on Thursday 12 November at 5,282.70, down 6.96 points or 0.13%. The Business Times tied the dip to Singapore shares moving with regional bourses. The US session came after SGX had closed. The Dow fell 189.40 points or 0.36% to 52,297.09, the S&P 500 fell 26.98 or 0.35% to 7,592.40 and the Nasdaq fell 100.10 or 0.39% to 25,366.09. The Associated Press tied the losses to early turbulence after Nvidia CEO Jensen Huang's resignation, higher Treasury yields as bond trading resumed after the Veterans Day holiday, and rising oil after President Trump said he is no longer interested in a deal with Iran. Brent for January delivery rose 3.30% to US$95.82, per Dow Jones Market Data. DBS goes ex-dividend today, 13 November. Business Times headlines: CFO Colette Kress takes over Nvidia in the interim; SIA's carrying value of its Air India investment is down a further S$335 million; SIA's CEO says a special dividend for its 80th anniversary will need the board's nod; Genting Singapore's third-quarter net profit fell 42.2% to S$54.7 million on softer premium gaming; Golden Agri-Resources' third-quarter profit rose to US$162 million on higher plantation output. $nvidia$NVIDIA(NVDA.US) 

My Personal Take

SGX closed before the US session, so Thursday's 0.13% dip sits outside the Nvidia news, and today's open is the first Singapore session after it. The Associated Press gave three reasons for the US losses, and I would not rank them from one session. On SIA, the headline says any special dividend needs the board's approval, so I am not reading a payout into it.

Cheers,

Iggy 🦖

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

Iggy's Journal: 31 SGX Stocks Are Near Their 52-Week Low. Nine Yield 8% or More

Wed 11 Nov 2026 | Evening

The Numbers

Beansprout's 5 November screen lists 31 SGX stocks and REITs within 5% of their yearly low. The same list includes GuocoLand at +1.0% over one year and Toku at -65.6%. Nine names show yields of 8% or more as at that capture, from Asian Pay Television Trust at 14.1% to Starhill Global REIT at 8.0%.

My Personal Take

A 52-week low tells me where a price is, not why it got there. A yield is the payout divided by the price, so a 14.1% yield can reflect a lower price, a higher payout, or both. That leaves me with two questions. For each of the nine, did the payout change or did only the price fall, and where would I find the answer? I am not putting a view on any of the names in this entry. The free video and the Substack piece walk through it, and the Members Edition goes further.

📺 Free YouTube: https://youtu.be/V6xi5IDpqbU

⭐ Members Edition YouTube: https://youtu.be/QDgLwWUXHKg

📩 Substack: https://investingiguana.com/p/31-sgx-stocks-are-near-their-52-week

Cheers,

Iggy 🦖

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

Iggy's Journal: Parkway Life's Payout Rose 13.4% as Revenue Fell 1.9%. Three REIT Reports, Compared With What?

Tue 10 Nov 2026 | Midday

The Numbers

Parkway Life REIT's gross revenue fell 1.9%, while its amount available for distribution rose 13.4% to S$85.5 million. Its Singapore hospital minimum rent is set to rise from S$79.7 million to S$99.1 million for the full year. Centurion Accommodation REIT's result was compared with its prospectus forecast, not with last year. Frasers Logistics and Commercial Trust's total payout fell 0.8%, while its payout before capital distribution rose 9.4%. $ParkwayLife Reit(C2PU.SG) 

My Personal Take

If a payout rises 13.4%, should I assume the buildings earned more? Parkway Life's revenue says that is not automatic. Each of the three REITs measured its payout against a different yardstick, and that leaves me with two questions. What is each percentage measured against, and what sits inside the two Frasers figures that point in opposite directions? I am not putting a verdict on any of the three units. The episode puts "compared with what?" after every percentage.

📺 YouTube: https://youtu.be/XLz55r0lsUc

📩 Substack: https://investingiguana.com/p/parkway-lifes-payout-rose-134-as

Cheers,

Iggy 🦖

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

$DBS(D05.SG)

Context- I intend to build a dividend portfolio using D05. If you are thinking of that one stock in SG, it has to be D05, given its reputation and branding.

My Trade- I have been adding D05 since it was fifty plus, sixty plus, seventy plus.

Takeaway- I should have started earlier to add the shares, but better late than never. I am hoping for opportunities to come so that I can add more.

$Mapletree Log Tr(M44U.SG)continues to contribute to my cash flow every quarter. Holding it at this level has limited down side and the risk to reward is skewed in my favour when the rate cycle reverses.

Iggy's Journal: CapitaLand China Trust Earns in Renminbi, Pays in Singapore Dollars. Three Questions

Sat 7 Nov 2026 | Morning

The Numbers

CapitaLand China Trust earns in renminbi and pays distributions in Singapore dollars. Its retail occupancy is 97.2%. Nine-month retail rental reversion was negative 3.0%, while business park reversion was negative 12.6%. The 7.9% yield is based on the twelve months to 30 June 2026, before the weak third quarter. It includes a 0.33 Singapore cent top-up, about 7% of the total payout. $CapLand China T(AU8U.SG) 

My Personal Take

A full mall sounds like a safe income stream, and I think occupancy is the wrong number to lean on. It counts tenants in the building, not what they pay. With rent falling on renewed leases, a trust can stay full and still collect less. That leaves me with two questions. How much of the payout comes from rent and how much from the top-up, and what does a renminbi rent turn into once it is converted to Singapore dollars? I am not reading a verdict into the units here. The free video and the Substack piece walk through it, and the Members Edition goes further.

📺 Free YouTube: https://youtu.be/DSPAn3yC2hw

⭐ Members Edition YouTube: https://youtu.be/oR18m3xf_tQ

📩 Substack: https://investingiguana.com/p/ep1889-capitaland-china-trust-earns

Cheers,

Iggy 🦖

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

$CapLand Ascendas REIT(A17U.SG) brought at 2.200 which is a good price from another platform. I might sell or trim it if it becomes over price

Opportunities come and go. I had intended to averaged down my cost basis for $Frasers Cpt Tr(J69U.SG) but missed adding near the low of 1.968 as I was "busy" enjoying my overseas holiday. But then, there are no regrets and it's better to enjoy life than fret over missed opportunities (which I'm sure will present itself again).

$Mapletree Log Tr(M44U.SG)

Industrial logistics REITs continue to show signs of bottoming out amidst macro rate adjustments. Holding Mapletree Log Tr (M44U) at an average cost of 1.164 SGD, with current drawdown narrowing to -5.49% at 1.100 SGD. Will stick to a disciplined DCA strategy for valuation recovery.

Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?

Sat 31 Oct 2026 | Afternoon

The N umbers

FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times. $Frasers Cpt Tr(J69U.SG) 

My Personal Take

The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures.

📺 Free YouTube: https://youtu.be/WBhhMkfdMcg

⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0

📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing

Cheers,

Iggy 🦖

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

Iggy’s Journal: MIT’s 7.0% Yield Clears My Hurdle. Its Balance Sheet Fails Two Tests and Sits on a Third

Wednesday 28 Oct 2026 | Afternoon

The Numbers

Mapletree Industrial Trust (MIT) redeemed S$300 million of 3.15% perpetual securities in May, then drew down loans to fund it. Aggregate leverage moved from 34.0% at March to 37.7% at September, a rise of 3.7 percentage points. $Mapletree Ind Trust(ME8U.SG) 

MIT’s second-quarter DPU was 2.97 cents, down 6.6%, according to a Business Times headline.

My Personal Take

The leverage figure moved 3.7 percentage points between March and September, and I do not think the properties explain all of it. What happens to a REIT’s leverage when it replaces S$300 million of perpetual securities with loans? And how much of that rise comes from the buildings, and how much from the way the securities were counted? The YouTube video and Substack piece go through the balance sheet line by line.

📺 Free YouTube: https://youtu.be/A5jkW_kpWJI

⭐ Members Edition YouTube: https://youtu.be/YC2DvcvCEK4

📩 Substack: https://investingiguana.com/p/mits-70-yield-clears-my-hurdle-its

Cheers, Iggy 🦖

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

its rare that the REITs outran the banks. Investors are like fair weather friends, they cheered the banks' almost unstoppable rally and are now really quiet when the trend turns. Now there are also no voices heard on buy banks sell REITs when everything in the market are not encouraging or are flip flopping constantly.

$Keppel DC Reit(AJBU.SG)

Context: Keppel DC REIT is still riding on the data centre growth story, but with interest rates, borrowing costs and valuation to consider, I don’t think can just buy and hold without looking at the price.

My trade: I decided to sell my position first and free up some cash. Nothing wrong with the company, just feel that taking profit now makes sense for my portfolio. If there’s a better entry later, then I’ll consider again.

Takeaway: Sometimes don’t need to squeeze every last cent out of a stock lah. 😂 Profit is profit, no need to be greedy. I rather secure my gains first and wait for the next opportunity than get too attached to one counter.

$Frasers Cpt Tr(J69U.SG)

Frasers Centrepoint Trust (J69U) delivered a strong FY26. DPU reached a record 12.35 cents, NPI grew 15.7% to S$321.7 million and leverage fell to 38.7%.

At around S$2.06, that works out to roughly a 6% yield. Occupancy is also an impressive 99.7%, while 6.6% rental reversions suggest there is still room for income growth.

But would I rush in before the ex-dividend date?

No.

The 6.214-cent 2H distribution looks attractive, but investors should remember that the dividend isn’t free money. Once FCT goes ex-dividend, the unit price should theoretically adjust lower by roughly the distribution amount.

The bigger question is what investors are paying for the underlying REIT.

This is where FCT becomes interesting against CapitaLand Integrated Commercial Trust (C38U).

CICT offers greater diversification across retail, offices and integrated developments. That gives it a broader earnings base, but its office exposure also makes it more sensitive to the commercial property cycle.

FCT is much more focused on suburban retail. That means less diversification, but its malls benefit from recurring daily spending such as groceries, food and essential services. Its 99.7% occupancy and positive rental reversions reinforce that defensive quality.

FCT also has potential growth from AEIs at NEX, Hougang Mall and Causeway Point, while lower financing costs are helping support DPU.

At S$2.06, I don’t think investors need to chase the dividend. I would rather wait for the post-ex-dividend adjustment.

Around S$2.00 becomes more interesting, while S$1.95 or below would provide a better margin of safety, assuming fundamentals remain intact.

Bottom line: CICT offers diversification and scale; FCT offers focused suburban retail exposure, strong occupancy and improving income. I prefer accumulating FCT on weakness rather than buying simply for the dividend.

Context

⭐ $Frasers Cpt Tr(J69U.SG) reported record-high full-year FY2026 results. Gross Revenue rose 14.2% YoY to SGD444.9m, Net Property Income (NPI) grew 15.7% YoY to SGD321.7m, and full-year DPU reached a record 12.350 cents (+2.0% YoY).

👍 Significant Balance Sheet Deleveraging: Aggregate leverage improved substantially to 36.8% (down from 40.4% in 3Q FY26), creating strong debt headroom well below the 50% MAS regulatory limit.

💰 Cost of Debt & Coverage: All-in average cost of debt declined to 3.2% (down from 3.8% in FY25), with 68.6% fixed-rate hedged and an improved Interest Coverage Ratio (ICR) of 4.37x.

🍏 Robust Operational Essentials: Portfolio committed occupancy remained near-full at 99.7%, supported by positive rental reversions of +6.6% and successful asset recycling (divestment of White Sands at an 8.4% premium).

My Trade:

* Position Action: Maintaining current vested position in FCT (SGX: J69U) and holding through the earlier market sell-down.

* Investment Rationale: Lower interest burden, significant balance sheet deleveraging (sub-37% gearing), and resilient suburban retail cash flows validate holding the stock as a dependable income component without needing to panic-sell or over-allocate at current levels.

Takeaway:

* Quality & Resilience: FCT’s necessity-driven heartland retail portfolio demonstrates steady organic growth, high occupancy, and positive rental reversions regardless of broader economic volatility.

* Lowered Financial Risk: Active capital management and rate cuts have reduced borrowing costs and gearing, improving DPU distribution visibility (2H DPU of 6.214¢ payable on 27 Nov 2026).

$Lion-phillip S-Reit(CLR.SG)

Context:

I noticed that S-REIT prices were dropping, and I saw it as a potential opportunity to add to my existing position at a lower price. Since I was already interested in S-REITs for their potential distribution income and long-term growth, I thought that buying more at the lower price could help reduce my average cost. However, I understood that the price decline could be caused by factors such as interest-rate expectations, rising financing costs or weaker market sentiment, so I wanted to take advantage of the lower price while keeping a longer-term perspective.

My trade:

I added to my S-REIT position because I wanted to lower my average purchase price and increase my exposure to the sector. Rather than buying at a higher price, I saw the market decline as an opportunity to accumulate more units at a potentially more attractive valuation. My intention was to improve my overall entry price while continuing to benefit from potential distribution income and future capital appreciation. However, I remained aware that buying at a lower price does not necessarily mean the investment has become cheaper in fundamental terms, and further price declines could still occur.

Takeaway:

Next time, I would evaluate the reasons behind the price decline and check the REIT's fundamentals before adding more units, rather than focusing mainly on lowering my average cost.

$Keppel DC Reit(AJBU.SG)

Context: Keppel DC REIT has benefited from the strong data centre theme, but even a good sector doesn’t mean the share price will keep going up. At some point, need to look at whether the valuation still makes sense.

My trade: I decided to sell and take profit first. Rather lock in what I’ve earned than get too greedy and end up giving back my gains. Can always look for another entry if the price becomes attractive again.

Takeaway: I still believe data centres have long-term potential lah, just not every stock needs to be held forever. Sometimes taking profit and keeping cash ready is also a strategy. Money in the pocket first, opportunities can come again.

SREITS still has abit more room for share prices to go up. Several SREITS are far below their book Net Asset Value

$Lion-phillip S-Reit(CLR.SG)

Context:

I noticed that the prices of S-REITs were falling, and I saw this as a potential opportunity to add to my existing position at a lower price. My thinking was that buying more units during the price decline could help lower my average cost and potentially improve my overall returns when the market recovered. Since I was investing with a longer-term perspective, I was willing to tolerate some short-term price fluctuations as I believed S-REITs could still provide relatively stable distribution income and opportunities for capital appreciation. However, I was also aware that falling prices could reflect concerns about interest rates, financing costs or the REITs' underlying performance, so I understood that the price decline did not necessarily mean the investment had become more attractive.

My trade:

I added to my existing S-REITs position as I wanted to take advantage of the lower prices and reduce my average purchase cost. Rather than committing a large amount of capital at once, I chose to add gradually so that I could manage my risk while maintaining exposure to the sector. My main reason for adding was the belief that the lower entry price could improve my potential returns over the longer term, while allowing me to continue receiving distributions from my investment. At the same time, I recognised that averaging down would increase my overall exposure to S-REITs, and that further price declines could result in additional losses.

Takeaway:

Next time, I would assess whether the price decline is driven by temporary market conditions or weakening fundamentals before averaging down, while setting clearer limits on my position size and checking that the REIT's distribution sustainability and financial health remain sound.

Context: $Mapletree Ind Trust(ME8U.SG)is currently trading at a depressed price near multi-year lows around S1.75–S1.80, offering a high dividend yield of ~7.0%.

1. Key Drivers Behind the Price Weakness:

* US Data Center Non-Renewals: MIT’s North American portfolio includes legacy powered shell data centers. Tenant non-renewals and vacancies in these older assets create an income drag, while upgrading them to accommodate dense AI workloads requires heavy capital expenditure.

* Rising Financing Expenses: Low-cost interest rate hedges are expiring, reducing fixed-rate debt coverage to ~73%. Refinancing at prevailing rates drives debt costs toward 3.5–3.6%, squeezing Distributable Income.

* Distribution Contraction: Expected annual Distribution Per Unit (DPU) is moderating to 11.5–11.8 cents. Ongoing divestments of non-core properties aim to reduce leverage but leave temporary income gaps before proceeds are redeployed.

2. What the Market is Pricing In:

* Structural DPU Repricing: Investors require a ~7.0% yield, accepting ~11.5 cents as the new DPU baseline.

* Hybrid Industrial Discount: The market no longer prices MIT as a high-growth AI tech play, treating it as a traditional industrial REIT balancing US headwinds with stable Singapore assets.

* Execution Risk: Markets are taking a cautious stance on management's plan to sell SGD500M–600M in non-performing assets.

Investor Verdict

3. Scenarios to consider (Takeaway):

* 🐻 Bear Case: Elevated refinancing costs and lingering US vacancies drag DPU lower.

* 🐂 Bull Case: The 7% yield prices in worst-case downside; successful asset divestments could trigger a valuation re-rating.

4. My trade: I am still holding onto MIT for the bull case and accepting its lowered contribution to my cash flow. However, I may divest part of it to pursue a good option when one presents itself.