TheInvestingIguana

Iggy's Journal: The Share Price Fell. Did Your Dividend? Three Questions Before You Read Anything Into the Red

Tue 10 Nov 2026 | Afternoon

The Numbers

In the made-up example I use, a payout of S$0.20 at a S$4.00 price is a 5.00% yield. At a S$3.20 price the same S$0.20 payment becomes a 6.25% yield. The company changed nothing, and only the price moved. Every number in the episode is made up.

My Personal Take

A red price on a screen makes the yield look better without the dividend changing at all, and I think that is easy to read as better income. That leaves me with two questions. When a price falls, what do I check first to see whether the declared payout changed? And if the payout did not change, what else would tell me whether it can last? I am not putting a view on any real company in this entry. The video and the Substack piece go through the three questions, and both are free.

📺 YouTube: https://youtu.be/8kIp0r8Bp6E

📩 Substack: https://investingiguana.com/p/the-share-price-fell-did-your-dividend

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.

Iggy's Journal: Batam's Taps Ran Dry: Who Measured the Water?

Mon 9 Nov 2026 | Afternoon

The Numbers

The report on Batam's water shortage gives residents' accounts, the utility's explanation of drought, a very low reservoir and an electrical fault. It gives no litres used by any operator. The report says Johor's data centre capacity rose from 10 megawatts to 2.1 gigawatts, a 210-fold increase, and that Malaysia's data centres are forecast to use one third of total energy by 2035.

My Personal Take

If data centres were the cause of Batam's water shortage, where is the measurement that proves it? I treat the missing number as the real question, and I do not accept a headline cause without a measurable link. That leaves me with two questions. What would a measured link look like, and who would have to publish it? And what do the Johor capacity figures tell us, and what can they not tell us? These are figures worth watching, not conclusions to trade on. The episode goes through what the report measures and what it does not.

📺 YouTube: https://youtu.be/5Uz6cUAI5k

📩 Substack: https://investingiguana.com/p/batams-taps-ran-dry-and-residents

Cheers ,

Iggy 🦖

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

Iggy's Journal: RTS Link Now Expected in February 2027. Three Questions Before You Plan Your JB Trips

Sun 8 Nov 2026 | Morning

The Numbers

The RTS Link is not opening in December 2026. The official target is now February 2027, which is an expectation and not an announced date. It depends on final system tests and trial runs by 31 December 2026, then independent safety certification, then approvals from both countries. The opening day will be announced only after those approvals. The fare is still unconfirmed, and SGD 5 to SGD 7 is only an early expectation, not a published price. The Shuttle Tebrau is expected to be discontinued six months after the RTS Link begins operating.

My Personal Take

Not December. That is the one thing the headline settles, and everything after it is a target. A month on a calendar is easy to read as a date, and I think the order of events matters more than the month. That leaves me with two questions. What has to happen before any opening day is announced, and what does a trip look like if I plan it around a fare that is still an early expectation? I am not putting a date on the train. The video and the Substack piece go through the three questions, and both are free for everyone to read and watch.

📺 YouTube: https://youtu.be/Eu70KQolU68

📩 Substack: https://investingiguana.com/p/ep1896-rts-link-now-expected-in-february

Cheers,

Iggy 🦖

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

Iggy's Journal: Keppel's Core Profit Rose Over 20% and Group Profit Fell 40%. What the Dividend Rests On

Sat 7 Nov 2026 | Afternoon

The Numbers

Keppel's core profit rose over 20%, while group profit fell 40%. Gross asset value fell 4%. The trailing ordinary dividend is S$0.34, which is a 3.37% yield at S$10.09 (as at [date]). Two sales are still to complete: the six-rig sale, targeted for end-2026, and Keppel South Central, targeted for the second quarter of 2027. $Keppel(BN4.SG) 

My Personal Take

If the ordinary dividend follows the earnings that rose, why should a shareholder care about the profit that fell 40%? That is the uncomfortable question I started with. It leaves me with two more. Are the ordinary payout and any special payout funded from the same place, and what has to happen before the two sales above are done? I am not putting a verdict on the shares here. The free video and the Substack piece walk through it, and the Members Edition goes further.

📺 Free YouTube: https://youtu.be/A7-tmX2xEwE

⭐ Members Edition YouTube: https://youtu.be/hPetNc0r54Y

📩 Substack: https://investingiguana.com/p/ep1901-keppels-core-profit-rose-over

Cheers,

Iggy 🦖

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

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.

Iggy's Journal: DBS Down 5%, UOB Up 182%: Same Quarter, Opposite Headlines

Fri 6 Nov 2026 | Midday

The Numbers

UOB's quarter is up 182%, while DBS's quarter is down 5%. UOB's prior-year quarter carried S$1.361 billion in credit provisions, against S$258 million this quarter. DBS's nine-month profit rose 2% to S$8.82 billion, which it calls a record. DBS's commercial-book income was a record S$5.69 billion, up 4%, while markets trading income fell 65% to S$152 million. $DBS(D05.SG) $UOB(U11.SG) 

My Personal Take

Two banks reported the same quarter and the headlines point in opposite directions, and a percentage on its own does not tell me which window it is measuring. That leaves me with two questions. What is each headline measuring, and which lines in each quarter are the ones that repeat? I am not reading a verdict into any of the bank shares yet. The full deep dive on the banks is still to come, and I will wait for it. The episode puts each headline against what sat inside the quarter.

📺 YouTube: https://youtu.be/6T808_ZBjWk

Cheers,

Iggy 🦖

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

Iggy’s Journal: DBS’s Trading Income Fell 65%. Inside That Line, the Part That Isn’t Interest Fell 96%

Thu 5 Nov 2026 | Afternoon

The Numbers

DBS’s markets trading income fell 65%. Inside that line, the non-interest part fell from S$419 million to S$17 million, a drop of 96%, while the interest part rose from S$20 million to S$135 million. Markets trading income took S$287 million away from the profit bridge. Commercial book income rose 4% to S$5,693 million. Shares bought on or after 13 November do not carry the 81 cent dividend. $DBS(D05.SG) 

My Personal Take

The 65% is not the number in this release that I trust most. A total that size can hide two lines moving in opposite directions, and here the non-interest part fell 96% while the interest part rose. That leaves me with two questions. Which part of DBS’s income did the damage, and which part held up? The video and the Substack piece take the 65% apart into its two parts and then put them back into the profit bridge.

📺 Free YouTube: https://youtu.be/Wn3JKsVOetA

⭐ Members Edition YouTube: https://youtu.be/g2K74GrzQEg

📩 Substack: https://investingiguana.com/p/dbss-trading-income-fell-65-inside

Cheers,

Iggy 🦖

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

Iggy’s Journal: US Democrats Won Both the Senate and the House. What Does Singapore Do With That Headline?

Thu 5 Nov 2026 | Midday

The Numbers

One report on the US midterms says Democrats won both the Senate and the House. Its first line says the House was captured, and further down it says the House is on track. It gives no change to tariffs, spending, interest rates, the US dollar or the oil price.

My Personal Take

What I notice is that the report is less certain than its headline. It calls the House captured in one place and on track in another, and a vote only tells me who sits in the room, not what the room will decide. That leaves me with two questions. Does a headline like this reach Singapore through trade, through interest rates and the US dollar, or through oil? And what would a named change with a date and a figure look like? The episode follows the headline along those three routes to Singapore, one at a time.

📺 YouTube: https://youtu.be/xmy2MyJE9zk

Cheers,

Iggy 🦖

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

Iggy’s Journal: DBS’s Profit Fell 5% to S$2.81 Billion and Missed Forecasts. UOB Missed Too, for a Different Reason

Thu 5 Nov 2026 | Morning

The Numbers

The STI closed on Wednesday 4 November at 5,268.63, down 0.66 points or 0.01%, after trading between 5,192.31 and 5,276.09. The Business Times reported that gainers outnumbered decliners 392 to 198, with bank weakness offset by REIT and industrial gains. The US session came after SGX had closed. The Dow rose 1,569.40 points or 3.03% to 53,356.12, the S&P 500 rose 119.70 or 1.58% to 7,688.62 and the Nasdaq rose 364.50 or 1.44% to 25,736.51. The Motley Fool attributed the rally to fading election uncertainty after the US midterms and lower oil prices. Business Times headlines: DBS’s third-quarter profit fell 5% to S$2.81 billion on weaker trading income and missed forecasts; Peter Seah will retire as DBS chairman after 16 years, with Anthony Lim to succeed him; Centurion Accommodation REIT’s nine-month net property income of S$117.7 million beat forecast by 4.8%.  $DBS(D05.SG)  

My Personal Take

Two banks have reported in two days, and the Business Times headlines say both missed forecasts. The reasons differ on paper. UOB’s profit fell 15% from the prior quarter because the earlier quarter’s divestment gains were absent, and the DBS headline points to weaker trading income. One word, “missed”, covers two different lines. The one I want to compare next is net interest margin, to see whether it moved the same way at both banks.

Cheers,

Iggy 🦖

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

Iggy’s Journal: UOB Earned S$1.25 Billion, Below Estimates. What the Bank’s Own Documents Say Moved the Line

Wed 4 Nov 2026 | Midday

The Numbers

UOB earned S$1.25 billion, below estimates. That is a 15% fall from the prior quarter. Net interest margin fell to 1.68% from 1.74%, a drop of six basis points in one quarter. In Greater China, the non-performing loan ratio rose to 5.0% and allowance coverage fell to 40%.

My Personal Take

When a bank reports a lower profit, I notice that I ask why it earned less before I ask what it earned. A 15% fall in one quarter is a big enough step to ask about, and the margin dropped six basis points in the same quarter. That leaves me with two questions. What does UOB’s own documentation say moved the profit line, and which of the other lines shows whether the core bank is holding up? The video and the Substack piece read UOB’s own documents for what moved each line.

📺 YouTube: https://youtu.be/dxo6dgmB-wg

📩 Substack (free to read with a free subscription): https://investingiguana.com/p/uob-earned-sgd-125-billion-below

  $UOB(U11.SG) 

PS: I will post the full Substack article in Longbridge Community Article too, watch out for it. 

📺 YouTube: https://youtu.be/I-POoVa-kWM

Cheers,

Iggy 🦖

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

Iggy’s Journal: Own Fewer Than 100 Shares? What an Odd Lot Is, How It Trades and What It Can Cost

Wed 4 Nov 2026 | Midday

The Numbers

A board lot is 100 shares, so an order for 50 is an odd lot. It can still be traded, through the Unit Share Market, which has its own bids and asks. In a made-up example, buying 50 shares costs S$200.00 at the main board ask and S$202.50 at the odd-lot ask, an extra S$2.50. Selling later at the odd-lot bid leaves S$197.50, so the round trip loses S$5.00 from the spread alone.

My Personal Take

Permission is not what I question here, because a 50-share order is allowed. The price is the part I want to understand, since the odd-lot bid and ask sit in a separate market from the main board. That leaves me with two questions. What does the separate market charge through its spread, and on a small order, when does a broker’s minimum fee matter more than that spread? The episode takes the 50-share order from the first bid and ask to the sale and totals the cost at each point.

📺 YouTube: https://youtu.be/I-POoVa-kWM

Cheers,

Iggy 🦖

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

Iggy’s Journal: UOB’s Profit Almost Trebled to S$1.25 Billion and Still Missed Forecasts. The STI Has Fallen Three Sessions in a Row

Wed 4 Nov 2026 | Morning

The Numbers

The STI closed on Tuesday 3 November at 5,269.29, down 34.54 points or 0.65%, its third fall in a row. It is down 2.35% from the 29 October close of 5,396.03. On Wall Street, the Dow fell 197.26 points or 0.38% to 51,786.72, the S&P 500 rose 27.52 or 0.36% to 7,568.92, and the Nasdaq rose 0.83% to 25,372.01. The Associated Press tied the split to a rebound in AI and chip shares, offset by a fall in Apple after it warned of margin pressure from rising memory chip costs. January Brent futures settled at US$103.60, down US$1.17 or 1.12%, the lowest settlement since 7 October according to Dow Jones Market Data. Business Times headlines: UOB’s third-quarter net profit almost trebled to S$1.25 billion off a low base but missed forecasts; SIA Engineering’s first-half profit fell 1.7% to S$81.9 million. $UOB(U11.SG) 

My Personal Take

The UOB headline holds two readings in one sentence. Profit almost trebled, it still missed forecasts, and the headline itself says the base was low. That tells me the S$1.25 billion deserves more attention than the word “trebled”. What I want to know is how much of it will repeat, and which quarters it should be set against. My UOB results analysis comes later in a longform content. 

Cheers,

Iggy 🦖

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

Iggy’s Journal: Three Hotel Trusts Reported. One Rise Came Mostly From One Hotel

Tue 3 Nov 2026 | Midday

The Numbers

Far East Hospitality Trust’s revenue rose S$2.2 million, and about 88% of that rise came from one Nagoya hotel. CapitaLand Ascott Trust reported revenue per available unit (RevPAU) of S$164, down 1%, while its same-store operating performance rose 4%. CDL Hospitality Trusts reported gearing of 35.6%.

$CapLand Ascott T(HMN.SG) $CDL HTrust(J85.SG) 

My Personal Take

If a hotel is full every weekend, why can I still not tell whether the trust’s income is growing? That question stays with me after reading all three reports, because one trust’s rise sits mostly on a single hotel and another shows a 1% fall and a 4% rise in the same set of results. That leaves me with two questions. Is a rise concentrated in one property something to count on, and how can RevPAU and same-store performance move in opposite directions? The episode and the Substack piece go through the three trusts one at a time.

📺 YouTube: https://youtu.be/y-lalD1Gi8E

📩 Substack: https://investingiguana.com/p/three-hotel-trusts-reported-one-rise

Cheers,

Iggy 🦖

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