Kep Infra Tr

I tested September’s SGX dividends vs CPF 4.0% - Only one passed my 4.7% test 🦖

🔍 The Angle

Five SGX dividend names hit the September calendar. Only one clears my 4.7% yield hurdle when stacked against CPF SA's guaranteed 4.0%. The other four ask you to accept less income than the safest instrument in the system, while carrying full equity risk on top.

💰 What It Means For You

If you're drawing down CPF or SRS now, that gap matters. Sasseur REIT's 10.2% DPU growth and 25.4% gearing clear both the yield test and the balance sheet gate. Asian Pay Television Trust's 11% trailing yield vanishes once you apply management's 2026 guidance cut to 0.80 cents. Iggy's Forensic Zone: Zone 5, Selective.

📺 YouTube: https://youtu.be/DjZpoblDtz0

📩 Substack: https://investingiguana.com/p/september-dividends-vs-my-47-hurdle

🦎 IGGY MIDDAY BRIEF, 29 JUNE 2026

MORNING SESSION RECAP

STI opened at 5,201, above Friday’s 5,191 close. Early range is tight at 5,189 to 5,207, signalling no urgency to take direction on the second-last trading day of H1. Top actives are led by agricultural and consumer names rather than banks or REITs. My read is cautious consolidation near historic highs.

THREE STOCKS ON IGGY'S RADAR

👁 E5H Golden Agri-Resources, flat at S$0.270

High volume with no price movement suggests two-way flow at a contested level. Palm oil prices feed into regional food costs, while Brent crude sitting ~20–25% below last year’s peak has eased input costs. Whether this translates into margin recovery is the key question before considering it for income.

👁 Y92 ThaiBev, down S$0.010 at S$0.430

Early selling with over 10 million units traded. Earnings are Thailand-based, so SGD investors carry FX drag. With THB weakening alongside regional currencies against USD, income gets a quiet haircut before it reaches your account.

👁 A7RU Keppel Infrastructure Trust, down S$0.010 at S$0.535

SORA near cycle lows supports distribution coverage via cheaper floating-rate debt. The key question is whether yield is driven by contracted cash flows or balance sheet management. That distinction matters more in a low-rate environment.

MACRO PULSE CHECK

No Singapore data in focus. US futures not yet clear. Backdrop unchanged: STI near highs, SORA near lows, Brent ~20–25% below last year’s peak.

IGGY'S LUNCH TABLE VIEW

H1 closes tomorrow with STI near record levels. That is constructive, but it tightens entry points for income investors. I am watching whether REITs pick up volume this afternoon. Quiet at highs is not the same as safe. I am watching, not chasing.

The bond market is sending a different signal: April PPI hit 6% (a 3-year high), 30-year Treasury yields broke 5%, and Warsh was confirmed as Fed Chair.

With 30-year bond yields rising, can investing in long-term bonds offset inflation and the continued weakness of the US dollar?

Or should one seize the opportunity of the AI wave to further improve the asset allocation structure?

The market looks so strong but when you look deeper, it’s all on the surface. Only a few names are carrying the market and it’s quite easy to actually prop them up. I am staying defensive.

The market does look unstoppable isn’t it? It keeps going up and up. Think again coz that’s what the headlines want you to believe. Smart money needs lots of exit liquidity because that’s how inflated the market is! Do the smart thing. Stay safe!

Take profits on AI euphoria. Rotate to SG banks and REITs as real rates rise. Position SG-listed names for ESR and energy security tailwinds.

The ESR is still in the early discussion phrase, continue to seat on the sideline till there is a confirmation on the benefit. Do no jump into the bandwagon in such a hype up market!

With Warsh confirmation as the fed chair, the thesis that AI going to outpowrt inflation rate is here. The AI rally will continue for the year and wealth will be generated!

The memory chips is going off the racks, LITERALLY! This is a rotation of the usual big tech to these players instead. We are in a new regime and so get ready!