Iggy's Journal: 4 SGX Stocks Are Paying Bigger Dividends This September. Here's Which Ones You Can Trust.
31 August 2026, PM
Video Release:
New piece up. Four dividend increases hitting SGX this September, and I traced every single one back to its source before trusting the headline number. Three of them are not what they look like. APAC Realty's bigger payout came from drawing on reserves, not from operating cash flow. Boustead leaned on a one-off asset sale to fund its increase. Only one of the four actually grew into paying more, the rest borrowed the appearance of growth from somewhere else on the balance sheet.
My Personal Take:
A bigger cheque does not prove a stronger business, and this September's crop of increases is the cleanest example of that I've covered in a while. ST Engineering is the one I want to be precise about, since it's the only name here on my formal coverage. It did raise its dividend, but it still yields under 2% at today's price, which puts it at Iggy's Forensic Zone: Zone 5, Red Zone, a floor breach against my 3.2% minimum, not a hurdle miss. APAC Realty and Boustead aren't names I carry a formal zone call on, so I'm not attaching one here, just flagging what the reserve draw and the asset sale actually mean for whether either increase repeats next year. Your CPF and SRS money deserves better than a yield number that only looks generous because of where the cash actually came from.
Not financial advice. Iggy's Forensic Compliance Standards apply.
📺 YouTube: https://youtu.be/eyQvLc5jG2Y
📩 Substack: https://investingiguana.com/p/4-sgx-stocks-are-paying-bigger-dividends
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Cheers, Iggy 🦖
