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$ST Engineering(S63.SG)
Context: I’ve been watching ST Engineering due to its strong aerospace and defence exposure.
My trade: Added 100 shares at $10.22 as I believe the company has solid long-term growth potential and a diversified business. I’ll continue monitoring its earnings and performance.
Takeaway: I’ll focus more on fundamentals and valuation before adding to my position again.
[Orders / Holdings Card]
$ST Engineering(S63.SG)
Context: I’ve been holding ST Engineering and continue to like the company’s steady mix of aerospace, defence and commercial businesses.
My trade: Held my position and took the opportunity to review it rather than chase the price. For me, the thesis remains intact, especially with its recurring revenue and diversified operations.
Takeaway: I’d rather stay patient with a quality holding than trade in and out unnecessarily.
$ST Engineering(S63.SG)
ST Engineering: Rail Wins Add Fuel to an Already Strong Engine
ST Engineering’s S$750 million Taoyuan Green Line contract is more than headline value: it reinforces the Urban Solutions turnaround and adds seven years of relatively visible revenue from Q4 2026. Together with the S$840 million Taoyuan Brown Line win, Taiwan is becoming a meaningful growth market. (The Straits Times)
Fundamentally, the story is strengthening. 1H26 revenue rose 11% to S$6.57 billion while net profit jumped 27% to S$512 million, with EBIT margins expanding. Its record S$35.7 billion order book provides strong visibility, including S$5.7 billion earmarked for delivery in 2H26. (ST Engineering)
At S$10.58, FY26 earnings imply roughly 30x P/E—no longer cheap, but justified if earnings compound. DBS forecasts S$1.08 billion FY26 net profit and values the stock at S$12.40; Phillip targets S$13.00. (DBS Singapore)
Technically, the pullback from S$10.96 offers a more attractive entry than chasing the recent rally. Dividend investors also have reason to stay interested: the FY26 policy adds one-third of incremental profit to the S$0.18 base, implying roughly S$0.25/share on current estimates. That points to ~2.4% yield with further growth potential. (ST Engineering)
View: BUY on weakness. The combination of defence, aerospace, smart-city contracts and dividend growth makes the road ahead increasingly compelling.
Not financial advice.
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
Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, $12/month.
Cheers, Iggy 🦖
4 SGX Stocks Are Paying Bigger Dividends This September. Here's Which Ones You Can Trust. 🦖
🟢 Bigger payouts don't always mean stronger businesses. Here's what's actually funding each one, and which passes the forensic test.Four bigger dividends th...
Iggy's Journal: The Acquisition Trap: How a Single Deal Can Make Any Company's Balance Sheet Look Terrible for a Year
27 August 2026, PM
Video Release:
New masterclass is up. Sembcorp's Net Debt to EBITDA jumped to 11.9x on paper this half, and on its own that number looks like a red flag. But Alinta Energy only closed on 11 June, so H1 2026 carries roughly two weeks of its earnings while the full acquisition debt landed in full. Brokers' pro-forma estimate puts the same ratio near 4.6x, a genuinely different picture depending on which number you anchor to.
Still Thinking This Through:
If you're holding Sembcorp for dividend stability in your CPF or SRS pot, my honest read is this looks like a timing distortion, not an immediate red flag, but I'm not calling it clean either. Iggy's Forensic Zone: NONE, I need Sembcorp's own debt maturity note and finance cost breakdown before I'd trust either the scary 11.9x or the comforting 4.6x. Until I have that, I'm treating the leverage as unverified, not resolved, and I'd rather sit with that discomfort than round it off in either direction.
Not financial advice. Iggy's Forensic Compliance Standards apply.
📺 YouTube: https://youtu.be/ljEjU83ES8M
📩 Substack: https://investingiguana.com/p/the-acquisition-trap-how-a-single
Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, $12/month.
Cheers, Iggy 🦖
The Acquisition Trap: How a Single Deal Can Make Any Company Balance Sheet Look Terrible for a Year
🟢 Sembcorp's leverage ratios just looked like they tripled overnight. Here's why that number is telling you less than you think, and what I'm actually waiti...
Iggy's Journal: Nvidia Beat, Guided Higher, And Actually Went Up For Once
27 August 2026, AM
Overnight Read:
Nvidia reported after Wednesday's US close, beating on both lines, EPS $2.22 versus $2.09 expected, revenue $96.2 billion, up 106 percent year on year, Data Center revenue $89 billion, up 117 percent. Guidance for the next quarter came in at $108 billion, above the $103.9 billion consensus. Shares rose in after-hours trading on the guidance, notably different from the last four quarters, where Nvidia beat estimates and still sold off the next day. The actual US regular session hasn't happened yet as I write this, so that reaction isn't locked in. Back home, Singapore's July industrial production grew 6.8 percent year on year, led by precision engineering (+17.7 percent) and AI-driven electronics demand (+11.2 percent), while biomedical manufacturing fell 5.3 percent. Separately, ST Engineering's Taiwan-listed unit won a confirmed S$750 million contract for a Taiwan metro line. STI closed Wednesday down 0.19 percent at 5,724.54, its second straight modest pullback after Tuesday's stronger session.
My Personal Take:
The Nvidia reaction is the more interesting story this morning than the numbers themselves. A beat-and-raise that actually gets rewarded, after four straight quarters of the opposite, tells me the market's anxiety about AI capex sustainability eased at least for today, whether that holds through the full session is genuinely unconfirmed as I write this. On ST Engineering, I want to be precise about what this contract does and doesn't do to my own call. It's a real, dated, confirmed win, not a speech or a study, which is exactly the standard I said I'd wait for. But my Zone 5 verdict on this name has always been a pure yield-structure story, trailing yield well under two thirds of my floor, balance sheet otherwise clean.
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖
Iggy's Journal: Eight Big Announcements Last Night. Three Actually Touch My Ledger, And None Of Them Move A Zone.
24 August 2026, PM
Podcast Release:
Angela and I went through all eight National Day Rally announcements on today's episode, not to find a stock angle in everything, but to be honest about where one genuinely doesn't exist. Childcare leave, the child support package, the BTO income ceiling, teen social media rules, none of that touches anything I track, and we said so plainly rather than force it.
Three items do connect to names already in my coverage, the new western island and Tekong tunnel studies touch Keppel and ST Engineering, both already Zone 5. The autonomous vehicle push touches ComfortDelGro, already Zone 4 on a gearing failure. The US tariff conversation touches the banks in the background, all three unchanged.
My Personal Take:
Not one of those three connections moved a single zone call today, and I said that on air because I think it's the actually useful thing to hear the morning after a big speech. A study, a decades-out land reclamation plan, a stated policy intention, none of that is a confirmed order book or a dividend change. My verdicts move on trailing distributions and confirmed balance sheet facts, not on how exciting an announcement sounds.
If any of these three names get something real and dated tied to last night's speech, I'll revisit it properly and tell you exactly what changed. Until then, the two investors from today's cold open both heard the same speech, only one of them is going to remember it was a statement of intent, not a stock tip.
Not financial advice. Iggy's Forensic Compliance Standards apply.
📺 https://youtu.be/FGVEbNVh9jQ
📩 https://investingiguana.com/p/pm-wongs-rally-speech-had-eight-big
Cheers, Iggy 🦖
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$ST Engineering(S63.SG)
ST Engineering (S63): Defence Spending Meets Earnings Momentum
ST Engineering’s defence story is becoming harder to ignore. Management sees an S$11bn international defence pipeline over the next 18–20 months, spanning ammunition, counter/offensive-drone systems, armoured mobility, satellite-enabled battlefield awareness and resilient local supply chains.
The fundamentals are equally compelling. 1H26 net profit rose 27.1% to S$512.1m, with revenue growth and operating leverage from sustained cost savings. Its order book reached S$34.5bn at March 2026, providing substantial earnings visibility. (ST Engineering)
Technically, the setup remains constructive: the 200-day MA is around S$9.94, while MACD remains bullish. At roughly S$10.6–10.96, however, the stock is no longer cheap. FY26 estimates imply about 33x earnings, with Maybank’s S$12.50 target and consensus around S$11.58 offering further upside, but valuation leaves less room for disappointment. (TipRanks)
Verdict: HOLD / BUY ON PULLBACK. Existing investors should hold; new investors should accumulate in tranches around weakness rather than chase the defence rally.
Not financial advice.
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