SGX

Iggy's Journal: When Beating The Index Isn't The Same As Winning On Income

11 September 2026, PM

Podcast Release

New video's up on OCBC and SGX, and honestly, this is the kind of split that catches people off guard. Both names have doubled the STI's return this year. Genuinely strong price performance, no argument there. And both now yield below the floor I track, the level below which the income case stops working for me. OCBC's 47 cent interim dividend works out to 2.79% at today's price. SGX's 57 cent full year payout is running into the same problem as its share price pushes into record territory.

This is a capital strength call, not a yield call, when it comes to OCBC specifically. At current prices the trailing yield does not clear the minimum threshold I track for income names. The income case strengthens if price corrects or the next ordinary dividend increases. Same logic applies to SGX in principle, a rising price doing exactly what a rising price does, quietly eroding the yield underneath it.

My Personal Take

This is the trap I want people to actually see clearly, not just nod along to. A stock going up is good news for your capital, and can be bad news for your income plan, at the exact same time, and most people only notice one half of that. I don't think this is a reason to sell either name, that's not what I'm saying. But if you bought OCBC or SGX years ago for the yield and you're still mentally pricing it at your original entry, the math today is different. A 41 basis point gap doesn't sound like much until you realise dividend growth now has to outrun the share price just to keep your yield from sliding further. Worth the watch if you hold either one and haven't checked what you're actually earning on today's price rather than yesterday's.

📺 YouTube: https://youtu.be/Li6KPgZ6Ogk

📩 Substack: https://investingiguana.com/p/ocbc-and-sgx-beat-the-sti-by-double

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

Cheers, Iggy 🦖

Iggy's Journal: The Oil Story Wasn't Just Noise

9 September 2026, AM

Market Data

Remember the Gulf story I said I was watching rather than reacting to, on Monday? It's not noise anymore. Houthi attacks on Saudi energy facilities halted operations at several sites, Brent pushed past $99 a barrel, and Wall Street felt it directly, the Dow dropped 628 points, 1.18%, its worst session in a while. S&P 500 and Nasdaq both fell too, though more modestly, down 0.58% and 0.32%. The 10 year Treasury yield's sitting elevated at 4.80% as investors price in both the inflation risk from pricier oil and general uncertainty. VIX ticked up to 15.26, still low by historical standards, but moving in the direction you'd expect.

STI followed the mood lower, down 0.43% to 5,767.45, a broad pullback rather than one sector, DBS, OCBC, Singtel and SGX all closed slightly weaker. Separately, and unrelated to the oil story, Circle's stablecoin business announced a US$400 million deal to acquire Singapore payments platform Tazapay, still subject to MAS approval, a reminder that the local fintech and payments space keeps drawing serious international capital even on a red day for equities.

My Personal Take

Kind of validating, in an uncomfortable way, to watch something you flagged as "maybe nothing" turn into an actual market mover within 48 hours. Doesn't feel good to be right about that one. Nothing panicky here though, a 1.18% Dow day and a 0.43% STI day are well within normal range, this isn't 2020 or 2022 territory. Just a genuine reminder that geopolitical noise doesn't stay noise forever, sometimes it's actually the thing. Watching oil and the 10 year yield closely from here rather than the index headlines themselves.

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

Cheers, Iggy 🦖