TheInvestingIguana

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.

Iggy’s Journal: Did You Lose Money Using Your CPF for the HDB? Three Questions to Check Before You Sell

Sun 1 Nov 2026 | Evening

The Numbers

When an HDB flat is sold, the CPF principal used for the flat, plus accrued interest, goes back into the seller’s own CPF account first. The accrued interest is not a fee paid to CPF Board. It is the amount the Ordinary Account savings would have earned while they were used for the flat. Below 55, the refund goes to the Ordinary Account, credited at 2.5% a year for 1 October to 31 December 2026. From 55, it first tops up the Retirement Account to the Full Retirement Sum, where the rate is 4% a year for the same period. Accrued interest continues until the refund is made.

My Personal Take

When I read “lost money” next to an HDB sale, I want to know where the difference actually went. The cash in hand looks smaller after the refund, and the sale figure alone does not show what happened to the rest. That leaves me with two questions. Which account does the refund land in at each age, and what does it earn once it is there? The video and the Substack piece follow the refund from the sale to the account it lands in, below 55 and from 55.

📺 YouTube: https://youtu.be/U2-3DigsKi8

📩 Substack: https://investingiguana.com/p/did-you-lose-money-using-your-cpf

Cheers,

Iggy 🦖

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

Iggy’s Journal: CICT Revenue Rose 15%. Should Your Payout Rise 15% Too?

Sun 1 Nov 2026 | Morning

The Numbers

CICT reported revenue up 15%. The growth includes Paragon, Galileo and the step-up purchase of CapitaSpring, while Bukit Panjang Plaza and Asia Square Tower Two were sold. Retail net property income fell from S$108.5 million to S$99.6 million, a drop of S$8.9 million or about 8.2%, even as the total rose. Leverage moved to 39.7%. Interest cover eased from 3.9 times to 3.8 times. The results slides do not give distribution per unit or the number of units in issue. $CapitaLand IntegratedCommercial Trust NRO(C38UNRO.SG) 

My Personal Take

A 15% rise in revenue reads like good news until I ask what was bought and what was sold. Retail income went down while the total went up, and I want to understand that before I read anything into the 15%. That leaves me with two questions. Does 15% more revenue mean 15% more for each unit, and how much of the growth came from properties added to the portfolio? The episode goes through the property changes, the retail line, the leverage and the interest cover one at a time.

📺 YouTube: https://youtu.be/4dJIRknfwho

Cheers,

Iggy 🦖

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

Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?

Sat 31 Oct 2026 | Afternoon

The N umbers

FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times. $Frasers Cpt Tr(J69U.SG) 

My Personal Take

The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures.

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

⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0

📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing

Cheers,

Iggy 🦖

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

Iggy’s Journal: iFAST Results: Profit Up Almost a Quarter. Read the Inflows, the Bank and the Cash Flow Too

Saturday 31 Oct 2026 | Midday

The Numbers

iFAST’s assets under administration rose 20% to S$36.76 billion. Net inflows for the nine months rose 2.3%. The results announcement says both strong inflows and positive market performance lifted assets, but it does not split the two. $iFAST(AIY.SG) 

Nine-month operating cash flow was S$357 million, down from S$563 million a year earlier, a fall of S$206 million. The company points to a larger increase in product financing receivables.

The third-quarter dividend is 3.2 cents a share, up from 2.3 cents a year earlier.

My Personal Take

Profit up almost a quarter is the number the headline will carry, and the nine-month figures underneath it point in different directions. If assets under administration grew 20%, why did net inflows rise only 2.3%? And with the dividend higher while operating cash flow fell, what does the payout sit beside? The episode lines up the profit, the inflows and the cash flow side by side.

📺 YouTube: https://youtu.be/wQ_BU8H-Y6U

Cheers, Iggy 🦖

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

Iggy’s Journal: HDB Resale Prices Dipped for a Third Quarter. Three Questions Before You Read Anything Into 0.1%

Friday 30 Oct 2026 | Evening

The Numbers

HDB first reported a 0.2% fall in resale prices for the quarter, then revised it to 0.1% once more transactions were counted. It is the third quarterly dip in a row. The index is down 0.6% since 3Q 2025. On an illustrative S$600,000 flat, a 0.6% move is about S$3,600.

The index covers the whole island, not the block, flat type, floor or remaining lease behind any particular sale.

My Personal Take

Three falls in a row sounds like a trend, yet the revision cut this latest one in half. So why did the final figure come in smaller than the first estimate? And what does an island-wide 0.1% say about the flat in my own block, if it says anything at all? The video and the Substack piece start from the 0.2% first estimate and work through to the 0.1% final figure.

📺 Free YouTube: https://youtu.be/SMakuHcY6Es

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

📩 Substack: https://investingiguana.com/p/hdb-resale-prices-dipped-for-a-third

Cheers, Iggy 🦖

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

S$150 Million for AI Materials, 24 Companies Named: What Changes for a Company You Own?

🔍 The Angle

The S$150 million does not go to the listed companies named in the announcement. It funds Marvel-AI, a materials research platform, while the 24 Champions of AI companies are named for a programme with no funding or revenue figures stated. A company joining a government programme is evidence of participation, not evidence of money received.

💰 What It Means For You

If you own OCBC, UOB, Singtel, Seatrium, Sembcorp Industries, Keppel, CapitaLand Investment, Singapore Airlines or ST Engineering, do not treat the name on the list as a result. The one company figure mentioned is UOB’s previously announced S$900 million AI economic-value target by 2030, and the report does not tie it to this programme. Check the next results for a spending number, a productivity or savings number, and a target with a measure and a date.

📺 YouTube: https://youtu.be/Cd6PR9ddkWM

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

Iggy’s Journal: Mi Material’s First Day: Up 1.1%. Who Can Sell Now, and What Does the Price Leave Out?

Thursday 29 Oct 2026 | Midday

The Numbers

Mi Material gained 1.1% on its first day of trading on the SGX Mainboard. About 10.8 million shares changed hands, roughly 14% of the 77.5 million shares in the public offer, which a Business Times headline reported as 2.1 times subscribed.

The stabilising manager reportedly bought 1.5 million shares at the offer price. The offer document says cornerstone investors’ 41.9 million shares carry no lock-up, while other holders face different restrictions. $Mi Material(MIM.SG) 

A management estimate, unaudited, puts September-quarter revenue at US$37.8 million.

My Personal Take

This podcast is the follow-up to my 20 October longform on the Mi Material IPO, where I looked at how much of the offer reached the company. Now the shares have traded, and the numbers raise new questions. What does a 1.1% gain prove when a stabilising manager was allowed to buy on the same day? And with 41.9 million cornerstone shares carrying no lock-up, who is able to sell, and what does the closing price leave out? The episode sets the first-day figures against what the offer document says.

📺 YouTube: https://youtu.be/ZQxaQczl4wY

Cheers, Iggy 🦖

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

Iggy’s Journal: MIT’s 7.0% Yield Clears My Hurdle. Its Balance Sheet Fails Two Tests and Sits on a Third

Wednesday 28 Oct 2026 | Afternoon

The Numbers

Mapletree Industrial Trust (MIT) redeemed S$300 million of 3.15% perpetual securities in May, then drew down loans to fund it. Aggregate leverage moved from 34.0% at March to 37.7% at September, a rise of 3.7 percentage points. $Mapletree Ind Trust(ME8U.SG) 

MIT’s second-quarter DPU was 2.97 cents, down 6.6%, according to a Business Times headline.

My Personal Take

The leverage figure moved 3.7 percentage points between March and September, and I do not think the properties explain all of it. What happens to a REIT’s leverage when it replaces S$300 million of perpetual securities with loans? And how much of that rise comes from the buildings, and how much from the way the securities were counted? The YouTube video and Substack piece go through the balance sheet line by line.

📺 Free YouTube: https://youtu.be/A5jkW_kpWJI

⭐ Members Edition YouTube: https://youtu.be/YC2DvcvCEK4

📩 Substack: https://investingiguana.com/p/mits-70-yield-clears-my-hurdle-its

Cheers, Iggy 🦖

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

Iggy’s Journal: Fund Fees Explained: Why a Small Yearly Percentage Can Take a Big Share of Your Returns

Wednesday 28 Oct 2026 | Midday

The Numbers

A fund can charge an expense ratio of 1.5% a year whether it gains or loses.

An illustration from the episode: a S$100,000 fund earns 6% a year before costs. A 1.5% expense ratio leaves 4.5% a year. A fund costing 0.3% leaves 5.7% a year. The comparison runs for 25 years.

For CPF money, the CPF Board set the sales charge cap on new CPF Investment Scheme purchases at 0% from 1 October 2020.

My Personal Take

The expense ratio is the one number in a fund that is printed before anything happens, and it is charged in good years and bad. How far apart do 4.5% and 5.7% a year end up on S$100,000 after 25 years? And what did the 2020 change to CPF Investment Scheme charges leave in place? The episode works through the sums step by step.

📺 YouTube: https://youtu.be/OxSSPTTZAe4

Cheers, Iggy 🦖

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

Sources: CPF Board: Reduction of CPF Investment Scheme fees deferred to 1 October 2020