TheInvestingIguana

🦎 ANALYST WATCH | 14 AUGUST 2026

O39 OCBC BANK

WHAT THE ANALYST SAYS

UOB Kay Hian calls this an exceptionally strong quarter, maintaining BUY with a target price of S$33.35. OCBC posted a record Q2 net profit of S$2.221 billion, up 22 percent year on year and well ahead of the brokerage's own forecast. The surprise came almost entirely from non-interest income, net fee income up 28 percent to S$739 million on strong wealth management growth, trading income up a striking 85 percent to a record S$695 million, and insurance income up 68 percent. Net interest margin kept compressing, down to 1.70 percent, but loan growth of 12 percent and a bigger balance sheet still lifted net interest income slightly. Asset quality stayed broadly sound, NPL ratio unchanged at 0.9 percent, though S$300 million of new non-performing loans came mainly from two Greater China property-related accounts, a risk area UOB Kay Hian flags as worth watching. The interim dividend rose 15 percent to 47 cents, and management reiterated its capital return programme through December. UOB Kay Hian raised its 2026 and 2027 profit forecasts on the back of this result.

Balance sheet strength here is not the issue, this is one of the stronger capitalised banks among the three. What I track separately is the income side, and at current prices the trailing yield still sits meaningfully below the threshold I use for retirement income names. That gap narrows if the price corrects or the dividend keeps rising at this pace.

NOTE

For the full report, check UOB Kay Hian's published research or your broker platform.

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

🦎 IGGY CLOSING BRIEF, 13 AUGUST 2026

🌆 That is a wrap on Thursday, Iguanas. Here is what the session delivered.

SESSION SUMMARY

STI closed at 5,720.1, down just 0.70 points, essentially flat. A quiet index level session on the surface, but there was real movement underneath, one name in particular had a genuinely big day.

THREE MOVERS IGGY IS WATCHING

👁 AWX AEM Holdings, 10.980, up 14.02 percent

The standout move of the day by a wide margin. I do not have a confirmed news driver for this one yet. Worth flagging specifically because this name's entire income case rests on its dividend policy rather than any balance sheet concern, so a move this size is worth checking for a dividend or guidance update before reading too much into the price action alone. Following up on this.

👁 Z74 Singtel, 4.250, down 0.93 percent

A small continued drift, nothing new on the Nxera story today.

👁 C38U CapLand Integrated Commercial Trust, 2.450, down 1.61 percent

Giving back some ground the day after confirming a genuine 7.1 percent DPU increase for the first half. Could be ordinary profit taking after a strong results reaction, could be unrelated to the results entirely, nothing confirmed either way at this point.

MACRO INTO TOMORROW

Nothing new confirmed on the macro front since this morning.

IGGY'S END OF DAY READ

A flat index masking one genuinely large single stock move today. AEM Holdings is the one I want more clarity on before the next session, everything else was ordinary drift.

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

🦎 ANALYST WATCH | 13 AUGUST 2026

U11 UNITED OVERSEAS BANK

WHAT THE ANALYST SAYS

RHB upgraded UOB to BUY, raising its target price to S$46.60 from S$41.30, about 8 percent upside. The core thesis is valuation, RHB believes UOB's discount to peers has become excessive and should narrow, even against a mixed operating quarter. Reported Q2 net profit was S$1.5 billion, up 10 percent year on year, but that included a S$200 million property disposal gain. Strip that out and core first half profit actually fell 4 percent, on softer fees, margin pressure and higher costs. Net interest margin fell to 1.74 percent, and management cut its full year fee income guidance from high single digit to low single digit growth. The more significant item is asset quality, new non-performing assets jumped to S$902 million this quarter from S$341 million last quarter, with about two thirds tied to a single Greater China real estate borrower already on UOB's watch list. Management says it does not expect further large slippages. RHB's target price increase comes mainly from lowering its cost of equity assumption, not from stronger earnings forecasts, this is primarily a valuation call rather than an upgrade on business momentum.

NOTE

For the full report, check RHB's published research or your broker platform.

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

ST Engineering Dividend Jumped 25% — Should You Buy Now?

ST Engineering declared a 27.1 percent net profit surge to S$512.1 million and raised its Q2 dividend to S$0.05 per share, but the resulting 3.9 percent yield sits below forensic income hurdles at current share prices. While a S$35.7 billion order book ensures massive earnings defense, disciplined retail investors must separate corporate quality from yield value before committing fresh funds. Is ST Engineering a mandatory core holding for your SGX income portfolio at ten dollars, or are you waiting for a better yield entry?

🦎 IGGY MORNING BRIEF, 13 AUG 2026

☕ Good morning, Iguanas. SGX opens 9 am SGT.

OVERNIGHT US SUMMARY

Wall Street firmed Wednesday. Dow flat (-0.04% to 53,770.27). S&P 500 +0.26% to 7,748.50, snapping a two-day losing streak. Nasdaq +0.54% to 26,588.49. Softer US inflation and continued AI capex momentum drove gains. VIX eased to 14.55. Quiet, constructive session—no direct SGX read-through.

SGX PRE-OPEN PULSE

STI closed yesterday at 5,720.8 (-0.58%). USD/SGD at 1.2801. Brent crude ~$88.98/bbl, pause after recent run.

SINGAPORE NEWS ON IGGY’S RADAR

🌾 Wilmar International 1H2026: Core net profit +10% to $641.5m USD; pre-tax profit +13% to $1.06b. Feed/Industrial Products and Food Products segments led. Solid, unspectacular—steady improvement for income-focused holders.

🏬 CapitaLand Integrated Commercial Trust (CICT): 1H2026 DPU +7.1% to 6.02¢. Gross revenue +7.5% to $846.8m; NPI +8.7% to $630.5m. Genuine distribution growth backed by real revenue and NPI—not financial engineering. Watch if pace holds into 2H.

🔋 ComfortDelGro: Launches CDG Energy, taking full ownership of EV charging JV. Expands into fleet electrification and energy management. Strategic diversification—not a numbers story today, but signals next growth leg.

IGGY’S GAME PLAN

CICT’s distribution growth is today’s focus—real revenue and NPI behind a DPU hike is worth digging into beyond the headline. Wilmar’s steady profit growth reminds that not every good result needs drama to matter for income portfolios. Nothing shifts my yield discipline, but CICT merits a closer look once full-year picture emerges.

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

CPF LIFE's Escalating Plan Promises 2% More Every Year. Inflation Doesn't Care 🦖

🔍 The Angle

The surprising part is not that Boon Tee reportedly grew S$194,000 into S$1.5 million without leverage. It is that he stepped away precisely when his licensed finance career made the boundary between education and advice feel too thin. I find that voluntary pause more revealing than any portfolio return.

💰 What It Means For You

If you manage CPF, SRS, or a dividend portfolio, credibility is not the same as suitability. His portfolio fell 41% in 2022 and rose 63% in 2024, a reminder that even a disciplined framework can produce uncomfortable years. The question is whether a creator is helping you think clearly, or quietly making your personal decision for you.

🦎 IGGY MIDDAY BRIEF, 12 AUGUST 2026

🍱 Lunchtime check-in, Iguanas. Here is what the morning session told me.

MORNING SESSION RECAP

STI sits at 5,716.1, down 38.09 points from yesterday's close, about 0.7 percent. A pullback after yesterday's record high, not a collapse, but worth noting the record didn't hold into today. Oil staying elevated on the ongoing Strait of Hormuz standoff looks like the more likely drag here than anything domestic.

THREE STOCKS ON IGGY'S RADAR

👁 Z74 Singtel, 4.290, down 0.46 percent

A small continued drift, still in the same range it has held for weeks. Nothing new on the Nxera story to report at midday.

👁 5E2 Seatrium, 2.160, up 1.89 percent

Bouncing back today after last week's post-earnings volatility. The split between UOB Kay Hian's hold call and DBS and Maybank's buy calls is still the backdrop here, today's move looks like the market leaning toward the more constructive side of that split for now.

👁 544 CSE Global, 1.300, up 2.36 percent

Up alongside UMS today, both chip-equipment-linked names moving together. No confirmed news driver in what I have, worth flagging as a sector level move rather than anything specific to this name.

MACRO PULSE CHECK

Oil remains the dominant macro thread, Brent has now climbed for four straight sessions on the Hormuz situation. That is doing more to explain today's softer tone across the index than anything else in view right now.

IGGY'S LUNCH TABLE VIEW

Yesterday's record was a growth story, today's pullback is an energy story, and I am not reading too much into either on its own. Watching whether oil keeps climbing into the afternoon, that matters more for the rest of this week than one session's STI print. Nothing here changes my read on any of the three names above.

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

Sentosa Cove Resale Trap — Two-Thirds Lose S$1 Million

Sentosa Cove property market analysis showing why nearly two-thirds of resale transactions closed at a loss averaging over S$1 million. We examine how sixty percent foreign buyer stamp duties crushed demand in Singapore's premier luxury enclave, creating a stark contrast between mainland real estate performance and ninety-nine year leasehold luxury decay. With landed homes also struggling to maintain gains, what does this capital destruction reveal about the real risks hidden in Singapore property market liquidity?

🦎 IGGY MORNING BRIEF, 12 AUGUST 2026

☕ Good morning, Iguanas. SGX opens at 9 am SGT. Singapore hit a record yesterday—worth understanding before today's open.

OVERNIGHT US SUMMARY

Wall Street fell Tuesday. Dow -0.34% to 53,791.85. S&P 500 -0.32% to 7,728.20. Nasdaq -0.60% to 26,445.45. Fading hopes for a quick Strait of Hormuz reopening pushed oil higher and rattled sentiment. Intel fell 4.1% on its US$15B share sale. Overnight, Iran's Supreme National Security Council said the strait stays closed unless the US accepts its terms to end the war—oil keeps climbing. VIX ~15.44. For SGX, energy cost pressure remains the more relevant thread than Wall Street's daily moves.

SGX PRE-OPEN PULSE

USD/SGD at 1.2797. Brent closed at US$88.91/bbl, up another 1.4%—fourth straight session higher and the clearest signal I'm tracking this week.

SINGAPORE NEWS ON IGGY'S RADAR

📈 STI hits fresh all-time intraday record: 5,774.21

The index closed higher, following through on yesterday's growth forecast upgrade. I don't have the exact closing print for this brief—will confirm if it matters for anything specific you're tracking. Records are worth noting, not by themselves a reason to change how I screen anything.

IGGY'S GAME PLAN

Two parallel stories: a genuinely strong domestic growth narrative pushing the index to records, and a genuinely uncomfortable energy story with the Strait closed and oil climbing four straight sessions. Records feel good, but I don't chase an all-time high index without checking that the individual names inside still clear my yield and balance sheet bar. Oil is the one I'm watching closest—it has real cost-of-living consequences well before it shows up in any company's numbers.

More stock updates in the midday brief later. =)

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

ST Engineering Just Won S$2.9 Billion in Contracts. Its Dividend Still Fails My Floor.  🦖

🔍 The Angle

The surprising part is not ST Engineering’s S$2.9 billion contract win. It is that a business can have a healthy order book, net debt at 2.77 times earnings, and interest coverage at 5.77 times, yet still fail the income test. I see a clear gap between business quality and dividend usefulness.

💰 What It Means For You

For a CPF, SRS, or dividend portfolio, the ordinary payout at around S$10.08 provides only about 1.6 percent income. That sits below my 3.2 percent Forensic Floor and well short of the 4.7 percent yield hurdle. Thursday’s results will show whether the payout picture receives a meaningful update.

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

📩 Substack: https://investingiguana.com/p/st-engineering-just-won-s29-billion

🦎 ANALYST WATCH | 7 AUGUST 2026

JYEU LENDLEASE REIT

WHAT THE ANALYST SAYS

Phillip Securities Research maintains BUY, raising its target price to S$0.77 from S$0.73. Full year DPU rose 2.7 percent year on year, driven by a full half contribution from the PLQ mall acquisition and strong Singapore retail performance, with rental reversion of 11.7 percent and occupancy at 98.5 percent. Gearing improved from 42.6 percent to 38.9 percent following equity funding of the PLQ deal and debt repayment from the JEM Office sale sale proceeds. The drag remains Sky Complex Building 3 in Milan, only 51 percent occupied with a planned divestment now delayed amid a weak Milan office market. Phillip's thesis going forward rests on the PLQ upgrade completing on schedule and the Milan asset eventually finding a buyer.

NOTE

For the full report, check Phillip Capital's published research or your broker platform.

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

🦎 IGGY MORNING BRIEF, 11 AUGUST 2026

☕ Good morning, Iguanas. SGX opens at 9 am SGT. Genuinely good news morning for Singapore's numbers.

OVERNIGHT US SUMMARY

Wall Street drifted lower Monday. Dow -0.11% (53,975.98), S&P 500 -0.06% (7,753.11), Nasdaq -0.32% (26,605.36). Rising crude stirred inflation worry ahead of Wednesday's US CPI, with Strait of Hormuz closure still weighing. Intel's $15B offering added tech caution. VIX 15.46. Cautious pre-CPI pause, not a real signal.

SGX PRE-OPEN PULSE

USD/SGD 1.2806. Brent jumped ~5% to $87.54/bbl – biggest move in weeks, worth watching for household cost implications.

SINGAPORE NEWS ON IGGY'S RADAR

📈 MTI raises 2026 growth forecast to 4.5–5.5%, Q2 GDP revised up to 5.9% (from 5.7% advance). Export growth lifted to 14–16% on electronics-led H1 outperformance. Good headline numbers, constructive backdrop – but growth ≠ yield; balance sheets still matter.

🤖 Nvidia taps Wall Street for $500B AI funding commitment. Scale worth noting; AI capex story keeps growing, feeds back into tech-heavy sessions.

📋 MAS closes consultation on CIS Code amendments – faster approvals for retail fund products. Regulatory housekeeping, not actionable today.

IGGY'S GAME PLAN

Growth upgrade is today's story, and it's strong. But I won't let good macro loosen yield discipline – stronger economy doesn't change what I need from balance sheets or distributions. Brent's jump is my key watch into the week – real cost-of-living implications if it sticks. US CPI Wednesday is next big checkpoint.

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