TheInvestingIguana

MTI Warned About This Three Days Ago. Now It Has Singapore's Name On It. 🦖

🔍 The Angle

Singapore being named in the White House’s shadow transshipment report sounds like a direct attack on the growth story. But the report places Singapore in Tier three, describing smaller economies with lower absolute illegal transshipment volumes, not the major export platforms in Tier one. The uncomfortable question is whether the headline is bigger than the immediate economic risk, or whether Singapore’s re-export model has become a future enforcement target.

💰 What It Means For You

The 12.5% US tariff already in force affects roughly one-third of Singapore’s domestic exports, but semiconductors, pharmaceuticals, aerospace products, and certain electronics are exempt. That matters because manufacturing grew 12.5% year on year, powered by AI-related semiconductor demand. Iggy's Forensic Zone: Zone 3, Watchlist. For CPF and SRS portfolios, this is a monitoring signal, not a reason to react to a headline.

📺 YouTube: https://youtu.be/76s6bXisKHc

📩 Substack:  https://investingiguana.com/p/mti-warned-about-this-three-days

Revenue Up, Profit Down 20%: What's Really Happening at ComfortDelGro 🦖

🔍 The Angle

ComfortDelGro's revenue rose 5.7 percent, but operating profit fell 17.3 percent. The taxi and private hire segment lost $31.1 million in profit, a 45.9 percent collapse that the "resilient" headline quietly covers. Gross gearing sits at 37.9 percent, breaching the 35 percent ceiling this framework uses, even though the company's own net gearing figure looks comfortable.

💰 What It Means For You

Your 6.3 percent yield and flat 3.91 cent interim dividend feel safe until you check what's funding them. A single segment dragging down the whole group while leverage climbs is the kind of pattern that matters for CPF and SRS income portfolios. Iggy's Forensic Zone: Zone 4, Caution.

📺 YouTube: https://youtu.be/isjVN2lkaxM

📩 Substack: https://investingiguana.com/p/revenue-up-profit-down-20-whats-really

🦎 ANALYST WATCH | 14 AUGUST 2026

BS6 YANGZIJIANG SHIPBUILDING

WHAT THE ANALYST SAYS

UOB Kay Hian says first half results materially exceeded expectations, maintaining BUY and lifting its target price to S$5.30. Net profit rose 28.4 percent year on year to 5.37 billion renminbi, about 55 percent of the full year forecast. Revenue grew 36 percent to 17.5 billion renminbi, helped by an initial contribution from the still under construction Hongyuan yard, expected to complete by the end of this year and contribute roughly a fifth of group revenue once fully running in 2027. Gross margin expanded to 36.2 percent on a favourable order mix and the progressive recognition of higher priced 2023-24 contracts.

The net orderbook stood at 22.4 billion US dollars, broadly unchanged from the end of last year despite strong deliveries, with yard slots effectively booked through 2029. Management reported 1.96 billion US dollars of new contracts in the first seven months of the year and remains confident of hitting its 4.5 billion dollar full year order target. Average vessel prices have eased about 5 percent from 2023-24 peaks, but management says the company is still winning contracts near peak pricing on its execution reputation, and does not intend to compete on price over the next two years.

UOB Kay Hian raised its 2026-28 earnings forecasts by 11 to 22 percent on this outlook, and projects forward dividend yields of 6.1 to 6.9 percent assuming a 50 percent payout ratio.

NOTE

The dividend yield figures are UOB Kay Hian's own forward projections, not confirmed company guidance. For the full report, check UOB Kay Hian's published research or your broker platform.

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

Underlying Profit Up 21%, Reported Profit Down 72%: What SingTel's Q1 Numbers Actually Mean 🦖

🔍 The Angle

A 72% fall in SingTel’s reported profit can look disastrous, but the more revealing number is the 21% rise in underlying profit. I found the contradiction in the comparison base: last year included S$2.20 billion in exceptional gains, so this quarter’s headline is measuring the absence of a windfall, not a collapse in operations. The forensic tension is that genuine business growth still has not solved the income valuation question.

💰 What It Means For You

For a CPF or SRS dividend portfolio, the ordinary yield remains 3.03%, below the 4.7% hurdle and the 3.2% Forensic Floor. NCS, Digital InfraCo and several regional associates are growing, but asset recycling proceeds and the Value Realisation Dividend do not count as recurring ordinary income under this framework. Iggy's Forensic Zone: Zone 4-, Caution. November’s interim dividend is the unresolved number.

📺 YouTube: https://youtu.be/tE6gVioQgf4

📩 Substack: https://investingiguana.com/p/underlying-profit-up-21-reported

AEM Just Jumped 14%. My Forensic Zone Actually Changed Too 🦖

🔍 The Angle

AEM's 14% jump is not the part that changed my forensic view. The surprising part is that a dividend I had previously treated as a structural problem has now pushed the provisional yield above my 3.2% forensic floor.

💰 What It Means For You

At around S$11, the 1.3 cent final dividend plus the new 2.4 cent interim dividend gives a provisional 3.3% yield. That still sits well below my 4.7% hurdle, so the business has improved without the income case becoming fully comfortable. Iggy's Forensic Zone: Zone 4, Caution.

📺 YouTube: https://youtu.be/sD4auVGX3qE

📩 Substack: https://investingiguana.com/p/aem-just-jumped-14-my-forensic-zone

Record Profit, a Rising Dividend, and a $35.7 Billion Order Book: Inside ST Engineering's 1H2026 🦖

🔍 The Angle

Everyone read ST Engineering's 1H2026 as a dividend story. It is actually a price story. The payout genuinely rose 25 percent quarter on quarter to 5.0 cents, but the share price has run so hard that the income you receive per dollar you commit went backwards in relative terms. A company can hand you more cash and still hand you a thinner yield, and that gap is where a lot of retirement portfolios quietly get built on the wrong assumption.

💰 What It Means For You

At S$10.23, annualising that newest 5.0 cent rate generously gives roughly 1.96 percent, against this framework's 3.2 percent Forensic Floor. If you already hold it from years back, your yield on cost is genuinely improving with each raise. If you are placing fresh CPF or SRS money today, you are paying a record price for a sub-floor income stream. Iggy's Forensic Zone: Zone 5, Red Zone.

📺 YouTube:  https://youtu.be/IzL_6RvqZ2Q

📩 Substack: https://investingiguana.com/p/record-profit-a-rising-dividend-and

🦎 ANALYST WATCH | 14 AUGUST 2026

C38U CAPITALAND INTEGRATED COMMERCIAL TRUST

WHAT THE ANALYST SAYS

RHB maintains BUY, target price S$2.75, implying about 9 percent upside and roughly 5 percent yield. The thesis rests on operational momentum, falling utilities and financing costs, and asset enhancement returns supporting continued distribution growth. First half DPU rose 7.1 percent year on year, helped by the Gallileo and CapitaSpring acquisitions. Occupancy improved to 95.6 percent, with retail rental reversions up 4.0 percent and office up 6.5 percent.

Net property income margin rose to 74.5 percent, and RHB expects further improvement as utility hedges roll through at lower prices. On growth, RHB flags asset enhancement work as more attractive than new acquisitions right now, roughly 7 percent return versus about 4 percent on acquisitions, with active projects at Tampines Mall, Lot One and Raffles City Tower, and Capital Tower and Plaza Singapura starting this quarter. Paragon is flagged as a possible future redevelopment candidate.

On the other side, CICT is exploring an exit from its German assets, about 3 percent of AUM, with Main Airport Centre a possible near term sale, though weak German conditions could slow that. RHB's main downside risks are weaker Singapore GDP growth and a resurgence in inflation.

NOTE

This is a broker research excerpt, RHB's own note advises checking the operational figures against CICT's primary results release. For the full report, check RHB's published research or your broker platform.

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

My Friend Told Me Vietnam Banks Pay 8%. I Thought She Was Scammed 🦖

🔍 The Angle

A friend in Ho Chi Minh City told me her bank pays 8.4% on a 12-month deposit. That number is real at MB Bank, but it only applies to Vietnamese dong, and foreign currency deposits earn 0% by law. The moment you convert to chase that rate, you're exposed to a currency that's weakened 1% to 3.5% a year for four straight years.

💰 What It Means For You

For a Singapore investor managing CPF or SRS, that 8.4% headline becomes closer to 5% to 6% in SGD terms once you account for currency movement. Vietnam's deposit insurance covers about S$6,000 per depositor, versus S$100,000 here, and you must be physically present in Vietnam with 6+ month residency to open the account. The real question isn't whether the rate exists, it's whether the risk premium clears what you give up in certainty and protection.

📺 YouTube:  https://youtu.be/YHkwFfHXc_8

📩 Substack: https://investingiguana.com/p/my-friend-told-me-vietnam-banks-pay

🦎 IGGY MORNING BRIEF, 14 AUGUST 2026

☕ Good morning, Iguanas. SGX opens at 9 am SGT. Dense session — results, fund-flow shifts, and household relief to cover.

OVERNIGHT US SUMMARY

Wall Street records: Dow +0.13% (53,840), S&P +0.65% (7,799), Nasdaq +0.81% (26,803). Softer wholesale inflation + crude oil -2.1% eased rate fears, lifting tech/semis. VIX flat at 14.55. For SGX, cheaper oil matters more than the records.

SGX PRE-OPEN

USD/SGD 1.2803. Brent $87.11/bbl (-2.1%) — welcome pause after recent gains.

SINGAPORE NEWS

Cost-of-living payout: Govt confirms S$400–S$600 cash for 2.4 million citizens in Sept — ~$1B package. Not portfolio-relevant but household-significant.

NODX upgrade: Enterprise Singapore raises forecast after Q2 NODX +27.4%; electronics +88.1% on AI demand — hard export numbers confirm the growth story.

Sembcorp Industries: Interim dividend raised to 11¢ despite net profit -25% due to $155M one-off Alinta acquisition costs — signals operating confidence. However, MSCI will drop Sembcorp from global benchmarks (effective 31 Aug, along with GoTo & Ayala Land). Index removal = passive selling pressure, irrespective of fundamentals.

First Resources: 1H26 net profit +57.4% to $234.9M USD, declares 8¢ dividend. This was on my watchlist pending yield confirmation — new data now allows proper assessment.

Banks: Diverging Q2 outlooks for local banks; China tax rules flagged as new watch item (detail pending). DBS reshuffles HK, Taiwan, Indonesia market heads — leadership, not numbers.

IGGY’S GAME PLAN

Busy news day, but two priorities:

Sembcorp — dividend hike vs. MSCI removal: fundamentals vs. fund flows over coming weeks.

First Resources — fresh dividend data finally enables yield assessment on a previously flagged name.

No changes to yield discipline on any registered name today.

—

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

🦎 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.