Singtel

Iggy's Journal: EP1828 - Singtel's Yield Looks Like 4.3%. Strip Out the One-Off Dividend and It's 3.1%.

22 September 2026, Evening

Video Release

UOB Kay Hian's $5.50 target and my 4.3% yield reading aren't actually disagreeing with each other. One is pricing a Nxera transaction that hasn't happened yet. The other is measuring the cash Singtel is paying out right now.

The Numbers

A stock can clear the first test and fail the second at the same time, and that's exactly what I found when I ran the current numbers. Strip out the one-off Value Realisation Dividend and Singtel's core yield drops to 3.08%, below what CPF Special Account already pays with zero equity risk attached. The balance sheet itself isn't the issue. Gearing sits at 23.3% and interest coverage at 19.0x, both clearing with wide margin.

My Personal Take

This isn't a quality problem, it's an income problem, and that distinction matters if you're holding Singtel for the yield rather than the balance sheet. Iggy's Forensic Zone on this one is Zone 4, Caution Plus, not because the company is shaky, but because once you strip out a one-time payout, the yield you're actually being paid is doing less for you than a CPF contribution with no equity risk at all. Full breakdown of how I separated the one-off from the recurring number is in today's video.

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

$Singtel(Z74.SG)

Singtel: Powering Singapore’s AI Future

Singtel is evolving from a traditional telco into a digital infrastructure and AI platform. FY2026 earnings remained resilient, supported by Nxera data centres, enterprise digital services and regional associates, while strong free cash flow continues to support dividends and investment.

The growth story increasingly centres on AI infrastructure. Nxera’s expansion across Singapore and the region, alongside RE:AI, GPU cloud and enterprise solutions, creates multiple avenues for recurring revenue and potentially sustainable earnings CAGR. If management’s mid-teen growth ambitions are achieved, a PEG around 1x would suggest valuations remain broadly aligned with expected growth.

Technically, the longer-term trend remains constructive, with the share price holding above its major moving averages. Momentum could remain sensitive to interest rates, market sentiment and execution.

A potentially bigger catalyst is a future REIT structure for AI and data-centre assets. Recycling mature infrastructure into a REIT could unlock capital, diversify funding and allow Singtel to redeploy cash into higher-growth AI projects. It could also create a more asset-light expansion model while supporting balance-sheet flexibility.

The key question is whether AI infrastructure growth can translate into sustained cash-flow and earnings growth as capital expenditure rises.

Not financial advice.

Iggy's Journal: Flat on Top, Restless Underneath

16 September 2026, Afternoon

Market Update

STI sat at 5,636.1 as of 2.52pm SGT, down just 2.52 points on the day. Practically flat on the index. Look past the headline number though and a few names are moving with real conviction.

What I'm Doing About It

Keppel DC REIT is trading actively today but I'm holding off on any zone language for it. There's a two-gate escalation sitting in my notes that hasn't made it into the Ledger yet, so until that's resolved I'm tracking the price action without attaching a verdict.

The Numbers

CapitaLand Integrated Commercial Trust led the active board by volume, unchanged at S$2.270. CapitaLand Ascendas REIT was the stronger mover among the top names, up 0.86% to S$2.340. Keppel DC REIT slipped 0.47% to S$2.110 on heavy turnover, no verdict attached for the reason above.

Elsewhere on the board, Singtel eased 1.12% to S$4.400 and SIA fell 1.51% to S$6.510, both softer against a broadly flat index. Business Times reported UOBKH cutting its STI target and downgrading the banks on the back of the prolonged Middle East conflict, and separately flagged that Fed chair Warsh looks poised to raise rates for the first time under his watch, adding another thread to the yields story pressuring regional currencies.

My Personal Take

Honestly, a session like this is easy to scroll past. Index barely moved, so it looks like a nothing day. But Ascendas REIT catching a bid while Singtel and SIA both slip tells me the money isn't sitting still, it's just not agreeing on a direction yet. Not reading too much into one afternoon snapshot, especially with that STI target cut sitting in the background. Let the numbers speak, I'll pick this up properly at the close.

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

Cheers, Iggy 🦖

$Singtel(Z74.SG)

Context: The telecom sector in Singapore remains a defensive stronghold, offering robust cash flow support and consistent dividend yields despite short-term market fluctuations.

My trade: Holding 1,000 shares of Singtel (Z74) at an average cost of 4.157 SGD, currently maintaining a healthy unrealized profit of +7.28% as a long-term income foundation.

Takeaway: Next time, I will set automated trailing stop alerts to lock in core profits while holding the baseline shares for recurring dividend payout distributions.

$Singtel 5xLongSG280307(XNEW.SG)Context: Singtel has continued to move in the right direction and my position has improved nicely since my previous update.

My trade: I’m still holding my Singtel 5xLong position. My cost is 0.310 and it is now trading at 0.370, bringing my gain to 19.35%. I decided to keep holding instead of taking profit earlier, and so far the patience has paid off.

Takeaway: Happy with the progress, but I’ll continue watching the momentum closely and protect my gains if the trend starts to change. @Captain's Treasure

$Singtel(Z74.SG)

Context: Telecom blue chips in Singapore are showing solid upward momentum driven by reliable regional growth and steady dividend yield support.

My trade: Holding 1,000 shares of Singtel (Z74) at an average cost of 4.157 SGD, watching the position gain further ground with a strong unrealized profit of +9.69%.

Takeaway: Next time, I will set trailing stops as the price advances past key psychological levels to lock in capital gains while continuing to collect dividends.

Iggy's Journal: Starting the Week a Little Sore

7 September 2026, AM

Market Data

Quiet start, genuinely. US markets are shut today for Labor Day, so there's no fresh overnight print to react to, last real session was Friday, and I covered that in Saturday's post. What's new since then is mostly the weekly wrap. The STI closed out its first week of September up 46.60 points, 0.81%, with Yangzijiang Shipbuilding, Hongkong Land and Singtel doing the heavy lifting Friday. Separately, MAS's own survey of private economists just showed the odds of a S$NEER tightening move in October climbing to 45%, up from 30% back in June, alongside an upgraded full year GDP call. Worth watching, not reacting to yet. One thing I'm not going to state with confidence today, there's conflicting reporting on what's actually happening in the Gulf right now, some sources say tensions have eased, others describe an active disruption to tanker transit through Hormuz. I'd rather flag that I don't have a clean answer than pretend I do.

My Personal Take

Still feeling Saturday's leg day if I'm honest, walking down stairs this morning was its own little cardio session. Nice quiet Monday to ease back into it though, no SGX today either with the US holiday knocking the usual rhythm off. Been sitting with that MAS survey number over coffee, 45% is not a coin flip, it is not a certainty either, and that in-between zone is exactly where I find myself rereading the same paragraph three times. Nothing urgent to do about it today. Just filing it away for now.

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

Cheers, Iggy 🦖