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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