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 improvi

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 exis

The 7,000 Bull Case: What JPMorgan's Own Favourite Stocks Say About Chasing This Rally 🦖 🔍 The Angle What if the strongest part of JPMorgan’s 7,000 case is the economy, not the stocks carrying it? Singapore’s 2026 growth forecast rose to 4.5% to 5.5%, yet two of the bank’s four conviction names breach Iggy’s 3.2% Forensic Floor. That is the tension I wanted to examine: macro strength can be genuine while stock-level income protection remains weak. 💰 What It Means For You For CPF, SRS, and dividend portfolios, the price you pay still determines the cashflow you lock in. DBS reaches only 4.23% on a total-yield basis, while Keppel reaches 4.09% even including one-off distributions. Iggy's Forensic Zone: Zone 5, Red Zone. 📺 YouTube: https://youtu.be/fuDPFSyDEhk 📩 Substack: https://investingigu

Everyone's Cheering SGX's Record Year. I'm Looking At One Different Number 🦖 🔍 The Angle Everyone's celebrating SGX's 52% dividend jump like it's a lottery win. But the real question for your CPF and SRS money was never whether the payout grew, it's whether the price you'd pay clears my 3.2% floor. Record profit of $759.5 million, yes, but the yield on today's price still clears less than your Ordinary Account's 2.5% guarantee. 💰 What It Means For You At $25.20, the 57¢ total dividend yields about 2.3%, strip out the 12.5¢ one-off top-up and you're closer to 1.8%. That's not a timing issue, it's a structural gap between what SGX pays and what guaranteed alternatives offer. If you bought years ago at a lower entry price, your yield on cost could look healthier, but fresh capital faces this

A SG Finance YouTuber Just Quit Content. Here's Why That Should Worry Anyone Giving You Advice 🔍 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. 📺 YouTube: https://youtu.

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/s

SGX Just Hit a Record Year. UOB Kay Hian Still Won't Say Buy, and Neither Will Our Yield Floor 🦖 🔍 The Angle SGX can deliver its best year ever and still fail the income test that matters most for a retirement portfolio. I spotted the contradiction in the dividend mix: the S$12.5-cent capital-recycling payout makes the headline increase look stronger, while the ordinary payout tells a much less generous story. 💰 What It Means For You At S$24.51, the ordinary dividend produces only a 1.82% yield, well below the 3.2% Forensic Floor and 4.7% income hurdle. The balance sheet is strong, with S$1.56 billion in net cash, but that does not change the cashflow available to a fresh income portfolio. Iggy's Forensic Zone: Zone 5, Red Zone. 📺 YouTube: https://youtu.be/pSaA3MKjL6E 📩 Substack: https://i

DBS Hasn't Bought Back Its Own Shares in a Year. UOB Just Bought Back Last Month. 🦖 🔍 The Angle OCBC’s ordinary yield is only 2.94%, despite having the strongest profit growth of the three banks. That contradiction is where I started digging, because management’s capital decisions may reveal more than the headline earnings numbers. All three banks have recently reached record highs, but their own share repurchase behaviour is moving in different directions. 💰 What It Means For You For a CPF or SRS income portfolio, a strong profit headline does not automatically create dependable cashflow. DBS offers 4.23% on the broader distribution basis, UOB delivers 3.67%, while OCBC’s ordinary yield sits below my income floor. I also examine UOB’s S$902 million of new problem loans and whether that is

UOB Just Raised Its Dividend. Here's Why the Yield Actually Fell 🦖 🔍 The Angle I spotted the uncomfortable contradiction: UOB raised its interim dividend, but the trailing income picture still weakened. The 88-cent payment is not the problem. The trailing twelve-month window quietly replaces a higher final dividend with a lower one, so the headline improvement does not carry through to the annual income base. 💰 What It Means For You For every S$100,000 invested at S$43.30, the ordinary trailing income is roughly S$3,670 a year. That is a 3.67% yield, below this framework's 4.7% retirement hurdle, even though capital remains strong at 15.4% CET1. Iggy's Forensic Zone: Zone 4-, Compound Miss. 📺 YouTube: https://youtu.be/uIhJUA_UMBA 📩 Substack: https://investingiguana.com/p/uob-just-raised-it

DBS Named 7 Deep-Value Stocks. My Forensic Screen Red-Flags 2 of Them 🦖 🔍 The Angle 2.96% and 3.03% are the numbers that made me pause. DBS calls Keppel and SingTel deep-value plays, but my forensic screen asks a different question: can their recurring distributions do the income job today? DBS's value-unlocking framework is credible, but it does not automatically answer the cashflow question. 💰 What It Means For You For a CPF, SRS, or dividend portfolio, a strong growth story can still leave the monthly income gap unresolved. Keppel remains below my 3.2% Forensic Floor, while SingTel misses my 4.7% yield hurdle on ordinary distributions. SingTel's value-realisation payments are real, but they are funded by asset sales rather than recurring earnings. 📺 YouTube: https://youtu.be/yT4bq1-lFKo

All Three Banks Beat Estimates. The Market Only Rewarded Two of Them. 🦖 🔍 The Angle All three banks beat estimates, yet UOB fell 0.6% while DBS and OCBC reached records. I am less interested in the profit beat than in the message management gave about the next few quarters. The uncomfortable clue is that wealth management lifted everyone, but only two banks increased investor confidence in future growth. 💰 What It Means For You For a CPF, SRS, or dividend portfolio, UOB’s S$1.48 billion quarterly profit describes the past, while its low-single-digit fee growth guidance describes the income environment ahead. DBS raised guidance, and OCBC lifted its loan-growth outlook, creating a very different forward picture. I would treat the guidance gap as the real forensic signal, not the headline ea

OCBC Just Posted Record Profit. Its Dividend Yield Just Fell Below My Forensic Floor 🦖 🔍 The Angle A 15% dividend hike sounds like good news, until you realise the share price ran even faster. OCBC just posted record profit of S$2.22 billion, but the ordinary trailing yield fell to 2.94% as the price crossed S$30. Management executed their policy faithfully, but that policy prioritises balance sheet flexibility over building a higher baseline yield for income investors. 💰 What It Means For You If you need cashflow from CPF or SRS now, a 2.94% yield sits below the 3.2% forensic floor and well short of the 4.7% hurdle. Iggy's Forensic Zone: Zone 5, Red Zone, Floor Breach. Legacy holders enjoy higher cash payouts, but fresh capital deployed today accepts a yield below what guaranteed governme

Own the Building or Just Manage the Money: CapitaLand Investment vs City Developments 🦖 🔍 The Angle The counterintuitive number is not CDL’s S$629.7 million profit. It is the gap between headline profit and the cash engine: CDL’s operating profit covered interest only 1.5 times, while CLI’s supposedly safer model managed 1.96 times. That leaves me asking whether “asset-light” changes the risk, or merely moves it from buildings to fundraising and China valuations. 💰 What It Means For You For a CPF or SRS portfolio, this is a cashflow question, not a branding question. CDL’s net debt at roughly 113% of equity and CLI’s S$439 million China revaluation loss show two different ways income can come under pressure. I would be watching interest cover, new capital raising and whether China losses s

OCBC and UOB Both Beat Expectations. One of Them Just Quietly Downgraded Itself.🦖 🔍 The Angle UOB's S$1.48 billion profit beat expectations, but 28% growth in other non-interest income included non-recurring asset divestment gains. The more revealing detail was management cutting full-year fee income guidance from high single-digit growth to low single-digit growth. 💰 What It Means For You For a CPF or SRS dividend portfolio, the key question is not simply whether both banks beat estimates. OCBC raised its interim dividend to S$0.47 from S$0.41, while UOB's S$0.88 was only a small increase from the ordinary S$0.85, despite the headline comparison. A strong quarter is useful, but the quality and repeatability of the income behind it deserve closer attention. 📺 YouTube: https://youtu.be/mbpp

DBS 2Q26 Results: Record Profit, But the Dividend Still Misses My Yield Hurdle by 44bp 🦖 🔍 The Angle I find the most revealing number is not DBS’s record S$3.08 billion quarterly profit. It is the 1.87% to 1.88% net interest margin, because DBS delivered stronger earnings while the core lending spread kept compressing. That tells me the result depends on more than rates alone. 💰 What It Means For You For a CPF, SRS, or dividend portfolio, the 4.26% trailing yield is progress, but it remains below my 4.7% hurdle. The encouraging part is that S$0.66 ordinary dividend plus S$0.15 capital return has now held for three consecutive quarters, while management raised its 2026 guidance. I am watching whether that pattern survives, not celebrating a single record quarter. 📺 YouTube: https://youtu.be

DBS's Dividend Just Went Up Again. Should You Actually Be Excited? 🦖 🔍 The Angle I find the most revealing number is not DBS’s record S$3.08 billion quarterly profit. It is the 1.87% to 1.88% net interest margin, because DBS delivered stronger earnings while the core lending spread kept compressing. That tells me the result depends on more than rates alone. 💰 What It Means For You For a CPF, SRS, or dividend portfolio, the 4.26% trailing yield is progress, but it remains below my 4.7% hurdle. The encouraging part is that S$0.66 ordinary dividend plus S$0.15 capital return has now held for three consecutive quarters, while management raised its 2026 guidance. I am watching whether that pattern survives, not celebrating a single record quarter. 📺 YouTube: https://youtu.be/1VoMxl8bUXE 📩 Subst

S$32 Billion in Pipeline, S$0.03 in Dividends: Auditing DBS's Buy Call on Seatrium 🦖 🔍 The Angle S$32 billion sounds like strength, but the real tension is that Seatrium is still financing a turnaround, not paying an income stream. I’m looking at the gap between pipeline excitement and the part of the business that actually puts cash in your pocket. 💰 What It Means For You For CPF and SRS money, the uncomfortable part is simple, the stock still only throws off S$0.03 a share. Iggy’s Forensic Zone: Zone 5, Red Zone, which tells you the balance sheet is cleaner, but the income case is still not there yet. 📺 YouTube: https://youtu.be/N6yrDQSeKoc 📩 Substack: https://investingiguana.com/p/s32-billion-in-pipeline-s003-in-dividends

Temasek Just Launched a Bond at 2.65%. Should You Actually Buy It?🦖 🔍 The Angle Temasek’s credit is not the surprise. The surprise is that a top-tier name can still leave you reaching for CPF SA as the harder benchmark, not the easier one. I spotted the gap between “safe” and “worth tying up money for 10 years.” 💰 What It Means For You If you manage CPF or retirement cash, the real question is not whether Temasek can pay. It is whether 2.65% is enough when CPF SA is sitting at 4% and doing the same safety job with no extra credit risk. That spread is the part your money feels. 📺 YouTube: https://youtu.be/zRRzF0eui00 📩 Substack: https://investingiguana.com/p/temasek-just-launched-a-bond-at-265

Parkway Life's DPU Jumped 14.6%. Does That Finally Clear the Hurdle? 🦖 🔍 The Angle Parkway Life REIT just posted a 14.6% jump in half-year DPU to 8.77 cents. Yet the release said almost nothing about gearing, the number that decides whether this income is truly safe or just temporarily boosted. 💰 What It Means For You If you hold this for CPF or SRS income, the payout looks stronger on the surface. But without confirming whether gearing has crossed the 35% ceiling, you cannot tell if this REIT still has room to absorb rate shocks or is running closer to the edge. Iggy's Forensic Zone: Zone 4, Caution. 📺 YouTube: https://youtu.be/kqQ1B5o3W0E 📩 Substack: https://investingiguana.com/p/parkway-lifes-dpu-jumped-146-does Not financial advice. Iggy's Forensic Compliance Standards apply.

T-Bills Pay 1.59% With No Conditions. Your Bank's "4.10%" Has Five 🦖 🔍 The Angle The cleanest rate in this whole comparison is also the smallest headline, 1.59% on a 6‑month T‑bill, yet it is the only number that pays you without conditions. UOB One, OCBC 360 and DBS Multiplier all flash bigger percentages, but once you strip out card spend, salary gymnastics and product cross‑sell, the realistic interest drops sharply. The tension I wanted to surface is simple, the honest rate on your CPF or cash might be much closer to the T‑bill than the number your bank prints in bold. 💰 What It Means For You If you are parking S$50,000 or S$100,000 while you decide what to do next, a 1.59% T‑bill is now a clean benchmark, cash in, rate out, no behaviour hoops. UOB One’s 1.9% on S$150,000 only shows up