Iggy's Journal: No Track Record, a Higher Fee, Heavy REIT Exposure. Here's How I'd Actually Judge the Q50 4 September 2026, PM Podcast Release New Iggy Answers episode is up. A new Singapore ETF just launched, the CGS Fullgoal Singapore Next 50 Active ETF, at a 0.65% fee with 39% REIT exposure. The Business Times piece defending it reads like the fund's own pitch. That's actually the real lesson in this episode, not whether Q50 is worth buying, but how you read a piece like this critically when the person presenting it has a reason to want you to land on one side. The episode breaks down three things. What the fee comparison leaves out, 0.65% looks cheap next to active funds but is roughly double a passive STI tracker. Why "no track record" is the answer every unproven manager gives, and w

Iggy's Journal: Keppel DC REIT's $1.2 Billion Deal Is "Accretive." Here's the Discount New Units Are Priced At 3 September 2026, AM New Video New video is up. "Accretive" sounds like every unitholder wins by default. I'm looking at the other side of it. Keppel DC REIT is issuing 280.1 million new units, roughly 11.4% of the existing unit base, at a discount of up to 4.6%, to help fund the Tokyo data centre acquisition. The Tokyo assets may lift DPU by 2.6%. At the same time, everyone holding units before this gets a smaller slice of the REIT than they had last week. Both things are true. Neither cancels the other out. Gearing sits at 34.0%, still clear of my 35% ceiling. Occupancy is 92.5%, still short of my 95% floor, because Cardiff remains vacant. Iggy's Forensic Zone: Zone 4, Caution.

Iggy's Journal: AEM's Profit Jumped Nearly Tenfold and the Stock Still Dropped. Here's Why That Isn't As Strange As It Sounds 3 September 2026, AM Podcast Release New Iggy Answers episode is up. Three SGX names, AEM Holdings, UMS Integration, and Frencken Group, are all riding the same AI infrastructure demand right now, but "AI beneficiary" is one label sitting on top of three very different stories. AEM's H1 net profit went from S$3.1 million to S$30.8 million, guidance raised twice this year, and the share price still fell against my last confirmed check. UMS Integration posted a 66% profit jump. Frencken moved the other way. The episode walks through growth trajectory, income reliability, and valuation as three separate questions instead of one combined verdict. My Personal Take Okay,

Iggy's Journal: UOB Kay Hian Says DBS Is Too Expensive. My Screen Says the Real Problem Is the Yield 2 September 2026, AM New Video New video is up. UOB Kay Hian and a blended fair value model looked at the same DBS share price this week and landed in different places. UOB Kay Hian calls the 2.97 times 2027 price to book stretched and trimmed its stance. The blended model puts fair value at S$85 against a S$76.85 price, still room to run on that read. Both are defensible on their own terms. Neither one answers the question a retirement portfolio actually needs answered. My Personal Take The number I keep coming back to is the yield, not the multiple. A fresh buyer at S$76.85 locks in 4.18%, short of my 4.7% hurdle. Someone who bought DBS years ago at S$30 is sitting on the same dividend an

Iggy's Journal: DBS Just Raised Its STI Target by 350 Points. Here's the One Word That Actually Matters: Earnings-Driven. 2 September 2026, AM Podcast Release: DBS Group Research raised its STI year-end target from 5,500 to 5,850. That is 350 points, in under two months. The new target is described as 1.5 standard deviations above the historical average, up from 0.5 before. Four reasons stated: stronger-than-expected GDP growth, attractive dividend yield on Singapore stocks generally, market safe-haven status during geopolitical instability, and ongoing MAS measures to support the local stock market. The house qualifier is that further upside from here should be earnings-driven, not further multiple expansion. Monday's frame still sits underneath this: prices running up faster than dividen

Iggy's Journal: Every Singapore Child Now Gets $70,000 by 17. Here's the CPF Math Parents and Grandparents Should Actually Run. 2 September 2026, PM Video Release: New piece up, and I'm covering this because it's a new grant just announced, worth dissecting properly rather than just reporting the headline. Every Singapore child now receives close to S$70,000 in government support by age 17, but only S$10,000 of that is cash you can actually allocate freely. The rest sits locked in CDA, PSEA, or Child Credits for approved expenses. That constraint changes the actual question worth asking, and it applies to anyone sitting on spare cash right now, not just new parents. My Personal Take: Here's the CPF math I think gets skipped. If you haven't reached the Enhanced Retirement Sum, confirmed at

Iggy's Journal: Every Singapore Child Now Gets $70,000 by 17. Here's the CPF Math Parents and Grandparents Should Actually Run. 2 September 2026, PM Video Release: New piece up, and I'm covering this because it's a new grant just announced, worth dissecting properly rather than just reporting the headline. Every Singapore child now receives close to S$70,000 in government support by age 17, but only S$10,000 of that is cash you can actually allocate freely. The rest sits locked in CDA, PSEA, or Child Credits for approved expenses. That constraint changes the actual question worth asking, and it applies to anyone sitting on spare cash right now, not just new parents. My Personal Take: Here's the CPF math I think gets skipped. If you haven't reached the Enhanced Retirement Sum, confirmed at

Iggy's Journal: ComfortDelGro Just Won a Metro Contract in Denmark. Here's Why My Ledger Was Already Watching for This 2 September 2026, AM Podcast Release: New episode is up this morning. ComfortDelGro just won the Copenhagen Metro operating contract, a 12-year deal worth DKK 17 billion. Good headline on its own, but my Ledger already had this name flagged before the announcement broke, gearing at 37.9%, breaching my 35% ceiling by 2.9 points, logged well before today's news. Tender wins like this one tend to front-load capex and debt ahead of the contracted revenue actually arriving, so the press release can look great while the balance sheet quietly tells a tighter story underneath it. My Personal Take: If your dividend income sits in CPF or SRS, I want to be clear that a single gearing

Iggy's Journal: 4 SGX Stocks Are Paying Bigger Dividends This September. Here's Which Ones You Can Trust. 31 August 2026, PM Video Release: New piece up. Four dividend increases hitting SGX this September, and I traced every single one back to its source before trusting the headline number. Three of them are not what they look like. APAC Realty's bigger payout came from drawing on reserves, not from operating cash flow. Boustead leaned on a one-off asset sale to fund its increase. Only one of the four actually grew into paying more, the rest borrowed the appearance of growth from somewhere else on the balance sheet. My Personal Take: A bigger cheque does not prove a stronger business, and this September's crop of increases is the cleanest example of that I've covered in a while. ST Enginee

Iggy's Journal: A Fake 'Learn to Invest' Chat Group Just Cost Singaporeans $3.6 Million. Here's the Playbook 28 August 2026, PM Video Release: New piece up, and this one isn't about a stock. 48 people, S$3.6 million gone. This wasn't a hot-tip stock scam, it was a fake "free investing class" that never once pitched a single ticker. The Singapore Police Force flagged this on 4 June 2026, and those numbers still stand today. What makes it different is the design, fake mentors, fabricated profit screenshots, and a WhatsApp group built to feel like a real learning community, not a pump-and-dump. My Personal Take: If you manage CPF or SRS, the risk here isn't that you'll chase a hot tip, my usual warning. It's that you'll join something that genuinely feels helpful, then hand over cash or trans

Iggy's Journal: SingPost's Profit Jumped 55% This Quarter. Here's What's Actually Driving It 🦖 28 August 2026, PM Video Release: New piece from Angela this time, on SingPost. Operating profit jumped 55% this quarter, but revenue barely moved, the gain came from spending less, not earning more. Domestic parcels were the only genuine growth engine, 7.1 million items, up 36.5%. Everything else, mail at home and overseas, is still shrinking. Just Reporting: Worth flagging on the payout specifically, since it's easy to read the headline number wrong. Total dividend works out to 0.55 cent per share, but 0.41 cent of that is a one-off from asset sales, not something you can count on repeating. The recurring slice is 0.14 cent, which works out to about 0.41% at S$0.34, well under my usual 4.7% yie

Iggy's Journal: SIA Has 4 Options With Air India's $1.5 Billion Ask. None of Them Are Free 28 August 2026, PM Podcast Release: New episode is up on SIA and Air India. The headline number isn't actually the risk here. Reuters reported Air India is seeking roughly US$1.5 billion in additional capital combined from Tata and SIA, and SIA's specific share of that hasn't been confirmed, SIA itself declined to comment on financials. What's already confirmed is that SIA has booked $945.2 million in equity-accounted losses from this stake this financial year, and that number sits on the balance sheet regardless of how the new ask gets split. The real question the episode digs into isn't whether SIA funds it, it's what funding does to dividend policy from here. My Personal Take: If you're holding SI