Keppel DC REIT: UOB Kay Hian Says Buy at S$2.99. Iggy's Screen Says Zone 4 🦖 Everyone talks about Keppel DC REIT as the “AI-safe” income play, but very few stop to ask what happens when the growth story and your CPF drawdown plan start pulling in opposite directions. The analyst’s S$2.99 target price is built on future megawatts moving from Keppel’s sponsor pipeline into the REIT, while today’s cash yield and gearing are already sitting just the wrong side of the forensic line. That gap between narrative and numbers is the part I care about, because it is where retirement plans quietly drift off course. 📺 YouTube: https://youtu.be/E0_GhFhYB6s 📩 Substack: https://investingiguana.com/p/keppel-dc-reit-uob-kay-hian-says

The Ohmyhome Case Study: 5 Governance Red Flags 🦎 Everyone is staring at the "US$1 sale" and missing the more uncomfortable part, the business your money actually funded is no longer inside the listed company. The most striking thing in Ohmyhome is not that the founders bought the core property business for a token price, it is that this only made sense after S$19 million of debt was quietly waived and the liabilities still exceeded the assets. That pattern, step by step, is what I want you to recognise, because it can show up in any smaller counter you already own. For a Singapore investor managing CPF or SRS, the real risk is thinking "revenue up 12.5 per cent" means your dividend future is safe, when the brokerage core shrank by more than 30 per cent and the replacement segment needed c

Daily SGX Pulse | Singapore’s Two-Speed Economy | 3 July 2026🦖 Singapore’s factory numbers look strong at first glance, but the story underneath is not as simple as “PMI up, everything okay”. A 51.3 reading for manufacturing backed by AI demand is great if you own exporters, yet it sits beside zi char uncles staring at a 17 per cent jump in electricity tariffs and 7.1 per cent in gas with no clean way to pass it on. That gap between the AI winners and the power‑bill losers is the part I want you to see before you assume the headline macro number protects your income. If your retirement plan leans on F&B‑heavy REITs and domestic tenants, this July tariff move is not background noise, it is a direct squeeze on the margins that pay your distributions. A four‑room household might see aroun

S&P Global Ratings APAC Sector Watch: What It Means for Singapore Investors 🦖 Everyone is watching casino stocks and AI headlines, but the quiet story is that the same Middle East tension boosting gaming revenue is also creeping into your utility bills. S&P Global Ratings is effectively telling us that premium gamblers, office landlords and data centre operators are all drawing from the same pool of volatile energy and tourism flows, and Singapore sits right in the middle of that crossfire. That mix of rising gross gaming revenue, limited office supply, and hyperscaler capex only looks like a win until you ask who pays the fuel bill and how long that spending velocity really lasts.

The Yen Crisis and What It Means for Your Portfolio 🦖 Forty five Japanese companies have already gone under this year with “weak yen” written on the bankruptcy form, yet most Singapore investors still talk about the yen like it is a cheap holiday. When hedging products are designed to switch off once the yen moves past a certain level, the very tool that was supposed to protect the importer can become the fuse for a currency spiral. If your Japan exposure sits inside a REIT, a fund, or a “high yield” product, the real risk is not just price volatility, it is what happens to your Singapore dollar income once those hedges knock out and managers still quote you yields in yen. Before you decide that 6 percent on a Japan asset looks attractive, you need to know exactly how that distribution get

Two Industrial REITs, One Forensic Lens: CapLand Ascendas REIT versus Mapletree Industrial Trust 🦖 Everyone is staring at the 6 percent yields on CapLand Ascendas REIT and Mapletree Industrial Trust, but the real story is hiding in their balance sheets. When one “blue-chip” REIT fails both my gearing and interest coverage gates and the other is balanced on the edge of them, the sponsor brand stops being a safety net and starts being a distraction. I wanted to put both income engines side by side so you can see exactly where the cracks are forming under your distributions.

Electricity Shock & SIA's Air China Move | The Daily Pulse 30 June 🦖 When was the last time you checked whether your “safe” income stocks are actually keeping up with your SP bill, not just your expectations. The same quarter where electricity tariffs jump 17 per cent to 31.91 cents per kWh, headline inflation is still printing a calm 1.8 per cent, which means the pain is sitting in a few critical categories instead of spread evenly across your basket. 📺 YouTube: https://youtu.be/ZjIeXMdizPY 📩 Substack: https://investingiguana.com/p/cict-c38u-3-greens-and-3-red-flags

CICT C38U: 3 Greens and 3 Red Flags on the REIT Everyone Owns But Few Have Audited🦖 Most people look at CICT and see a safe, Temasek-backed landlord with a clean 4.84% yield, but the balance sheet is telling a different story entirely. You have a blue-chip REIT where aggregate leverage is sitting at 38.5% and the interest coverage ratio has slipped to 3.8 times, both outside my own safety rails even as headline revenue and NPI keep ticking up. The tension is this gap between what the market celebrates and what the income statement can actually support when stress hits.

CICT C38U: 3 Greens and 3 Red Flags on the REIT Everyone Owns But Few Have Audited🦖 Most people look at CICT and see a safe, Temasek-backed landlord with a clean 4.84% yield, but the balance sheet is telling a different story entirely. You have a blue-chip REIT where aggregate leverage is sitting at 38.5% and the interest coverage ratio has slipped to 3.8 times, both outside my own safety rails even as headline revenue and NPI keep ticking up. The tension is this gap between what the market celebrates and what the income statement can actually support when stress hits.

DBS Research Is Watching These 9 SGX Stocks for a July Rally. Here Is What They Said 🦖 Everyone is staring at the World Cup schedule, but DBS quietly pointed at something else, how nine big SGX names tend to move when the football ends and the dividend cheques start lining up. The part that caught my eye is not just the list of OCBC, Singtel, Venture, Sembcorp, CDL, UOL and the three CapitaLand and Mapletree REITs, it is the way DBS links June’s distraction to a July rally built on ex‑dividend dates and 2H26 catalysts. That is the sort of setup where a quiet trading screen hides a very noisy story in your retirement income.

Why Most IPOs Will Disappoint You 🦖 Most people look at a roaring IPO and think “I missed the best investment of my life”. I look at the same chart and ask a different question, who was selling into that excitement, and what did they know that you did not. The uncomfortable truth from decades of data, and from names like SpaceX and JustCo, is that the pop belongs to insiders, the lag often belongs to retirees. If you are managing CPF or SRS, the real danger is not one bad trade, it is two years of underperformance versus the boring index while you were holding an exciting story at the wrong price. That gap, 20 or 30 percentage points, is what quietly changes your retirement income. This episode is my forensic walk through why most IPOs mathematically cannot all be “once in a lifetime”, and

Why Most IPOs Will Disappoint You 🦖 Most people look at a roaring IPO and think “I missed the best investment of my life”. I look at the same chart and ask a different question, who was selling into that excitement, and what did they know that you did not. The uncomfortable truth from decades of data, and from names like SpaceX and JustCo, is that the pop belongs to insiders, the lag often belongs to retirees. If you are managing CPF or SRS, the real danger is not one bad trade, it is two years of underperformance versus the boring index while you were holding an exciting story at the wrong price. That gap, 20 or 30 percentage points, is what quietly changes your retirement income. This episode is my forensic walk through why most IPOs mathematically cannot all be “once in a lifetime”, and

Three S-REITs I Am Watching as Singapore Dividend Scene Heats Up 🦖 If SORA has finally given your REITs breathing room, why are so many balance sheets still one bad year away from becoming a yield trap? Looking at three of the most heavily traded industrial names side by side, the tension is simple, the same low-rate tailwind can either be used to quietly repair debt or to paper over structural problems that will eventually land on your CPF and SRS. For a Singapore investor living on distributions, the difference between those two choices shows up in one place, the real interest coverage multiple behind each trust’s payouts. This episode walks through Mapletree Industrial Trust, CapLand Ascendas REIT and Frasers Logistics and Commercial Trust using only verified yield, debt and coverage da

Three S-REITs I Am Watching as Singapore Dividend Scene Heats Up 🦖 If SORA has finally given your REITs breathing room, why are so many balance sheets still one bad year away from becoming a yield trap? Looking at three of the most heavily traded industrial names side by side, the tension is simple, the same low-rate tailwind can either be used to quietly repair debt or to paper over structural problems that will eventually land on your CPF and SRS. For a Singapore investor living on distributions, the difference between those two choices shows up in one place, the real interest coverage multiple behind each trust’s payouts. This episode walks through Mapletree Industrial Trust, CapLand Ascendas REIT and Frasers Logistics and Commercial Trust using only verified yield, debt and coverage da

DBS Says BUY Singapore Exchange. The Forensic Numbers Say Something Else🦖 SGX’s balance sheet looks like a fortress, but the dividend cheque landing in your CPF or SRS account tells a very different story. At a market peak, the institutions are cheering record trading volume and a 34-times forward multiple while the actual yield has quietly collapsed to 1.6 percent, below your CPF Special Account. When the operator of the whole market pays less income than the system designed to protect your retirement, something fundamental has broken in the story retail investors are being sold. 📺 YouTube: https://youtu.be/DCmEXYpm5OE 📩 Substack: https://investingiguana.com/p/dbs-says-buy-singapore-exchange-the

The Ringgit Is Sliding. Here Is What It Means for Your Singapore Portfolio 🦖 Everyone is cheering that one Singapore dollar now buys more plates of JB seafood, but almost nobody is talking about what that same ringgit slide does to their dividend cheques back home. When a currency weakens, the operations across the Causeway can look perfectly fine, yet the cash that actually lands in your Singapore bank account silently shrinks, quarter after quarter. That invisible translation hit is what I wanted to flag before it shows up as a “mysterious” DPU disappointment. 📺 YouTube: https://youtu.be/kbFWZBnBkZY 📩 Substack: https://investingiguana.com/p/the-ringgit-is-sliding-here-is-what

Singapore REITs Just Got a Tailwind Nobody's Talking About, A Forensic Scorecard🦖 For two years everyone repeated the same story, that SINGAPORE REITS were heading for a brutal “refinancing cliff”. The latest filings show something far stranger, conservative balance sheets are now replacing old loans that cost up to 2 percentage points more than what the same debt would cost today, even as headlines keep talking about “rate pain”. The market is still trading yesterday’s fear, while the debt schedules quietly turn that fear into an earnings tailwind for the few managers who kept discipline. If your CPF and SRS income depends on SINGAPORE REITS, that gap between old and new borrowing costs is the difference between a surprise DPU cut and a payout that quietly holds. A REIT like Lendlease Glo

The World’s Most Cautious Investor Just Described Your SGX Portfolio 🦖 Everyone is staring at US tech charts and arguing about whether the AI boom is a once-in-a-generation opportunity or a classic bubble. What almost no one talks about is that Jeremy Grantham, the same guy who called the dot-com crash and 2008, is now telling global investors to get out of crowded US tech and into income assets outside America, while you already sit on a guaranteed CPF anchor most of them would kill for. The “boring” SGX income portfolio you feel embarrassed about is almost exactly what one of the world’s most cautious investors just described on a global stage. For a Singapore investor trying to protect CPF and SRS, the tension is simple, every extra dollar you push out of your 4 percent CPF floor into e

Everyone in that room heard the same thing, “S-REITs are a screaming buy again,” and most walked out thinking higher yield means safer income. I walked out thinking the opposite, the 390 basis point spread is real, but the way the pros want you to act on it looks like a trading game dressed up as retirement comfort. The ETF wrapper, the 6 percent “indicated yield,” the buy the dip playbook, all of that works beautifully if you are running a book, not if you are trying to fund your next 20 years of CPF and SRS withdrawals. 📺 YouTube: https://youtu.be/zKiiCKnj_Jc 📩 Substack: https://investingiguana.com/p/the-inflation-surprise-the-reit-recovery

Everyone feels safer when their portfolio screen is full of familiar Singapore names, especially when banks, REITs and telcos are all flashing green together. What almost no one realises is that those “different” counters can still be marching to the same drumbeat, all leaning on the same interest rate and property engine that keeps the local market humming. 📺 YouTube: https://youtu.be/ZU4Tj6rCcKs 📩 Substack: https://investingiguana.com/p/familiarity-is-not-diversification