Why Vicom & UOI Dividends May Be "One-Off" Mirages (SGX Daily Pulse 23 Feb 2026) | 🦖 EP1441

The Investing Iguana

I have been watching the STI cross the 5,000 mark this past week, and something deeply uncomfortable clicked for me. The kopitiam cheers are getting louder, but the dividend math for our favorite local yield plays is quietly breaking down. The headlines tell you that companies like Vicom and UOI are iron-clad dividend champions.

But here is the uncomfortable truth. When you strip out one-off gains and audit the actual payout ratios against core earnings, you find a massive forensic gap. Some of these yields are basically capital refunds disguised as recurring income. If you are sitting in Woodlands or Sembawang relying on these specific payouts to cover your fixed expenses or fund your CPF, this audit is directly for you.

You need to know if your yield is built on bedrock or borrowed time. If any of this resonates with where you are right now, the full forensic breakdown is waiting for you below. As always — do the hard work before the market opens on tomorrow.

📺 YouTube: https://youtu.be/Rxzeb39z57U

📩 Substack: https://open.substack.com/pub/investingiguana/p/daily-pulse-sgx-digest-23-february?r=5enmf1&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

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As always — do the hard work before the market opens on tomorrow.</p>\n<p>📺 YouTube: https://youtu.be/Rxzeb39z57U</p>\n<p>📩 Substack: https://open.substack.com/pub/investingiguana/p/daily-pulse-sgx-digest-23-february?r=5enmf1&amp;utm_campaign=post&amp;utm_medium=web&amp;showWelcomeOnShare=true</p></body></html>","htmlText":"<html><head></head><body><p></p>\n<p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/53ddd136742e587021e45373902137e5\" tg-width=\"1665\" tg-height=\"929\"></p>\n<p>I have been watching the STI cross the 5,000 mark this past week, and something deeply uncomfortable clicked for me. The kopitiam cheers are getting louder, but the dividend math for our favorite local yield plays is quietly breaking down. The headlines tell you that companies like Vicom and UOI are iron-clad dividend champions.</p>\n<p>But here is the uncomfortable truth. 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The kopitiam cheers are getting louder, but the dividend math for our favorite local yield plays is quietly breaking down. The headlines tell you that companies like Vicom and UOI are iron-clad dividend champions. But here is the uncomfortable truth. When you strip out one-off gains and audit the actual payout ratios against core earnings, you find a massive forensic gap. Some of these yields are basically capital refunds disguised as recurring income. If you are sitting in Woodlands or Sembawang relying on these specific payouts to cover your fixed expenses or fund your CPF, this audit is directly for you. You need to know if your yield is built on bedrock or borrowed time. If any of this resonates with where you are right now, the full forensic breakdown is waiting for you below. 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