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

Iggy's Journal: The Acquisition Trap: How a Single Deal Can Make Any Company's Balance Sheet Look Terrible for a Year 27 August 2026, PM Video Release: New masterclass is up. Sembcorp's Net Debt to EBITDA jumped to 11.9x on paper this half, and on its own that number looks like a red flag. But Alinta Energy only closed on 11 June, so H1 2026 carries roughly two weeks of its earnings while the full acquisition debt landed in full. Brokers' pro-forma estimate puts the same ratio near 4.6x, a genuinely different picture depending on which number you anchor to. Still Thinking This Through: If you're holding Sembcorp for dividend stability in your CPF or SRS pot, my honest read is this looks like a timing distortion, not an immediate red flag, but I'm not calling it clean either. Iggy's Forensi

Iggy's Journal: UOB's Billion-Euro Bond Sold Out 4x Over. What That Number Is Really Telling You. 27 August 2026, PM Market Data: UOB just priced a €1 billion covered bond and took in more than €4 billion in orders. Four times oversubscribed on a single euro-denominated deal. That gap is not noise, it is international debt investors pricing UOB's funding as meaningfully lower risk than an ordinary bank loan, and putting real money behind that view. My Personal Take: I want to be precise about what this is and isn't. It's a funding-cost story, not a dividend story. UOB's yield to me right now sits just under 4 percent, still short of my 4.7 percent hurdle by around 80 basis points, and a cheap bond deal doesn't add a single cent to that payout. What it does support is the picture of a bank

Iggy's Journal: UOB's Billion-Euro Bond Sold Out 4x Over. What That Number Is Really Telling You. 27 August 2026, PM Market Data: UOB just priced a €1 billion covered bond and took in more than €4 billion in orders. Four times oversubscribed on a single euro-denominated deal. That gap is not noise, it is international debt investors pricing UOB's funding as meaningfully lower risk than an ordinary bank loan, and putting real money behind that view. My Personal Take: I want to be precise about what this is and isn't. It's a funding-cost story, not a dividend story. UOB's yield to me right now sits just under 4 percent, still short of my 4.7 percent hurdle by around 80 basis points, and a cheap bond deal doesn't add a single cent to that payout. What it does support is the picture of a bank

Iggy's Journal: UOB's Billion-Euro Bond Sold Out 4x Over. What That Number Is Really Telling You. 27 August 2026, PM Market Data: UOB just priced a €1 billion covered bond and took in more than €4 billion in orders. Four times oversubscribed on a single euro-denominated deal. That gap is not noise, it is international debt investors pricing UOB's funding as meaningfully lower risk than an ordinary bank loan, and putting real money behind that view. My Personal Take: I want to be precise about what this is and isn't. It's a funding-cost story, not a dividend story. UOB's yield to me right now sits just under 4 percent, still short of my 4.7 percent hurdle by around 80 basis points, and a cheap bond deal doesn't add a single cent to that payout. What it does support is the picture of a bank

Iggy's Journal: Retirement Now Needs 25 Years Of Funding. Here's What That Actually Changes. 26 August 2026, PM Podcast Release: New long-form piece up now. Twenty to twenty-five years isn't just a longer retirement, it's a genuinely different problem. Reaching a savings target and sustaining an income system through multiple market cycles aren't the same challenge, and I think a lot of retirement planning still treats them as if they were. The uncomfortable tension I keep circling back to, consistency matters, but consistency without reviewing risk as drawdown approaches can build a false sense of security rather than remove one. My Personal Take: The question Angela and I actually want people sitting with isn't how much they've invested, it's how much of their long-term money is still pa

Iggy's Journal: Air India Is Reportedly Asking For US$1.5 Billion. This One's Too Big To Skip. 26 August 2026, PM Podcast Release: New Iggy Answers episode up now. A Reuters report says Air India is asking both Tata Sons and Singapore Airlines for roughly US$1.5 billion in fresh equity, months after posting a record US$2.33 billion combined loss. Nothing's confirmed, SIA declined to comment specifically on Air India's finances, and no board decision has been disclosed. But the size of the ask is what moves this from background noise to something worth actually discussing, this isn't paper losses anymore, it's a potential cash call. My Personal Take: I don't usually build a full episode around an unconfirmed report, but the scale here is hard to just file away quietly. SIA owns roughly 25 p

Iggy's Journal: The Word "Retail REIT" Doesn't Mean What You Think It Means Anymore 26 August 2026, PM Podcast Release: New video up now, Angela's doing a proper stock-take of Singapore's retail REIT landscape for 2026, sector by sector. Six trusts under the same "retail REIT" label, six genuinely different years. One changed its name in March. Another saw its unit price fall even as distributions rose 10.2 percent. Sasseur's DPU grew double digits on occupancy near 98 percent and gearing around 25 percent. FCT's revenue jumped 20 percent, but DPU rose just 1.4 percent once dilution was accounted for. Angela's Observation: What struck me going through this is how little the sector label actually tells you once you sit two of these trusts side by side. If you're holding a few retail REITs b

Iggy's Journal: A 4.5% Yield Sounds Fine, Until You Check What It's Actually Buying 25 August 2026, PM Podcast Release: New long-form piece up now. Singapore's headline inflation hit 2.2 percent in July, but the detail that matters more than the headline is where it's showing up, electricity, food, and services, the recurring bills that don't fade the way a one-off number does. This isn't a piece about redrawing any zone verdict, nothing here changes a single existing call. It's a different question entirely, whether an unchanged dividend still covers the same life it used to. My Personal Take: A 4.5 percent portfolio yield still sounds solid on paper, but it has meaningfully less room above a 2.0 percent core inflation print than it did a year ago, and that gap is the actual thing worth w

Iggy's Journal: AEM's Yield Just Went Up. That Should Worry You, Not Comfort You. 25 August 2026, PM Podcast Release: New episode up now. AEM's dividend hasn't changed, but the calculated yield rose from around 3.36 percent to 4.07 percent because the share price fell from roughly S$11 to S$9.10. The ratio improved while the market was apparently pricing the business lower, and I don't have a fresh filing yet that explains the drop. Even at the improved 4.07 percent, it still misses my 4.7 percent hurdle. Iggy's Forensic Zone: Zone 4-, Caution. My Personal Take: This is exactly the kind of number I want people to be suspicious of, not comforted by. A rising yield driven by a falling price isn't the business getting more generous, it's the market getting less confident, and those look ident