To The Moon

Iggy's Journal: The STI Fell 5.24% in October. Three Questions Before You Compare Its 3.39% Yield With a T-bill Fri 13 Nov 2026 | Evening The Numbers ES3's distribution yield moved from 3.27% to 3.39% as at 6 November, while its distributions stayed at S$0.178 over the prior 12 months. On S$10,000, a 3.39% yield is S$339 a year. Rolling a 6-month T-bill at 1.86%, as read on 10 November, gives S$186. The STI fell 5.24% in October. My Personal Take When a fund's yield rises after a fall, what changed: the income or the price? That is the question I started with, and it leaves me with two more. How much of the gap between S$339 and S$186 is a real difference in income, and how long can the money stay put before the gap matters? I am not putting a verdict on the ETF or the T-bill in this entry

Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than Cash Fri 13 Nov 2026 | Midday The Numbers Golden Agri says its net debt is US$404 million. Its footnote deducts trade receivables, inventories and supplier advances, not only cash. Netting off cash and short-term investments alone leaves US$2,429 million of interest-bearing debt. Golden Agri's net debt to EBITDA ratio was 0.3 times. My Personal Take Would I call a company low-debt if its net debt includes customers who have not paid yet? That is the question I started with, and it leaves me with one more. What does the definition beneath the 0.3 times ratio include, and what does it leave out? I read the footnote before I compare the figure with another company's cash-only net debt. I am not putting a ver

Iggy's Journal: SATS Revenue Rose 9% but Operating Profit Fell 7.6%. What Lifted Profit to Shareholders? Thu 12 Nov 2026 | Midday The Numbers SATS grew revenue by 9%, but EBIT fell 7.6% because costs before depreciation rose 11.7%. Profit to shareholders still increased. Gateway's operating profit fell 11.1% even as its revenue rose 10%. Half-year operating cash flow before lease payments fell from S$356.8 million to S$265 million. The first-half EBITDA and EBIT margins were 17.4% and 8.2%, against 2029 targets of above 20% and above 10%. My Personal Take The line that rose is not always the line that did the work. If revenue rose 9% and operating profit fell 7.6%, what lifted profit to shareholders? That is the question I started with, and it leaves me with one more. Is the growth coming

Iggy's Journal: Correction: Yesterday's 52-Week Low Video Link Was the Wrong One Thu 12 Nov 2026 | Midday The Numbers Beansprout's 5 November screen lists 31 SGX names within 5% of their yearly low. Nine of them show yields of 8% or more as at that capture. The yield is only a division: payout divided by price. My Personal Take I posted the wrong video for yesterday's 52-week low piece, and I am sorry for the mix-up. The link below is the right one. The piece asks what a 52-week low screen leaves out: why 31 names sit near their lows, how a falling price can lift a yield, why similar yields can hide very different price falls, and what the screen cannot tell me about the payout. The question I put first on any stock I own is whether the payout changed or only the price fell. I am not putti

Iggy's Journal: 31 SGX Stocks Are Near Their 52-Week Low. Nine Yield 8% or More Wed 11 Nov 2026 | Afternoon The Numbers Beansprout's 5 November screen lists 31 SGX stocks and REITs within 5% of their yearly low. The same list includes GuocoLand at +1.0% over one year and Toku at -65.6%. Nine names show yields of 8% or more as at that capture, from Asian Pay Television Trust at 14.1% to Starhill Global REIT at 8.0%. My Personal Take A 52-week low tells me where a price is, not why it got there. A yield is the payout divided by the price, so a 14.1% yield can reflect a lower price, a higher payout, or both. That leaves me with two questions. For each of the nine, did the payout change or did only the price fall, and where would I find the answer? I am not putting a view on any of the names i

Iggy's Journal: The Share Price Fell. Did Your Dividend? Three Questions Before You Read Anything Into the Red Tue 10 Nov 2026 | Afternoon The Numbers In the made-up example I use, a payout of S$0.20 at a S$4.00 price is a 5.00% yield. At a S$3.20 price the same S$0.20 payment becomes a 6.25% yield. The company changed nothing, and only the price moved. Every number in the episode is made up. My Personal Take A red price on a screen makes the yield look better without the dividend changing at all, and I think that is easy to read as better income. That leaves me with two questions. When a price falls, what do I check first to see whether the declared payout changed? And if the payout did not change, what else would tell me whether it can last? I am not putting a view on any real company in

Iggy's Journal: Parkway Life's Payout Rose 13.4% as Revenue Fell 1.9%. Three REIT Reports, Compared With What? Tue 10 Nov 2026 | Midday The Numbers Parkway Life REIT's gross revenue fell 1.9%, while its amount available for distribution rose 13.4% to S$85.5 million. Its Singapore hospital minimum rent is set to rise from S$79.7 million to S$99.1 million for the full year. Centurion Accommodation REIT's result was compared with its prospectus forecast, not with last year. Frasers Logistics and Commercial Trust's total payout fell 0.8%, while its payout before capital distribution rose 9.4%. $Parkway Life REIT(PRKWF)$ My Personal Take If a payout rises 13.4%, should I assume the buildings earned more? Parkway Life's revenue says tha

Iggy's Journal: Batam's Taps Ran Dry: Who Measured the Water? Mon 9 Nov 2026 | Afternoon The Numbers The report on Batam's water shortage gives residents' accounts, the utility's explanation of drought, a very low reservoir and an electrical fault. It gives no litres used by any operator. The report says Johor's data centre capacity rose from 10 megawatts to 2.1 gigawatts, a 210-fold increase, and that Malaysia's data centres are forecast to use one third of total energy by 2035. My Personal Take If data centres were the cause of Batam's water shortage, where is the measurement that proves it? I treat the missing number as the real question, and I do not accept a headline cause without a measurable link. That leaves me with two questions. What would a measured link look like, and who would

Iggy's Journal: All Three Banks Miss My 4.7% Yield Hurdle, and OCBC Is Only 1bp Above My 3.2% Floor Mon 9 Nov 2026 | Midday The Numbers DBS, UOB and OCBC all report a fully phased-in CET1 ratio of 14.0%. Their transitional ratios differ: DBS is at 15.9%, UOB at 14.6% and OCBC at 15.5%. Each bank gives a different reason for the fall since June. At the 6 November close, DBS yields 4.56%, UOB 4.31% and OCBC 3.21%. My Personal Take If all three banks report the same 14.0% headline, why do their transitional ratios sit so far apart? That is the question I started with, and it leaves me with one more. Does the same capital number tell me the same thing about each bank's capacity to pay a dividend? I am not putting a verdict on the shares in this entry. The free video and the Substack piece walk

Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From Sun 8 Nov 2026 | Afternoon The Numbers SingPost's profit rose 183.7% to S$55.9 million, while its underlying profit was S$11.5 million. Among the items beneath the headline are a S$43.1 million exceptional gain from the sale and leaseback of ten HDB post office shophouses and a S$3.45 million tax credit. The property segment made S$22.6 million in operating profit, while letters and parcels lost S$2.5 million and post offices lost S$3.3 million. The interim dividend is 0.15 cents a share, set at 30% of underlying profit, not the S$55.9 million headline profit. My Personal Take If the profit rose 183.7%, why is the underlying figure only S$11.5 million? That is the question I started with,