To The Moon

First Resources Fell 6.9% in One Day. What the Company, the Government and the Filings Each Say Thu 22 Oct 2026 | Evening 🔍 The Angle Why did the dividend yield improve only after the share price fell? The trailing ordinary dividend did not change, yet at SGD 3.81 the yield was 4.78%, clearing the 4.7% hurdle by about 8 basis points. The real question is whether that margin is supported by the balance sheet, because net debt to owners’ equity was 43.0% against my 35% ceiling. 💰 What It Means For You If you rely on dividends from CPF, SRS or a personal portfolio, a yield that appears only after a 6.9% fall deserves a closer look. Interest cover was about 9.3 times, well above the 4.0 times floor, but freely available cash was USD 104.2 million after USD 125.0 million sat in restricted cash.

Iggy’s Journal: Indonesia’s Stocks Fell 11% to 12% in a Day. What Does an MSCI Label Change Mean for Your Funds? Thu 22 Oct 2026 | Morning The Numbers Indonesia’s stocks fell 11% to 12% in a day. No company said its earnings or debts had worsened. The trigger was MSCI proposing to move Indonesia from emerging market to standalone status, which could remove its shares from some MSCI emerging and frontier indices. MSCI’s feedback period ends on 30 April 2027, and the final decision is due by 30 June 2027, two months later. A fund that tracks one of those benchmarks may reassess or unwind its Indonesia exposure, depending on its own rules. My Personal Take A move of 11% to 12% usually sends me looking for a company problem, and this time there was none to find. The label changed, and the pric

Iggy’s Journal: Is a S$0.20 Share Cheaper Than a S$20 Share? Three Questions About Price and Size Wed 21 Oct 2026 | Morning The Numbers In the episode, one company trades at S$0.20 a share and is worth S$2 billion. The other trades at S$20 a share and is worth S$1 billion. The S$20 share costs 100 times as much, and its company is half the size. That works out to about 10 billion shares for the first company and about 50 million for the second, a difference of 200 times in share count. On earnings, the S$0.20 share costs 20 times what it earns, and the S$20 share costs 10 times. The share price shows the cost of one slice, and the number of shares shows how large the whole company is. My Personal Take The share price is the first number on the screen and the least useful one for comparing

Iggy’s Journal: Wilmar’s Core Profit Rose 9.9%. Its Net Profit Rose 2.3%. Which Number Should You Read Before 28 October? Mon 19 Oct 2026 | Afternoon The Numbers Wilmar’s core net profit rose 9.9% in the first half, and its net profit rose 2.3%. The gap comes from items outside core profit, and the video itemises them. The half-year growth also leaned on a second quarter in which core profit rose 56.8%, after a weaker first quarter. For dividends, I put two figures against my own thresholds. My EBIT proxy covered finance costs about 2.7 times, against the 4.0 times floor I use. The trailing yield was about 4.36%, which is 34 basis points under my 4.7% hurdle. Wilmar reports on 28 October. My Personal Take Neither profit figure is the one I would sit with. Interest cover is. A pay slip show

Iggy’s Journal: Directors Bought Shares and Companies Bought Back Their Own. What Each Tells You and What It Cannot Mon 19 Oct 2026 | Midday The Numbers One chairman spent S$1.64 million on shares, and his deemed interest rose from 71.87% to 71.94%, a change of 0.07 percentage points. An independent director made a first purchase of S$109,000. The chairman’s purchase was about 15 times larger in dollars, and the two filings are still not the same kind of event. The dollar amount alone does not show which one carries more information. Buybacks show the same gap between a total and what is inside it. Companies spent S$40.9 million across 29 companies, and most of it came from two of them. Similar spending can represent 0.79% of a company’s issued shares or 3.15%, about four times as much. My

Iggy’s Journal: Mapletree Industrial Trust Falls to a 52-Week Low While the STI Rises Mon 19 Oct 2026 | Midday The Numbers At 11:28am SGT, Mapletree Industrial Trust traded at S$1.730, down S$0.060 or 3.35% from Friday’s close of S$1.790. That is a new 52-week low and 17.8% below the 52-week high of S$2.105. The Straits Times Index was up 0.25% at 5,429.01 at the same time, so the units are falling against a rising market. Turnover by late morning was S$15.34 million, about 90% of the 20-day average for a full day (S$17.1 million). The price is about 6% below its 20-day average and 8.7% below its 60-day average. Peers at 11:28am went in different directions. Keppel DC REIT fell 1.45%, Digital Core REIT 1.14%, Mapletree Logistics Trust 0.93% and Mapletree Pan Asia Commercial Trust 0.87%. NT

Iggy’s Journal: 7 Retirement Checks Worth Doing Before You Need Them, Starting With the S$220,400 Number Sun 18 Oct 2026 | Afternoon The Numbers 72% of active CPF members turning 55 met the Required Retirement Sum in 2025. Reaching S$220,400 says nothing about what comes after: prices rising, a payout being cut, or a family member needing help. A monthly figure is easier to plan around than the lump sum. For a male member on the Standard Plan, estimated CPF LIFE payouts run from about S$950 under the Basic Retirement Sum to about S$1,780 under the Full Retirement Sum, a difference of about S$830 a month. The timing illustration in the video adds a second figure: a S$96,000 gap between a 20% fall in year one and the same fall in year ten, after 15 years of S$24,000 withdrawals. My Personal

Iggy’s Journal: 7 SGX Companies Report Between 22 and 29 October. What Each Could Tell You About the Payout Fri 16 Oct 2026 | Afternoon The Numbers Seven SGX names are scheduled to report between 22 and 29 October, five REITs and two companies. The dates come from notices filed on SGX, and companies can change them. Frasers Centrepoint Trust said its gearing was 40.0% before the White Sands sale and expected 36.5% after the sale and a debt repayment. The 36.5% is management’s estimate, not a reported figure. CapitaLand Ascendas REIT reported gearing of 39.7% after a S$900 million unit issue, down from 42.0% in March. New units share the same income among more owners, so the question is what each unit receives. My Personal Take Lower gearing is the line most of us read as good news. Frasers

Iggy’s Journal: Should You Top Up SRS Before the Year Ends? Fri 16 Oct 2026 | Midday The Numbers A S$15,300 SRS contribution saves S$456 in tax at S$40,000 of chargeable income and S$3,060 at S$320,000. The relief depends on the tax band, so the same top-up is worth very different amounts to two people. The exit has its own rules. An illustration: on a S$10,000 withdrawal before the penalty-free age, the whole S$10,000 is taxable and a 5% penalty of S$500 applies. After that age, only half, S$5,000, is added to taxable income, and you have ten years to take out the balance. While the money waits, DBS and OCBC stated SRS cash rates of 0.05% a year as of 9 October. My Personal Take The tax saving is the number everyone quotes, and it arrives at the start. The exit rules decide how much of it

Iggy’s Journal: Dow Rebounds on Thursday While AI-Linked Shares Lag Fri 16 Oct 2026 | Morning The Numbers Wall Street closed higher on Thursday, after SGX had closed. The Dow ended at 52,177.69 (+556.21, +1.08%), the S&P 500 at 7,744.06 (+25.12, +0.33%) and the Nasdaq at 26,713.03 (+20.16, +0.08%), per AP, the Economic Times and MK News. AP says buyers favoured value and cyclical shares after Wednesday’s sharp drop, while AI-linked shares lagged: Nvidia fell 1.8%, Dell 6.9% and Hewlett Packard Enterprise 7.1%. AP adds that TSMC sounded cautious on 2027 and that investors are looking at the high debt loads these companies carry as borrowing costs rise. Charles Schwab notes that US wholesale prices rose 0.7% in September, which kept expectations of higher rates in place. The STI