To The Moon

Keppel DC REIT Q1 2026 Deep Dive: DPU vs Interest |🦖EP1551Keppel DC REIT's DPU rose 13.2% but finance costs climbed 20.8% in the same quarter — and the market is treating those two numbers as if they exist in separate universes. Aggregate leverage has crossed my strict 35.1% forensic ceiling for pure-play digital infrastructure, the WALE by income has quietly compressed to 4.6 years on short colocation contracts, and one hyperscaler alone accounts for 42.8% of total rental income. That is not a diversified income stream. That is a single-tenant dependency dressed up in data centre language.With the Singapore T-Bill sitting at 1.47% and my 3.2% forensic floor unchanged, you need a minimum 4.7% hurdle before this counter even earns its place in a CPF or SRS ladder. At S$2.38, the yield sprea

HDB Landlords Facing Yield Traps | SGX Daily Pulse 17 Apr 2026 | 🦖EP1552 KORE's 13.6% NPI jump is the kind of headline that gets forwarded in WhatsApp groups — the forensic reality is a 44.1% gearing and an ICR of 2.5x sitting well inside a structural danger zone. When distributable income only rose 4.3% on the back of that "recovery," and the resumed DPU annualises to a sub-3% yield, the math isn't a growth story — it's a hostage situation tied to the next US valuation cycle. If you are holding US office exposure in a SRS or CPF-IS account and accepting under 3% in yield, you are taking equity-class risk for returns that fall 170 basis points below the 4.7% Iggy hurdle and barely clear the 3.2% Forensic Floor. In a 2026 environment where capital conservation is the only credible hedge, th

HDB Landlords Facing Yield Traps | SGX Daily Pulse 17 Apr 2026 | 🦖EP1552 KORE's 13.6% NPI jump is the kind of headline that gets forwarded in WhatsApp groups — the forensic reality is a 44.1% gearing and an ICR of 2.5x sitting well inside a structural danger zone. When distributable income only rose 4.3% on the back of that "recovery," and the resumed DPU annualises to a sub-3% yield, the math isn't a growth story — it's a hostage situation tied to the next US valuation cycle. If you are holding US office exposure in a SRS or CPF-IS account and accepting under 3% in yield, you are taking equity-class risk for returns that fall 170 basis points below the 4.7% Iggy hurdle and barely clear the 3.2% Forensic Floor. In a 2026 environment where capital conservation is the only credible hedge, th

Keppel DC 13.2% DPU Jump vs Gearing Breach | SGX Daily Pulse 16 Apr 2026 | 🦖EP1549 Keppel DC REIT's 13.2% DPU jump looks like a clean win until you clock the gearing at 35.3% — a confirmed breach of the 35% Forensic Triage ceiling, not a rounding error. Distributable income up 20.7% to S$74.6M is real operational strength, but price appreciation to S$2.37 has compressed the annualised yield to 4.38%, sitting below the 4.7% Yield Hurdle. StarHub clears the hurdle at 5.74%, but the Temasek hand-off on Ensign narrows the enterprise moat — the S$115M proceeds have to work hard to justify the structural trade-off. At a 5,000-point STI, the 3.2% Forensic Floor is the minimum bar for any income counter to earn a place in your retirement stack. A 4.38% yield in a 2.5% inflation environment still w

CPF 4% vs EPF 6.15% | Why Your Wallet Is Shrinking In Ringgit | 🦖EP1548 The 6.30% EPF headline is not a yield — it is a currency risk premium you are being paid to ignore. Strip out the 2.6% average annual MYR depreciation against the SGD and your S$100,000 earns roughly 3.7% net in real spending power, before accounting for the equity volatility the EPF engine requires to hit that number at all. The CPF Special Account pays 4.0%, guaranteed, with zero refinancing exposure and zero currency drag. That is not a consolation prize. That is the forensic winner. In a 5,000-point STI era where the 1.37% T-Bill sets the risk-free floor, the 3.2% Forensic Floor is the minimum I require before any asset earns a place in a retirement portfolio. A cross-border yield that nets below that floor after c

Lendlease REIT 4.28% Perp Reality | SGX Daily Pulse 15 Apr | 🦖EP1548 The market cheered Lendlease's 4.28% perp pricing as a refinancing win, but an ICR of 1.8x means the income floor is one bad quarter from cracking. With gearing at 38.4% against a 35% forensic ceiling, this is not de-risking — it is a debt wall dressed in a lower coupon. For anyone deploying S$100,000 from CPF or SRS into a yield play right now, the math is unforgiving. The 6-month T-Bill sits at 1.47%, the forensic floor is 3.2%, and the minimum equity hurdle is 4.7% — and LREIT's perp clears none of those bars on a risk-adjusted basis. Capital protection demands you ask what you are paid to accept, not just what the manager is willing to offer. 📺 YouTube: https://youtu.be/sQ3PW4zG72A 📩 Substack: https://investingiguana.

S’pore Retirees Chasing Gold Lose $3,300 Yearly | 🦖EP1546 Gold at record highs feels like a sanctuary — until you price in what it costs you to hold it. A 20% gold allocation in a S$300,000 SRS portfolio silently displaces S$60,000 of productive capital, creating a S$3,300 annual income vacuum while CNMC Goldmine trades at 118.8% above its InvestingPro Fair Value on a 0.53% yield. That is not a hedge. That is a vanity purchase dressed as risk management. At a 1.37% T-Bill rate and a 3.2% forensic floor, any asset below the 4.7% hurdle is paying you less than the minimum required to justify the risk taken. Gold pays zero. CNMC pays 0.53%. Even OCBC has slipped to 3.57% — below the hurdle. When your "safe" alternatives are structurally underpaying and MAS has formally revised core inflation

April 14 MAS Policy Statement Today SGX Daily Pulse (April 14, 2026) |🦖EP1546 Acrophyte's auditors have already used the phrase "material uncertainty" — and a US$198.5 million refinancing cliff lands in September 2026. Three thresholds breached simultaneously: gearing at 42.7%, ICR at a fragile 1.62x, Net Debt/EBITDA deep in red flag territory. The forensic verdict did not need a fifth layer to write itself. In a 5,000-point STI era, the yield looks like reward. The balance sheet reads like a bill. With the 6-month T-Bill at 1.47% and my forensic floor held at 3.2%, the minimum hurdle sits at 4.7% — and any asset that clears that bar only because it is one refinancing shock away from distribution failure is not Sanctuary income. It is someone else's exit liquidity. 📺 YouTube: https://youtu

April & May Dividends Show Massive Cash Flow Deficit |🦖EP1544 The market sees a 4.57% yield from Aztech Global, but the cash flow statement sees S$92.61 million paid out against only S$38.48 million in operating cash flow — a 240.6% payout ratio that is structurally cannibalising the very principal you are trying to compound. That is not a dividend. That is a staged refund of your own capital, and when the internal reserves run dry, the rebase will not be gradual. In a 5,000-point STI era where the Singapore T-Bill sits at 1.47% and my forensic floor is anchored at 3.2%, the minimum hurdle for any dividend counter is 4.7%. Multi-Chem clears it with a fortress 7.01% yield on a zero-debt balance sheet. Aztech fails it while bleeding cash. Knowing the difference between a sanctuary asset

Katrina Group Net Liabilities At S$18.4M (SGX Daily Pulse 13 Apr) |🦖EP1543 The STI at 4,968.80 looks like a victory lap, but Katrina Group's auditor just flagged S$18.4M in excess current liabilities and handed investors a going-concern warning — that is not a discount, that is a capital funeral. When negative equity of S$6.7M sits behind a S$0.027 share price, the cheap price is the trap, not the opportunity. In a 5,000-point STI era, the 1.47% T-bill is the honest benchmark your portfolio must beat — and my 3.2% Forensic Floor means you need at least 4.7% yield from a clean balance sheet just to justify leaving cash. Taking equity risk on net-liability names to chase yield is not investing; it is paying a premium to be someone else's exit liquidity. 📺 YouTube: https://youtu.be/HhZIbDu6pr