To The Moon

Iggy's Journal: The Lawsuit Headline That Means Nothing, And The Three Numbers That Actually Matter 10 September 2026, PM Podcast Release New video's up on DBS and the S$1.3 billion 1MDB-linked lawsuit that's been all over the headlines today. Here's my honest read before you click through, this one's a lot of noise for very little signal. A lawsuit claim isn't a recognised loss, DBS itself says no provision is needed, and courtroom drama doesn't move a balance sheet until a court actually rules on it. Fundamentals here remain broadly sound, this stays on my watchlist, not my worry list. The three stories nobody's talking about today are the ones I actually care about. Mapletree Logistics Trust locked in a yuan bond at a 2.1% coupon. Kore US REIT got ahead of its maturity wall by refinanci

Iggy's Journal: The Minister Pay Story Isn't Really About Minister Pay 9 September 2026, PM Podcast Release Everyone's talking about this one right now, ministers' pay going up 65%, and I get why it's the headline. But that's not actually the interesting part of the story, and it's not what the new video's about. Buried in the fine print are four economic targets now tied directly to that bonus structure, unemployment tightened to a 3 to 3.5% target, median income growth pushed to a genuinely stretch level, and GDP expectations actually lowered to 2 to 4%. Put those three together and there's only one way the math works, a smaller economic pie needs to send a bigger share into workers' pockets rather than staying with businesses, for that bonus formula to actually pay out. Here's the part

Iggy's Journal: A Great Growth Story That Answers the Wrong Question 8 September 2026, PM Podcast Release New video's up on Addvalue Technologies, and this one's a genuinely interesting split. Revenue up 60%, profit up 147%, balance sheet cleaner than it's been in years, net cash, zero debt. By almost any growth measure, this is a good year for the company. And none of that changes the fact that Addvalue has paid zero dividend since it listed back in 2000, with no signal of starting now. Maybank's BUY call on this one leans on Viasat converting into multi-year US defence contracts, a real growth thesis. My Ledger runs on a different question entirely, whether the yield is there to support income, and on that measure this lands as Zone 5, Red Zone, Not an Income Vehicle. Worth being precise

Iggy's Journal: The Question I Keep Getting About Singtel's Dividend 8 September 2026, PM Podcast Release Not the freshest news, Singtel's dividend increase happened a while back now, but it's one of the questions I keep getting asked, so figured it was worth actually sitting down and answering properly rather than letting it go unaddressed. New video's up on it. The short version, Singtel's headline dividend is 18.5 cents, but not all of it comes from the same place. Strip out the portion tied to asset sales rather than core telecom earnings, and the number left over yields 2.94%, well under my 4.7% hurdle for income holdings. Even counting the full 18.5 cents, asset sale money included, you're still at 4.06%, short by 64 basis points. Two different numbers, and which one you should actua

Iggy's Journal: Haze, a Quiet Pullback, and an Oil Story Worth Watching 8 September 2026, AM Market Data Before markets, a quick note on the air. Singapore's back in transboundary haze territory, smoke from fires in Sumatra and West Kalimantan drifting over. PSI briefly crossed into Unhealthy in the central region on 4 and 5 September, eased back to Moderate, 63 to 85, by 7 September. NEA's advisories are daily right now, and with dry weather expected to hold over both Singapore and the fire areas, it could swing again if the wind cooperates the wrong way. On to markets. STI gave back a little of Friday's record close, down 0.17% to 5,792.28, mild profit taking in the banks, DBS off slightly to S$78.47, OCBC down 1.21% to S$31.88, while Keppel Corp gained 2.17% to S$11.79. Nothing dr

Iggy's Journal: When Analysts Say Buy and My Ledger Says Something Else 7 September 2026, PM Podcast Release New podcast video's up, and it's built around something that looks like a contradiction until you sit with it for a second. Two names on UOB Kay Hian's Alpha Picks list, OCBC and Keppel, are both sitting in my Red Zone. OCBC rallied close to 10% in August, but its ordinary yield actually fell to 2.79% because the dividend never moved while the price did. Keppel's in a similar spot at 2.91%, and it's also trading roughly 12% above what InvestingPro's models say it's actually worth. Here's the thing that isn't a contradiction. UOBKH is picking these for what might happen to the share price over the next few months. My Ledger is checking whether the dividend still holds up over the nex

Iggy's Journal: 21 Economists Agree on One Thing, Then Split Right Down the Middle 7 September 2026, PM Podcast Release New video's up, and the setup on this one genuinely surprised me. Every single economist in MAS's latest survey, all 21 of them, named AI as Singapore's best growth story for 2026. Same survey, nearly two thirds of them also flagged an AI bubble bursting as one of the top risks to that same growth story. Same group of people, same year, holding both views at once. The piece walks through what that tension actually means once you get past the headline. Growth forecasts got revised up sharply this quarter, inflation came in lower than expected, and close to half the panel now thinks MAS tightens its currency policy slope in October. For anyone holding CPF or SRS money in ba

Iggy's Journal: The Question Most Dividend Screens Skip Entirely 5 September 2026, PM Masterclass Release New free Masterclass piece is up, part of the "Before Any Dividend Stock Earns a Place in Your Portfolio" series. This one's built around a trap that catches even careful screeners, a company can look completely disciplined on debt and still be quietly thin on interest coverage, and gearing alone won't show you that gap. The example in the piece is a real one, a REIT with a genuinely strong balance sheet by the debt-load measure, comfortably inside the ceiling, but its actual interest coverage tells a different story once you look past the headline gearing number. The yield on that name looks perfectly healthy today too. Point of the piece is that the yield you can see right now and th

Iggy's Journal: Why Your Real Benchmark Isn't the S&P 500 5 September 2026, PM Podcast Release This episode is built around something Chris Watling at Longview flagged recently, six signals he thinks point to a possible stock market pullback within the next one to four months. Weak technical follow-through, record-low cash buffers, earnings expectations stretched thin, that kind of thing. Most of that is US-market noise as far as your SGX portfolio is concerned. But two of the six actually matter directly for you, rising bond yields and credit spreads that are priced for perfection, and together those tighten the math on yield and refinancing for anything you hold here in Singapore. That's the real point of this episode. If you own REITs or dividend stocks, your benchmark was never

Iggy's Journal: A Small SGX Name With a Big Satellite Partner 5 September 2026, PM Analyst Rating Maybank Research reiterated a BUY call on Addvalue Technologies (A31), unchanged target price 34 cents, based on 30 times FY27 forecast price to sales. The call is built on two new orders totalling US$5.0 million, US$2.8 million for its Inter-Satellite Data Relay System products and US$2.2 million for its Advanced Digital Radio System products, the latter covering both design work and repeat supply to defence-technology customers. Addvalue's reported orderbook now stands at US$20.2 million. The bigger story behind the number is the Viasat partnership. Viasat plans to fold Addvalue's satellite relay terminals into its HaloNet portfolio for US government and government-supplier opportuniti