Iggy's Journal: A Great Growth Story That Answers the Wrong Question
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 about what that actually means here, it's not a distress signal, the underlying business is structurally sound. It's a mismatch between what this stock is built to do and what a retirement drawdown portfolio actually needs from it.
My Personal Take
Genuinely like the growth story here, that's not sarcasm, 147% profit growth with a fortress balance sheet is rare and worth respecting. But I keep seeing CPF and SRS holders get pulled toward names like this because the growth numbers are exciting, and exciting isn't the same question as "will this fund my retirement." Those are two completely different portfolios asking two completely different questions. Worth the watch if you've been eyeing this one for the Viasat story and haven't stopped to ask which portfolio it actually belongs in.
📺 YouTube: https://youtu.be/4HEASfY7Vak
📩 Substack: https://investingiguana.com/p/maybanks-buy-case-for-addvalue-rests
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖
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