To The Moon

Iggy's Journal: A Fake 'Learn to Invest' Chat Group Just Cost Singaporeans $3.6 Million. Here's the Playbook 28 August 2026, PM Video Release: New piece up, and this one isn't about a stock. 48 people, S$3.6 million gone. This wasn't a hot-tip stock scam, it was a fake "free investing class" that never once pitched a single ticker. The Singapore Police Force flagged this on 4 June 2026, and those numbers still stand today. What makes it different is the design, fake mentors, fabricated profit screenshots, and a WhatsApp group built to feel like a real learning community, not a pump-and-dump. My Personal Take: If you manage CPF or SRS, the risk here isn't that you'll chase a hot tip, my usual warning. It's that you'll join something that genuinely feels helpful, then hand over cash or trans

Iggy's Journal: SingPost's Profit Jumped 55% This Quarter. Here's What's Actually Driving It 🦖 28 August 2026, PM Video Release: New piece from Angela this time, on SingPost. Operating profit jumped 55% this quarter, but revenue barely moved, the gain came from spending less, not earning more. Domestic parcels were the only genuine growth engine, 7.1 million items, up 36.5%. Everything else, mail at home and overseas, is still shrinking. Just Reporting: Worth flagging on the payout specifically, since it's easy to read the headline number wrong. Total dividend works out to 0.55 cent per share, but 0.41 cent of that is a one-off from asset sales, not something you can count on repeating. The recurring slice is 0.14 cent, which works out to about 0.41% at S$0.34, well under my usual 4.7% yie

Iggy's Journal: SIA Has 4 Options With Air India's $1.5 Billion Ask. None of Them Are Free 28 August 2026, PM Podcast Release: New episode is up on SIA and Air India. The headline number isn't actually the risk here. Reuters reported Air India is seeking roughly US$1.5 billion in additional capital combined from Tata and SIA, and SIA's specific share of that hasn't been confirmed, SIA itself declined to comment on financials. What's already confirmed is that SIA has booked $945.2 million in equity-accounted losses from this stake this financial year, and that number sits on the balance sheet regardless of how the new ask gets split. The real question the episode digs into isn't whether SIA funds it, it's what funding does to dividend policy from here. My Personal Take: If you're holding SI

Iggy's Journal: STI Closes 5,699.93 as Frencken Falls 7.48% 28 August 2026, PM Market Data: STI closed 5,699.93, up 15.81 points or 0.28%, ShareInvestor prints, delayed. Session high 5,700.52, low 5,673.55, open 5,684.38, previous close 5,684.12. Related boards: FTSE ST All-Share 1,276.07, up 0.22%. Financials 2,560.05, up 0.59%. Catalist 198.35, down 0.93%. Energy 967.34, up 1.50%. On the stocks tape, AvePoint rose 6.16% to 17.93. DBS closed 76.15, up 0.66%. SGX 25.51, up 0.87%. Frencken closed 2.35, down 7.48%. AEM 8.85, down 2.43%. Among actives, Addvalue Tech printed 0.169, up 4.97%, volume 228,535.9 thousand. Just Reporting: This is a close tape, not a zone day. The index finished green and Catalist finished red, and those are different boards, not the same story. Frencken's 7.

Iggy's Journal: Frencken Falls 8% After a S$100 Million Placement 28 August 2026, PM News: Frencken (E28) fell as much as 8.3% on Friday after proposing a S$100 million share placement, Business Times reported (Shikhar Gupta, 28 August 2026). It opened as low as S$2.33, down S$0.21 from Tuesday's close of S$2.54. Trading was halted on Wednesday and Thursday. The placement is 44.1 million new shares at S$2.2687, a 10% discount to the 25 August volume-weighted average price of S$2.5207, placed privately with institutional and accredited investors. That is about 10.3% of existing issued shares, and 9.3% of the enlarged base after completion. BT (Young Zhan Heng, 27 August 2026) said completion is expected on 3 September. The company said the raise is to fund expansion in manufacturing, m

Iggy's Journal: Phillip Cuts ComfortDelGro's Target to $1.21. The Taxi Business Is the Reason Why 28 August 2026, AM Analyst Rating: Phillip Securities kept its NEUTRAL call on ComfortDelGro, cutting FY2026 earnings estimates by 7% to S$177 million and lowering its DCF target price to S$1.21 from S$1.35. The core argument: a structurally declining taxi business is outweighing genuine progress in UK public transport. 1H26 revenue and PATMI came in at only 46% and 44% of Phillip's full-year forecasts. Underlying PATMI fell 14.3% year on year to S$84.8 million. Taxi EBIT dropped 46% year on year to S$36.6 million, with Singapore's taxi fleet shrinking by roughly 400 vehicles a year, Australian demand soft against ride-hailing competition, and the UK A2B premium-taxi arm hit after a major

Iggy's Journal: Banks Dragged the STI Down 0.65 Percent While Wall Street Partied on Nvidia and Salesforce 28 August 2026, AM Overnight Read: Wall Street had a genuinely strong session Thursday. Dow up 0.20% to 53,569.44, S&P 500 up 0.72% to 7,730.99, Nasdaq up 1.57% to 26,541.35, the tech-led move driven by Nvidia and Salesforce both blowing past earnings forecasts, Nvidia up 8.74%, Salesforce up 22.58%. VIX eased to 14.51, down from Wednesday's 15.68, so the rally came with falling fear, not despite it. Brent crude edged up to $87.65 a barrel on Gulf Coast refinery demand and lingering Strait of Hormuz risk. USD/SGD sat at 1.2715. None of that carried over to Singapore. The STI closed Thursday down 0.65% at 5,684, dragged by the banks, DBS off 0.59% to S$75.79, OCBC at S$31.29, U

Iggy's Journal: The Acquisition Trap: How a Single Deal Can Make Any Company's Balance Sheet Look Terrible for a Year 27 August 2026, PM Video Release: New masterclass is up. Sembcorp's Net Debt to EBITDA jumped to 11.9x on paper this half, and on its own that number looks like a red flag. But Alinta Energy only closed on 11 June, so H1 2026 carries roughly two weeks of its earnings while the full acquisition debt landed in full. Brokers' pro-forma estimate puts the same ratio near 4.6x, a genuinely different picture depending on which number you anchor to. Still Thinking This Through: If you're holding Sembcorp for dividend stability in your CPF or SRS pot, my honest read is this looks like a timing distortion, not an immediate red flag, but I'm not calling it clean either. Iggy's Forensi

Iggy's Journal: UOB's Billion-Euro Bond Sold Out 4x Over. What That Number Is Really Telling You. 27 August 2026, PM Market Data: UOB just priced a €1 billion covered bond and took in more than €4 billion in orders. Four times oversubscribed on a single euro-denominated deal. That gap is not noise, it is international debt investors pricing UOB's funding as meaningfully lower risk than an ordinary bank loan, and putting real money behind that view. My Personal Take: I want to be precise about what this is and isn't. It's a funding-cost story, not a dividend story. UOB's yield to me right now sits just under 4 percent, still short of my 4.7 percent hurdle by around 80 basis points, and a cheap bond deal doesn't add a single cent to that payout. What it does support is the picture of a bank

Iggy's Journal: UOB's Billion-Euro Bond Sold Out 4x Over. What That Number Is Really Telling You. 27 August 2026, PM Market Data: UOB just priced a €1 billion covered bond and took in more than €4 billion in orders. Four times oversubscribed on a single euro-denominated deal. That gap is not noise, it is international debt investors pricing UOB's funding as meaningfully lower risk than an ordinary bank loan, and putting real money behind that view. My Personal Take: I want to be precise about what this is and isn't. It's a funding-cost story, not a dividend story. UOB's yield to me right now sits just under 4 percent, still short of my 4.7 percent hurdle by around 80 basis points, and a cheap bond deal doesn't add a single cent to that payout. What it does support is the picture of a bank